The Science of Macroeconomics

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The whole of science is nothing more than the refinement of everyday thinking.

—Albert Einstein

When Albert Einstein made the above observation about the nature of science, he was probably referring to physics, chemistry, and other natural sciences. But the statement is equally true when applied to social sciences like economics. As a participant in the economy, and as a citizen in a democracy, you cannot help but think about economic issues as you go about your life or when you enter the voting booth. But if you are like most people, your everyday thinking about economics has probably been casual rather than rigorous (or at least it was before you took your first economics course). The goal of studying economics is to refine that thinking. This book aims to help you in that endeavor, focusing on the part of the field called macroeconomics, which studies the forces that influence the economy as a whole.