Common Confusions in Macroeconomics

This book clarifies common confusions in macroeconomics. It does not use equations, graphs, diagrams or footnotes. The book is designed to focus on a number of macroeconomic subjects that are so often unclear in public discussion of policy, in the press, and in economics textbooks. The book also presents information on US income distribution, as well as historical data on inflation rates, on real GDP per capita growth rates and on population growth rates. It covers a series of important topics. Included are: "surplus of savings"; effects of the import surplus; steep and shallow yield curves; capital movements and interest rates; overvaluation of the dollar; deficits and debt; world income redistribution and petroleum prices; the decline in assessment of risk; bubbles; the "twin deficits"; the Achilles heel of the US economy; and more. New York, January 2006