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PROTOTYPE FOR A NATIONAL MACROECONOMIC MODEL IN ACTION
by Annette Meyer
The keys to this fundamentally microeconomic approach to the study of a national economy are accuracy in prices and precision in measurement of price levels and money and near-money gauges. A closely interwoven aspect of these calculations is they force integration of financial and non-financial sectors of the economy. In the process, the third prevailing force in the operation of national marketsinterest ratesis embodied.
Together, price levels, money measurements, and interest rates, combined in the market equations, lead to an end result, originally described by the author in From Demand to Supply and Back Again, that is a quantitive expression of the actual circumstance of the economy. It is not an optimum because it is founded on actual conditions, which include market imperfections. What it is, and what it does enable, is access to the pathways or mechanism by which the outcome has been achieved.About the Author
Prior to becoming Professor Emeritus of The College of New Jersey (TCNJ), the author was associate professor and chair of the Department of Economics at the college. As chair, the author initiated inquiries, and then, wrote two lengthy documents according to the specifications of the New Jersey State Department of Education. Upon acceptance of the two documents, TCNJ was granted the right to offer degrees of Bachelor of Arts and Bachelor of Science with the major of Economics.
Since that time, Dr. Meyer has completed more than a dozen books on various aspects and areas of economics, from two works on the Evolution of United States Budgeting, one in 1989, and the second in 2002, to Mini-World of 20 Nations in Real Time: 1990 to 2007, available from Rosedog Books.(2011, paperback, 30 pages)