It was first published in 1948, and has appeared in nineteen different editions, the most recent in mcgraw hill economics textbook pdf. 300,000 copies of each edition from 1961 through 1976.
The book has been translated into forty-one languages and in total has sold over four million copies. Samuelson until the 1985 twelfth edition. Newer editions have been revised by Nordhaus. United States and globally in the second half of the 20th century. The success of Samuelson’s text, compared with Tarshis’s, which was subject to more “virulen” attacks, is attributed to various factors, notably Samuelson’s dispassionate, scientific style, in contrast to Tarshis’s more engaged style, and subsequent texts have followed Samuelson’s style. This page was last edited on 12 October 2017, at 14:35.
Pearson Prentice Hall and our other respected imprints provide educational materials, technologies, assessments and related services across the secondary curriculum. Take a closer look at the instructional resources we offer for secondary school classrooms. Use the Web Code found in your Pearson textbook to access supplementary online resources. The ﬁrst edition of Basic Econometrics was published thirty years ago.
Over the years, there have been important developments in the theory and practice of econometrics. Sorry, preview is currently unavailable. You can download the paper by clicking the button above. Enter the email address you signed up with and we’ll email you a reset link. The balance-of-payments accounts of a country record the payments and receipts of the residents of the country in their transactions with residents of other countries.
If all transactions are included, the payments and receipts of each country are, and must be, equal. Any apparent inequality simply leaves one country acquiring assets in the others. Japan, the Japanese must end up holding dollars, which they may hold in the form of bank deposits in the United States or in some other U. The payments Americans make to Japan for automobiles are balanced by the payments Japanese make to U.
Put another way, Japan sold the United States automobiles, and the United States sold Japan dollars or dollar-denominated assets such as treasury bills and New York office buildings. Although the totals of payments and receipts are necessarily equal, there will be inequalities—excesses of payments or receipts, called deficits or surpluses—in particular kinds of transactions. Many different definitions of the balance-of-payments deficit or surplus have been used in the past. Each definition has different implications and purposes. 1973 attention was focused on a definition of the balance of payments intended to measure a country’s ability to meet its obligation to exchange its currency for other currencies or for gold at fixed exchange rates. To meet this obligation, countries maintained a stock of official reserves, in the form of gold or foreign currencies, that they could use to support their own currencies.
A decline in this stock was considered an important balance-of-payments deficit because it threatened the ability of the country to meet its obligations. But that particular kind of deficit, by itself, was never a good indicator of the country’s financial position. The reason is that it ignored the likelihood that the country would be called on to meet its obligation and the willingness of foreign or international monetary institutions to provide support. After 1973, interest in official reserve positions as a measure of balance of payments greatly diminished as the major countries gave up their commitment to convert their currencies at fixed exchange rates. This reduced the need for reserves and lessened concern about changes in the size of reserves.