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Macroeconomics
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Macroeconomics (from the Greek prefix makro- meaning "large" and economics) is a branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole. This includes regional, national, and global economies.[1]
Macroeconomists study aggregated indicators such as GDP, unemployment rates, national income, price indices, and the interrelations among the different sectors of the economy to better understand how the whole economy functions.
Macroeconomists develop models that explain the relationship between such factors as national income, output, consumption, unemployment, inflation, savings, investment, international trade and international finance.
While macroeconomics is a broad field of study, there are two areas of research that are emblematic of the discipline: the attempt to understand the causes and consequences of short-run fluctuations in national income (the business cycle), and the attempt to understand the determinants of long-run economic growth (increases in national income). Macroeconomic models and their forecasts are used by governments to assist in the development and evaluation of economic policy.
Macroeconomics and microeconomics, a pair of terms coined by Ragnar Frisch, are the two most general fields in economics.[2] In contrast to macroeconomics, microeconomics is the branch of economics that studies the behavior of individuals and firms in making decisions and the interactions among these individuals and firms in narrowly-defined markets.
Contents
[hide]
1 Basic macroeconomic concepts
1.1 Output and income
1.2 Unemployment
1.3 Inflation and deflation
2 Macroeconomic models
2.1 Aggregate demand–aggregate supply
2.2 IS–LM
2.3 Growth models
3 Macroeconomic policy
3.1 Monetary policy
3.2 Fiscal policy
3.3 Comparison
4 Development
4.1 Origins
4.2 Austrian School
4.3 Keynes and his followers
4.4 Monetarism
4.5 New classical
4.6 New Keynesian response
5 See also
6 Notes
7 References
Basic macroeconomic concepts[edit]
Macroeconomics encompasses a variety of concepts and variables, but there are three central topics for macroeconomic research.[3] Macroeconomic theories usually relate the phenomena of output, unemployment, and inflation. Outside of macroeconomic theory, these topics are also important to all economic agents including workers, consumers, and producers.
Circulation in macroeconomics.
Output and income[edit]
National output is the total amount of everything a country produces in a given period of time. Everything that is produced and sold generates an equal amount of income. Therefore, output and income are usually considered equivalent and the two terms are often used interchangeably. Output can be measured as total income, or it can be viewed from the production side and measured as the total value of final goods and services or the sum of all value added in the economy.[4]
Macroeconomic output is usually measured by gross domestic product (GDP) or one of the other national accounts. Economists are interested in long-run increases in output study economic growth. Advances in technology, accumulation of machinery and other capital, and better education and human capital all these factors lead to increased economic output over time. However, output does not always increase consistently. Business cycles can cause short-term drops in output called recessions. Economists look for macroeconomic policies that prevent economies from slipping into recessions and that lead to faster long-term growth.
Unemployment[edit]
Main article: Unemployment
A chart using US data showing the relationship between economic growth and unemployment expressed by Okun's law. The relationship demonstrates cyclical unemployment. Economic growth leads to a lower unemployment rate.
The amount of unemployment in an economy is measured by the unemployment rate, i.e. the percentage of workers without jobs in the labor force. The unemployment rate in the labor force only includes workers actively looking for jobs. People who are retired, pursuing education, or discouraged from seeking work by a lack of job prospects are excluded.
Unemployment can be generally broken down into several types that are related to different causes.
Classical unemployment theory suggests that unemployment occurs when wages are too high for employers to be willing to hire more workers.[citation needed] Other more modern economic theories[which?] suggest that increased wages actually decrease unemployment by creating more consumer demand. According to these more recent theories, unemployment results from reduced demand for the goods and services produced through labor and suggest that only in markets where profit margins are very low, and in which the market will not bear a price increase of product or service, will higher wages result in unemployment.
Consistent with classical unemployment theory, frictional unemployment occurs when appropriate job vacancies exist for a worker, but the length of time needed to search for and find the job leads to a period of unemployment.[5]
Structural unemployment covers a variety of possible causes of unemployment including a mismatch between workers' skills and the skills required for open jobs.[6] Large amounts of structural unemployment can occur when an economy is transitioning industries and workers find their previous set of skills are no longer in demand. Structural unemployment is similar to frictional unemployment as both reflect the problem of matching workers with job vacancies, but structural unemployment also covers the time needed to acquire new skills in addition to the short term search process.[7]
While some types of unemployment may occur regardless of the condition of the economy, cyclical unemployment occurs when growth stagnates. Okun's law represents the empirical relationship between unemployment and economic growth.[8] The original version of Okun's law states that a 3% increase in output would lead to a 1% decrease in unemployment.[9]
Inflation and deflation[edit]
The ten-year moving averages of changes in price level and growth in money supply (using the measure of M2, the supply of hard currency and money held in most types of bank accounts) in the US from 1875 to 2011. Over the long run, the two series show a close relationship.
A general price increase across the entire economy is called inflation. When prices decrease, there is deflation. Economists measure these changes in prices with price indexes. Inflation can occur when an economy becomes overheated and grows too quickly. Similarly, a declining economy can lead to deflation.
Central bankers, who manage a country's money supply, try to avoid changes in price level by using monetary policy. Raising interest rates or reducing the supply of money in an economy will reduce inflation. Inflation can lead to increased uncertainty and other negative consequences. Deflation can lower economic output. Central bankers try to stabilize prices to protect economies from the negative consequences of price changes.
Changes in price level may be the result of several factors. The quantity theory of money holds that changes in price level are directly related to changes in the money supply. Most economists believe that this relationship explains long-run changes in the price level.[10] Short-run fluctuations may also be related to monetary factors, but changes in aggregate demand and aggregate supply can also influence price level. For example, a decrease in demand due to a recession can lead to lower price levels and deflation. A negative supply shock, such as an oil crisis, lowers aggregate supply and can cause inflation.
Macroeconomic models[edit]
Aggregate demand–aggregate supply[edit]
A traditional AS–AD diagram showing a shift in AD and the AS curve becoming inelastic beyond potential output.
The AD-AS model has become the standard textbook model for explaining the macroeconomy.[11] This model shows the price level and level of real output given the equilibrium in aggregate demand and aggregate supply. The aggregate demand curve's downward slope means that more output is demanded at lower price levels.[12] The downward slope is the result of three effects: the Pigou or real balance effect, which states that as real prices fall, real wealth increases, resulting in higher consumer demand of goods; the Keynes or interest rate effect, which states that as prices fall, the demand for money decreases, causing interest rates to decline and borrowing for investment and consumption to increase; and the net export effect, which states that as prices rise, domestic goods become comparatively more expensive to foreign consumers, leading to a decline in exports.[12]
In the conventional Keynesian use of the AS-AD model, the aggregate supply curve is horizontal at low levels of output and becomes inelastic near the point of potential output, which corresponds with full employment.[11] Since the economy cannot produce beyond the potential output, any AD expansion will lead to higher price levels instead of higher output.
The AD–AS diagram can model a variety of macroeconomic phenomena, including inflation. Changes in the non-price level factors or determinants cause changes in aggregate demand and shifts of the entire aggregate demand (AD) curve. When demand for goods exceeds supply there is an inflationary gap where demand-pull inflation occurs and the AD curve shifts upward to a higher price level. When the economy faces higher costs, cost-push inflation occurs and the AS curve shifts upward to higher price levels.[13] The AS–AD diagram is also widely used as a pedagogical tool to model the effects of various macroeconomic policies.[14]
IS–LM[edit]
In this example of an IS/LM chart, the IS curve moves to the right, causing higher interest rates (i) and expansion in the "real" economy (real GDP, or Y).
The IS–LM model represents all the combinations of interest rates and output that ensure the equilibrium in the goods and money markets.[15] The goods market is represented by the equilibrium in investment and saving (IS), and the money market is represented by the equilibrium between the money supply and liquidity preference.[16] The IS curve consists of the points where investment, given the interest rate, is equal to savings, given output.[17]
The IS curve is downward sloping because output and interest rate have an inverse relationship in the goods market: as output increases, more money is saved, which means interest rates must be lower to spur enough investment to match savings.[17] The LM curve is upward sloping because interest rate and output have a positive relationship in the money market: as output increases, the demand for money increases, resulting in a rise in interest rate.[18]
The IS/LM model is often used to demonstrate the effects of monetary and fiscal policy.[15] Textbooks frequently use the IS/LM model, but it does not feature the complexities of most modern macroeconomic models.[15] Nevertheless, these models still feature similar relationships to those in IS/LM.[15]
Growth models[edit]
The neoclassical growth model of Robert Solow has become a common textbook model for explaining economic growth in the long-run.[citation needed] The model begins with a production function where national output is the product of two inputs: capital and labor. The Solow model assumes that labor and capital are used at constant rates without the fluctuations in unemployment and capital utilization commonly seen in business cycles.[19]
An increase in output, or economic growth, can only occur because of an increase in the capital stock, a larger population, or technological advancements that lead to higher productivity (total factor productivity). An increase in the savings rate leads to a temporary increase as the economy creates more capital, which adds to output. However, eventually the depreciation rate will limit the expansion of capital: savings will be used up replacing depreciated capital, and no savings will remain to pay for an additional expansion in capital. Solow's model suggests that economic growth in terms of output per capita depends solely on technological advances that enhance productivity.[20]
In the 1980s and 1990s endogenous growth theory arose to challenge neoclassical growth theory. This group of models explains economic growth through other factors, such as increasing returns to scale for capital and learning-by-doing, that are endogenously determined instead of the exogenous technological improvement used to explain growth in Solow's model.[21]
Macroeconomic policy[edit]
Macroeconomic policy is usually implemented through two sets of tools: fiscal and monetary policy. Both forms of policy are used to stabilize the economy, which can mean boosting the economy to the level of GDP consistent with full employment.[22] Macroeconomic policy focuses on limiting the effects of the business cycle to achieve the economic goals of price stability, full employment, and growth. [23]
Monetary policy[edit]
Further information: Monetary policy
Central banks implement monetary policy by controlling the money supply through several mechanisms. Typically, central banks take action by issuing money to buy bonds (or other assets), which boosts the supply of money and lowers interest rates, or, in the case of contractionary monetary policy, banks sell bonds and take money out of circulation. Usually policy is not implemented by directly targeting the supply of money.
Central banks continuously shift the money supply to maintain a targeted fixed interest rate. Some of them allow the interest rate to fluctuate and focus on targeting inflation rates instead. Central banks generally try to achieve high output without letting loose monetary policy that create large amounts of inflation.
Conventional monetary policy can be ineffective in situations such as a liquidity trap. When interest rates and inflation are near zero, the central bank cannot loosen monetary policy through conventional means.
An example of intervention strategy under different conditions
Central banks can use unconventional monetary policy such as quantitative easing to help increase output. Instead of buying government bonds, central banks can implement quantitative easing by buying not only government bonds, but also other assets such as corporate bonds, stocks, and other securities. This allows lower interest rates for a broader class of assets beyond government bonds. In another example of unconventional monetary policy, the United States Federal Reserve recently made an attempt at such a policy with Operation Twist. Unable to lower current interest rates, the Federal Reserve lowered long-term interest rates by buying long-term bonds and selling short-term bonds to create a flat yield curve.
Fiscal policy[edit]
Further information: Fiscal policy
Fiscal policy is the use of government's revenue and expenditure as instruments to influence the economy. Examples of such tools are expenditure, taxes, debt.
For example, if the economy is producing less than potential output, government spending can be used to employ idle resources and boost output. Government spending does not have to make up for the entire output gap. There is a multiplier effect that boosts the impact of government spending. For instance, when the government pays for a bridge, the project not only adds the value of the bridge to output, but also allows the bridge workers to increase their consumption and investment, which helps to close the output gap.
The effects of fiscal policy can be limited by crowding out. When the government takes on spending projects, it limits the amount of resources available for the private sector to use. Crowding out occurs when government spending simply replaces private sector output instead of adding additional output to the economy. Crowding out also occurs when government spending raises interest rates, which limits investment. Defenders of fiscal stimulus argue that crowding out is not a concern when the economy is depressed, plenty of resources are left idle, and interest rates are low.[citation needed]
Fiscal policy can be implemented through automatic stabilizers. Automatic stabilizers do not suffer from the policy lags of discretionary fiscal policy. Automatic stabilizers use conventional fiscal mechanisms but take effect as soon as the economy takes a downturn: spending on unemployment benefits automatically increases when unemployment rises and, in a progressive income tax system, the effective tax rate automatically falls when incomes decline.
Comparison[edit]
Economists usually favor monetary over fiscal policy because it has two major advantages. First, monetary policy is generally implemented by independent central banks instead of the political institutions that control fiscal policy. Independent central banks are less likely to make decisions based on political motives.[22] Second, monetary policy suffers shorter inside lags and outside lags than fiscal policy. Central banks can quickly make and implement decisions while discretionary fiscal policy may take time to pass and even longer to carry out.[22]
Development[edit]
Main article: History of macroeconomic thought
Origins[edit]
Macroeconomics descended from the once divided fields of business cycle theory and monetary theory.[24] The quantity theory of money was particularly influential prior to World War II. It took many forms, including the version based on the work of Irving Fisher:
M ⋅ V = P ⋅ Q {\displaystyle M\cdot V=P\cdot Q}
In the typical view of the quantity theory, money velocity (V) and the quantity of goods produced (Q) would be constant, so any increase in money supply (M) would lead to a direct increase in price level (P). The quantity theory of money was a central part of the classical theory of the economy that prevailed in the early twentieth century.
Austrian School[edit]
Ludwig Von Mises's work Theory of Money and Credit, published in 1912, was one of the first books from the Austrian School to deal with macroeconomic topics.
Keynes and his followers[edit]
Macroeconomics, at least in its modern form,[25] began with the publication of John Maynard Keynes's General Theory of Employment, Interest and Money.[24][26] When the Great Depression struck, classical economists had difficulty explaining how goods could go unsold and workers could be left unemployed. In classical theory, prices and wages would drop until the market cleared, and all goods and labor were sold. Keynes offered a new theory of economics that explained why markets might not clear, which would evolve (later in the 20th century) into a group of macroeconomic schools of thought known as Keynesian economics – also called Keynesianism or Keynesian theory.
In Keynes's theory, the quantity theory broke down because people and businesses tend to hold on to their cash in tough economic times – a phenomenon he described in terms of liquidity preferences. Keynes also explained how the multiplier effect would magnify a small decrease in consumption or investment and cause declines throughout the economy. Keynes also noted the role uncertainty and animal spirits can play in the economy.[25]
The generation following Keynes combined the macroeconomics of the General Theory with neoclassical microeconomics to create the neoclassical synthesis. By the 1950s, most economists had accepted the synthesis view of the macroeconomy.[25] Economists like Paul Samuelson, Franco Modigliani, James Tobin, and Robert Solow developed formal Keynesian models and contributed formal theories of consumption, investment, and money demand that fleshed out the Keynesian framework.[27]
Monetarism[edit]
Milton Friedman updated the quantity theory of money to include a role for money demand. He argued that the role of money in the economy was sufficient to explain the Great Depression, and that aggregate demand oriented explanations were not necessary. Friedman also argued that monetary policy was more effective than fiscal policy; however, Friedman doubted the government's ability to "fine-tune" the economy with monetary policy. He generally favored a policy of steady growth in money supply instead of frequent intervention.[28]
Friedman also challenged the Phillips curve relationship between inflation and unemployment. Friedman and Edmund Phelps (who was not a monetarist) proposed an "augmented" version of the Phillips curve that excluded the possibility of a stable, long-run tradeoff between inflation and unemployment.[29][citation needed] When the oil shocks of the 1970s created a high unemployment and high inflation, Friedman and Phelps were vindicated. Monetarism was particularly influential in the early 1980s. Monetarism fell out of favor when central banks found it difficult to target money supply instead of interest rates as monetarists recommended. Monetarism also became politically unpopular when the central banks created recessions in order to slow inflation.
New classical[edit]
New classical macroeconomics further challenged the Keynesian school. A central development in new classical thought came when Robert Lucas introduced rational expectations to macroeconomics. Prior to Lucas, economists had generally used adaptive expectations where agents were assumed to look at the recent past to make expectations about the future. Under rational expectations, agents are assumed to be more sophisticated. A consumer will not simply assume a 2% inflation rate just because that has been the average the past few years; she will look at current monetary policy and economic conditions to make an informed forecast. When new classical economists introduced rational expectations into their models, they showed that monetary policy could only have a limited impact.
Lucas also made an influential critique of Keynesian empirical models. He argued that forecasting models based on empirical relationships would keep producing the same predictions even as the underlying model generating the data changed. He advocated models based on fundamental economic theory that would, in principle, be structurally accurate as economies changed. Following Lucas's critique, new classical economists, led by Edward C. Prescott and Finn E. Kydland, created real business cycle (RBC) models of the macroeconomy.[30]
RBC models were created by combining fundamental equations from neo-classical microeconomics. In order to generate macroeconomic fluctuations, RBC models explained recessions and unemployment with changes in technology instead of changes in the markets for goods or money. Critics of RBC models argue that money clearly plays an important role in the economy, and the idea that technological regress can explain recent recessions is implausible.[30] However, technological shocks are only the more prominent of a myriad of possible shocks to the system that can be modeled. Despite questions about the theory behind RBC models, they have clearly been influential in economic methodology.[citation needed]
New Keynesian response[edit]
New Keynesian economists responded to the new classical school by adopting rational expectations and focusing on developing micro-founded models that are immune to the Lucas critique. Stanley Fischer and John B. Taylor produced early work in this area by showing that monetary policy could be effective even in models with rational expectations when contracts locked in wages for workers. Other new Keynesian economists, including Olivier Blanchard, Julio Rotemberg, Greg Mankiw, David Romer, and Michael Woodford, expanded on this work and demonstrated other cases where inflexible prices and wages led to monetary and fiscal policy having real effects.
Like classical models, new classical models had assumed that prices would be able to adjust perfectly and monetary policy would only lead to price changes. New Keynesian models investigated sources of sticky prices and wages due to imperfect competition,[31] which would not adjust, allowing monetary policy to impact quantities instead of prices.
By the late 1990s economists had reached a rough consensus. The nominal rigidity of new Keynesian theory was combined with rational expectations and the RBC methodology to produce dynamic stochastic general equilibrium (DSGE) models. The fusion of elements from different schools of thought has been dubbed the new neoclassical synthesis. These models are now used by many central banks and are a core part of contemporary macroeconomics.[32]
New Keynesian economics, which developed partly in response to new classical economics, strives to provide microeconomic foundations to Keynesian economics by showing how imperfect markets can justify demand management.
See also[edit]
Business and economics portal
Dynamic stochastic general equilibrium
Economic development
Notes[edit]
Jump up ^ O'Sullivan, Arthur; Sheffrin, Steven M. (2003), Economics: Principles in Action, Upper Saddle River, New Jersey 07458: Pearson Prentice Hall, p. 57, ISBN 0-13-063085-3
Jump up ^ Blaug, Mark (1985), Economic theory in retrospect, Cambridge, UK: Cambridge University Press, ISBN 0-521-31644-8
Jump up ^ Blanchard (2011), 32.
Jump up ^ Blanchard (2011), 22.
Jump up ^ Dwivedi, 443.
Jump up ^ Freeman (2008). http://www.dictionaryofeconomics.com/article?id=pde2008_S000311.
Jump up ^ Dwivedi, 444–45.
Jump up ^ Dwivedi, 445–46.
Jump up ^ Neely, Christopher J. "Okun's Law: Output and Unemployment. Economic Synopses. Number 4. 2010. http://research.stlouisfed.org/publications/es/10/ES1004.pdf.
Jump up ^ Mankiw 2014, p. 634.
^ Jump up to: a b Healey 2002, p. 12.
^ Jump up to: a b Healey 2002, p. 13.
Jump up ^ Healey 2002, p. 14.
Jump up ^ Colander 1995, p. 173.
^ Jump up to: a b c d Durlauf & Hester 2008.
Jump up ^ Peston 2002, pp. 386–87.
^ Jump up to: a b Peston 2002, p. 387.
Jump up ^ Peston 2002, pp. 387–88.
Jump up ^ Solow 2002, pp. 518–19.
Jump up ^ Solow 2002, p. 519.
Jump up ^ Blaug 2002, pp. 202–03.
^ Jump up to: a b c Mayer, 495.
Jump up ^ "AP Macroeconomics Review".
^ Jump up to: a b Dimand (2008).
^ Jump up to: a b c Blanchard (2011), 580.
Jump up ^ Snowdon, Brian; Vane, Howard R. (2005). Modern Macroeconomics – Its origins, development and current state. Edward Elgar. ISBN 1 84542 208 2.
Jump up ^ Blanchard (2011), 581.
Jump up ^ Blanchard (2011), 582–83.
Jump up ^ "Phillips Curve: The Concise Encyclopedia of Economics | Library of Economics and Liberty". www.econlib.org. Retrieved 2018-01-23.
^ Jump up to: a b Blanchard (2011), 587.
Jump up ^ The role of imperfect competition in new Keynesian economics, Chapter 4 of Surfing Economics by Huw Dixon
Jump up ^ Blanchard (2011), 590.
References[edit]
Library resources about
Macroeconomics
Resources in your library
Blanchard, Olivier (2000). Macroeconomics. Prentice Hall. ISBN 0-13-013306-X.
Blanchard, Olivier (2011). Macroeconomics Updated (5th ed.). Englewood Cliffs: Prentice Hall. ISBN 978-0-13-215986-9.
Blaug, Mark (1986), Great Economists before Keynes, Brighton: Wheatsheaf.
Blaug, Mark (2002). "Endogenous growth theory". In Snowdon, Brian; Vane, Howard. An Encyclopedia of Macroeconomics. Northampton, Massachusetts: Edward Elgar Publishing. ISBN 978-1-84542-180-9.
Boettke, Peter (2001). Calculation and Coordination: Essays on Socialism and Transitional Political Economy. Routledge. ISBN 0-415-77109-9.
Bouman, John: Principles of Macroeconomics – free fully comprehensive Principles of Microeconomics and Macroeconomics texts. Columbia, Maryland, 2011
Dimand, Robert W. (2008). Durlauf, Steven N.; Blume, Lawrence E., eds. "Macroeconomics, origins and history of". The New Palgrave Dictionary of Economics. Palgrave Macmillan. doi:10.1057/9780230226203.1009.
Durlauf, Steven N.; Hester, Donald D. (2008). "IS–LM". In Durlauf, Steven N.; Blume, Lawrence E. The New Palgrave Dictionary of Economics (2nd ed.). Palgrave Macmillan. doi:10.1057/9780230226203.0855. Retrieved 5 June 2012.
Dwivedi, D.N. (2001). Macroeconomics: theory and policy. New Delhi: Tata McGraw-Hill. ISBN 978-0-07-058841-7.
Friedman, Milton (1953). Essays in Positive Economics. London: University of Chicago Press. ISBN 0-226-26403-3.
Haberler, Gottfried (1937). Prosperity and depression. League of Nations.
Leijonhufvud, Axel The Wicksell Connection: Variation on a Theme. UCLA. November, 1979.
Healey, Nigel M. (2002). "AD-AS model". In Snowdon, Brian; Vane, Howard. An Encyclopedia of Macroeconomics. Northampton, Massachusetts: Edward Elgar Publishing. pp. 11–18. ISBN 978-1-84542-180-9.
Heijdra, Ben J.; van der Ploeg, Frederick (2002). Foundations of Modern Macroeconomics. Oxford University Press. ISBN 0-19-877617-9.
Mankiw, N. Gregory (2014). Principles of Economics. Cengage Learning. ISBN 978-1-305-15604-3.
Mises, Ludwig Von (1912). Theory of Money and Credit. Yale University Press.
Mayer, Thomas (2002). "Monetary policy: role of". In Snowdon, Brian; Vane, Howard R. An Encyclopedia of Macroeconomics. Northampton, Massachusetts: Edward Elgar Publishing. pp. 495–99. ISBN 978-1-84542-180-9.
Mishkin, Frederic S. (2004). The Economics of Money, Banking, and Financial Markets. Boston: Addison-Wesley. p. 517.
Peston, Maurice (2002). "IS-LM model: closed economy". In Snowdon, Brian; Vane, Howard R. An Encyclopedia of Macroeconomics. Edward Elgar.
Reed, Jacob (2016). AP Economics Review, Macroeconomics.
Solow, Robert (2002). "Neoclassical growth model". In Snowdon, Brian; Vane, Howard. An Encyclopedia of Macroeconomics. Northampton, Massachusetts: Edward Elgar Publishing. ISBN 978-1-84542-180-9.
Snowdon, Brian, and Howard R. Vane, ed. (2002). An Encyclopedia of Macroeconomics, Description & scroll to Contents-preview links.
Snowdon, Brian; Vane, Howard R. (2005). Modern Macroeconomics: Its Origins, Development And Current State. Edward Elgar Publishing. ISBN 1-84376-394-X.
Gärtner, Manfred (2006). Macroeconomics. Pearson Education Limited. ISBN 978-0-273-70460-7.
Warsh, David (2006). Knowledge and the Wealth of Nations. Norton. ISBN 978-0-393-05996-0.
Levi, Maurice (2014). The Macroeconomic Environment of Business (Core Concepts and Curious Connections). New Jersey: World Scientific Publishing. ISBN 978-981-4304-34-4.
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Dave Madden
From Wikipedia, the free encyclopedia
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This article is about the actor. For other uses, see David Madden.
This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. (January 2014) (Learn how and when to remove this template message)
Dave Madden
Madden in 1970
Born
David Joseph Madden
(1931-12-17)December 17, 1931
Sarnia, Ontario, Canada
Died
January 16, 2014(2014-01-16) (aged 82)
Jacksonville, Florida, U.S.
Cause of death
Complications of myelodysplastic syndrome
Occupation
Actor
Years active
1962–2008
Spouse(s)
Nena Arnold (m. 1975; div. 1985)
Sandra Martin (m. 1998)
Children
2
David Joseph Madden (December 17, 1931 – January 16, 2014) was a Canadian-born American actor. His most famous role came on the 1970s sitcom The Partridge Family, in which he played the group's manager, Reuben Kincaid, opposite Shirley Jones's character. Madden later had a recurring role as diner customer Earl Hicks on the mid-1970s to mid-1980s sitcom, Alice.
Contents
[hide]
1 Early life
2 Career
3 Personal life
4 Filmography
4.1 Film and Television
4.2 Radio
5 References
6 External links
Early life[edit]
Madden was born in Sarnia, Ontario, Canada to Verna (née Burleigh) and Roger Madden.[1] He had three older siblings: Sister Mary Roger (1919–), a practising nun at Saint Mary-of-the-Woods in Indiana; Richard (1921–?); and Jack (1926–1948). He spent his early childhood in Port Huron, Michigan, and in 1939, was sent to live with his aunt and uncle Bess and Frank Hoff, in Terre Haute, Indiana after his father's death and his mother's job keeping her on the road.[2] At age 13, a serious bicycle accident left him immobilized. Madden spent months recuperating, a time during which he took an interest in magic. He later worked magic into his comedy act, which he performed around Terre Haute. He graduated in 1950 from Otter Creek High School, where he served as joke editor of the school paper, writing his own material. Madden spent one semester at Indiana State Teachers College, and in 1951 dropped out to enlist in the United States Air Force. Assigned to Special Services, he was sent to Tripoli, Libya, where he was a hit as an entertainer in camp shows and native theater, even performing before Idris of Libya, ruler at the time.[2] After the Air Force, Madden attended the University of Miami, where he graduated with a degree in communications in 1959.
Career[edit]
After two unsuccessful years on the Southern nightclub circuit, Madden travelled to Los Angeles, where a successful opening night at a Beverly Hills nightclub led to a 10-week retention, and a recommendation by patron Frank Sinatra to Ed Sullivan, who signed Madden for three nights on The Ed Sullivan Show.[3] These appearances led to his first real acting engagement, a spot on Camp Runamuck, in 1965.
Madden first gained national notice as a milk-drinking, confetti-throwing sad sack on Rowan & Martin's Laugh-In from 1968 to 1969. However, he became better known worldwide for his role as Reuben Kincaid, the harried manager/agent for The Partridge Family (1970–1974). Partridge co-star Danny Bonaduce, whom Madden took into his home during Bonaduce's family's domestic strife, has said that he owes a lot to Madden. In 1976, Dave appeared in Eat My Dust! It was the first movie developed by Ron Howard.[4]
Dave Madden also made guest appearances on other television series such as Bewitched, Happy Days, The Love Boat, Barney Miller (1978, episode: Eviction, parts 1 and 2) and Fantasy Island. He had a recurring role on Alice as one of the customers of Mel's Diner and Tommy's basketball coach Earl Hicks.
Madden began voicing several characters on Focus on the Family's radio drama Adventures in Odyssey in the late 1980s. In 1990, he received his own regular character in the curmudgeonly window-washer Bernard Walton.[5] In 1992, he reprised his role of Mr. Kincaid for a sketch on an episode of The Ben Stiller Show.
In 1995, Madden appeared on the sitcom Boy Meets World in the episode "Rave On". His last guest appearance was on Sabrina the Teenage Witch where he played Dr. Egglehoffer.
Personal life[edit]
Madden married Nena Arnold in 1975, and together they adopted a daughter, Selena, and had a son, Peter Michael. They divorced in 1985. He later married former college sweetheart Sandy Martin, on May 28, 1998.[1]
During his time on The Partridge Family Madden took an interest in photography, and began bringing his camera onto the set and photographing the cast, crew, and guest stars. It eventually developed into a lifelong hobby.[2]
A long-time smoker, Madden quit after The Partridge Family episode titled "Each Dawn I Diet", in which, ironically, Danny and Reuben make a bet that Reuben could abstain from smoking longer than Danny could from eating junk food.[1]
Madden stated in his memoirs that he did not get along with Shirley Jones' husband Marty Ingels, and had a limited relationship with her as a result.[1]
Madden befriended many fellow actors over his career, including Jonathan Winters, Alan Young, Pat Morita, Henry Gibson, Dan Rowan, Gregg "Opie" Hughes, Richard Gautier, Arte Johnson, James Karen, Anthony Cumia and Gary Owens, as well as all of his "Partridge Family" co-stars and the show's creator Bernard Slade.[citation needed] While in retirement, he wrote his memoirs, Reuben on Wry: The Memoirs of Dave Madden.[6]
Madden died on January 16, 2014 in Jacksonville, Florida, where he was receiving hospice care, of complications of myelodysplastic syndrome.[7] He was 82.
Filmography[edit]
Film and Television[edit]
Year
Title
Role
Notes
1965–1966 Camp Runamuck Counselor Pruett 18 episodes
1967 Bewitched Joe Episode - "Super Car"
1967 Accidental Family Tom Episode - "Everywhere a Chick Chick"
1968–1969 Rowan & Martin's Laugh-In Regular Performer 26 episodes
1969 Bewitched Fred Episode - "Samantha's Shopping Spree"
1970–1974 The Partridge Family Reuben Kincaid 96 episodes
1972–1973 Love, American Style Howard / Walter Lerner Segments - "Love and the Topless Policy" and "Love and the Singing Suitor"
1973 Charlotte's Web Ram (voice) Feature film
1974 The Girl Who Came Gift-Wrapped Stanley TV movie
1974 Happy Days Jack Whippett Episode - "Big Money"
1976 Eat My Dust! Big Bubba Jones Feature film
1976 ABC Afterschool Special Coach Puckett Episode - "Mighty Moose and the Quarterback Kid"
1977 Starsky & Hutch Phil Hill Episode - "Starsky and Hutch on Playboy Island"
1977 Mulligan's Stew Elliot Episode - "A New Grandpa"
1978 This Is the Life Roman Centurion Episode - "The Stableboy's Christmas"
1978 Barney Miller Clayton Walsh Episodes - "Eviction" (Parts 1 & 2)
1978–1985 Alice Earl Hicks 35 episodes
1978 The Love Boat Wes Larsen Episode - "El Kid/The Last Hundred Bucks/Isosceles Triangle"
1978 Flying High Reception Clerk Episode - "Fun Flight"
1979 Fantasy Island George Crane Episode - "The Red Baron/Young at Heart"
1979 Skinflint: A Country Christmas Carol Stanley Gershen TV movie
1980 When the Whistle Blows Roscoe Baker Episode - "Miss Hard Hat USA"
1980 More Wild Wild West German Ambassador TV movie
1981 The Misadventures of Sheriff Lobo Sidney Episode - "The Girls with the Stolen Bodies"
1982 Richie Rich Additional voices Episode - "Dollar's Exercise/Richie's Cube/The Maltese Monkey/Everybody's Doing It"
1985 CBS Storybreak Arnold's Dad Episode - "Arnold of the Ducks"
1986 The New Leave It to Beaver Mr. Johnson Episode - "How's Your Bird?"
1986 Life with Lucy Stanley Bigelow Episode - "Lucy Make Curtis Byte the Dust"
1989 Marvin: Baby of the Year Jeff Miller (voice) TV special
1992 The Ben Stiller Show Mr. Kinkaid Episode - "Pilot"
1994 Married... with Children Manager Episode - "How Green Was My Apple"
1995 Boy Meets World The Manager Episode - "Rave On"
1997 The Curse of Monkey Island Dinghy Dog (voice) Video game
1998 Sabrina the Teenage Witch Dr. Hans Egglehoffer Episode - "Good Will Haunting"
Radio[edit]
Year
Title
Role
Notes
1988–2008 Adventures in Odyssey Various Characters/Bernard Walton 97 episodes
References[edit]
^ Jump up to: a b c d Madden, Dave (2007). Reuben on Wry: The Memoirs of Dave Madden. New York: BookSurge. ISBN 978-1419681950.
^ Jump up to: a b c "An Interview with Dave Madden". C'mon Get Happy. Retrieved 10 July 2016.
Jump up ^ "Television's Blonde Baby Sitter". TV Guide: 28–29. 18 December 1971. ISSN 0039-8543.
Jump up ^ Eat My Dust on IMDb
Jump up ^ "'B' Characters". Adventures in Odyssey HQ Characters. Retrieved 10 July 2016.
Jump up ^ "Dave Madden, Grumpy Manager on 'The Partridge Family,' Dies at 82". The New York Times. Associated Press. 16 January 2014. p. A23.
Jump up ^ "Dave Madden dies at 82; actor played manager on 'Partridge Family'". Los Angeles Times. 16 January 2014.
External links[edit]
Dave Madden on IMDb
Dave Madden at Find a Grave
Authority control
WorldCat Identities
VIAF: 11900933
Retrieved from "https://en.wikipedia.org/w/index.php?title=Dave_Madden&oldid=817616686"
Categories:
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Identification of trees of the northeastern United States
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Trees can be identified by examination of several characteristics.
The following guide applies to the trees which are indigenous to the region extending from the Atlantic Ocean to the Rocky Mountains and from Canada to the northern boundaries of the southern states, together with a few well-known and naturalized foreign trees.[1]
The typical leaves of a species are to be found upon mature trees, not upon young ones. The leaflets of a compound leaf can be distinguished from simple leaves by the absence of leaf buds from the base of their stems.
To identify a tree check a characteristic and if it is present then examine the characteristics at the next level of indentation. For example, if the tree has simple leaves then see whether the leaves alternate along stem or leaves are opposite along stem.
This guide does not include the Conifers, which are cone-bearing seed plants with vascular tissue.
Chart of leaf morphology characteristics
Simple leaves
Leaves alternate along stem
Margins entire
Oblong-ovate or obovate, large, thick: Magnolia
Oblong, sub-evergreen at the south: Sweetbay Magnolia
Evergreen: Rhododendron, Kalmia
Obovate, 15-30 cm long: Pawpaw
Oblong, thick, shining, 5-12 cm long: Black Tupelo
Oblong, tree occurring sparingly at the north: American persimmon
Heart-shaped: Eastern Redbud
Leaves of three forms; oval, two-lobed, or three-lobed; frequently all three on one spray: Sassafras
Thick, shining, willow-shaped: Shingle oak, Willow Oak
Thick, shining, ovate, spines in the axils: Osage-orange
Broadly oval or obovate, veins prominent, leaves usually in clusters at the ends of the branches: Pagoda Dogwood
Margins slightly indented
Obliquely heart-shaped: Linden
Obliquely oval: Elm
Obliquely ovate: Hackberry
Oval or ovate, doubly serrate: Birch (see Betula classification), American Hornbeam
Repand with spiny teeth: American Holly
Coarsely-toothed, twigs bearing thorns: Black locust
Of quivering habit, petioles compressed: Poplar
Long, slender, finely serrate: Willow
Coarsely crenately-toothed: Chestnut oak
Obovate or oval; wavy-toothed: Witch-hazel
Serrate: Plum, Cherry, Crabapple, Sourwood, Juneberry, Silverbell, Beech
Margins lobed
Lobes entire
Apex truncate, three-lobed: Tulip tree
Lobes and sinuses rounded: White oak
Lobes rounded, lobes 2 or 3: Sassafras
Lobed or coarsely toothed, under surface covered with white down: White Poplar
Lobes slightly indented
Five-lobed, finely serrate: American Sweetgum
Variously lobed, irregularly toothed: Mulberry
Lobes coarsely toothed
Irregularly toothed, lobes bristle pointed: Northern Red Oak
Leaf broad, lobes coarsely toothed: American sycamore
Leaves are opposite along stem
Margins entire
Ovate, veins prominent: Flowering dogwood
Heart-shaped, large: Catalpa
Oval: Fringe tree
Margins serrate: Sweet viburnum, Black haw (Viburnum prunifolium)
Margins lobed: Maple
Compound leaves
Leaves pinnately compound
Alternate
Margin of leaflets entire
Leaflets oval, apex obtuse: Black locust
Leaflets oblong apex acute: Poison sumac
Leaflets oval or ovate: Yellowwood (Cladrastis kentukea)
Leaflets ovate — three in number: Hoptree (Ptelea trifoliata)
Margin of leaflets with two or three teeth at base: Tree of heaven (Ailanthus)
Margin of leaflets serrate: Sumac, Rowan, Walnut, Hickory
Opposite
Margin of leaflets entire: Ash
Margin of leaflets serrate: Ash
Margin of leaflets coarsely toothed: Boxelder Maple
Leaves bi-pinnately compound
Margins of leaflets entire: Kentucky coffeetree
Irregularly bi-pinnate, margins of leaflets entire, thorns on stems above the axils of the leaves: honey locust
Margins of leaflets serrate, stems spiny: Prickly Ash
Leaves palmately compound: Ohio Buckeye, Common Horse-chestnut
See also[edit]
Wikibooks has a book on the topic of: Dichotomous Key
Identification key
Leaf shape
External links[edit]
Trees portal
What Tree Is It? (OPLIN)
Tree identification resources
Tree Identification software for Kerala State, India - CD
References[edit]
Jump up ^ Keeler, Harriet L. (1900). Our Native Trees and How to Identify Them. New York: Charles Scriber's Sons. pp. vii,xxi–xxiii.
Retrieved from "https://en.wikipedia.org/w/index.php?title=Identification_of_trees_of_the_northeastern_United_States&oldid=703696424"
Categories:
Trees of the United States
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Opposite leaves

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Sweetbay Magnolia

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Black Tupelo

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American persimmon

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Eastern Redbud

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Shingle oak

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Pagoda Dogwood

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Betula classification

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American Hornbeam

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American Holly

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Black locust

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Chestnut oak

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White Poplar

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American Sweetgum

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Northern Red Oak

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Flowering dogwood

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Fringe tree

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Poison sumac

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Tree of heaven

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Ohio Buckeye

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Common Horse-chestnut

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