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Overview
Gwartney/Stroup/Sobel/Macpherson’s “Economics: Private and Public Choice” 18th Edition, emphasizes the role of entrepreneurship, institutions and public choice analysis. Entrepreneurship is presented as key to the competitive market, using innovations and creative destruction to improve living standards. Institutions with long-run growth are examined. Public choice analysis clarifies voter, politician and bureaucrat incentives, impacting political outcomes and showing how wealth is created. Microeconomics models integrate entrepreneurship, competition and contestable markets. AI, the rise of platform business models and markets with network externalities, Federal Reserve policy changes, government debt and other factors are highlighted, including issues such as the Great Depression, the environment, resource economics, health care and the stock market. Online resources reinforce content.
- Coverage of key entrepreneurial examples highlights the contributions of a diverse group of several entrepreneurs -- ranging from Steve Jobs to Kendra Scott, Taylor Swift, Sarah Blakely, Henry Ford, Malcolm McLean and Oprah Winfrey -- allowing students to understand how the economic process of creative destruction touches their lives directly. New and expanded coverage includes analysis of current topics such as student loans, AI, inflation, Federal Reserve policy changes, the national debt and growing interest and international trade and its importance for economic growth.
- PRACTICAL APPROACH APPLIES ECONOMIC THEORY TO CURRENT ISSUES AND CONTROVERSIES. Students see the relevance of the theories they are learning as they apply what they learn directly to current topics in the world around them. The importance of incentives and the economic way of thinking are stressed throughout the analysis. A set of special topic chapters applies these concepts to a variety of topics, including the environment and resource economics, health care, the stock market, the Great Depression and the Great Recession and the earnings differences between men and women.
- ENGAGING CONTENT HIGHLIGHTS ECONOMIC THINKING ABOUT GOVERNMENT. Students examine today’s government involvement and decisions from a unique economic perspective as they review the latest information as well as historical data using the tools of public choice covered in a dedicated chapter and integrated throughout the text.
- EMPOWERING STUDENTS WITH ENTREPRENEURIAL INSIGHTS. Students explore the contributions of a diverse variety of entrepreneurs who have shaped markets and created new opportunities for wealth and job creation. Students gain practical knowledge about innovation, risk-taking and wealth creation through these real-world examples in today’s dynamic global business marketplace.
- COMPREHENSIVE ANALYSIS OF INTERNATIONAL TRADE EXAMINES ITS IMPACT TODAY. Students carefully review international trade's influence on growth and nations' prosperity throughout today's world. They examine empirical evidence on the importance of international trade as a source of economic growth and higher living standards and review the ramifications of enacting tariffs or other barriers on international trade.
- HISTORICAL VIGNETTES HIGHLIGHT THE LIVES OF NOTABLE ECONOMISTS. Students see the significance of economic history and the many individuals who have contributed to our understanding of economic theory through an information-rich set of boxed features. The economists featured include both historical and modern economists, ranging from Adam Smith and Joseph Schumpeter to Claudia Golden and Deirdre McCloskey.
- ILLUMINATING THE DYNAMICS OF THE MARKET PROCESS. In addition to the usual static analysis of demand, supply and price determination, students examine the dynamics of the market process and the types of institutions that support economic growth and prosperity. Insights into the important roles of prices, profits and losses, the invisible hand, property rights, contestable markets, creative destruction, innovation and economic freedom allow students to gain a more realistic understanding of how markets function and evolve.
- UNDERSTANDING BOTH MACROECONOMIC STABILITY AND LONG RUN GROWTH. After examining key macroeconomic indicators such as real GDP, the unemployment rate and inflation and delving into the meaning and relevance of these subjects to their daily lives, students are exposed to how government fiscal and monetary policy influence both short-run economic stability and long-run economic growth. Chapters on the topics of economic development and the institutional environment for growth and prosperity provide balanced coverage to include both short-run and long-run macroeconomic issues.
1. The Economic Approach.
2. Some Tools of the Economist.
Part II: MARKETS AND GOVERNMENT.
3. Demand, Supply, and the Market Process.
4. Supply and Demand: Applications and Extensions.
5. Difficult Cases for the Market, and the Role of Government.
6. The Economics of Political Action.
Part III: CORE MACROECONOMICS.
7. Taking the Nation’s Economic Pulse.
8. Economic Fluctuations, Unemployment, and Inflation.
9. An Introduction to Basic Macroeconomic Markets.
10. Dynamic Change, Economic Fluctuations, and the AD--AS Model.
11. Fiscal Policy: The Keynesian View and the Historical Development of Macroeconomics.
12. Fiscal Policy: Incentives, and Secondary Effects.
13. Money and the Banking System.
14. Modern Macroeconomics and Monetary Policy.
15. Macroeconomic Policy, Economic Stability, and the Federal Debt.
16. Creating an Environment for Growth and Prosperity.
17. Economic Development.
Part IV: INTERNATIONAL ECONOMICS.
18. Gaining from International Trade.
19. International Finance and the Foreign Exchange Market.
Part V: CORE MICROECONOMICS.
20. Consumer Choice and Elasticity.
21. Costs and the Supply of Goods.
22. Price Takers and the Competitive Process.
23. Price-Searcher Markets with Low Entry Barriers.
24. Price-Searcher Markets with High Entry Barriers.
25. The Supply of and Demand for Productive Resources.
26. Earnings, Productivity, and the Job Market.
27. Investment, the Capital Market, and the Wealth of Nations.
28. Income Inequality and Poverty.
Part VI: APPLYING THE BASICS: SPECIAL TOPICS IN ECONOMICS.
Special Topic 1. Government Spending and Taxation.
Special Topic 2. The Stock Market: Its Function, Performance, and Potential as an Investment Opportunity.
Special Topic 3. Keynes and Hayek: Contrasting Views on Sound Economics and the Role of Government.
Special Topic 4. The Great Recession of 2008-2009: Causes and Response.
Special Topic 5. Lessons from the Great Depression.
Special Topic 6. The Economics of Health Care.
Special Topic 7. Earnings Differences Between Men and Women.
Special Topic 8. The Question of Resource Exhaustion.
Special Topic 9. Difficult Environmental Cases and the Role of Government.
Appendix A. General Business and Economics Indicators for the United States.
Appendix B. Answers to Selected Critical Analysis Questions.
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- ISBN-10: 8214048028
- ISBN-13: 9798214048024
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- ISBN-10: 8214041384
- ISBN-13: 9798214041384
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International MindTap Instant Access for Gwartney/Stroup/Sobel/Macpherson's Economics: Private and Public Choice
ISBN: 9798214048024
International MindTap Instant Access for Gwartney/Stroup/Sobel/Macpherson’s “Economics: Private and Public Choice," is the online learning platform that powers students from memorization to mastery. It gives you complete control of your course to provide engaging content, challenge every individual and build their confidence. Empower students to accelerate their progress with MindTap. MindTap: Powered by You.
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