Economics: Private and Public Choice | 18th Edition

James D. Gwartney/Richard L. Stroup/Russell S. Sobel/David A. Macpherson

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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.