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Economics: Private and Public Choice 15th Edition

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

  • Published
  • 784 Pages
Starting At 130.00 See pricing and ISBN options

Overview

ECONOMICS: PRIVATE AND PUBLIC CHOICE, Fifteenth Edition, reflects current economic conditions, enabling students to apply economic concepts to the world around them. The up-to-date text includes analysis and explanation of measures of economic activity in today's market. It also includes highlights of the recession of 2008-2009, and an in-depth look at the lives and contributions of notable economists. ECONOMICS: PRIVATE AND PUBLIC CHOICE dispels common economic myths. The text uses the "invisible hand" metaphor to explain economic theory, demonstrating how it works to stimulate the economy. The fifteenth edition includes online learning solutions to increase student engagement and improve student learning outcomes. Aplia™ will be available with new enhancements that include accessibility on mobile devices, improved graphing experience, a new interactive eReader with videos and graphing tutorials, and much more.

James D. Gwartney, Florida State University

James D. Gwartney holds the Gus A. Stavros Eminent Scholar Chair at Florida State University, where he directs the Stavros Center for the Advancement of Free Enterprise and Economic Education. His writings have been widely published in both professional journals and popular media. He is a co-author of COMMON SENSE ECONOMICS: WHAT EVERYONE SHOULD KNOW ABOUT WEALTH AND PROSPERITY (St. Martin’s Press, 2016), a primer on economics and personal finance. Dr. Gwartney’s current research focuses on the measurement and determination of factors that influence cross-country differences in income levels and growth rates. In this regard he is the co-author (with Robert Lawson and Joshua Hall) of the annual report, Economic Freedom of the World, which provides information on the institutions and policies of 157 countries. This data set, published by a worldwide network of institutes in 80 countries, is widely used by scholars investigating topics ranging from economic growth to peaceful relations among nations. Dr. Gwartney served as Chief Economist of the Joint Economic Committee of the U.S. Congress during 1999-2000. In 2004, he was the recipient of the Adam Smith Award of the Association of Private Enterprise Education for his contribution to the advancement of free market ideals. He is a past President of the Southern Economic Association and the Association for Private Enterprise Education. He earned his Ph.D. in economics from the University of Washington.

Richard L. Stroup, Montana State University

Richard L. Stroup is Professor Emeritus of economics at Montana State University and Professor Emeritus of economics at North Carolina State University. His Ph.D. is from the University of Washington. From 1982 to 1984 he served as director of the Office of Policy Analysis at the U.S. Department of the Interior. Stroup has published and lectured on topics such as global warming, land use regulation, archaeology, and about needed environmental policy improvements. His research helped to develop the approach known as free market environmentalism. He is a co-author of COMMON SENSE ECONOMICS: WHAT EVERYONE SHOULD KNOW ABOUT WEALTH AND PROSPERITY (St. Martin’s Press, 2016). His book ECONOMICS: WHAT EVERYONE SHOULD KNOW ABOUT ECONOMICS AND THE ENVIRONMENT (Washington: Cato Institute, 2003) was sponsored by the Property and Environment Research Center, of which he is a co-founder.

Russell S. Sobel, The Citadel

Russell S. Sobel earned his Ph.D. in economics from Florida State University in 1994. He has published more than 200 books and articles, and has received national recognition for his works on entrepreneurship and FEMA reform. Dr. Sobel serves on the editorial board for three academic journals, and on the advisory board for four university centers. He has won numerous awards for both his teaching and his research. He regularly teaches courses in both principles of economics and public economics and gives lectures at economic education outreach programs. Dr. Sobel is a Professor of Economics and Entrepreneurship at The Citadel.

David A. Macpherson, Trinity University

David A. Macpherson is the E.M. Stevens Distinguished Professor of Economics and Economics Department Chair at Trinity University. Previously, he was Director of the Pepper Institute on Aging and Public Policy and the Rod and Hope Brim Eminent Scholar of Economics at Florida State University, where he received two university-wide awards for teaching excellence. His teaching areas include principles of microeconomics, money and banking, econometrics, and labor economics. Dr. Macpherson is an applied economist whose research focuses on real estate, pensions, discrimination, industry deregulation, labor unions, and the minimum wage. He has published more than 60 articles in leading economics and real estate journals, including Review of Economic and Statistics, Journal of Labor Economics, Journal of Human Resources, Industrial and Labor Relations Review, Journal of Real Estate Economics and Finance. His research has been funded by a variety of entities including the National Science Foundation, Florida Legislature, and the National Association of Realtors. He is co-author of the undergraduate labor economics text, CONTEMPORARY LABOR ECONOMICS, 11E as well as the annual UNION MEMBERSHIP AND EARNINGS DATA BOOK: COMPLIATIONS FROM THE CURRENT POPULATION SURVEY. He is included in WHO’S WHO IN ECONOMICS, 4E which includes the 1,200 most frequently cited economists. Dr. Macpherson received his undergraduate degree and Ph.D. from Pennsylvania State University.
  • Aplia™, the best-selling online homework solution, has been enhanced for the fifteenth edition, providing students with an improved online learning experience. (1) Optimized iPad experience, allowing students to access content on their mobile devices. (2) Expanded partial credit--providing feedback to students at the task level for more incremental guidance so that students get coaching where they need it most. (3) New and improved graphing functionality that enhances students' digital graphing experience. (4)New Interactive eReader features a variety of media assets specifically designed to address the challenges that students and instructors have told us impede learning.
  • Up-to-date coverage on the financial crisis of 2008-2009 and its effects on the Federal Reserve Policy.
  • Up-to-date coverage on Income inequality and poverty.
  • New Graphing at a Glance video tutorials, embedded throughout the interactive eReader, enhance the learning experience by bringing graphs to life, allowing students to see graphs physically move along the axes. Understanding how graphs work and what shifts or movements along the curves mean in economics contexts is one of the difficult challenges that Principles of Economics students face in developing the economic way of thinking. Developed by Dr. John Min of Northern Virginia Community College, this feature walks students through basic graphing concepts, challenges, and graphing analyses via animated graphs.
  • New ConceptClips, embedded throughout the interactive eReader, address the challenge of understanding economics terminology that students face when first introduced to the subject matter. Developed by Mike Brandl of The Ohio State University, these vocabulary animations provide students with a memorable auditory and visual representation of the important terminology for the course.
  • New! MindTap Online Learning Solution is a fully online, highly personalized learning experience built on Cengage Learning content. MindTap combines student learning tools--readings, multimedia, activities, and assessments--into a singular Learning Path that guides students through their course. Instructors personalize the experience by customizing authoritative Cengage Learning content and learning tools, including the ability to add their own content in the Learning Path via apps that integrate into the MindTap framework seamlessly with Learning Management Systems.
  • New! Special Topic on the question of resource exhaustion.
  • Updated tables, graphs, and economic application boxed features throughout the book.
  • Expanded coverage on the role of political action in economics.
  • Up-to-date coverage on the economics of health care.
  • Up-to-date coverage on unemployment and inflation.
  • Application boxes to help students draw parallels between economics and pertinent topics such as supply, demand, financial bailouts, capital markets, and poverty.
  • Coverage of the recent stock market fallout, as well as its implications for investment decisions in today's world.
  • In-depth analysis of the government response to the financial crisis--discussing both the political economy and federal budget implications.
  • Section on the economic way of thinking about government, as well as updated information and data on the Great Recession and lessons learned from the Great Depression.
  • Measures economic activity, assembling important indicators like the unemployment rate and digging into its meaning and relevance.
  • Applies economic theory to current real-world issues and controversies, allowing students to apply what they learn directly to pertinent topics in the world around them.
  • Dispels common myths of economic reasoning and examines how these myths can impede a nation's economic progress.
  • Offers historical vignettes on the lives of notable economists, providing an opportunity to weave economic history into the classroom.
Part I: THE ECONOMIC WAY OF THINKING.
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. Stabilization Policy, Output, and Employment.
16. Creating an Environment for Growth and Prosperity.
17. Institutions, Policies, and Cross-Country Differences in Income and Growth.
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 Economics of Social Security.
Special Topic 3. The Stock Market: Its Function, Performance, and Potential as an Investment Opportunity.
Special Topic 4. Great Debates in Economics: Keynes versus Hayek.
Special Topic 5. The Crisis of 2008: Causes and Lessons for the Future.
Special Topic 6. Lessons from the Great Depression.
Special Topic 7. The Federal Budget and the National Debt.
Special Topic 8. The Economics of Health Care.
Special Topic 9. Earnings Differences Between Men and Women.
Special Topic 10. Do Labor Unions Increase the Wages of Workers?
Special Topic 11. The Question of Resource Exhaustion.
Special Topic 12. 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.
MindTap
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This Cengage solution can be seamlessly integrated into most Learning Management Systems (Blackboard, Brightspace by D2L, Canvas, Moodle, and more) but does require a different ISBN for access codes. Please work with your Cengage Learning Consultant to ensure the proper course set up and ordering information. For additional information, please visit the LMS Integration site.

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Aplia
Aplia is an online learning solution that increases student engagement with automatically graded assignments and detailed explanations.

This Cengage solution can be seamlessly integrated into most Learning Management Systems (Blackboard, Brightspace by D2L, Canvas, Moodle, and more) but does require a different ISBN for access codes. Please work with your Cengage Learning Consultant to ensure the proper course set up and ordering information. For additional information, please visit the LMS Integration site.

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Cengage provides a range of supplements that are updated in coordination with the main title selection. For more information about these supplements, contact your Learning Consultant.

FOR INSTRUCTORS

Cengage Learning Testing, powered by Cognero®, Instant Access for Gwartney/Stroup/Sobel/Macpherson's Microeconomics

ISBN: 9781305506923
Cengage Learning Testing, powered by Cognero®, is a flexible, online system that allows you to: import, edit, and manipulate content from the text's test bank or elsewhere, including your own favorite test questions. Create multiple test versions in an instant and deliver tests from your LMS, your classroom, or wherever you want.

Cengage Learning Testing, powered by Cognero®, Instant Access for Gwartney/Stroup/Sobel/Macpherson's Macroeconomics

ISBN: 9781305506787
Cengage Learning Testing, powered by Cognero®, is a flexible, online system that allows you to: import, edit, and manipulate content from the text's test bank or elsewhere, including your own favorite test questions. Create multiple test versions in an instant and deliver tests from your LMS, your classroom, or wherever you want.