Cengage Learning

Higher Education

Macroeconomics: Principles and Policy, 12th Edition

  • William J. Baumol New York University
  • Alan S. Blinder Princeton University
  • ISBN-10: 0538453656  |  ISBN-13: 9780538453653
  • 472 Pages
  • Previous Editions: 2011, 2009, 2008
  • © 2012 | Published
  • College Bookstore Wholesale Price = $213.50
  • Newer Edition Available
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About

Overview

MACROECONOMICS: PRINCIPLES AND POLICY, Twelfth Edition, takes a policy-based approach to the teaching of introductory macroeconomics. Written by two of the most respected economists in the world, this text is also one of the most current texts on the market that includes data through the spring of 2011. The text includes significant updates based on the current economic crisis, providing the right level of rigor and detail.

Features and Benefits

  • The comprehensive online, interactive problem sets, analyses, tutorials, experiments, and critical-thinking exercises give students hands-on application without adding to instructors’ workload. Aplia requires students to take an active role in the learning process, helping them improve their economic understanding and relate to the economic concepts presented. Instructors can assign homework that is automatically graded and recorded.
  • Each chapter opens with a real-life economic puzzle or issue to launch the material covered in the chapter, bringing economics into students’ everyday lives. This chapter-opening economic problem is revisited within the body of the chapter to illustrate how it can be addressed with the theoretical tools and concepts being presented.
  • This text includes special “Policy Debate” boxes to enliven the chapters as well as open the way for classroom discussion.
  • The “Ideas for Beyond the Final Exam” feature is introduced in Chapter 1, and then integrated throughout the text to reinforce important concepts for students.
  • Each chapter ends with a summary; key concepts and terms; and questions and problems for review to help student’s complete homework and prepare for exams.

Table of Contents

Part I GETTING ACQUAINTED WITH ECONOMICS.
1 What Is Economics?
2 The Economy: Myth and Reality.
3 The Fundamental Economic Problem: Scarcity and Choice.
4 Supply and Demand: An Initial Look.
Part II THE MACROECONOMY: AGGREGATE SUPPLY AND DEMAND.
5 An Introduction to Macroeconomics.
6 The Goals of Macroeconomic Policy.
7 Economic Growth: Theory and Policy.
8 Aggregate Demand and the Powerful Consumer.
9 Demand-Side Equilibrium: Unemployment or Inflation?
10 Bringing in the Supply Side: Unemployment and Inflation?
Part III FISCAL AND MONETARY POLICY.
11 Managing Aggregate Demand: Fiscal Policy.
12 Money and the Banking System.
13 Monetary Policy: Conventional and Unconventional.
14 The Financial Crisis and the Great Recession.
15 The Debate over Monetary and Fiscal Policy.
16 Budget Deficits in the Short and Long Run.
17 The Trade-Off between Inflation and Unemployment.
Part IV THE UNITED STATES IN THE WORLD ECONOMY.
18 International Trade and Comparative Advantage.
19 The International Monetary System: Order or Disorder?
20 Exchange Rates and the Macroeconomy.

What's New

  • More material on health care costs and the health care reform bill have been added.
  • The traditional one-interest-rate model is replaced with a more complex model that includes two interest rates. One would be the riskless rate (such as on T-bills); the other would be a risky, private-sector rate. Doing so requires teaching students about the effect of perceived default risk on interest rates (“risk premiums”).
  • The new edition is the only principles book to reflect 2010 year-end data.
  • New boxes are updated to reflect the changes in the economic environment that have occurred since the last edition.

Learning Resource Bundles

Choose the textbook packaged with the resources that best meet your course and student needs. Contact your Learning Consultant for more information.

Bundle: Text + Aplia™, 1 term Printed Access Card

ISBN-10: 1285260309  | ISBN-13: 9781285260303

List Price = $301.95  | CengageBrain Price = $301.95  | College Bookstore Wholesale Price = $223.50

This Bundle Includes:

  • Macroeconomics: Principles and Policy
    List Price = $287.95  | CengageBrain Price = $287.95  | College Bookstore Wholesale Price = $213.50
  • Aplia™, 1 term Printed Access Card
    List Price = $123.00  | College Bookstore Wholesale Price = $92.25


Printed Text + Aplia Instant Access Code

ISBN-10:  1285260295  | ISBN-13:  9781285260297

List Price = $301.95  | CengageBrain Price = $301.95  | College Bookstore Wholesale Price = $223.50

This Bundle Includes:

  • Macroeconomics: Principles and Policy
    List Price = $287.95  | CengageBrain Price = $287.95  | College Bookstore Wholesale Price = $213.50
  • Aplia Instant Access
    List Price = $123.00  | CengageBrain Price = $123.00  | College Bookstore Wholesale Price = $123.00


Printed Text + Economics CourseMate with eBook Instant Access Code

ISBN-10:  1285260333  | ISBN-13:  9781285260334

List Price = $301.95  | CengageBrain Price = $301.95  | College Bookstore Wholesale Price = $223.50

This Bundle Includes:

  • Macroeconomics: Principles and Policy
    List Price = $287.95  | CengageBrain Price = $287.95  | College Bookstore Wholesale Price = $213.50
  • Economics CourseMate Instant Access
    List Price = $201.00  | CengageBrain Price = $201.00  | College Bookstore Wholesale Price = $201.00


Printed Text + CengageNOW with eBook Instant Access Code

ISBN-10:  1285260317  | ISBN-13:  9781285260310

List Price = $308.95  | CengageBrain Price = $308.95  | College Bookstore Wholesale Price = $228.50

This Bundle Includes:

  • Macroeconomics: Principles and Policy
    List Price = $287.95  | CengageBrain Price = $287.95  | College Bookstore Wholesale Price = $213.50
  • CengageNOW with eBook, 2 terms (12 months) Instant Access
    List Price = $136.00  | CengageBrain Price = $136.00  | College Bookstore Wholesale Price = $136.00


ePack: Printed Text + Aplia Instant Access

ISBN-10:  1305595297  | ISBN-13:  9781305595293

List Price = $301.95  | CengageBrain Price = $301.95  | College Bookstore Wholesale Price = $223.50

This Bundle Includes:

  • Macroeconomics: Principles and Policy
    List Price = $287.95  | CengageBrain Price = $287.95  | College Bookstore Wholesale Price = $213.50
  • Aplia Instant Access
    List Price = $123.00  | CengageBrain Price = $123.00  | College Bookstore Wholesale Price = $123.00


Bundle: Text + Aplia, 1 term (6 months) Printed Access Card

ISBN-10:  1133220851 | ISBN-13:  9781133220855

List Price = $301.95  | CengageBrain Price = $301.95  | College Bookstore Wholesale Price = $223.50

This Bundle Includes:

  • Macroeconomics: Principles and Policy
    List Price = $287.95  | CengageBrain Price = $287.95  | College Bookstore Wholesale Price = $213.50
  • Aplia™, 1 term Printed Access Card
    List Price = $123.00  | College Bookstore Wholesale Price = $92.25


Efficacy and Outcomes

Reviews

“The text is very strong as is. It addresses topics at just the right level of depth/complexity for my students.”

— Andrew Pearlman, Bard College

“I continue to enjoy using the Baumol and Blinder text. My students find it clear, relevant and accessible.”

— Kolleen Rask, College of the Holy Cross

Supplements

All supplements have been updated in coordination with the main title. Select the main title's "About" tab, then select "What's New" for updates specific to title's edition.

For more information about these supplements, or to obtain them, contact your Learning Consultant.

Instructor Supplements

Aplia Instant Access  (ISBN-10: 1111669279 | ISBN-13: 9781111669270)

Aplia saves instructors valuable time while giving students an easy way to stay on top of coursework with regularly scheduled assignments. These assignments have been developed for a range of textbooks and are easily customized for individual teaching schedules. Currently, Aplia supports college-level courses and has been used by more than 1 million students at more than 1,300 institutions. Aplia’s economics students use interactive chapter assignments, tutorials, news analyses, and experiments to make economics relevant and engaging. Students receive immediate, detailed explanations for every answer. Math and graphing tutorials help students overcome deficiencies in these crucial areas. Economics articles from top news sources challenge students to connect current events to course concepts.

List Price = $123.00  | CengageBrain Price = $123.00  | College Bookstore Wholesale Price = $123.00

Economics CourseMate Instant Access  (ISBN-10: 1111946248 | ISBN-13: 9781111946241)

Cengage Learning’s Economics CourseMate brings course concepts to life with interactive learning, study, and exam preparation tools that support the printed textbook. Included with CourseMate is the Global Economic Watch. This groundbreaking resource stimulates discussion and understanding of the global downturn with easy-to-integrate teaching solutions. It includes a content-rich blog, real-time database with hundreds of relevant and vetted articles, videos and podcasts, a timeline, and overview of events leading to today’s global economic crisis.

List Price = $201.00  | CengageBrain Price = $201.00  | College Bookstore Wholesale Price = $201.00

Aplia Integrated Textbook Solution (Bookstore Purchase Access)  (ISBN-10: 0324420978 | ISBN-13: 9780324420975)

The Aplia Integrated Text Solution box contains your mandatory Aplia access code granting you access to the program and full online version of the class text. This option DOES NOT include the required reader (Current and Classic Readings for Microeconomic Literacy) or textbook (Mankiw’s, Principles of Microeconomics, Fourth Edition. You MUST purchase these separately.

List Price = $123.00  | College Bookstore Wholesale Price = $92.25

Microeconomics: Principles and Policy  (ISBN-10: 0538453621 | ISBN-13: 9780538453622)

MICROECONOMICS: PRINCIPLES AND POLICY, Twelfth Edition, takes a policy-based approach to the teaching of introductory microeconomics. Written by two of the most respected economists in the world, this text is also one of the most current texts on the market that includes data through the spring of 2011. The text includes significant updates based on the current economic crisis, providing the right level of rigor and detail.

List Price = $264.95  | CengageBrain Price = $264.95  | College Bookstore Wholesale Price = $196.50

Student Supplements

Aplia Instant Access  (ISBN-10: 1111669279 | ISBN-13: 9781111669270)

Aplia provides students with an easy way to stay on top of coursework with regularly scheduled assignments and is used by more than 1 million students at more than 1,300 institutions. Aplia’s economics students use interactive chapter assignments, tutorials, news analyses, and experiments to make economics relevant and engaging. Students receive immediate, detailed explanations for every answer. Math and graphing tutorials help students overcome deficiencies in these crucial areas. Economics articles from top news sources challenge students to connect current events to course concepts.

List Price = $123.00  | CengageBrain Price = $123.00  | College Bookstore Wholesale Price = $123.00

Economics CourseMate Instant Access  (ISBN-10: 1111946248 | ISBN-13: 9781111946241)

Cengage Learning’s Economics CourseMate brings course concepts to life with interactive learning, study, and exam preparation tools that support the printed textbook. Included with CourseMate is the Global Economic Watch. This groundbreaking resource stimulates discussion and understanding of the global downturn with easy-to-integrate teaching solutions. It includes a content-rich blog, real-time database with hundreds of relevant and vetted articles, videos and podcasts, a timeline, and overview of events leading to today’s global economic crisis.

List Price = $201.00  | CengageBrain Price = $201.00  | College Bookstore Wholesale Price = $201.00

Study Guide  (ISBN-10: 111196999X | ISBN-13: 9781111969998)

The study guide assists students in understanding the text’s main concepts. It includes learning objectives; lists of important concepts and terms for each chapter; quizzes that help students test their understanding and comprehension of concepts; multiple-choice tests for self-understanding; lists of supplementary readings and study questions for each chapter; “Economics in Action” sections that use current news articles to illustrate economics concepts; “Economics Online” exercises that outline useful Internet sources for economic data and interaction. All study guide content has been thoroughly updated for the new edition of the text.

List Price = $66.95  | CengageBrain Price = $66.95  | College Bookstore Wholesale Price = $49.75

CengageNOW with eBook on Blackboard®, 2 terms (12 months) Instant Access  (ISBN-10: 1133612512 | ISBN-13: 9781133612513)

Have the tools you need to be successful A variety of tools are available in CengageNOW, all combined in one easy-to-use resource designed to improve your grades. Some resources get you prepared for class and help you succeed on homework, and others show you specific areas where you can work to improve. Stay ahead of the course requirements CengageNOW shows you the path through your course—from first day through finals. Once you know what’s expected, it’s easier to complete your assignments. Gain understanding that stays with you Do well on tests as well as the assignments! Bridge the gap between homework and tests by using CengageNOW to truly understand the material. Self-study and review materials keep you on the right track, to make sure your understanding goes beyond memorization. Set yourself up for better grades Why wonder where you stand? CengageNOW includes trackable assignments and grades. It tells you what to do to improve your grade, and gives you the tools to accomplish it! Student Testimonials: “I love the check your work option. Really, when you’re having a hard time figuring out an answer, sometimes working backwards is the best way to understand conceptually what you’re doing wrong.” - Brad Duncan University of Utah “I liked the videos because they were short enough to teach me and because they were short, I was able to find time to watch them again and again if I did not understand the first time.” - Jennifer Wright Northeast Wisconsin Technical College CTA: Ask your instructor about CengageNOW for this course.

List Price = $136.00  | College Bookstore Wholesale Price = $136.00

Aplia Integrated Textbook Solution (Bookstore Purchase Access)  (ISBN-10: 0324420978 | ISBN-13: 9780324420975)

The Aplia Integrated Text Solution box contains your mandatory Aplia access code granting you access to the program and full online version of the class text. This option DOES NOT include the required reader (Current and Classic Readings for Microeconomic Literacy) or textbook (Mankiw’s, Principles of Microeconomics, Fourth Edition. You MUST purchase these separately.

List Price = $123.00  | College Bookstore Wholesale Price = $92.25

Microeconomics: Principles and Policy  (ISBN-10: 0538453621 | ISBN-13: 9780538453622)

MICROECONOMICS: PRINCIPLES AND POLICY, Twelfth Edition, teaches the principles of economics, including current economic situations. The text includes significant updates based on the current economic situation, providing the right level of rigor and detail, presenting complicated concepts in a relatively straightforward manner, and using timely economic data. Students use puzzles, issues, and well-developed examples for a good balance of theory to application.

List Price = $264.95  | CengageBrain Price = $264.95  | College Bookstore Wholesale Price = $196.50

Meet the Author

Author Bio

William J. Baumol

William J. Baumol received his B.S.S. at the College of the City of New York and his Ph.D. at the University of London. He is professor of economics at New York University and senior research economist and professor emeritus at Princeton University. He is a frequent management consultant to major firms in a wide variety of industries in the United States and other countries as well as to a number of governmental agencies. He has been president of the American Economic Association, and three other professional societies. He is an elected member of the National Academy of Sciences, created by the U.S. Congress, and a member of the American Philosophical Society, founded by Benjamin Franklin. Dr. Baumol is the author of more than 35 books as well as hundreds of journal and newspaper articles that have been translated into more than a dozen languages.

Alan S. Blinder

Alan S. Blinder earned his B.A. at Princeton University, his M.A. at the London School of Economics and Ph.D. at MIT. He teaches at Princeton University and is the author of the best seller, After the Music Stopped, about the financial crisis and its aftermath. Dr. Blinder served on President Clinton’s first Council of Economic Advisers and then as vice chairman of the Federal Reserve Board, thereby playing a role in formulating both the fiscal and monetary policies of the 1990s. Dr. Blinder, now a regular columnist for THE WALL STREET JOURNAL, has written newspaper and magazine columns on economic policy for more than thirty years. He is a past Vice President and a Distinguished Fellow of the American Economic Association.