Economics: Private and Public Choice, 13th Edition

  • James D. Gwartney Florida State University
  • Richard L. Stroup Montana State University
  • Russell S. Sobel The Citadel
  • David A. Macpherson Trinity University
  • ISBN-10: 0538754273  |  ISBN-13: 9780538754279
  • 880 Pages
  • Previous Editions: 2009, 2006, 2003
  • © 2011 | Published
  • Newer Edition Available
  • Instructor Companion Site
  • Request a Copy
     

    About

    Overview

    The most accessible principles book on the market, ECONOMICS: PRIVATE AND PUBLIC CHOICE has been updated to reflect current economic conditions. Students will be able to apply economic concepts to the world around them with ECONOMICS: PRIVATE AND PUBLIC CHOICE. 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, as well as an in-depth look at the lives and contributions of notable economists. ECONOMICS: PRIVATE AND PUBLIC CHOICE also dispels common economic myths. The text uses the "invisible hand" metaphor to explain economic theory, demonstrating how it works to stimulate the economy. The new edition of ECONOMICS: PRIVATE AND PUBLIC CHOICE includes a robust set of online multimedia learning tools. Tutorials, new analyses and quizzes are designed to support classroom work and increase student performance. A full Aplia course, specifically created for ECONOMICS: PRIVATE AND PUBLIC CHOICE, is also available--visit www.aplia.com for a demonstration.


    Features/Benefits

    • ECONOMICS: PRIVATE AND PUBLIC CHOICE uses scenes from popular movies to reinforce economic concepts featured in the text, helping to effectively engage students and help them retain the material.
    • The thirteenth edition of ECONOMICS: PRIVATE AND PUBLIC CHOICE measures economic activity, assembling important indicators like the unemployment rate and digging into its meaning and relevance.
    • ECONOMICS: PRIVATE AND PUBLIC CHOICE applies economic theory to current real-world issues and controversies, allowing students to apply their learnings directly to pertinent topics in the world around them.
    • ECONOMICS: PRIVATE AND PUBLIC CHOICE dispels common myths of economic reasoning and examines how these myths can impede a nation's economic progress.
    • ECONOMICS: PRIVATE AND PUBLIC CHOICE offers historical vignettes on the lives of notable economists, providing an opportunity to weave economic history into the classroom.

    Table of Contents

    PART 1 THE ECONOMIC WAY OF THINKING.
    1 The Economic Approach.
    2 Some Tools of the Economist.
    PART 2 MARKETS AND GOVERNMENT.
    3 Supply, Demand, 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 Collective Decision Making.
    PART 3 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, Historical Perspective and The Keynesian View.
    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 4 INTERNATIONAL ECONOMICS.
    18 Gaining from International Trade.
    19 International Finance and the Foreign Exchange Market.
    PART 5 CORE MICROECONOMICS.
    20 Consumer Demand 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 6 APPLYING THE BASICS: SPECIAL TOPICS.
    1 Government Spending and Taxation.
    2 The Internet: How Is It Changing the Economy?
    3 The Economics of Social Security.
    4 The Stock Market: Its Function, Performance, and Potential as an Investment.
    5 The Crisis of 2008: Causes and Lessons for the Future.
    6 Lessons From the Great Depression.
    7 Lessons From the Japanese Experience.
    8 The Federal Budget and the National Debt.
    9 The Economics of Health Care.
    10 School Choice: Can It Improve the Quality of Education?
    11 Is Discrimination Responsible for the Earnings
    Difference between Men and Women?
    12. Do Labor Unions Increase the Wages of Workers?
    13. Are We Running Out of Resources?
    14. Difficult Environmental Cases and the Role of Government.
    Appendix A General Business and Economic Indicators.
    Appendix B Answers to Selected Critical Analysis Questions.
    Glossary.
    Credits.
    Index.

    What's New

    • ECONOMICS: PRIVATE AND PUBLIC CHOICE features new Application boxes, helping students draw parallels between economics and pertinent topics such as supply, demand, financial bailouts, capital markets and poverty.
    • The thirteenth edition of ECONOMICS: PRIVATE AND PUBLIC CHOICE discusses the recent stock market fallout, as well as its implications for investment decisions in today's world.
    • ECONOMICS: PRIVATE AND PUBLIC CHOICE provides an in-depth analysis of the current government response to the financial crisis, discussing both the political economy and federal budget implications.
    • The updated edition of ECONOMICS: PRIVATE AND PUBLIC CHOICE includes a new 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.
    • ECONOMICS: PRIVATE AND PUBLIC CHOICE also provides new Special Topics, such as the Federal Budget, the National Debt, Lessons from the Japanese Experience and the Crisis of 2008.

    Learning Resource Bundles

    Learning Resource Bundles

    Convenient, cost-effective bundles provide additional resources to boost student engagement. Contact your Learning Consultant for more information.


    Bundle: Text + WebTutor™ ToolBox for WebCT™ 2-Semester Printed Access Card
    ISBN-10: 1111290733  | ISBN-13: 9781111290733


    Bundle: Text + Economics for Life: 101 Lessons You Can Use Every Day!
    ISBN-10:  1111197636  | ISBN-13:  9781111197636


    Bundle: Text + WebTutor™ ToolBox for Blackboard® 2-Semester Printed Access Card
    ISBN-10:  1111290741  | ISBN-13:  9781111290740


    Bundle: Text + CourseBook
    ISBN-10:  0495959022  | ISBN-13:  9780495959021


    Printed Text + Economics CourseMate with eBook 2-Semester Instant Access Code
    ISBN-10:  1111983909  | ISBN-13:  9781111983901


    Bundle: Text + Aplia 2-Semester Printed Access Card
    ISBN-10:  1133295487 | ISBN-13:  9781133295488


    Supplements

    Instructor Supplements

    Instructor Supplements

    All supplements have been updated in coordination with the main title. Select the main title's "About the Solution" 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.

    Economics CourseMate with eBook, 2 terms (12 months) Instant Access  (ISBN-10: 0840036647 | ISBN-13: 9780840036643)

    Cengage Learning's CourseMate brings course concepts to life with interactive learning, study, and exam preparation tools that support the printed textbook. Maximize your course success with the integrated eBook and chapter-specific learning tools that include flashcards, quizzes, videos, and more in your CourseMate. Key Features: Interactive eBook, Engagement Tracker, Learning Objectives, Tutorial Quizzes, Glossary and Flashcards, and Web Links and References.


    EconCentral Instant Access Code  (ISBN-10: 0324595220 | ISBN-13: 9780324595222)

    Ready to help students apply chapter concepts to the real world? Multiple resources for learning and reinforcing principles concepts are now available in one place! EconCentral is your one-stop shop for learning tools and activities that help students succeed. EconCentral equips learners with a portal to a wealth of resources that help them both study and apply economic concepts. As they read and study the chapters, students can access video tutorials, review with flash cards and a graphing tool as well as check their understanding of the chapter with interactive quizzing. All the study and application resources in EconCentral are organized by chapter to help your students get the most from our text.


    CourseBook  (ISBN-10: 0538452269 | ISBN-13: 9780538452267)

    The Coursebook includes numerous multiple-choice, true/false, and discussion questions to help students self-test their knowledge of each chapter, with answers and short explanations for most questions provided in the back of the Coursebook. Each chapter also contains problem and project exercises designed to improve the student's knowledge of the mechanics.


    Tomilson LP Videos 2-Semester  (ISBN-10: 0840036663 | ISBN-13: 9780840036667)


    Web Site  (ISBN-10: 0538797754 | ISBN-13: 9780538797757)

    This password-protected website for instructors includes most of the same essential resources that can be found on the Instructor's Resource CD, including the instructor's manual and test banks in Microsoft Word, and the PowerPoint lecture and exhibit slides. To access the site and download these supplements, register online at http://www.cengage.com/economics/Gwartney. In addition, the student support site contains valuable resources, quizzing, and practice final exams.


    Economics CourseMate 2-Semester  (ISBN-10: 0840036639 | ISBN-13: 9780840036636)


    Economics CourseMate with eBook 2-Semester Printed Access Card  (ISBN-10: 0840036655 | ISBN-13: 9780840036650)


    Instructor's Resource CD-ROM  (ISBN-10: 0538756179 | ISBN-13: 9780538756174)

    The Instructor's Resource CD contains the key supplements designed to aid instructors, including the content from the instructor's manual, ExamView, test banks, and PowerPoint lecture and exhibit slides.


    Instructor's Manual  (ISBN-10: 0538756160 | ISBN-13: 9780538756167)

    The Instructor's Manual contains instructions and information in Part 1 of the manual on how to use and modify the PowerPoint material, as well as information about Examview, the computerized testing software, and tips on how to use movie clips in the classroom. Part 2 contains detailed outlines for both chapters and Special Topics, teaching tips, sources of supplementary materials, and other helpful information, in-class economics games and experiments, and hints for answering the Critical Thinking questions not answered at the back of the text. Part 3 consists of AP Microeconomics exam preparation, with practice questions and exam. This Instructor's Manual serves all three versions of the text (ECONOMICS, MICROECONOMICS AND MACROECONOMICS) and is available online and on the Instructor's Resource CD.


    Enhanced JoinIn™ Student Response System with TurningPoint®  (ISBN-10: 0840036620 | ISBN-13: 9780840036629)

    JoinIn is a response system that allows instructors to transform their classroom and assess students' progress with instant in-class quizzes and polls. Our exclusive agreement to offer TurningPoint® software lets instructors pose book-specific questions and display students' answers seamlessly within the Microsoft® PowerPoint® lecture slides in conjunction with "clicker" hardware. Available for an additional charge bundled with the text.


    EconCentral Printed Access Card  (ISBN-10: 0324595239 | ISBN-13: 9780324595239)

    Ready to help students apply chapter concepts to the real world? Multiple resources for learning and reinforcing principles concepts are now available in one place! EconCentral is your one-stop shop for learning tools and activities that help students succeed. EconCentral equips learners with a portal to a wealth of resources that help them both study and apply economic concepts. As they read and study the chapters, students can access video tutorials, review with flash cards and a graphing tool as well as check their understanding of the chapter with interactive quizzing. All the study and application resources in EconCentral are organized by chapter to help your students get the most from our text.


    ExamView  (ISBN-10: 0538797746 | ISBN-13: 9780538797740)

    The computerized Test Bank for MICROECONOMICS: PRIVATE AND PUBLIC CHOICE, 13e has been enhanced significantly. ExamView contains all of the questions in the printed Test Bank so instructors can create and customize tests in minutes, and easily edit and import questions and graphics, and edit and maneuver existing questions. ExamView can also be used to test and grade online. ExamView for Macroeconomics and ExamView for Microeconomics serve as a complete Test Bank for ECONOMICS: PRIVATE AND PUBLIC CHOICE, 13e. Available only on the Instructor's Resource CD.


    The computerized Test Banks for MACROECONOMICS: PRIVATE AND PUBLIC CHOICE, 13e has been enhanced significantly. ExamView contains all of the questions in the printed Test Bank so instructors can create and customize tests in minutes, and easily edit and import questions and graphics, and edit and maneuver existing questions. ExamView can also be used to test and grade online. ExamView for Macroeconomics and ExamView for Microeconomics serve as a complete Test Bank for ECONOMICS: PRIVATE AND PUBLIC CHOICE, 13e. Available only on the Instructor's Resource CD.


    Test Bank  (ISBN-10: 0538755911 | ISBN-13: 9780538755917)

    The Test Bank for MACROECONOMICS: PRIVATE AND PUBLIC CHOICE, 13e, contains approximately 3,500 questions--multiple-choice and short answer, all corresponding to the major subheadings of the text. The first ten questions of each chapter are suitable for use as a comprehensive quiz covering the material of the chapter, and the multiple choice questions from the Coursebook are also included in a special section of the Test Bank. Instructors who want their students to use the Coursebook can easily incorporate these questions into their quizzes and exams. The Macroeconomics Test Bank and the Microeconomics Test Bank serve as a complete Test Bank for ECONOMICS: PRIVATE AND PUBLIC CHOICE, 13e. The Test Bank is also available online and on the Instructor's Resource CD.


    Test Bank  (ISBN-10: 0538756152 | ISBN-13: 9780538756150)

    The Test Bank for MICROECONOMICS: PRIVATE AND PUBLIC CHOICE contains approximately 3,500 questions--multiple-choice and short answer, all corresponding to the major subheadings of the text. The first ten questions of each chapter are suitable for use as a comprehensive quiz covering the material of the chapter, and the multiple choice questions from the Coursebook are also included in a special section of the Test Bank. Instructors who want their students to use the Coursebook can easily incorporate these questions into their quizzes and exams. The Macroeconomics Test Bank and the Microeconomics Test Bank serve as a complete Test Bank for ECONOMICS: PRIVATE AND PUBLIC CHOICE, 13e. The Test Bank is also available online and on the Instructor's Resource CD.


    WebTutor™ ToolBox for Blackboard® 2-Semester Printed Access Card  (ISBN-10: 0534272401 | ISBN-13: 9780534272401)

    Leverage the power of the Internet and bring your course to life with this course management program. You or your students can use this wealth of interactive resources with those on the text's companion website to supplement the classroom experience and ensure positive outcomes. Use this effective resource as an integrated solution for your distance learning or web-enhanced course. Visit http://webtutor.swlearning.com.


    WebTutor™ ToolBox for WebCT™ 2-Semester Printed Access Card  (ISBN-10: 053427241X | ISBN-13: 9780534272418)

    Leverage the power of the Internet and bring your course to life with this course management program. You or your students can use this wealth of interactive resources with those on the text's companion website to supplement the classroom experience and ensure positive outcomes. Use this effective resource as an integrated solution for your distance learning or web-enhanced course. Visit http://webtutor.swlearning.com.


    Aplia 2-Semester Printed Access Card  (ISBN-10: 0324421273 | ISBN-13: 9780324421279)

    Aplia saves instructors valuable time they would otherwise spend on routine grading 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 1,000,000 students at over 1,300 institutions. Aplia’s economics students use interactive chapter assignments, tutorials, news analyses, and experiments to make economics relevant and engaging.


    Economics for Life: 101 Lessons You Can Use Every Day!  (ISBN-10: 0538757884 | ISBN-13: 9780538757881)

    ECONOMICS FOR LIFE 3e is a book about real-world applications for economics. In addition to applications, the text contains critiques of common economic fallacies, paradoxical economic results, and solutions to economic mysteries that are sure to interest students. Tied through its Appendices to all South-Western principles texts, Economics for Life helps students use economic concepts to better understand the world around them. The book serves as a valuable resource for delivering a more applications-based Principles (or Economics 101) course and can be bundled at no additional charge.


    Global Economic Watch GEC Resource Center Printed Access Card  (ISBN-10: 1439040753 | ISBN-13: 9781439040751)

    The current global economic crisis leaves more and more questions unanswered every day and presents "one of the most teachable moments of the century." South-Western delivers the solution. The Global Economic Crisis Resource Center is an online one-stop shopping location that provides educators with current news, journal articles, videos, podcasts, PowerPoint® slides, test questions, and much more.


    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.


    PowerPoint  (ISBN-10: 053879772X | ISBN-13: 9780538797726)

    Includes chapter-by-chapter lecture notes, with questions strategically interspersed throughout the chapters to help students develop the economic way of thinking. Instructions explaining how professors can easily add, delete, and modify slides in order to tailor-make the presentation to their liking are included. Available online and on the Instructor's Resource CD.


    PowerPoint with Exhibits  (ISBN-10: 0538797711 | ISBN-13: 9780538797719)

    Includes chapter-by-chapter lecture notes with fully animated, hyperlinked slides of the textbook's exhibits. Its dynamic graphs and accompanying captions make it easy for instructors to present (and students to follow) sequential changes. The graphs are also used to highlight various relationships among economic variables. In order to facilitate classroom discussion and interaction, questions are strategically interspersed throughout the chapters to help students develop the economic way of thinking. Instructions explaining how professors can easily add, delete, and modify slides in order to tailor-make the presentation to their liking are included. Available online and on the Instructor's Resource CD.


    Student Supplements

    Student Supplements

    All supplements have been updated in coordination with the main title. Select the main title's "About the Solution" 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.

    Aplia 1-Semester Instant Access  (ISBN-10: 1111927553 | ISBN-13: 9781111927554)

    Succeed in your course with 1 semester of access to Aplia's interactive learning system--featuring practice problems with immediate feedback and tools developed specifically for ECONOMICS: PRIVATE AND PUBLIC CHOICE, 13th Edition, including step-by-step explanations that help you improve your reasoning and skills, interactive assignments that help you understand difficult or counterintuitive concepts, and more. Aplia has already helped more than a million students succeed in college classes.


    Economics CourseMate with eBook, 2 terms (12 months) Instant Access  (ISBN-10: 0840036647 | ISBN-13: 9780840036643)

    Cengage Learning's CourseMate brings course concepts to life with interactive learning, study, and exam preparation tools that support the printed textbook. Access an integrated eBook, learning tools including flashcards, quizzes, and more, all designed specifically to work with ECONOMICS: PRIVATE AND PUBLIC CHOICE, 13th Edition.


    EconCentral Instant Access Code  (ISBN-10: 0324595220 | ISBN-13: 9780324595222)

    Ready to help students apply chapter concepts to the real world? Multiple resources for learning and reinforcing principles concepts are now available in one place! EconCentral is your one-stop shop for learning tools and activities that help students succeed. EconCentral equips learners with a portal to a wealth of resources that help them both study and apply economic concepts. As they read and study the chapters, students can access video tutorials, review with flash cards and a graphing tool as well as check their understanding of the chapter with interactive quizzing. All the study and application resources in EconCentral are organized by chapter to help your students get the most from our text.


    CourseBook  (ISBN-10: 0538452269 | ISBN-13: 9780538452267)

    The Coursebook includes numerous multiple-choice, true/false, and discussion questions to help students self-test their knowledge of each chapter, with answers and short explanations for most questions provided in the back of the Coursebook. Each chapter also contains problem and project exercises designed to improve the student's knowledge of the mechanics.


    WebTutor™ ToolBox for Blackboard® 2-Semester Printed Access Card  (ISBN-10: 0534272401 | ISBN-13: 9780534272401)

    Much more than an interactive study guide, WebTutor Advantage lets you leverage the power of the Internet to reinforce your learning experience and ensure the grade you want in this course. You'll find a wealth of interactive resources, such as interactive quizzes, multimedia concepts, tutorials, videos, online exercises and flashcards that work seamlessly with the text's companion website to provide a dynamic learning environment.


    WebTutor™ ToolBox for WebCT™ 2-Semester Printed Access Card  (ISBN-10: 053427241X | ISBN-13: 9780534272418)

    Much more than an interactive study guide, WebTutor Advantage lets you leverage the power of the Internet to reinforce your learning experience and ensure the grade you want in this course. You'll find a wealth of interactive resources, such as interactive quizzes, multimedia concepts, tutorials, videos, online exercises and flashcards that work seamlessly with the text's companion website to provide a dynamic learning environment.


    Aplia 2-Semester Printed Access Card  (ISBN-10: 0324421273 | ISBN-13: 9780324421279)

    Aplia allows students easily to stay on top of coursework with regularly scheduled assignments. Aplia has been used by more than 1,000,000 students at over 1,300 institutions.


    Economics for Life: 101 Lessons You Can Use Every Day!  (ISBN-10: 0538757884 | ISBN-13: 9780538757881)

    ECONOMICS FOR LIFE 3e is a book about real-world applications for economics. In addition to applications, the text contains critiques of common economic fallacies, paradoxical economic results, and solutions to economic mysteries that are sure to interest students. Tied through its Appendices to all South-Western principles texts, Economics for Life helps students use economic concepts to better understand the world around them. The book serves as a valuable resource for delivering a more applications-based Principles (or Economics 101) course and can be bundled at no additional charge.


    Global Economic Watch GEC Resource Center Printed Access Card  (ISBN-10: 1439040753 | ISBN-13: 9781439040751)

    The current global economic crisis leaves more and more questions unanswered every day and presents "one of the most teachable moments of the century." South-Western delivers the solution. The Global Economic Crisis Resource Center is an online one-stop shopping location that provides you with current news, journal articles, videos, podcasts, PowerPoint® slides, test questions, and much more.


    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.


    Meet the Author

    About the Author

    James D. Gwartney

    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 the co-author of Common Sense Economics: What Everyone Should Know about Wealth and Prosperity (St. Martin's Press, 2005), a primer on economics and personal finance. 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 coauthor (with Robert Lawson) of the annual report, Economic Freedom of the World, which provides information on the institutions and policies of 141 countries. This data set, published by a worldwide network of institutes in 79 countries, is widely used by scholars investigating topics ranging from economic growth to peaceful relations among nations. He served as Chief Economist of the Joint Economic Committee of the U.S. Congress during 1999-2000. Gwartney was invited by the incoming Putin Administration in March 2000 to make presentations and have discussions with leading Russian economists concerning the future of the Russian economy. 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. Gwartney earned his Ph.D. in economics from the University of Washington.

    Richard L. Stroup

    Richard L. Stroup is Professor of Economics Emeritus at Montana State University, as well as Senior Fellow at the Property and Environment Research Center (PERC) and Visiting Professor in Economics at North Carolina State University. For the three years before his retirement from Montana State University, he served as head of the Department of Agricultural Economics & Economics. Professor Stroup, who has a Ph.D. in economics from the University of Washington, was one of the originators of the New Resource Economics, the academic approach popularly known as free market environmentalism. He also served as director of the Office of Policy Analysis in the U.S. Department of the Interior and has been published widely in professional journals and popular publications. He is author or contributing editor of numerous books on the economics of resources and the environment and the author of ECONOMICS: WHAT EVERYONE SHOULD KNOW ABOUT ECONOMICS AND THE ENVIRONMENT (Cato Institute). Most recently he co-authored COMMON SENSE ECONOMICS: WHAT EVERYONE SHOULD KNOW ABOUT WEALTH AND PROSPERITY (St. Martin's Press, 2005) with James Gwartney and Dwight Lee. Stroup has lectured throughout the United States and abroad to professional and general audiences. He also is an adjunct scholar with the Cato Institute.

    Russell S. Sobel

    Russell S. Sobel earned his Ph.D. in economics from Florida State University in 1994. He has published more than 150 books and articles, and has received national recognition for his works on entrepreneurship and FEMA reform. He 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. He is a Visiting Scholar in Entrepreneurship in the School of Business Administration at The Citadel.

    David A. Macpherson

    David A. Macpherson is the E.M. Stevens Distinguished Professor of Economics 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 has received two university-wide awards for teaching excellence. Professor Macpherson is the author of many articles in leading labor economics and industrial relations journals, including the JOURNAL OF LABOR ECONOMICS, JOURNAL OF HUMAN RESOURCES, and INDUSTRIAL AND LABOR RELATIONS REVIEW. He is also coauthor of CONTEMPORARY LABOR ECONOMICS, Ninth Edition, as well as the annual Union Membership and Earnings Data Book: Compilations from the Current Population Survey. His specialty is applied labor economics. His current research interests include pensions, discrimination, labor unions, and the minimum wage. Macpherson received his undergraduate degree and Ph.D. from Pennsylvania State University.