Economics: Private and Public Choice, 14th 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: 1111970211
  • ISBN-13: 9781111970215
  • 816 Pages Hardcover 
  • Previous Editions: 2011, 2009, 2006
  • © 2013 | Published
  • College Bookstore Wholesale Price = $249.50 
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About The Solution

Overview

ECONOMICS: PRIVATE AND PUBLIC CHOICE, 14TH 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 14th edition includes a robust set of online multimedia learning tools. Tutorials, 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, 14TH EDITION is also available; visit www.aplia.com for a demonstration.


Additional Product Information

Features/Benefits

  • 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.

What's New

  • NEW! Text is streamlined to make it more accessible to students and instructors.
  • NEW! Addenda to some chapters are moved to the text website: (chapter 6) Who Produces, Who Pays, and Why it Matters and (chapter 20) Consumer Choice and Indifference Curves.
  • NEW! Material on Economics as a Career (chapter 1) is moved to the text website.
  • NEW! Material on The Keynesian Aggregate Expenditure Model (chapter 11) is moved to the text website.
  • NEW! Chapter 5 has a new section on Market Failure and Government Failure.
  • NEW! New material on Cash for Clunkers (chapter 6) shows the short-sightedness of political action.
  • NEW! Chapter 12 integrates the idea that constant policy changes generate uncertainty and undermine growth.
  • NEW! A brief discussion of the Austrian view of the business cycle.
  • NEW! Special Topic on Lessons from Japan and Canada.
  • NEW! Special Topic "Will Americans Be Better Off in the Future?"

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Table of Contents

PART I: THE ECONOMIC WAY OF THINKING.
1. The Economic Approach.
2. Some Tools of the Economist.
Part II: 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 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 Historical Perspective.
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 Internet: How Is It Changing the Economy?
Special Topic 3 The Economics of Social Security.
Special Topic 4 The Stock Market: Its Function, Performance, and Potential as an Investment Opportunity.
Special Topic 5 The Crisis of 2008: Causes and Lessons for the Future.
Special Topic 6 Lessons from the Great Depression.
Special Topic 7 Lessons from the Japanese Experience.
Special Topic 8 The Federal Budget and the National Debt.
Special Topic 9 The Economics of Health Care.
Special Topic 10 School Choice: Can It Improve the Quality of Education in America?
Special Topic 11 Earnings Differences between Men and Women.
Special Topic 12 Do Labor Unions Increase the Wages of Workers?
Special Topic 13 Are We Running Out of Resources?
Special Topic 14 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.

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.

Instructor's Manual  (ISBN-10: 1111970564 | ISBN-13: 9781111970567)


Instructor's Resource CD-ROM  (ISBN-10: 1111970572 | ISBN-13: 9781111970574)

Everything that instructors need is just a convenient click or keystroke away. The Instructor's Resource CD includes all instructor supplements on one CD. It contains special sections for Advanced Placement instructors, information on how to use and modify the PowerPoint material, information about Examview, detailed chapter outlines in lecture-note form, teaching tips, and in-class economic games and experiments. Also on the IRCD are the test bank in Word and PowerPoint Slides featuring graphs and tables from the text. These supplements are also available on the Instructor's Resource website and are fully password protected.


Coursebook  (ISBN-10: 1133561640 | ISBN-13: 9781133561644)

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CourseMate with Global Economic Crisis Resource Center, Global Economic Crisis - Community Server, Global Economic Crisis - Global Issues in Context 2-Semester Instant Access  (ISBN-10: 1133494293 | ISBN-13: 9781133494294)

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Aplia 2-Semester Instant Access  (ISBN-10: 1111968284 | ISBN-13: 9781111968281)

Succeed in your course with 2 semesters of access to Aplia's interactive learning system--featuring practice problems with immediate feedback and tools developed specifically for ECONOMICS: PRIVATE AND PUBLIC CHOICE, 14th 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.

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Aplia 1-Semester Instant Access  (ISBN-10: 1111968268 | ISBN-13: 9781111968267)

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, 14th 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.

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Test Bank  (ISBN-10: 1111970602 | ISBN-13: 9781111970604)

The Test Bank contains approximately 3,500 questions--multiple-choice and short answer – corresponding to the major subheadings. The first ten questions of each chapter are suitable for use as comprehensive quizzes, and multiple-choice questions from the Coursebook and the Online practice quizzes are also included in special sections so instructors can easily incorporate them into their quizzes and exams. It is available on the Instructor Companion site, in Word, password protected, and also in ExamView.


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Cengage Learning Write Experience 2.0 Powered by MyAccess 1-Semester Printed Access Card  (ISBN-10: 1133367070 | ISBN-13: 9781133367079)

Successfully complete your microeconomics writing assignments with Write Experience 2.0. This innovative system scores your writing instantly and provides you with detailed revision goals and feedback to put you on track for writing excellence

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Tomlinson LP Videos 2-Semester Instant Access Code  (ISBN-10: 1133494331 | ISBN-13: 9781133494331)

Learn economics whenever, wherever you want with this dynamic and empowering Learning Path Video by Steven Tomlinson. The video contains introductory, micro, and macro topics and is organized to follow Gwartney, Stroup, Sobel, and Macpherson's ECONOMICS: PRIVATE AND PUBLIC CHOICE section by section. It’s like 24/7 office hours!

List Price = $47.25  | CengageBrain Price = $47.25  | College Bookstore Wholesale Price = $47.25


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.

Coursebook  (ISBN-10: 1133561640 | ISBN-13: 9781133561644)

List Price = $52.95  | CengageBrain Price = $52.49  | College Bookstore Wholesale Price = $39.25


CourseMate with Global Economic Crisis Resource Center, Global Economic Crisis - Community Server, Global Economic Crisis - Global Issues in Context 2-Semester Instant Access  (ISBN-10: 1133494293 | ISBN-13: 9781133494294)

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, 14th Edition.

List Price = $219.00  | CengageBrain Price = $219.00  | College Bookstore Wholesale Price = $219.00


Aplia 2-Semester Instant Access  (ISBN-10: 1111968284 | ISBN-13: 9781111968281)

Succeed in your course with 2 semesters of access to Aplia's interactive learning system--featuring practice problems with immediate feedback and tools developed specifically for ECONOMICS: PRIVATE AND PUBLIC CHOICE, 14th 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.

List Price = $128.00  | CengageBrain Price = $128.00  | College Bookstore Wholesale Price = $128.00


Aplia 1-Semester Instant Access  (ISBN-10: 1111968268 | ISBN-13: 9781111968267)

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, 14th 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.

List Price = $115.00  | CengageBrain Price = $115.00  | College Bookstore Wholesale Price = $115.00


Aplia with Cengage Learning Write Experience 2.0 Powered by MyAccess 1-Semester Instant Access  (ISBN-10: 1133367054 | ISBN-13: 9781133367055)

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List Price = $115.00  | CengageBrain Price = $115.00  | College Bookstore Wholesale Price = $115.00


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List Price = $128.00  | CengageBrain Price = $128.00  | College Bookstore Wholesale Price = $128.00


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Succeed in your economics course with one full 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, 14th Edition. Aplia has already helped more than a million students succeed in college classes.

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Interactive practice quizzes and flashcards designed to work with your text can help you to review and learn essential terms and key concepts. Flashcards contain terms and definitions for each chapter. Practice quizzes consist of true/false and multiple choice questions for each chapter. Check your score and take quizzes again if needed. A reference for where to find more material in the text is included with each answer. This is instant access product; at the completion of your purchase, simply go to "My Home" and gain immediate access to your product. Note: If you have purchased CourseMate for your title, practice quizzes and flashcards are already included.

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CourseMate with Global Economic Crisis Resource Center, Global Economic Crisis - Community Server, Global Economic Crisis - Global Issues in Context Instant Access  (ISBN-10: 1133494366 | ISBN-13: 9781133494362)

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 MACROECONOMICS: PRIVATE AND PUBLIC CHOICE, 14th Edition.

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Cengage Learning Write Experience 2.0 Powered by MyAccess 1-Semester Printed Access Card  (ISBN-10: 1133367070 | ISBN-13: 9781133367079)

Successfully complete your microeconomics writing assignments with Write Experience 2.0. This innovative system scores your writing instantly and provides you with detailed revision goals and feedback to put you on track for writing excellence

List Price = $131.95  | CengageBrain Price = $131.49  | College Bookstore Wholesale Price = $97.75


Tomlinson LP Videos 2-Semester Instant Access Code  (ISBN-10: 1133494331 | ISBN-13: 9781133494331)

Learn economics whenever, wherever you want with this dynamic and empowering Learning Path Video by Steven Tomlinson. The video contains introductory, micro, and macro topics and is organized to follow Gwartney, Stroup, Sobel, and Macpherson's ECONOMICS: PRIVATE AND PUBLIC CHOICE section by section. It’s like 24/7 office hours!

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MindTap was created to harness the power of technology to drive student success. This cloud-based platform integrates a number of learning applications (“apps”) into an easy-to-use and easy to access tool that supports a personalized learning experience. MindTap combines student learning tools-readings, multimedia, activities and assessments-into a singular Learning Path that guides you through your economics course.

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MindTap was created to harness the power of technology to drive student success. This cloud-based platform integrates a number of learning applications (“apps”) into an easy-to-use and easy to access tool that supports a personalized learning experience. MindTap combines student learning tools-readings, multimedia, activities and assessments-into a singular Learning Path that guides you through your economics course.

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General MindLink for MindTap Economics Instant Access  (ISBN-10: 1285408039 | ISBN-13: 9781285408033)

MindTap was created to harness the power of technology to drive student success. This cloud-based platform integrates a number of learning applications (“apps”) into an easy-to-use and easy to access tool that supports a personalized learning experience. MindTap combines student learning tools-readings, multimedia, activities and assessments-into a singular Learning Path that guides you through your economics course.

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MindLink for Aplia 1-Semester Instant Access  (ISBN-10: 1285323963 | ISBN-13: 9781285323961)

Succeed in your economics course with one full 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, 14th Edition. Aplia has already helped more than a million students succeed in college classes.

List Price = $115.00  | CengageBrain Price = $115.00  | College Bookstore Wholesale Price = $115.00


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.

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