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Microeconomics: Private and Public Choice 16th Edition

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

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Overview

Prepare students to apply microeconomic concepts to the world around them with MICROECONOMICS: PRIVATE AND PUBLIC CHOICE, 16th Edition. Reflecting current economic conditions, this edition integrates public choice analysis and explains the operation of markets and the political process as well as market failure and government failure. It dispels common economic myths and uses the "invisible hand" metaphor to explain economic theory, demonstrating how it works to stimulate the economy. Also available: the Aplia online learning solution with revised questions, accessibility on mobile devices, improved graphing, and a new interactive eReader with videos and graphing tutorials.

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.

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  • APPLICATION BOXES HELP STUDENTS DRAW PARALLELS BETWEEN MICROECONOMICS AND PERTINENT TOPICS. Students see the relevance of what they are learning as they examine the relationships within key economic topics, such as supply, demand, financial bailouts, capital markets, and poverty.
  • SECTION HIGHLIGHTS MICROECONOMIC THINKING ABOUT GOVERNMENT. Students view today’s government involvement and decisions from a unique economic perspective using the latest information as well as historic data on the Great Recession and lessons learned from the Great Depression.
  • COMPREHENSIVE ANALYSIS OF INTERNATIONAL TRADE EXAMINES ITS IMPACT. Students carefully review the influence of international trade on growth and the prosperity of nations today.
  • PRACTICAL APPROACH APPLIES MICROECONOMIC THEORY TO CURRENT ISSUES AND CONTROVERSIES. Students see the relevance of the theories they are learning as they apply what they learn directly to pertinent topics in the world around them.
  • CONTENT DISPELS COMMON MYTHS OF MICROECONOMIC REASONING. Readers examine commonly held economic myths and how these myths can impede a nation's economic progress.
  • HISTORICAL VIGNETTES HIGHLIGHT THE LIVES OF NOTABLE ECONOMISTS. This meaningful feature provides an opportunity to weave economic history into your classroom.

Microeconomics: Private and Public Choice

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. 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 MICROECONOMICS.
7. Consumer Choice and Elasticity.
8. Costs and the Supply of Goods.
9. Price Takers and the Competitive Process.
10. Price-Searcher Markets with Low Entry Barriers.
11. Price-Searcher Markets with High Entry Barriers.
12. The Supply of and Demand for Productive Resources.
13. Earnings, Productivity, and the Job Market.
14. Investment, the Capital Market, and the Wealth of Nations.
15. Income Inequality and Poverty.
Part IV: INTERNATIONAL ECONOMICS.
16. Gaining from International Trade.
Part V: 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. Earnings Differences Between Men and Women.
Special Topic 9. Do Labor Unions Increase the Wages of Workers?
Special Topic 10. The Question of Resource Exhaustion.
Special Topic 11. 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.

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