Economics: Private and Public Choice / Edition 8

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A cornerstone of Harcourt┬Žs publishing program for 25 years, Economics: Private and Public Choice is considered the best existing principles of economics textbook emphasizing free markets. The strengths of this text are its clarity, emphasis on the economic way of thinking, and its application to the world around us. Economics: Private and Public Choice has an amazing approach to introducing students to a moderate amount of economic data analysis while applying the concept to a real-world story.
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Editorial Reviews

This book/CD-ROM text seeks to make economics understandable to freshman and sophomore undergraduates and to illustrate the relevance of economics in daily life. Core chapters cover material usually taught in economics principles courses, and include short units (designed for one class period) on topics such as the future of social security, and readings which highlight the organizational and institutional factors that underlie economic prosperity. The CD-ROM contains a graphing workshop and animated tutorials, interactive graphing exercises, video lectures on difficult topics, and video news segments. Gwartney teaches economics at Florida State University. Annotation c. Book News, Inc., Portland, OR (
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Product Details

  • ISBN-13: 9780030192692
  • Publisher: Harcourt College Publishers
  • Publication date: 1/28/1997
  • Series: Dryden Press Series in Economics
  • Edition description: Older Edition
  • Edition number: 8
  • Pages: 1088
  • Product dimensions: 8.25 (w) x 10.31 (h) x 1.89 (d)

Meet the Author

James 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.

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Table of Contents

Part 1 The Economic Way of Thinking 1
Chapter 1 The Economic Approach 4
Chapter 2 Some Tools of the Economist 27
Part 2 Markets and Governments 53
Chapter 3 Supply, Demand, and the Market Process 56
Chapter 4 Supply and Demand: Applications and Extensions 86
Chapter 5 The Economic Role of Government 112
Chapter 6 The Economics of Collective Decision Making 130
Part 3 Core Macroeconomics 153
Chapter 7 Taking the Nation's Economic Pulse 156
Chapter 8 Economic Fluctuations, Unemployment, and Inflation 180
Chapter 9 An Introduction to Basic Macroeconomic Markets 200
Chapter 10 Working With Our Basic Aggregate Demand/Aggregate Supply Model 224
Chapter 11 Keynesian Foundations of Modern Macroeconomics 247
Chapter 12 Fiscal Policy 267
Chapter 13 Money and the Banking System 290
Chapter 14 Modern Macroeconomics: Monetary Policy 319
Chapter 15 Stabilization Policy, Output, and Employment 346
Chapter 16 Economic Growth 369
Part 4 International Economics 393
Chapter 17 Gaining from International Trade 397
Chapter 18 International Finance and the Foreign Exchange Market 421
Part 5 Core Microeconomics 445
Chapter 19 Demand and Consumer Choice 448
Chapter 20 Costs and the Supply of Goods 476
Chapter 21 Price Takers and the Competitive Process 502
Chapter 22 Price-Searcher Markets with Low Entry Barriers 525
Chapter 23 Price-Searcher Markets with High Entry Barriers 545
Chapter 24 The Supply of and Demand for Productive Resources 572
Chapter 25 Earnings, Productivity, and the Job Market 592
Chapter 26 Investment, the Capital Market, and the Wealth of Nations 610
Chapter 27 Income Inequality and Poverty 628
Part 6 Beyond the Basics 647
Special Topic 1 Government Spending and Taxation 650
Special Topic 2 The Internet: How Is it Changing the Economy? 661
Special Topic 3 The Economics of Social Security 671
Special Topic 4 The Stock Market: What Does It Do and How Has It Performed? 682
Special Topic 5 The Federal Budget and the National Debt 695
Special Topic 6 Labor Market Policies and the Natural Rate of Unemployment: A Cross-Country Analysis 707
Special Topic 7 The Phillips Curve: Is There a Trade-off Between Inflation and Unemployment? 719
Special Topic 8 The Economics of Health Care 731
Special Topic 9 School Choice: Can It Improve the Quality of Education in America? 743
Special Topic 10 Is Discrimination Responsible for the Earnings Differences Between Men and Women? 751
Special Topic 11 Do Labor Unions Increase the Wages of Workers? 757
Special Topic 12 How Does Government Regulation Affect Your Life? 770
Special Topic 13 Natural Resources and the Future 781
Special Topic 14 Economics and the Environment 792
Appendix A General Business and Economic Indicators 803
Appendix B Answers to Selected Critical Analysis Questions 813
Glossary 837
Credits 848
Index 851
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