The Fifth Edition strengthens the connection between basic economic principles and students' lives by balancing an accessible, lively writing style with a unique pedagogical framework. Also, Boyes and Melvin have revised the text to integrate contemporary coverage of the new economy and global issues.
Arranged according to the proven Fundamental Questions learning system, each chapter highlights 5-10 fundamental precepts through questions which appear at the beginning and are repeated in the margins to mark the relevant content. End-of-chapter summaries refer back to these questions to create a consistent framework of instruction.
All chapters include the latest economic statistics.
The text's internal Referencing System reinforces a hierarchy of ideas by designating a number for each section and subsection cited consistently in Key Terms, end-of-chapter Summaries, and the supplements package.
Pedagogical aids help students to understand and assimilate the material: Recaps provide a short list of main points; Key Terms are defined both in the text and the margins; and Exercises act as self-checks which can also be assigned as homework.
Dr. William Boyes is professor of economics at Arizona State University. He received his Ph.D. in economics from the Claremont Graduate School in 1974. Before joining the Arizona State faculty, he was the Distinguished Visiting Professor of Business at Weber State University; visiting professor at Tsinghua University, Beijing, China and the University of London, London, England, and lectured at ITAM in Mexico City; and was the dean of the College of Business at Cal Poly, San Luis Obispo. Dr. Boyes has also served as chairman of the Economics Department at ASU and has been an economist with Security Pacific National Bank (now Bank of America). He has been a consultant to the White House, the Commerce Department, the Federal Trade Commission, and several private firms. He is the director of the office of economic education at ASU and a member of the Pacific Research Institute's Academic Advisory Board. Dr. Boyes has received many teaching awards, including the Golden Key National Honor Society Outstanding Professor Award at ASU in 1988, the Outstanding Teacher in the MBA Program Award at ASU in 1994, the Outstanding Teacher in the College of Business Award at ASU in 1995, Huizingh Outstanding Honors Professor in 2007, and Outstanding MBA Professor in 2008.
Michael Melvin is currently Head of Currency Research at Barclays Global Investors. He also retains affiliations at the Arizona State University Department of Economics and the Haas School of Business at the University of California, Berkeley. Dr. Melvin received his Ph.D. in economics from UCLA in 1980. He has served as a visiting scholar at the Federal Reserve Board and the International Monetary Fund, was a Fulbright Professor at the University of Frankfurt, and has been a visiting professor at UCLA, Northwestern University, U.C. San Diego, and the University of Hawaii. His field of specialization is International Finance, and he is the coeditor of the Journal of International Money and Finance.
1. The Wealth of Nations: Ownership and Economic Freedom. 1A. Working with Graphs. 2. Scarcity and Opportunity Costs. 3. Markets and the Price System. 4. The Aggregate Economy. 5. National Income Accounting. 6. An Introduction to the Foreign Exchange Market and the Balance of Payments. 7. Unemployment and Inflation. 8. Macroeconomic Equilibrium: Aggregate Demand and Supply. 9. Aggregate Expenditures. 9A. An Algebraic Model of Aggregate Expenditures. 10. Income and Expenditures Equilibrium. 10A. An Algebraic Model of Income and Expenditures Equilibrium. 11. Fiscal Policy. 11A. An Algebraic Examination of the Balanced-Budget Change in Fiscal Policy. 12. Money and Banking. 13. Monetary Policy. 14. Macroeconomic Policy: Tradeoffs, Expectations, Credibility, and Sources of Business Cycles. 15. Macroeconomic Viewpoints: New Keynesian, Monetarist, and New Classical. 16. Economic Growth. 17. Development Economics. 18. Globalization. 19. Using Economics to Understand the World Around You. 20. Elasticity: Demand and Supply. 21. Demand: Consumer Choice. 21A. Indifference Analysis. 22. Supply: The Costs of Doing Business. 22A. The Mechanics of Going from Production to Costs. 23. Profit Maximization. 24. Perfect Competition. 25. Monopoly. 26. Monopolistic Competition and Oligopoly. 27. Markets and Government. 28. Antitrust and Regulation. 29. Resource Markets. 30. The Labor Market. 31. The Capital Market. 32. The Land Market and Natural Resources. 33. Current Issues: Income, Income Distribution, Poverty, and Government Policy. 34. World Trade Equilibrium. 35. International Trade Restrictions. 36. Exchange Rates and Financial Links between Countries.