Microeconomics: Private and Public Choice / Edition 13

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Overview

A cornerstone of Harcourt┬Žs publishing program, Microeconomics: Private and Public Choice is considered to be 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. Microeconomics: Private and Public Choice has an amazing approach to introducing students to a moderate amount of economic data while applying the concept to a real-world story.
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Editorial Reviews

Booknews
This new edition of a microeconomics textbook is aimed at first and second year undergraduates and incorporates new material on entrepreneurialism, the Microsoft case, the California electricity crisis, and millionaires in America. Chapters are divided into sections covering the economic approach and tools of the economist; markets and governments; core microeconomics (e.g., demand and consumer choice, costs and the supply of goods, and earnings, productivity, and the job market); international economics; and selected advanced topics such as government spending and taxation. The CD-ROM contains animated presentations, interactive graphing exercises, and simulations. Annotation c. Book News, Inc., Portland, OR (booknews.com)
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Product Details

  • ISBN-13: 9780538754330
  • Publisher: Cengage Learning
  • Publication date: 1/5/2010
  • Series: Available Titles CourseMate Series
  • Edition description: Older Edition
  • Edition number: 13
  • Pages: 592
  • Product dimensions: 8.40 (w) x 10.70 (h) x 0.80 (d)

Meet the Author

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 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 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 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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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 Microeconomics 153
Chapter 7 Demand and Consumer Choice 156
Chapter 8 Costs and the Supply of Goods 184
Chapter 9 Price Takers and the Competitive Process 210
Chapter 10 Price-Searcher Markets with Low Entry Barriers 233
Chapter 11 Price-Searcher Markets with High Entry Barriers 253
Chapter 12 The Supply of and Demand for Productive Resources 280
Chapter 13 Earnings, Productivity, and the Job Market 300
Chapter 14 Investment, the Capital Market, and the Wealth of Nations 318
Chapter 15 Income Inequality and Poverty 336
Part 4 International Economics 355
Chapter 16 Gaining from International Trade 359
Chapter 17 International Finance and the Foreign Exchange Market 383
Part 5 Beyond the Basics 407
Special Topic 1 Government Spending and Taxation 410
Special Topic 2 The Internet: How Is it Changing the Economy? 421
Special Topic 3 The Economics of Social Security 431
Special Topic 4 The Stock Market: What Does It Do and How Has It Performed? 442
Special Topic 5 The Economic of Health Care 455
Special Topic 6 School Choice: Can It Improve the Quality of Education in America? 467
Special Topic 7 Is Discrimination Responsible for the Earnings Differences Between Men and Women? 475
Special Topic 8 Do Labor Unions Increase the Wages of Workers? 481
Special Topic 9 How Does Government Regulation Affect Your Life? 494
Special Topic 10 Natural Resources and the Future 505
Special Topic 11 Economics and the Environment 516
Appendix A General Business and Economic Indicators 527
Appendix B Answers to Selected Critical Analysis Questions 537
Glossary 553
Credits 561
Index 563
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