Economics: Private and Public Choice / Edition 13

Economics: Private and Public Choice / Edition 13

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Cengage Learning


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Economics: Private and Public Choice / Edition 13

A cornerstone of Harcourt¦s 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.

Product Details

ISBN-13: 9780538754279
Publisher: Cengage Learning
Publication date: 01/01/2010
Series: Available Titles CourseMate Series
Edition description: Older Edition
Pages: 880
Product dimensions: 8.40(w) x 11.00(h) x 1.50(d)

About 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 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 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 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 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.

Table of Contents

Part 1The Economic Way of Thinking1
Chapter 1The Economic Approach4
Chapter 2Some Tools of the Economist27
Part 2Markets and Governments53
Chapter 3Supply, Demand, and the Market Process56
Chapter 4Supply and Demand: Applications and Extensions86
Chapter 5The Economic Role of Government112
Chapter 6The Economics of Collective Decision Making130
Part 3Core Macroeconomics153
Chapter 7Taking the Nation's Economic Pulse156
Chapter 8Economic Fluctuations, Unemployment, and Inflation180
Chapter 9An Introduction to Basic Macroeconomic Markets200
Chapter 10Working With Our Basic Aggregate Demand/Aggregate Supply Model224
Chapter 11Keynesian Foundations of Modern Macroeconomics247
Chapter 12Fiscal Policy267
Chapter 13Money and the Banking System290
Chapter 14Modern Macroeconomics: Monetary Policy319
Chapter 15Stabilization Policy, Output, and Employment346
Chapter 16Economic Growth369
Part 4International Economics393
Chapter 17Gaining from International Trade397
Chapter 18International Finance and the Foreign Exchange Market421
Part 5Core Microeconomics445
Chapter 19Demand and Consumer Choice448
Chapter 20Costs and the Supply of Goods476
Chapter 21Price Takers and the Competitive Process502
Chapter 22Price-Searcher Markets with Low Entry Barriers525
Chapter 23Price-Searcher Markets with High Entry Barriers545
Chapter 24The Supply of and Demand for Productive Resources572
Chapter 25Earnings, Productivity, and the Job Market592
Chapter 26Investment, the Capital Market, and the Wealth of Nations610
Chapter 27Income Inequality and Poverty628
Part 6Beyond the Basics647
Special Topic 1Government Spending and Taxation650
Special Topic 2The Internet: How Is it Changing the Economy?661
Special Topic 3The Economics of Social Security671
Special Topic 4The Stock Market: What Does It Do and How Has It Performed?682
Special Topic 5The Federal Budget and the National Debt695
Special Topic 6Labor Market Policies and the Natural Rate of Unemployment: A Cross-Country Analysis707
Special Topic 7The Phillips Curve: Is There a Trade-off Between Inflation and Unemployment?719
Special Topic 8The Economics of Health Care731
Special Topic 9School Choice: Can It Improve the Quality of Education in America?743
Special Topic 10Is Discrimination Responsible for the Earnings Differences Between Men and Women?751
Special Topic 11Do Labor Unions Increase the Wages of Workers?757
Special Topic 12How Does Government Regulation Affect Your Life?770
Special Topic 13Natural Resources and the Future781
Special Topic 14Economics and the Environment792
Appendix AGeneral Business and Economic Indicators803
Appendix BAnswers to Selected Critical Analysis Questions813

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