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Full Description
Learn to apply economic concepts to the world around you as ECONOMICS: PRIVATE AND PUBLIC CHOICE, 17E highlights current economic conditions. Reader-friendly coverage analyzes and explains the latest economic activity, from the recession of 2008-2009 to the 2020 economy shutdown from the COVID-19 pandemic. This edition dispels common economic myths with economic insights that clarify current issues and controversies.
You examine the importance of entrepreneurship while an emphasis on public choice provides a unique economic perspective on the political process and why government actions sometimes fail to deliver desired outcomes. You also learn how to apply economic concepts to relevant topics, such as student loans, and how events, such as the Great Suppression of 2020, affect opportunities. You study the importance of international trade as a source of economic growth and higher living standards. Most importantly, you learn how to use economics to make better decisions in your career, investments and handling of risk in your personal life.
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 MACROECONOMICS.
7. Taking the Nation's Economic Pulse
8. Economic Fluctuations, Unemployment, and Inflation
9. An Introduction to Basic Macroeconomic Markets
10. Dynamic Change, Economic Fluctuations, and the AD--AS Model
11. Fiscal Policy: The Keynesian View and the Historical Development of Macroeconomics
12. Fiscal Policy: Incentives, and Secondary Effects
13. Money and the Banking System
14. Modern Macroeconomics and Monetary Policy
15. Macroeconomic Policy, Economic Stability, and the Federal Debt
16. Creating an Environment for Growth and Prosperity
17. Economic Development
Part IV: INTERNATIONAL ECONOMICS.
18. Gaining from International Trade.
19. International Finance and the Foreign Exchange Market.
Part V: CORE MICROECONOMICS.
20. Consumer Choice and Elasticity.
21. Costs and the Supply of Goods.
22. Price Takers and the Competitive Process.
23. Price-Searcher Markets with Low Entry Barriers.
24. Price-Searcher Markets with High Entry Barriers.
25. The Supply of and Demand for Productive Resources.
26. Earnings, Productivity, and the Job Market.
27. Investment, the Capital Market, and the Wealth of Nations.
28. Income Inequality and Poverty.
Part VI: 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. Keynes and Hayek: Contrasting Views on Sound Economics and the Role of Government
Special Topic 5. The 2020 COVID-19 Recession: Cause, Response, and Implications for the Future
Special Topic 6. The Crisis of 2008: Causes and Lessons for the Future
Special Topic 7. Lessons from the Great Depression
Special Topic 8. The Economics of Health Care
Special Topic 9. Earnings Differences Between Men and Women
Special Topic 10. Do Labor Unions Increase the Wages of Workers?
Special Topic 11. The Question of Resource Exhaustion
Special Topic 12. 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
