Learn to apply microeconomic concepts to the world around you as MICROECONOMICS: PRIVATE AND PUBLIC CHOICE, 17E highlights current economic conditions. Reader-friendly coverage analyzes and explains the latest consumer and firm behavior. You see how theories apply to issues in health care, earnings differences between genders, labor unions, environment and resource exhaustion and even the economic shutdown from the 2020 COVID-19 pandemic. This edition dispels common economic myths with microeconomic insights that clarify current issues.
You see how topics apply to common issues, such as student grants and loans. This edition also offers a unique public choice perspective on the political process and delves into why government actions sometimes fail to deliver desired outcomes. You learn the importance of entrepreneurial discovery and dynamic competition on economic growth. In addition, you study international trade as a source of economic growth and higher living standards. Most importantly, you learn to recognize microeconomic principles at work in your life.
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 MICROECONOMICS
7. Consumer Choice and Elasticity
8. Costs and the Supply of Goods
9. Price Takers and the Competitive Process
10. Price-Searcher Markets with Low Entry Barriers
11. Price-Searcher Markets with High Entry Barriers
12. The Supply of and Demand for Productive Resources
13. Earnings, Productivity, and the Job Market
14. Investment, the Capital Market, and the Wealth of Nations
15. Income Inequality and Poverty Part IV: INTERNATIONAL ECONOMICS
16. Gaining from International Trade 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 Great Recession of 2008-2009: Causes and Response 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
James D. Gwartney served as Professor of Economics at Florida State University, and holder of the Gus A. Stavros Eminent Scholar Chair of Economic Education. His writings have been widely published in both the popular media and scholarly journals such as the American Economic Review, Journal of Political Economy, Journal of Economic Education, Southern Economic Journal and Journal of Institutional and Theoretical Economics. He is co-author (with Jane Shaw Stroup, Dwight Lee, Tawni Hunt Ferrarini and Joseph Calhoun) of "Common Sense Economics: What Everyone Should Know About Wealth and Prosperity," a primer on economics and personal finance. Dr. Gwartneys research focused on the measurement and determination of factors that influence cross-country differences in income levels and growth rates. Using this research, he developed and co-authors (with Robert Lawson, Joshua Hall and Ryan Murphy) the annual report, "Economic Freedom of the World," which provides information on the institutions and policies of 165 countries. This data set, published by a worldwide network of institutes, 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 19992000. In 2004, he received the Adam Smith Award of the Association of Private Enterprise Education for his contributions to the advancement of free market ideals. He is a past president of both 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 served as professor emeritus of economics at Montana State University and North Carolina State University. He earned his Ph.D. from the University of Washington. From 1982 to 1984, Dr. Stroup served as director of the Office of Policy Analysis at the U.S. Department of the Interior. He published and lectured on topics such as global warming, land use regulation, archaeology and environmental policy improvements. His research helped to develop the approach known as free market environmentalism. Dr. Stroup co-authored the first edition of "Common Sense Economics: What Everyone Should Know About Wealth and Prosperity" with Dr. Gwartney. In addition, he has published "Economics: What Everyone Should Know About Economics and The Environment," which was sponsored by the Property and Environment Research Center, of which he is a co-founder. Russell S. Sobel is BB&T Distinguished Professor of Economics and Entrepreneurship in the Baker School of Business at The Citadel in Dr. Sobel's hometown of Charleston, South Carolina. He is co-editor of the Southern Economic Journal and editorial board member for the Journal of Entrepreneurship & Public Policy and Public Choice. He has received numerous awards for both his teaching and research, including the Kenneth G. Elzinga Distinguished Teaching Award from the Southern Economic Association, the Georgescu-Roegen Prize for Best Article of the Year in the Southern Economic Journal, the Association of Private Enterprise Education Distinguished Scholar Award and the Sir Antony Fisher International Memorial Award. He is the author or co-author of over 250 academic journal articles and books, including "Growth and Variability in State Tax Revenue: An Anatomy of State Fiscal Crises"; "The Rule of Law"; "Unleashing Capitalism" and "The Essential Joseph Schumpeter." His scholarly publications have appeared in journals such as the Journal of Political Economy, Journal of Law and Economics, Public Choice, Journal of Business Venturing, Small Business Economics and Economic Inquiry. His current recent research focuses on the intersection of entrepreneurship and economic policy. His Ph.D. in economics is from Florida State University. 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 Economics and Statistics, Journal of Labor Economics, Journal of Human Resources, Industrial and Labor Relations Review and Journal of Real Estate Economics and Finance. His research has been funded by a variety of entities, including the National Science Foundation, the Florida Legislature and the National Association of Realtors. He is co-author of the undergraduate labor economics text, "Contemporary Labor Economics." He is included in "Whos Who In Economics" 4th Edition, which includes the 1,200 most frequently cited economists. Dr. Macpherson received his undergraduate degree and Ph.D. from Pennsylvania State University.
