Economics: Private & Public Choice

ENGAGING CONTENT HIGHLIGHTS ECONOMIC THINKING ABOUT GOVERNMENT. Students examine today’s government involvement and decisions from a unique economic perspective as they review the latest information as well as historic data and lessons learned from both the Great Recession and the Great Depression.

COMPREHENSIVE ANALYSIS OF INTERNATIONAL TRADE EXAMINES ITS IMPACT TODAY. Students carefully review the influence of international trade on growth and the prosperity of nations throughout today's world.

PRACTICAL APPROACH APPLIES ECONOMIC THEORY TO CURRENT ISSUES AND CONTROVERSIES. Students see the relevance of the theories they are learning as they apply what they learn directly to pertinent, and even challenging, topics in the world around them.

EXPANDED COVERAGE OF ENTREPRENEURSHIP IS INTEGRATED THROUGHOUT THIS EDITION. Students learn the importance of entrepreneurship as a source of new products and improved methods with expanded details in Chapters 2, 3, 16, 17 22 and 23. In addition, a new "Entrepreneurs Who Have Changed our Lives" series, woven throughout numerous chapters, highlights the contributions and personal attributes of key entrepreneurs. Students examine the impact of both unknown and well-known entrepreneurs, including Jeff Bezos, Kendra Scott, Walt Disney, Steve Jobs, Malcom McLean, Sergey Brin and Larry Page.

EXTENSIVELY REVISED CONTENT HIGHLIGHTS A STRONG, MODERN VIEW OF ECONOMIC GROWTH AND DEVELOPMENT. Students examine the fundamental causes of economic growth as Chapters 16 and 17 analyze the importance of economic institutions, climate and geographic disadvantages and reductions in transportation and communication costs on the pattern of growth and development during the past 200 years. Revealing data on growth of per capita GDP and changes in the extreme and moderate poverty rates during the past half-century illustrate remarkable economic progress in developing countries in recent decades.

NEW CONTENT EXAMINES THE GREAT SUPPRESSION OF 2020. This new special topic examines the factors underlying the huge increase in unemployment and economic downturn of 2020 associated with the COVID-19 pandemic. Students review the causes of the economic crisis, magnitude of the downturn and how this recession differs from earlier ones. They also study policy response and its impact on the recovery. This special topic provides background for coverage of an ongoing economic event that is sure to attract student interest in the years immediately ahead.

REVISIONS REFLECT RECENT CHANGES IN OPERATION OF THE FEDERAL RESERVE AND IMPACT OF MONETARY POLICY. Students examine changes made in the Federal Reserve system's operating procedures during both the Great Recession and the Great Suppression as they study money and banking (Ch. 13). In addition, students review how low interest rates in the past decade have impacted monetary policy and examine the factors underlying persistently low interest rates. Readers also consider the weakening link between the growth rate of the money supply and inflation.

NEW FEATURE EXAMINES THE INTRIGUING QUESTION "ARE SCANDINAVIAN COUNTRIES SOCIALIST? This new content in Chapter 2 captures the attention of today's students and prompts them to deeper study as they examine the empirical evidence behind this question and this edition's answers.