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Macroeconomics: Private & Public Choice, 17th Edition

James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Copyright 2022
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Macroeconomics: Private & Public Choice 17th Edition by James D. Gwartney/Richard L. Stroup/Russell S. Sobel/David A. Macpherson

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Overview
Meet the Authors
What's New
Features
Table of Contents
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Overview

Teach students to apply macroeconomics as Gwartney/Stroup/Sobel/Macpherson's MACROECONOMICS: PRIVATE AND PUBLIC CHOICE, 17E places more emphasis than other text of its kind on the role of entrepreneurship in a market economy and the importance of public choice analysis in understanding the political process. New content shows entrepreneurship as key to understanding how the competitive market uses innovations to improve living standards. The authors also demonstrate how public choice analysis helps clarify voter, politician and bureaucrat incentives and their impact on political outcomes – which is particularly important since about 40 percent of national income is allocated through politics.

Introductory chapters cover basic economic thinking while stressing how incentives influence individual choices under constraints imposed by scarcity and while highlighting how government attempts to alter incentives often create secondary effects. Content also shows how wealth is created as the "invisible hand" of market prices coordinates exchanges between consumers and producer-entrepreneurs. MindTap further reinforces these principles and applications.

Meet the Authors

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James D. Gwartney

James D. Gwartney holds the Gus A. Stavros Eminent Scholar Chair at Florida State University. 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, 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. Using this research, he is the co-author (with Robert Lawson, Joshua Hall, and Ryan Murphy) of the annual report, Economic Freedom of the World, which provides information on the institutions and policies of 162 countries. This data set, published by a worldwide network of institutes in 90 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 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

Richard L. Stroup is professor emeritus of economics at Montana State University and professor emeritus of economics at 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 has published and lectured on topics such as global warming, land use regulation, archaeology and environmental policy improvements. His research has helped to develop the approach known as free market environmentalism. Dr. Stroup co-authored 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, which he co-founded.

Russell S. Sobel

Russell S. Sobel is professor of economics and entrepreneurship in the Baker School of Business at The Citadel in Dr. Sobel's hometown of Charleston, South Carolina. Dr. Sobel received his Ph.D. in economics from Florida State University in 1994. He serves as co-editor of the Southern Economic Journal and is a member of the editorial boards for the peer-reviewed journal Public Choice and the Journal of Entrepreneurship & Public Policy. Dr. Sobel 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 and the Association of Private Enterprise Education Distinguished Scholar Award. In addition, he received the Sir Antony Fisher International Memorial Award for his book UNLEASHING CAPITALISM. He is the author or co-author of more than 250 academic journal articles and books. His publications have appeared in a wide variety of academic journals including 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.

David A. Macpherson

David A. Macpherson is the E.M. Stevens Distinguished Professor of Economics and economics department chair at Trinity University. Previously, he served as director of the Pepper Institute on Aging and Public Policy and was the Rod and Hope Brim Eminent Scholar of Economics at Florida State University, where he received two university-wide awards for teaching excellence. He has taught courses on the 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 and 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. Dr. Macpherson is included in WHO’S WHO IN ECONOMICS, which features the 1,200 most frequently cited economists. Dr. Macpherson received his undergraduate degree and Ph.D. from Pennsylvania State University.

What's New

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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 and 17. In addition, a new "Entrepreneurs Who Have Changed our Lives" series, woven throughout half of this edition's chapters, highlighting 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 content in Chapters 16 and 17 analyzes 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 the 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 the 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 FED 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 into deeper study as they examine the empirical evidence behind this question and this edition's answers.
IN-DEPTH EXAMINATION COMPARES THE FINANCIAL CRISIS OF 2008-2009 AND THE COVID-19 CRISIS OF 2020. Students examine the long-term impacts of both crises while analyzing the budget implications, and political economy elements of these significant events.

Features

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ENGAGING CONTENT HIGHLIGHTS ECONOMIC THINKING ABOUT GOVERNMENT. Students examine this perspective in this edition's chapter on public choice with additional analysis integrated throughout the text. Students view today’s government involvement and decisions from a unique economic perspective using the latest information as well as historic data.
STUDENTS LEARN TO EVALUATE MEASURES OF ECONOMIC ACTIVITY. Students examine issues, such as the unemployment rate and inflation, and delve into the meaning and relevance of these subjects.
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. They examine empirical evidence on the importance of international trade as a source of economic growth and higher living standards and review the ramifications of enacting tariffs or other barriers on international trade.
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.
HISTORICAL VIGNETTES HIGHLIGHT THE LIVES OF NOTABLE ECONOMISTS. This information-rich feature makes it possible for you to seamlessly emphasize the significance of economic history in your course presentation.

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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. The Economics of Development
Part IV: INTERNATIONAL ECONOMICS
18. Gaining from International Trade
19. International Finance and the Foreign Exchange Market
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
Appendix A. General Business and Economics Indicators for the United States
Appendix B. Answers to Selected Critical Analysis Questions