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Economics: Private & Public Choice, 17th Edition

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

  • Copyright 2022
  • {{checkPublicationMessage('Published', '2020-12-15T00:00:00+0000')}}
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Economics: Private & Public Choice 17th Edition by James D. Gwartney/Richard L. Stroup/Russell S. Sobel/David A. Macpherson
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Overview

Teach students to apply economics as Gwartney/Stroup/Sobel/Macpherson's ECONOMICS: 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 coverage presents entrepreneurship as key to grasping how the competitive market uses innovations to improve living standards. Students also see how public choice analysis clarifies voter, politician and bureaucrat incentives and impacts political outcomes -- which, in turn, affects national income.

Introductory chapters cover basic economic thinking and show how wealth is created using the "invisible hand" metaphor. Microeconomics models integrate entrepreneurship, the process of competition and the importance of contestable markets. Updates highlight recent changes in Federal Reserve policy, government debt and other factors impacting the macroeconomy, with special focus on the Great Suppression of 2020 related to the COVID-19 pandemic. MindTap resources further reinforce content.

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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, 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.

Features

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  • 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.

Table of Contents

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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. 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

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Supplements

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Cengage provides a range of supplements that are updated in coordination with the main title selection. For more information about these supplements, contact your Learning Consultant.

FOR STUDENTS

Macroeconomics: Private & Public Choice

ISBN: 9780357134009
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.

Microeconomics: Private & Public Choice

ISBN: 9780357134016
Teach students to apply microeconomics as Gwartney/Stroup/Sobel/Macpherson's MICROECONOMICS: PRIVATE AND PUBLIC CHOICE, 17E places more emphasis than similar texts on the role of entrepreneurship in a market economy and the importance of public choice analysis in understanding the political process. New coverage presents entrepreneurship as key to grasping how the competitive market uses innovations to improve living standards. Students also see how public choice analysis clarifies incentives and impacts political outcomes -- which, in turn, affect national income. Introductory chapters cover basic microeconomic thinking and use the "invisible hand" metaphor to show how wealth is created. The authors integrate entrepreneurship, the dynamic process of competition and importance of contestable markets into standard models of firm behavior in different markets. Special features highlight economics of health care, earning differences between genders and the Great Suppression of 2020 related to the COVID-19 pandemic. MindTap resources further reinforce content.