Macroeconomics, Global Edition - Campbell McConnell,Stanley Brue,Sean Flynn

About the book

OVERVIEW

McConnell, Brue, and Flynn's Macroeconomics: Principles, Problems, and Policies is the #1 Principles of Economics textbook in the world. It continues to be innovative while teaching students in a clear, unbiased way. The 19th Edition builds upon the tradition of leadership by sticking to 3 main goals: Help the beginning student master the principles essential for understanding the economizing problem, specific economic issues, and the policy alternatives; help the student understand and apply the economic perspective and reason accurately and objectively about economic matters; and promote a lasting student interest in economics and the economy.

GLOBAL EDITION

Reorganized chapters to move international economics topics closer to the front of the book, including adding a web chapter into the physical textbook.
New globally-focused data throughout the text and figures to illustrate topics such as debt-to-GDP ratio, components of the money supply, and unemployment rates in industrial nations.
Updated discussion of exchange rates to focus on the euro and euro-area countries.
Revised end-of-chapter material highlighting Asian, African, Central American, and European examples.
Special Global Edition of Connect Plus, McGraw-Hill's web-based assignment and assessment platform with eBook access, which helps students learn faster, study more efficiently, and retain more knowledge.

Key features

Two-Path Macro: Realizing that different teachers teach macro in different ways, the authors have extensively reorganized and revised Chapters 11, 12, and 13 to provide two alternative paths through the macro. This way, instructors who focus exclusively on Aggregate Demand-Aggregate Supply Model can now more easily skip the Aggregate Expenditure (Keynesian) model than before, while those who teach both the AD/AS and AE models can continue to do so in a logical manner.

A Patient, Step-by-Step Approach: Realizing that for most students, this is their first introduction to economics, the authors take a patient, step-by step approach to teaching the material. The authors explain the theory and models slowly and thoroughly. This approach is easier to follow than that of many other texts on the market which make assumptions and jump through material quickly, leaving students behind.

Multiple-choice ¿Quick Quizzes¿ to accompany the Key Graphs. Graphs that have special relevance are labeled ¿Key Graphs,¿ and each includes a multiple-choice quiz. These 4-question quizzes allow students to test their understanding in the multiple-choice format. Answers are provided on the page, but upside down.

Balanced Coverage: McConnell, Brue, and Flynn¿s Economics has continued to be the number-one-selling text over the years because of its thorough and neutral coverage of the material¿the authors present both sides, and let instructors and students make up their own minds.

Extensive Glossary: Over 30 pages with 1000 entries.

Figure Legends: Legends accompanying diagrams are often in-depth, self-contained analyses of the concepts. The legends are quick synopses of important ideas. They help the students understand the visual representations more fully.

Study Questions and Problems: 10-15 questions and problems follow every chapter, one of which refers to the Last Word Essay. The questions cover concepts and material from the chapter, while the problems ask students to apply those concepts.

concepts.

Quick Review Boxes: 3-4 mini lists interspersed in each chapter used to review content. Students get a chance to review what they¿ve read and as a result, retain more.

Current Analysis of Monetary Policy: The authors have written the discussion of monetary policy to help the student understand the Fed¿s focus on the federal funds rate and how changes in that rate affect other interest rates and the overall economy. In Chapter 36, the authors demonstrate how the Fed targets a specific federal funds rate and then uses open-market operations to drive the rate to that level and hold it there (see Figure 36.3). This analysis will help students interpret the news as it relates to Fed announcements about federal funds rates.

Assessment-Ready Learning Objectives and Testing: Each chapter begins with measurable learning objectives. These learning objectives are cross-referenced to specific test bank questions to allow construction of measurement instruments. This direct link between objectives and content facilitates now common accreditation efforts necessary to meet assurance of learning requirements.

Web Chapter: Web Chapter 14W: Technology, R&D, and Efficiency provides additional topical coverage and is available on the Instructor¿s Resource CD and in the Connect library.

Restructured Introductory Chapters: In response to reviewers, the five introductory chapters common to all versions of the book have been restructured as follows:
- Part 1 contains Chapter 1(Limits, Alternatives, and Choices) and Chapter 2 (The Market System and the Circular Flow).
- Part 2 now consists of three chapters: Chapter 3 (Demand, Supply, and Market Equilibrium), Chapter 4 (Elasticity), and Chapter 5 (Market Failures: Public Goods and Externalities).
  - The chapters in Part 2 are more concept-oriented and analytical rather than general and descriptive as they were in the previous edition.
  - This allows the elasticity chapter to immediately follow the supply and demand chapter.
  - This also puts the elasticity chapter into Macroeconomics for those who cover this concept in their macro course.
  - This new organization eliminates the mainly descriptive Chapter 4 on the private and public sectors and moves the relevant content to where it fits more closely with related micro and macro materials.
  - The 19th edition provides a single chapter on international trade, rather than two separate chapters that have overlapping coverage (Chapter 6 in the 19th edition rather than Chapters 5 and 23 in the 18th edition).
  - The new edition boosts the analysis of market failures (public goods and externalities) in the introductory sections to complement and balance the introduction to the market system discussed in Chapter 2.
- For macro instructors, the new ordering provides the option of assigning elasticity or market failures or both. And because this content is both optional and modular, macro instructors can also skip it and move directly to the macroeconomic analysis.
- The content on the United States in the global economy that appeared in Chapter 5 of the 18th edition is now integrated into Chapter 6 (International Trade).
  - Chapter 6 draws only on production possibilities analysis and supply and demand analysis, so it can be assigned at any point after Chapter 3 (Demand, Supply, and Market Equilibrium).
  - For instructors who prefer Chapter 5 from the 18th edition to Chapter 6 of the new edition, the authors have fully updated the previous Chapter 5 content and made it freely available on the Instructor Resource CD and on the Instructor's Resource CD and in the Connect library. This substitute for Chapter 6, called Content Option for Instructors #1: The United States and the Global Economy, is fully supported by both the instructor supplement package and the student supplement package.
New discussions of the financial crisis, the recession, and policy response appear throughout Chapters 9-20, including:
- The use of the recession as a timely application of how a decline in aggregate expenditures can produce a recessionary expenditure gap and a highly negative GDP gap in Chapter 14 (The Aggregate Expenditures Model).
- The use of the recession as an application of how negative demand shocks can produce large declines in real output with no or very little deflation in Chapter 32 (Aggregate Demand and Ag-gregate Supply).
- A major new section in Chapter 34 (Money, Banking, and Financial Institutions) with emphasis on the U.S. mortgage debt crisis, mortgage-backed securities, failures and near-failures of financial firms, the U.S. Treasury¿s TARP rescue, the Fed¿s extraordinary use of lender-of-last-resort facilities, and the Wall Street Reform and Consumer Protection Act of 2010.
- Several new discussions relating to Fed policies during the recession, including a new discussion on the liquidity trap, in Chapter 36 (Interest Rates and Monetary Policy).
- Several new ¿Consider This¿ examples related to the financial crisis and the recession.
New discussions of the financial crisis, the recession, and policy response appear throughout Chapters 9-20, including:
- The use of the recession as a timely application of how a decline in aggregate expenditures can produce a recessionary expenditure gap and a highly negative GDP gap in Chapter 14 (The Aggregate Expenditures Model).
- The use of the recession as an application of how negative demand shocks can produce large declines in real output with no or very little deflation in Chapter 32 (Aggregate Demand and Ag-gregate Supply).
- A major new section in Chapter 34 (Money, Banking, and Financial Institutions) with emphasis on the U.S. mortgage debt crisis, mortgage-backed securities, failures and near-failures of financial firms, the U.S. Treasury¿s TARP rescue, the Fed¿s extraordinary use of lender-of-last-resort facilities, and the Wall Street Reform and Consumer Protection Act of 2010.
- Several new discussions relating to Fed policies during the recession, including a new discussion on the liquidity trap, in Chapter 36 (Interest Rates and Monetary Policy).
- Several new ¿Consider This¿ examples related to the financial crisis and the recession.
New content on Behavioral Economics: New material covering the consumer-choice aspects of behavioral economics has been added to the end of the chapter on Consumer Behavior (Chapter 9), covering prospect theory, framing effects, loss aversion, anchoring effects, mental accounting, and the endowment effect. The behavioral economics theory and examples are tightly focused on consumer-choice applications so as to flow smoothly from, and build upon, the standard utility-maximization theory and applications developed earlier in the chapter.
New Public Finance chapter: This traditional public finance chapter adds considerable new content to existing material that previously appeared in Chapter 4 (The U.S. Economy: Private and Public Sectors) and Chapter 17 (Public Choice Theory and the Economics of Taxation) of the 18th edition.
- The material adopted from the previous edition includes a circular flow diagram with government; an overview of national, state, and local tax revenues and expenditures; explanations of marginal and average tax rates; discussions of the benefits-received and ability-to-pay principles of taxation; an explanation of progressive, regressive, and proportional taxes; discussion of tax incidence and efficiency losses due to taxation; and coverage of the redistributive incidence of the overall tax-spending system in the United States.
- New material includes a short section on government employment that is built around two pie charts, the first giving a breakdown of what fractions of U.S. state and local government employees are dedicated to certain tasks and the second giving a similar accounting for U.S. Federal government employees.
Divided Pure Competition Chapter: The very long pure competition chapter (Chapter 9 of the 18th edition) is now divided into two logically distinct chapters, one on pure competition in the short run (Chapter 11) and the other on pure competition in the long run (Chapter 12). These more ¿bite-sized¿ chapters should improve student retention of the material.
Reworked End-of-chapter Questions and Problems: End-of-chapter study questions have been split into questions, which are more analytic and free-response, and problems, which are quantitative. Many new problems have been added, and the questions and problems continue to be aligned with the chapter learning objectives.
New ¿Consider This¿ and ¿Last Word¿ examples:
- ¿Consider This¿ boxes offer student-oriented real world examples to help reinforce important economic concepts and themes. There are 17 new ¿Consider This¿ boxes in the 19th edition.
- ¿Last Word¿ sections are real world applications or case studies at the end of each chapter. There are 10 new ¿Last Word¿ sections in the 19th edition.
Current Discussions & Examples Throughout: The19th edition of refers to and discusses many current topics. Examples include: the cost of the U.S. war in Iraq; aspects of behavioral economics; applications of game theory; the most rapidly expanding and disappearing U.S. jobs; oil and gasoline prices; cap-and-trade systems and carbon taxes; the value-added tax; the Food, Conservation, and Energy Act of 2008; consumption versus income inequality; the Patient Protection and Affordable Care Act (PPACA) of 2010; immigration issues; China¿s continued rapid growth; the severe recession of 2007¿2009; the paradox of thrift; the U.S. stimulus package of 2008; ballooning Federal budget deficits and public debt; the long-run funding shortfalls in U.S. Social Security and Medicare; securitization and the U.S. mortgage debt crisis; the Wall Street Reform and Consumer Protection Act of 2010; recent Fed monetary policy; the liquidity trap; the Fed¿s new term auction facility; the Fed¿s payment of interest on required reserves; the Taylor rule in relation to Fed policy; the jump in the size of the Fed¿s balance sheet; U.S. trade deficits; off-shoring of jobs; trade adjustment assistance; the European Union and the Euro Zone; changes in exchange rates; and many other current topics.
Available with a fully-loaded global edition version of McGraw-Hill¿s Connect Plus Economics including:
- Auto-Graded Assignments
- Algorithmic Problem Sets
- New Graphing Tools
- Pre-Built Assignments
- Video Cases
- News Articles
- Logic Cases
- Live News Organised by Learning Objective
- Math Preparedness
- Lecture Capture & Record
- Integrated eBook
- Extensive Reporting