Prepare students to apply economic concepts to the world around them as ECONOMICS: PRIVATE AND PUBLIC CHOICE, 16E reflects current economic conditions. This readable book integrates public choice analysis and explains the operation of markets and the political process as well as market failure and government failure. The book emphasizes why it is vital to understand both the market and political processes since approximately 40 percent of national income is allocated through the political process. Up-to-date coverage presents major current macroeconomic models and stresses the difficulties models face in explaining recent economic data. Students analyze the Great Recession of 2008-2009. This book dispels common economic myths and uses the "invisible hand" metaphor to explain economic theory. This edition includes Aplia™ online with revised questions, accessibility on mobile devices, improved graphing, and a new interactive eReader with videos and graphing tutorials.

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. Stabilization Policy, Output, and Employment.
16. Creating an Environment for Growth and Prosperity.
17. Institutions, Policies, and Cross-Country Differences in Income and Growth.
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. Great Debates in Economics: Keynes versus Hayek.
Special Topic 5. The Crisis of 2008: Causes and Lessons for the Future.
Special Topic 6. Lessons from the Great Depression.
Special Topic 7. The Federal Budget and the National Debt.
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.

New "Keys To Economic Prosperity" Features Direct Reader Focus To Critical Economic Factors. This Feature Helps Students Fully Appreciate The Organizational And Institutional Factors That Form The Foundations For Economic Progress. These "Keys To Economic Prosperity" Features Highlight The Importance Of Factors, Such As Gains From Trade, Secure Property Rights, Competition, And Free Trade, As Sources Of Economic Prosperity.New "Applications In Economics" Apply Economic Theory To Real-World Issues And Controversies. These Features Illustrate The Importance And Power Of The Economic Principles Addressed In The Book.New "Measures Of Economic Activity" Boxes Examine Significant Economic Indicators. These Boxes Detail How Important Economic Indicators, Such As The Unemployment Rate And The Index Of Leading Indicators, Are Assembled And What They Mean.New "Outstanding Economists" Boxes Introduce Leaders Who Have Shaped Economics Today. These Features, Integrated Throughout This Edition, Highlight The Lives Of Major Economists And Focus On How Their Work Has Contributed To The Development Of Economics.New "Myths Of Economics" Articles Correct Common Economic Fallacies. These Boxed Articles Dispel Commonly Held Fallacies Of Economic Reasoning. Because Students Are Tomorrow’S Leaders, It Is Imperative That They Are Aware Of Common Economic Misperceptions That Can Hamper A Nation’S Economic Progress.Chapter Focus Questions And Closing Key Point Summaries. Each Chapter Begins With Four Or Five Questions That Summarize The Focus Of The Chapter. At The End Of Each Chapter, The Key Points Section Provides Students With A Concise Overview Of The Material Covered In The Chapter And Revisits The Chapter Learning Objectives. These Two Features Help Students Better Integrate The Material Into The Broader Economic Picture.New Critical Analysis Questions Challenge Students To Apply What They’Ve Learned. Each Chapter Concludes With A Set Of Discussion Questions And Problems Designed To Test The Student’S Ability To Analyze Economic Issues And To Apply Economic Theory To Real-World Events. Appendix B At The End Of The Text Contains Suggested Answers For Approximately Half Of These Questions.Updated Tables, Graphs, And Economic Application Boxed Features Reflect The Latest Developments In The Field. These Visual Reinforcements And Opportunities For Practical Application Throughout The Book Have Been Thoroughly Updated To Ensure Your Students Are Working With The Latest Information.Expanded Coverage Highlights The Role Of Political Action In Economics. With Approximately 40 Percent Of National Income Allocated Through The Political Process, This Book Now Clearly Demonstrates The Significant Impact Today’S Political Decisions Have On Current And Future Economic Developments.Comprehensive Analysis Reviews The Prolonged Low Interest Rates Of The Past Decade. Students Closely Examine The Factors That Influence Interest Rates And Examine Why Rates Have Remained Consistently Low Throughout The Past 10 Years.

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