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Book details
ISBN: 9780073375694 / 0073375691
Division: Higher Education
Pub Date: OCT-08
Pages: 880

Copyright: 2009
Edition: 18
Format: Hardback
   
Economics

Campbell McConnell, Stanley Brue, Sean Flynn
(University of Nebraska, Emeritus)

_______________________________________________________________________________


About the book

McConnell and Brue's Economics: Principles, Problems, and Policies is the leading Principles of Economics textbook. It continues to be innovative while teaching students in a clear, unbiased way. The 18th 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.
Key features

  • COURSE: A two-semester Principles of Economics course covering both micro and macro. Found either as the first course in Economics at the undergraduate level or at the MBA level. McConnell and Brue is the market-leading text and should be comped to any mid-level school that is searching for a well-balanced, neutral text; it is an excellent committee book.
  • McGraw-Hill Connect Plus Economics
    McGraw-Hill reinvents the textbook learning experience for the modern student with Connect Plus Economics. A seamless integration of an eBook and Connect Economics, Connect Plus Economics provides all of the Connect Economics features plus the following:
    • An integrated eBook, allowing for anytime, anywhere access to the textbook.
    • Dynamic links between the problems or questions you assign to your students and the location in the eBook where that problem or question is covered.
    • A powerful search function to pinpoint and connect key concepts in a snap.

  • Connect Features available with this title:
    • End-of-Chapter Content
    • Algorithmically Generated End-of-Chapter Problems
    • Test Bank
    • LearnSmart
    • Personal Learning Plan
    • Instructor Resources
    • Article Analysis
    • Student Study Center
    • Pre-Built Assignments
    • Tegrity
    • Micro First Organization. McConnell 18e's organization now places micro chapters first, to reflect how contemporary economists are thinking about the linkage between micro and macro economics. Professors have increasingly changed their course sequencing to micro-first, and now McConnell 18e matches up with this modern direction. Of course, chapters are still written in a self-contained manner, so that an instructor could still choose to cover chapters in any order they prefer.
    • Updated, Contemporary Macroeconomics. The entire macro analysis in 18e reflects the modern, dominant paradigm. It uses economic growth as the central backdrop, and views business fluctuations as significant and costly variations in the rate of growth. In the models presented, the immediate short run is a period in which the price level and wages are not only sticky, but stuck; the short-run is a period in which product prices are flexible and wages are not; the long-run is a period in which both prices and wages are fully flexible. Each of these three periods'and thus each of the models based on them'are relevant to understanding the actual macro economy and its occasional difficulties.
    • Modern Macroeconomic Chapters:
      • New Chapter 23 introduces the macro framework in a lively, intuitive way, using a hypothetical single-firm economy. It also makes a clear, critical distinction between the broader concept of financial economics and the narrower subset of investment called economic investment in a way that allows us to use both ideas in the macro.
      • Chapter 24 covers the measurement of nominal and real GDP, and clearly defines and measures real GDP, before moving to Chapter 25 on economics growth. This early placement of the growth chapter allows students to understand the importance of economic growth and the factors that drive it.
      • Chapter 26 then introduces business fluctuations along the economy's growth path and the problems of unemployment and inflation that may result.
      • Following these core macro chapters (23-26), McConnell 18e begins to build models of the economy for the immediate short run and the short run. Students are therefore quickly introduced to models in which recessions and inflation can occur. This approach uses the short-run AD-AS model to address fiscal policy and monetary policy earlier in the macro. Students are made fully aware from the start of the macro that the rate of economic growth is fundamentally important for standards of living. Yet, the quick introduction of sticky price models enables students to understand demand shocks, recession, stimulatory fiscal policy, Fed monetary policy actions, and other topics that dominant the news about the macro economy.
      • Because Chapter 5 provides an early introduction to international trade and international finance, the global economy is integrated from the start of the macro analysis. Then, after eventually developing the long-run AD-AS model, long-run analysis is linked back to our earlier discussions of growth.
      • Macro content is also fully modern in terms of its coverage of contemporary problems and policies. For example, the mortgage loan crisis, the economic slowdown, the Fed reductions of Federal funds rates, the Fed's term auction facility, and the stimulus tax package of 2008 are covered.
      • Four New Chapters. Four chapters'two micro and two macro'incorporate contemporary analytical themes and address current economic issues.
        • Chapter 15 Natural Resource and Energy Economics. This new micro chapter'brought from the 17e Website'is now included in the book. An understanding of basic economic principles of natural resource economics will be critical to future citizens and leaders.
        • Chapter 22 Immigration. This new micro chapter covers the economics of immigration'both legal and illegal'in an analytical and balanced way. Students are highly interested in this subject, yet often lack the economic knowledge and tools to grasp the issues and debates. The chapter also serves as a timely application of the economic principles developed in the prior chapters on resource markets.
        • Chapter 23 Introduction to Macroeconomics. As previously noted, this new chapter introduces the revised macroeconomic content in an interesting, concise way. It motivates the study of macroeconomics and establishes the analytical framework to the subject that is used in the book.
        • Chapter 34 Financial Economics. This new macro chapter examines ideas such as compound interest, present value, arbitrage, risk, diversification, and the risk-return relationship. Students need a better grounding in such ideas to truly understand the modern economy.
        • Three New Appendixes. Three additional chapter appendixes are available for optional assignment and are supported by supplementary materials. The concise new appendixes are:
          • Chapter 3: Additional Examples of Supply and Demand. Additional examples of supply and demand are provided, including concrete examples of simultaneous shifts in supply and demand curves. Products covered include lettuce, corn and ethanol, pink salmon, gasoline, and sushi. The Olympic Games illustrate examples of pre-set prices, shortages, and surpluses. Chapter 11: Additional Game Theory Applications. Several applications of game theory are placed in an appendix at the end of the micro chapter on monopolistic competition and oligopoly. Concepts such as dominant strategies, Nash equilibrium, repeated games, and first-mover advantages are included for instructors who like to stress game theory in dealing with oligopoly. Chapter 13: Labor Unions and their Impacts. This compact appendix covers union membership, the decline of unions, collective bargaining, and the economic effects of unions.
          • New (or Relocated) 'Consider This' Boxes. 'Consider This' boxes are used to provide analogies, examples, or stories that help drive home central economic ideas in a student-oriented, real-world manner. These brief vignettes, each accompanied by a photo, illustrate key points in a lively, colorful, and easy-to-remember way. New or relocated 'Consider This' boxes include engaging topics such as: an economic comparison of the two Koreas (Chapter 2), 'buying American' (Chapter 5), the prisoner's dilemma (Chapter 11), government policies and birth rates (Chapter 15), putting corn in our gas tanks (Chapter 19), patent reform in India (Chapter 25), and the relative returns on standard versus ethical investing (Chapter 34).
          • New (or Relocated) 'Last Word' Boxes. 'Last Word' boxes are applications and case studies located toward the end of each chapter. New or relocated Last Words include: fair trade products (Chapter 5); insights from behavioral economics (Chapter 7); the economic growth-environmental protection link (Chapter 15); past, current, and proposed U.S. immigration laws (Chapter 22); the role of inventory management in reducing recessions (Chapter 23); the Fed's response to the mortgage loan crisis (Chapter 33); the relative performance of index funds versus actively managed funds (Chapter 34); and Bastiat's 'Petition of the Candlemakers' (Chapter 37).
          • Contemporary Discussions and Examples. McConnell 18e is thoroughly updated with current references and discussions. Topics include: the cost of the war in Iraq, surpluses and shortages of tickets at the Olympics, impacts of ethanol subsides, off shoring of American jobs, trade adjustment assistance, the additions of countries to the European Union, normal trade relations status, aspects of behavioral economics, game theory, impacts of ethanol subsidies, the most rapidly expanding and disappearing U.S. jobs, oil and gasoline prices, climate change, ethanol subsidies, the Farm Act of 2008, consumption versus income inequality, prescription drug coverage under Medicare, Health Savings Accounts (HSAs), comprehensive immigration reform, China's rapid growth rate, the business downturn of late 2007 and early 2008, the stimulus package of 2008, Federal budget deficits, the mortgage loan crisis, recent Fed monetary policy, the Fed's new term auction facility, the Taylor rule, U.S. trade deficits, and many more.
          • Two-Path Macro: Realizing that different teachers teach macro in different ways, the authors have extensively reorganized and revised Chapters 8, 9, and 10 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.
          • Balanced Coverage: McConnell and Brue have stayed the number one selling text over the years because of their thorough and neutral coverage of the material'they present both sides and let instructors and students make up their own minds.
          • 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.
          • 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: 10-12 questions follow every chapter, one of which refers to the Last Word Essay; several of the questions are designated "key questions", are cited in the body of text, and answered at the book's end.
          • 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 14, 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 14.3). 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.
          • Internet Chapters: Two Internet chapters provide additional topical coverage and are available for free use at our website, www.mhhe.com/mcconnell18. Chapter 11W: Technology, R&D, and Efficiency & Chapter 38W: The Economics of Developing Countries.
          • Correlation Guide:

            www.mhhe.com/mhcp/CorrelationGuides/AE_Economics_35e.pdf

            This convenient guide matches the units in Annual Editions: Economics, 35/e with the corresponding chapters in three of our best-selling McGraw-Hill Economics textbooks by Slavin, McConnell et al., and Frank/Bernanke.

          • Correlation Guide:

            www.mhhe.com/mhcp/CorrelationGuides/TS_Economic_Issues_14e.pdf

            This convenient guide matches the issues in Taking Sides: Clashing Views on Economic Issues, 14/e with the corresponding chapters in three of our best-selling McGraw-Hill Economics textbooks by Frank/Bernanke, McConnell et at., and Slavin.

  • About the author

    Sean Flynn
    Sean is an assistant professor of economics at Scripps College in Claremont, California. He is the author of the international best seller "Economics for Dummies" as well as the coauthor, along with Campbell McConnell and Stanley Brue, of the world's best-selling college economics textbook, "Economics: Principles, Problems, and Policies".

    An avid martial artist, Sean is a former Aikido national champion and has coached five of his students to U.S. national aikido titles.

    A recurring commentator on FOX Business, ABC News, and NPR, Sean holds a B.A. in economics from the University of Southern California and a Ph.D. in economics from U.C. Berkeley, where he completed his dissertation under the supervision of Nobel Laureate George Akerlof.

    Sean's research focuses on the often puzzling and seemingly irrational behavior of stock market investors, but he's also investigated topics as wide-ranging as the factors that affect customer tipping behavior at restaurants and why you see a lot of unionized workers only in certain industries.


    Table of contents


    Part 1: Introduction to Economics and the Economy
    Chapter 1: Limits, Alternatives, and Choices (+ Appendix)
    Chapter 2: The Market System and the Circular Flow
    Chapter 3: Demand, Supply and Market Equilibrium (+ Appendix)
    Chapter 4: The U.S. Economy: Private and Public Sectors
    Chapter 5: The United States in the Global Economy
    Part 2: Microeconomics of Product Markets
    Chapter 6: Elasticity, Consumer Surplus, and Producer Surplus
    Chapter 7: Consumer Behavior (+ Appendix)
    Chapter 8: The Costs of Production
    Chapter 9: Pure Competition
    Chapter 10: Pure Monopoly
    Chapter 11: Monopolistic Competition and Oligopoly (+ Appendix)
    Chapter 11W: Technology, R&D, and Efficiency
    Part 3: Microeconomics of Resource Markets
    Chapter 12: The Demand for Resources
    Chapter 13: Wage Determination (+ Appendix)
    Chapter 14: Rent, Interest, and Profit
    Chapter 15: Natural Resource and Energy Economics
    Part 4: Microeconomics of Government
    Chapter 16: Government and Market Failure
    Chapter 17: Public Choice Theory and the Economics of Taxation
    Part 5: Microeconomic Issues and Policies
    Chapter 18: Antitrust Policy and Regulation
    Chapter 19: Agriculture: Economics and Policy
    Chapter 20: Income Inequality, Discrimination, and Poverty
    Chapter 21: Health Care
    Chapter 22: Immigration
    Part 6: GDP, Growth, and Instability
    Chapter 23: Introduction to Macroeconomics
    Chapter 24: Measuring Domestic Output and National Income
    Chapter 25: Economic Growth
    Chapter 26: Business Cycles, Unemployment, and Inflation
    Part 7: Macroeconomic Models and Fiscal Policy
    Chapter 27: Basic Macroeconomic Relationships
    Chapter 28: The Aggregate Expenditures Model
    Chapter 29: Aggregate Demand and Aggregate Supply (+ Appendix)
    Chapter 30: Fiscal Policy, Deficits, and Debt
    Part 8: Money, Banking, and Monetary Policy
    Chapter 31: Money and Banking
    Chapter 32: Money Creation
    Chapter 33: Interest Rates and Monetary Policy
    Chapter 34: Financial Economics
    Part 9: Extensions and Issues
    Chapter 35: Extending the Analysis of Aggregate Supply
    Chapter 36: Current Issues in Macro Theory and Policy
    Part 10: International Economics
    Chapter 37: International Trade
    Chapter 38: Exchange Rates, Balance of Payments, and Trade Deficits
    Chapter 38 Web Supplement: Previous International Exchange-Rate Systems
    Chapter 38W: The Economics of Developing Countries

     

     

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