Campbell R. McConnell,
University of Nebraska Stanley L. Brue,
Pacific Lutheran University Sean M. Flynn,
Scripps College Thomas P. Barbiero,
Ryerson University
ISBN: 0070969531 Copyright year: 2010
Feature Summary
Comprehensive Explanations at an Appropriate Level Macroeconomics is comprehensive, analytical, and challenging, yet fully accessible to a wide range of students. Its thoroughness and accessibility enable instructors to select topics for special classroom emphasis with confidence that students can independently read and comprehend other assigned material in the book. Where needed, an extra sentence of explanation is provided. Brevity at the expense of clarity is false economy.
Fundamentals of the Market System Many economies throughout the world are making difficult transitions from planning systems to market systems. Our detailed description of the institutions and operation of the market system in Chapter 2 is even more relevant than before. We pay particular attention to property rights, entrepreneurship, freedom of enterprise and choice, competition, and the role of profits because these concepts are often misunderstood by beginning students.
Step-by-Step, Two-Path Macro As in the previous edition, our text continues to be distinguished by a systematic step-by-step approach in developing ideas and building models. Explicit assumptions about price and wage stickiness are posited and then systematically peeled away, yielding new models and extensions, all in the broader context of growth, expectations, shocks, and degrees of price and wage stickiness over time. In crafting this step-by-step macro approach, we took care to preserve the “two-path macro” that many instructors appreciated. Instructors who so choose can bypass the immediate short-run model (Chapter 9) and can proceed without loss of continuity directly to the short-run AD-AS model (Chapter 10), fiscal policy, money and banking, monetary policy, and the long-run analysis.
Emphasis on Technological Change and Economic Growth This edition continues to emphasize economic growth. Chapter 1 uses the production possibilities curve to show the basic ingredients of growth. Chapter 6 discusses the causes of growth, looks at productivity growth, and addresses some controversies surrounding economic growth. The Last Word in that chapter examines the rapid economic growth in China. Chapter 17W focuses on developing countries and the growth obstacles they confront.
Integrated Text and Web Site Macroeconomics and its Web site are highly integrated through in-text Web icons, bonus Web chapters, Web newspaper articles, Web math notes, and other features. Our Web site is part and parcel of our student learning package, customized to the book.
Organizational Alternatives
Although instructors generally agree as to the content of principles of economics courses, they sometimes differ as to how to arrange the material. Macroeconomics includes six parts, and that provides considerable organizational flexibility. For example, the two-path macro enables covering the full aggregate expenditures model or advancing directly from the basic macro relationships chapter to the AD-AS model. Also, the section of Chapter 15 that discusses the intricacies of the relationship between short-run and long-run aggregate supply can easily be appended to Chapter 9 on AD and AS.
Pedagogical Aids Macroeconomics has always been student oriented. Economics is concerned with efficiency— accomplishing goals using the best methods. Therefore, we offer the student some brief introductory comments on how to improve their efficiency and hence their grades.
In This Chapter You Will Learn We set out the learning objectives at the start of each chapter so the chapter’s main concepts can be easily recognized. We have also tied the learning objectives to each of the numbered sections in each chapter and the Study Questions at the end of each chapter. In addition, the chapter summaries are organized by number.
Terminology A significant portion of any introductory course is terminology. Key terms are highlighted in bold type the first time they appear in the text. Key terms are defined in the margin and a comprehensive list appears at the end of each chapter. A glossary of definitions can also be found at the end of the book and on the Web site.
Ten Key Concepts Ten Key Concepts have been identified to help students organize the main principles. The Ten Key Concepts are introduced in Chapter 1 and each one is reinforced throughout the textbook by an icon.
Data Updates Data updates for selected graphs and tables can be found on the McConnell Web site
Graphics with Supporting Data Where possible we have tried to provide data to support our graphs. In such cases a data table now appears in the same figure with the graph.
Key Graphs We have labelled graphs having special relevance as Key Graphs. There is a quick quiz of four questions related to each Key Graph, with answers provided at the bottom of the graph.
Reviewing the Chapter Important things should be said more than once. You will find a Chapter Summary at the conclusion of every chapter as well as two or three Quick Reviews within each chapter. The summary at the end of each chapter is presented by numbered chapter section. These review statements will help the student to focus on the essential ideas of each chapter and also to study for exams.
Global Perspective Boxes Each nation increasingly functions in a global economy. To help the student gain appreciation of this wider economic environment, we provide Global Perspective features, which compare Canada to other nations.
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 illustrate key points in a lively, colourful, and easy-to-remember way. See the list of Consider This boxes inside the front cover of the text.
The Last Word The Last Word features are lengthier applications and case studies located toward the end of each chapter. In this edition, we have included photos to pique student interest. See list of Last Word features inside the front cover of the text.
Appendix on Graphs Being comfortable with graphical analysis and a few related quantitative concepts will be a big advantage to students in understanding the principles of economics. The appendix to Chapter 1, which reviews graphing, line slopes, and linear equations, should not be skipped.
Study Questions A comprehensive list of questions is located at the end of each chapter. The old cliché that you “learn by doing” is very relevant to economics. Use of these questions will enhance your understanding. We designate several of them as “Key Questions” and answer them in the Study Guide. For the twelfth Canadian edition of Macroeconomics we have added a total of five new Study Questions and connected every question with a Learning Objective.
Internet Application Questions Students are presented with questions to explore on the Internet relevant to the topic discussed in the chapter. From the web site students will find direct links to the Web sites included in these questions.
To obtain an instructor login for this Online Learning Center, ask your local sales representative.
If you're an instructor thinking about adopting this textbook, request a free copy for review.
2010 McGraw-Hill Higher Education