Book Preface

This book is designed for a one-semester issues-based general education economics course, and its purpose is to interest the non-business, non-economics major in what the discipline of economics can do. Students of the "issues approach" will master the basic economic theory necessary to explore a variety of real-world issues. If this is the only economics class they ever take, they will at least gain enough insight to be able to intelligently discuss the way economic theory applies to important issues in the world today.

Until this book was published, instructors that chose the issues approach to teaching a one semester general economics course have had to compromise in one of the following ways: they could 1) pick a book that is devoid of economic theory where issues are presented, 2) pick a book where the issues are totally intertwined with the theory, 3) ask students to buy two books, or 4) place a large number of readings that are placed on library reserve.

Each of these alternatives presents problems. If the course is based entirely on an issues text, students will leave with the incorrect impression that economics is a non-rigorous discipline that offers opinions devoid of a theoretical basis. A book that intertwines issues and theory implicitly assumes that all the issues are relevant to all students in the course. In fact, some issues are not relevant to some students and others are only relevant when the issue makes news. For example, at Syracuse my students never understood why farm price supports were interesting while at Indiana State no student that I have met has ever lived in a rent-controlled apartment. Other issues are of interest only at particular times. Oil prices were of little consequence to students during the bulk of the 1990s but they are very interested today. Similarly, the minimum wage is of interest to students when there is a debate over an increase.

The problem associated with using multiple books is the obvious one of expense. Having multiple reserve readings, still a legitimate option, requires a great deal of time on the part of both students and teachers and it is usually not convenient for students. This new book meets both student and instructor needs simultaneously.

How to Use This Book

Issues in Economics Today includes 8 intensive core theory chapters and 34 shorter issues chapters. This format gives instructors and students the flexibility to choose the issues they wish to cover, in the order they wish to cover them. In the course I am presently teaching, students pick twelve to fourteen issues they wish to cover at the beginning of the semester. We spend about 40 percent of the course going over the first eight chapters and then we spend a full class period or more on each issue they have picked. Under no circumstances is it imagined that the entire book be covered.

I believe that an issues-based course must have the virtue of being both timely and flexible. As a result, this book presents a wealth of issues from which instructors or students can pick and choose.

There are 34 issues chapters that I have divided into the following categories: Macroeconomic Issues, International Issues, Externalities and Market Failure, Health Issues, Taxation Issues, Government Solutions to Societal Problems, Discrimination Issues, Price Control Issues, and Miscellaneous Markets. These groupings will be helpful as you navigate through the Table of Contents looking for a particular topic.

To help you decide which issues chapters to cover, see the table on page x., entitled "Required Theory for Issues Chapters." It shows at a glance which theory chapters need to be covered before pursuing each of the issues chapters. On page xix, the table entitled "Issues for Different Course Themes," includes my recommendations for courses that focus on social policy, international issues, election year issues, or business.

The format of this book, as well as the tools I've mentioned above, are meant to provide you the maximum flexibility in choosing issues chapters for your course.

Features

A conversational writing style makes it easier for students not majoring in economics to connect with the material. The book puts students at ease and allows them to feel more confident and open to learning.
Chapter Outline and Chapter Objectives set the stage at the beginning of each chapter to let the student see how the chapter is organized and anticipate the concepts that will be covered.
Key Terms are defined in the margins, recapped at the end of each chapter, and included in the Glossary.
Summaries at the end of each chapter reinforce the material that has been covered.
Issues Chapters You Are Ready For Now are found at the end of each theory chapter, so students can go straight to the issues chapters that interest them once they've mastered the necessary theoretical principals.
Quiz Yourself includes approximately ten multiple choice questions for self-quizzing at the end of each chapter.
Think About This asks provocative questions that encourage students to think about how economic theories apply to the real world by putting themselves in the economic driver's seat. For example, one "Think About This" asks "Suppose you buy a new car. What is the opportunity cost of doing so?" This feature facilitates active learning so that the students will learn the concepts more thoroughly.
Talk About This includes questions designed to trigger discussion.
For More Insight See sends the students to websites and publications to find additional material on a given topic. Since economic issues are particularly time-sensitive, this feature not only helps students learn to do research on the web, but also keeps the course as fresh and current as today's newspaper.

Supplements

The supplements for Issues in Economics Today provide some wonderful teaching resources for instructors and learning resources for students.

For the Instructor

Instructor's Manual/Test Bank

In addition to a traditional outline of each chapter's content and updated web references to data sources for each chapter, the Instructor's Manual offers key point icons to emphasize the importance of particular concepts. The Instructor's Manual's distinctive feature is that each figure is broken into at least six subfigures with explanations that can be offered at each stage.

The Test Bank includes 40-100 multiple choice questions for the core theory chapters and 30-50 multiple choice questions for the issue chapters. These questions test students' knowledge of key terms, key concepts, theory and graph recognition, theory and graph application, and numeracy, as well as questions about the different explanations given by economists regarding particular economic phenomena. (ISBN: 0072375191)

Computerized Test Bank (0072377712)

The Computerized Test Bank makes the Test Bank questions available electronically in a Word for Windows format.

PowerPoint Presentations

Approximately 700 slides will be available per chapter. (ISBN: 0072375205)

Website (www.mhhe.com/economics/guell)

The Website will contain password-protected downloadable instructor supplements including the Instructor's Manual, downloadable PowerPoints, and Grading Guidelines for the Web-based Issues offered on the student side.

For the Student

Study Guide

The Study Guide, like the text, will be divided into theory chapters and issues chapters, with a slightly different format for each. The theory chapters include the major points of the chapter, a chapter outline, key terms with definitions, and problems. This is be followed by a self-test of multiple-choice and true/false questions. The issue chapters will include the major points of the chapter, key terms with definitions, Web-based Questions, and Discussion Questions. (ISBN: 0072377690)

Website (www.mhhe.com/economics/guell) On the student side of the website, you will find Chapter Summaries, viewable PowerPoints, Chapter Quizzes, Web Questions, and original content by the text author.

2003 McGraw-Hill Higher Education
Any use is subject to the Terms of Use and Privacy Policy.
McGraw-Hill Higher Education is one of the many fine businesses of The McGraw-Hill Companies.