New Topics Added: As in earlier revisions, Schiller 10e has been revised to remain the most current Principles book on the market through the inclusion of new material. This edition includes new discussions of outsourcing and global competitiveness. Also included is a new focus on AD and AS shifts in the aftermath of the September 11 terrorist attacks and the Bush tax cuts. The Tenth Edition also discusses the economic effects of music downloads, the proposed 'Mission to Mars,'' Social Security deficits, the 2003-2004 California Grocery-Workers Strike, and the war against terror.
Up-to-the-Second New Examples: Schiller 10e has also been revised to include brand-new examples to keep the book fresh as today's news broadcasts. New examples include:
The new competition in digital, portable music players (iPods)
China's legalization of private property
India's privatization program
The Supreme Court rejection of forced phone network licensing
The cost of war
The impact of job outsourcing
The 2004 "oil shocks"
NEW! Revised Treatment of Aggregate Demand/Keynesian Cross: Schiller examines Keynesian theory entirely within the AS/AD framework by moving the Keynesian Cross to an appendix. This appendix has been expanded in the 10th Edition to include a model of the Aggregate Expenditure Curve. This allows instructors to streamline and simplify the Macro discussion without any loss of theoretical rigor or coverage. This way, instructors who teach the Keynesian cross can examine it in a separate discussion, and instructors who do not can easily skip over it without any interruption in the text progression.
Schiller focuses on the core questions of economics: WHAT, HOW, and FOR WHOM. (WHAT goods and services does the United States produce? HOW is that output produced? FOR WHOM is the output produced?) The author asks "Who best answers these questions—the market or the government?" "To intervene or not" is then the central policy question raised in Chapter 1 and revisited in every chapter. This theme underscores the policy emphasis of the text.
Schiller's text contains more real-world applications than most Principles texts. THE ECONOMY TODAY uses economic policy to show the student the reality and relevance of economics; every chapter starts and ends with policy issues.
Schiller not only interests students but also teaches them carefully by using extensive pedagogical aids. Graphs and tables are synchronized; i.e., they appear together in a single illustration to help students visualize the transition of tabular data to graphic representation. All tables, graphs, boxes, and cartoons are annotated and referenced in the text. Students can look at the graph, read the annotation, and understand why it's important. The running glossary in the margins not only defines a term when first introduced but repeats the term in subsequent chapters, thereby reinforcing learning. Every key concept is developed step by step.
Internet Integration: Internet applications pop up everywhere. The updated marginal WebNotes are descriptive enhanced URLs that extend the in-text discussion by directing students to relevant web sites. Many "In the News" and "World View" boxes include related URLs.
Global Coverage: Schiller's Tenth Edition examines how the United States, as well as every nation in the world, is part of a global or "open" economy. Chapter 2 offers a unique global comparison on economic performance.
Budget Surpluses: Chapter 12, Deficits, Surpluses, and Debt, is expanded to assess the origin and use of budget surpluses. Schiller looks at the Bush tax cuts, the effects of the 2001 slowdown on the budget surplus, and includes an 'Economy Tomorrow' the impending reduction of the Social Security surplus.
Deregulation: The botched partial deregulation of the electric utility industry in California serves as an important example of supply and demand, deregulation, and government intervention. Should the government let a privatized market determine how electricity is provided and to whom, or should it act as a police officer in the process?
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2006 McGraw-Hill Higher Education