Nelson Higher Education

Higher Education

Microeconomics: Private and Public Choice, 15th Edition

  • James D. Gwartney
  • Richard L. Stroup
  • Russell S. Sobel
  • David A. Macpherson
  • ISBN-10: 1285453565
  • ISBN-13: 9781285453569
  • 512 Pages | Paperback
  • Previous Editions: 2013, 2011, 2009
  • COPYRIGHT: 2015 Published
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Overview

About the Product

MICROECONOMICS: PRIVATE AND PUBLIC CHOICE, Fifteenth Edition, reflects current economic conditions, enabling students to apply economic concepts to the world around them. The up-to-date text includes analysis and explanation of measures of economic activity in today's market. It also includes highlights of the recession of 2008-2009, and an in-depth look at the lives and contributions of notable economists. MICROECONOMICS: PRIVATE AND PUBLIC CHOICE dispels common economic myths. The text uses the "invisible hand" metaphor to explain economic theory, demonstrating how it works to stimulate the economy. The fifteenth edition includes online learning solutions to increase student engagement and improve student learning outcomes. Aplia will be available with new enhancements that include accessibility on mobile devices, improved graphing experience, a new interactive eReader with videos and graphing tutorials, and much more.

Features

  • Application boxes to help students draw parallels between economics and pertinent topics such as supply, demand, financial bailouts, capital markets, and poverty.

  • Section on the economic way of thinking about government, as well as updated information and data on the Great Recession and lessons learned from the Great Depression.

  • Applies economic theory to current real-world issues and controversies, allowing students to apply what they learn directly to pertinent topics in the world around them.

  • Dispels common myths of economic reasoning and examines how these myths can impede a nation's economic progress.

  • Offers historical vignettes on the lives of notable economists, providing an opportunity to weave economic history into the classroom.

About the Author

James D. Gwartney

James D. Gwartney holds the Gus A. Stavros Eminent Scholar Chair at Florida State University. His writings have been widely published in both professional journals and popular media. He is a co-author of COMMON SENSE ECONOMICS: WHAT EVERYONE SHOULD KNOW ABOUT WEALTH AND PROSPERITY, a primer on economics and personal finance. Dr. Gwartney’s current research focuses on the measurement and determination of factors that influence cross-country differences in income levels and growth rates. Using this research, he is the co-author (with Robert Lawson, Joshua Hall, and Ryan Murphy) of the annual report, Economic Freedom of the World, which provides information on the institutions and policies of 162 countries. This data set, published by a worldwide network of institutes in 90 countries, is widely used by scholars investigating topics ranging from economic growth to peaceful relations among nations. Dr. Gwartney served as chief economist of the Joint Economic Committee of the U.S. Congress during 1999-2000. In 2004, he received the Adam Smith Award of the Association of Private Enterprise Education for his contributions to the advancement of free market ideals. He is a past president of both the Southern Economic Association and the Association for Private Enterprise Education. He earned his Ph.D. in economics from the University of Washington.

Richard L. Stroup

Richard L. Stroup is professor emeritus of economics at Montana State University and professor emeritus of economics at North Carolina State University. He earned his Ph.D. from the University of Washington. From 1982 to 1984, Dr. Stroup served as director of the Office of Policy Analysis at the U.S. Department of the Interior. He has published and lectured on topics such as global warming, land use regulation, archaeology and environmental policy improvements. His research has helped to develop the approach known as free market environmentalism. Dr. Stroup co-authored COMMON SENSE ECONOMICS: WHAT EVERYONE SHOULD KNOW ABOUT WEALTH AND PROSPERITY with Dr. Gwartney. In addition, he has published ECONOMICS: WHAT EVERYONE SHOULD KNOW ABOUT ECONOMICS AND THE ENVIRONMENT, which was sponsored by the Property and Environment Research Center, which he co-founded.

Russell S. Sobel

Russell S. Sobel is professor of economics and entrepreneurship in the Baker School of Business at The Citadel in Dr. Sobel's hometown of Charleston, South Carolina. Dr. Sobel received his Ph.D. in economics from Florida State University in 1994. He serves as co-editor of the Southern Economic Journal and is a member of the editorial boards for the peer-reviewed journal Public Choice and the Journal of Entrepreneurship & Public Policy. Dr. Sobel has received numerous awards for both his teaching and research, including the Kenneth G. Elzinga Distinguished Teaching Award from the Southern Economic Association, the Georgescu-Roegen Prize for Best Article of the Year in the Southern Economic Journal and the Association of Private Enterprise Education Distinguished Scholar Award. In addition, he received the Sir Antony Fisher International Memorial Award for his book UNLEASHING CAPITALISM. He is the author or co-author of more than 250 academic journal articles and books. His publications have appeared in a wide variety of academic journals including the Journal of Political Economy, Journal of Law and Economics, Public Choice, Journal of Business Venturing, Small Business Economics and Economic Inquiry. His current recent research focuses on the intersection of entrepreneurship and economic policy.

David A. Macpherson

David A. Macpherson is the E.M. Stevens Distinguished Professor of Economics and economics department chair at Trinity University. Previously, he served as director of the Pepper Institute on Aging and Public Policy and was the Rod and Hope Brim Eminent Scholar of Economics at Florida State University, where he received two university-wide awards for teaching excellence. He has taught courses on the principles of microeconomics, money and banking, econometrics and labor economics. Dr. Macpherson is an applied economist whose research focuses on real estate, pensions, discrimination, industry deregulation, labor unions and the minimum wage. He has published more than 60 articles in leading economics and real estate journals, including Review of Economic and Statistics, Journal of Labor Economics, Journal of Human Resources, Industrial and Labor Relations Review and Journal of Real Estate Economics and Finance. His research has been funded by a variety of entities, including the National Science Foundation, Florida Legislature and the National Association of Realtors. He is co-author of the undergraduate labor economics text, CONTEMPORARY LABOR ECONOMICS. Dr. Macpherson is included in WHO’S WHO IN ECONOMICS, which features the 1,200 most frequently cited economists. Dr. Macpherson received his undergraduate degree and Ph.D. from Pennsylvania State University.

Table of Contents

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 MICROECONOMICS.
7. Consumer Choice and Elasticity.
8. Costs and the Supply of Goods.
9. Price Takers and the Competitive Process.
10. Price-Searcher Markets with Low Entry Barriers.
11. Price-Searcher Markets with High Entry Barriers.
12. The Supply of and Demand for Productive Resources.
13. Earnings, Productivity, and the Job Market.
14. Investment, the Capital Market, and the Wealth of Nations.
15. Income Inequality and Poverty.
Part IV: INTERNATIONAL ECONOMICS.
16. Gaining from International Trade.
Part V: 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. Earnings Differences Between Men and Women.
Special Topic 9. Do Labor Unions Increase the Wages of Workers?
Special Topic 10. The Question of Resource Exhaustion.
Special Topic 11. 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 to this edition

  • Aplia, the best-selling online homework solution, has been enhanced for the fifteenth edition, providing students with an improved online learning experience. (1) Optimized iPad experience, allowing students to access content on their mobile devices. (2) Expanded partial credit--providing feedback to students at the task level for more incremental guidance so that students get coaching where they need it most. (3) New and improved graphing functionality that enhances students' digital graphing experience. (4)New Interactive eReader features a variety of media assets specifically designed to address the challenges that students and instructors have told us impede learning.
  • New Graphing at a Glance video tutorials, embedded throughout the interactive eReader, enhance the learning experience by bringing graphs to life, allowing students to see graphs physically move along the axes. Understanding how graphs work and what shifts or movements along the curves mean in economics contexts is one of the difficult challenges that Principles of Economics students face in developing the economic way of thinking. Developed by Dr. John Min of Northern Virginia Community College, this feature walks students through basic graphing concepts, challenges, and graphing analyses via animated graphs.
  • New ConceptClips, embedded throughout the interactive eReader, address the challenge of understanding economics terminology that students face when first introduced to the subject matter. Developed by Mike Brandl of The Ohio State University, these vocabulary animations provide students with a memorable auditory and visual representation of the important terminology for the course.
  • New! MindTap Online Learning Solution is a fully online, highly personalized learning experience built on Cengage Learning content. MindTap combines student learning tools--readings, multimedia, activities, and assessments--into a singular Learning Path that guides students through their course. Instructors personalize the experience by customizing authoritative Cengage Learning content and learning tools, including the ability to add their own content in the Learning Path via apps that integrate into the MindTap framework seamlessly with Learning Management Systems.
  • Updated tables, graphs, and economic application boxed features throughout the book.

Supplements

All supplements have been updated in coordination with the Main title.
Please see Main title page for new to this edition information.

Instructor Supplements

MindTap Economics, 1 term (6 months) Instant Access for Gwartney/Stroup/Sobel/Macpherson's Microeconomics: Private and Public Choice  (ISBN-10: 1285782100 | ISBN-13: 9781285782102)

MindTap is a fully online, highly personalized learning experience built on Cengage Learning content. MindTap combines student learning tools--readings, multimedia, activities, and assessments--into a singular Learning Path that guides students through their course. Instructors personalize the experience by customizing authoritative Cengage Learning content and learning tools, including the ability to add their own content in the Learning Path via apps that integrate into the MindTap framework seamlessly with Learning Management Systems.

Aplia with Cengage Learning Write Experience 2.0 Powered by MyAccess, 1 term Instant Access for Gwartney/Stroup/Sobel/Macpherson's Microeconomics: Private and Public Choice  (ISBN-10: 1285857496 | ISBN-13: 9781285857497)

Aplia significantly improves outcomes and elevates thinking by increasing student effort and engagement. Developed by teachers and used by more than 1,000,000 students Aplia assignments connect concepts to the real world and focus on the unique course challenges facing students.

Cengage Testing, powered by Cognero® Instant Access  (ISBN-10: 1285979656 | ISBN-13: 9781285979656)

Cengage Learning Testing powered by Cognero® is a flexible, online system that allows you to: import, edit, and manipulate content from the text's test bank or elsewhere, including your own favorite test questions; create multiple test versions in an instant; and deliver tests from your LMS, your classroom, or wherever you want.

Student Supplements

LMS Integrated for Aplia, 1 term Instant Access  (ISBN-10: 1305497848 | ISBN-13: 9781305497849)

One million+ students, one billion answers In just 10 years, more than one billion answers have been submitted through Aplia, the premier online assignment solution. Millions of students use Aplia to better prepare for class and for their exams. Join them today! Know what’s important Aplia assignments mean “no surprises”—with an at-a-glance view of current assignments organized by due date, you always know what’s due, and when. Discover real-world relevance Aplia ties your lessons into real-world applications so you get a bigger, better picture of how you’ll use your education in your future workplace. Master the content Automatic grading and immediate step-by-step feedback helps you master content the right way the first time. Student Testimonial: “I was very engaged; the content in Aplia is useful. The study tools and materials in Aplia most definitely help me feel more prepared. I understood more than I would have otherwise.” - Tia Student, Glendale Community College CTA: Ask your instructor about Aplia for this course. www.cengage.com/aplia

LMS Integrated for MindTap Economics, 1 term (6 months)Instant Access  (ISBN-10: 1305497902 | ISBN-13: 9781305497900)
MindTap Economics, 1 term (6 months) Instant Access for Gwartney/Stroup/Sobel/Macpherson's Microeconomics: Private and Public Choice  (ISBN-10: 1285782100 | ISBN-13: 9781285782102)

MindTap Economics for Gwartney/Stroup/Sobel/Macpherson's Macroeconomics: Private and Public Choice, 15th Edition provides you with the tools you need to better manage your limited time -- you can complete assignments whenever and wherever you are ready to learn with course material specially customized for you by your instructor and streamlined in one proven, easy-to-use interface. MindTap includes Audio Cases and a variety of other media assets specifically designed to help you learn. ConceptClips help you understand economics terminology, while Graphing at a Glance video tutorials allow you to see graphs physically move along the axes. Auto-graded homework assignments from Aplia give you practice in hands-on application and immediate feedback on your responses. Through these resources and an array of tools and apps -- from note taking to flashcards -- you'll get a true understanding of course concepts, helping you to achieve better grades and setting the groundwork for your future courses. Access to this product is valid for 6 months of usage.

Aplia with Cengage Learning Write Experience 2.0 Powered by MyAccess, 1 term Instant Access for Gwartney/Stroup/Sobel/Macpherson's Microeconomics: Private and Public Choice  (ISBN-10: 1285857496 | ISBN-13: 9781285857497)

One million+ students, one billion answers In just 10 years, more than one billion answers have been submitted through Aplia, the premier online assignment solution. Millions of students use Aplia to better prepare for class and for their exams. Join them today! Know what’s important Aplia assignments mean “no surprises”—with an at-a-glance view of current assignments organized by due date, you always know what’s due, and when. Discover real-world relevance Aplia ties your lessons into real-world applications so you get a bigger, better picture of how you’ll use your education in your future workplace. Master the content Automatic grading and immediate step-by-step feedback helps you master content the right way the first time. Student Testimonial: “I was very engaged; the content in Aplia is useful. The study tools and materials in Aplia most definitely help me feel more prepared. I understood more than I would have otherwise.” - Tia Student, Glendale Community College CTA: Ask your instructor about Aplia for this course. www.cengage.com/aplia