In keeping with the authors’ philosophy of showing students the power of economic tools and the importance of economic ideas, this edition pays careful attention to regional and global policies and economic issues – including the impacts of the ongoing global financial crisis, inflation, unemployment, interest rates, and monetary and fiscal policy. Continuing global financial uncertainty and the current state of the Australian economy provide a constant supply of new material, re-evaluated models, and policy changes and updates for the Principles of Macroeconomics text.
The book emphasises the material that students should and do find interesting about the study of the economy, resulting in a focus on applications and policy, and less on formal economic theory.
Principles of Macroeconomics, 7e encourages students to make their own judgements by presenting both sides of the debate on five controversial issues facing policymakers: the proper degree of policy activism in response to the business cycle, the choice between rules and discretion in the conduct of monetary policy, the desirability of reaching zero inflation, the importance of balancing the government’s budget, and the need for tax reform to encourage saving.
This edition is supported with rich digital resources including MindTap, Aplia, and CourseMate, comprising flashcards, graphing workshops, games, quizzes, and videos, as well as referring students to the online Search me! database.
- Prominent economists with extensive undergraduate teaching experience have written a student-friendly text that explains clearly and explores contemporary issues. Applications and policy appear alongside formal economic theory
- Chapter objectives define and reinforce content, while quick quizzes allow students to check their comprehension after they read each major section. Key concepts are listed at the end of the chapter and defined in the margin to help students grasp new terminology.
- End-of-chapter Summaries, Questions for Review as well as Problems and Applications to reinforce chapter content and encourage critical thinking
- Chapter focusing on the GFC written by an Australian economist
- Current cases provide practical illustrations of important concepts
- *NEW* NUMEROUS NEW AND UPDATED "IN THE NEWS," "FYI," AND "CASE STUDY" BOXED FEATURES HIGHLIGHT RECENT AND SIGNIFICANT MICROECONOMIC EVENTS. You and your students stay up to date on the today’s economic changes and developments as these features highlight events that have made headlines and their significance on macroeconomic decisions today.
- ‘FYI’ boxes present additional material designed to enhance the concepts covered in each chapter.
- Now with MindTap, a personalised learning platform for students to engage, learn, apply, extend, revise and assess their economics knowledge
- Refreshed topical information on the GFC, 'Global Financial Crisis 2008 and beyond', in light of the European debt crises, austerity and stimulus
- Updated cases and economic data keeps the material current and relevant for students
- New multiple choice questions to test student knowledge and comprehension