Macroeconomics, Global Edition

Macroeconomics, Global Edition - Daron Acemoglu - 9781292252919 - Economics - Macroeconomics (92)
Series
Pearson
Author
Daron Acemoglu / David Laibson / John List  
Publisher
Pearson
Cover
Softcover
Edition
2
Language
English
Total pages
448
Pub.-date
August 2018
ISBN13
9781292252919
ISBN
129225291X
Related Titles



Description

For courses in Principles of Macroeconomics.

 

Acemoglu, Laibson, List: An evidence-based approach to economics

Throughout Macroconomics, 2nd Edition, Global Edition authors Daron Acemoglu, David Laibson, and John List use real economic questions and data to help students learn about the world around them.

 

Taking a fresh approach, the authors use the themes of optimization, equilibrium, and empiricism to illustrate the power of simple economic ideas, and their ability to explain, predict, and improve what happens in the world. Each chapter begins with an empirical question that is later answered using data in the Evidence-Based Economics feature. As a result of the text’s practical emphasis, students learn to apply economic principles to guide the decisions they make in their own lives.

 

MyLabTM Economics not included. Students, if MyLab is a recommended/mandatory component of the course, please ask your instructor for the correct ISBN and course ID. MyLab should only be purchased when required by an instructor. Instructors, contact your Pearson rep for more information.


MyLab is an online homework, tutorial, and assessment product designed to personalize learning and improve results. With a wide range of interactive, engaging, and assignable activities, students are encouraged to actively learn and retain tough course concepts.

Features

This title is a Pearson Global Edition. The Editorial team at Pearson has worked closely with educators around the world to include content which is especially relevant to students outside the United States.

 

About the book

 

Teach economics through three unified themes

Three key principles—optimization, equilibrium, and empiricism—lie at the heart of the authors’ approach. Chapters 1–4 introduce these key themes, and lay the groundwork for understanding the economic way of thinking about the world.

  1. Optimization. The first principle—that people try to choose the best available option—is optimization. Economists believe that optimization explains most choices people make, including minor decisions like deciding whether to eat a cheeseburger, and major decisions like deciding whom to date or marry. When people fail to optimize perfectly, economic reasoning can be used to analyze the mistake and to suggest a better course of action.
  2. Equilibrium. Economic systems tend toward equilibrium, wherein each economic actor feels that he or she cannot do any better by picking another course of action. This principle highlights the connections among economic actors and their choices. In a state of equilibrium, consumers and purveyors of goods and services are simultaneously optimizing, and their behaviors are consequently intertwined.
  3. Empiricism. While the first two key principles are conceptual, the third is methodological. Economists use data to test economic theories, learn about the world, and speak to policymakers. The emphasis on matching theories with real-world data to answer specific questions helps to show students the evidence behind the theory, making economics concrete, interesting, and fun.

 

Real issues engage students with the content

  • NEW! Examination of causality. By studying recent research that reports a positive correlation between expensive weddings and high rates of divorce, students will learn to determine the difference between correlation and causality, and better understand the role of omitted variables (Chapter 2).
  • REVISED! Coverage of the fracking revolution and its impact on oil and gas prices. Supply and demand come alive when students can see how the recent rightward shift in the oil supply curve--due to the development of fracking technologies--has played a role in halving the equilibrium price of oil (Chapter 4).
  • NEW! Focus on the shared economy. The role of surge pricing in equilibrating Uber driver supply and rider demand is discussed, helping students to more deeply understand the markets that they personally use (Chapter 7).
  • NEW! Coverage of the recent election to teach topics like probability. Students use analytic tools to understand how to interpret forecasts on the eve of the election (Chapter 15).
  • NEW! Coverage describing the growth of economic inequality, and emphasizing that inequality is not measured in economic aggregates, such as GDP (Chapter 19).

An evidence based approach using real issues and data

  • Evidence-Based Economics (EBE) features show how economists use data to answer the question posed in the opening paragraph of each chapter. EBEs use actual data from field experiments, lab experiments, naturally occurring data, or government data, while highlighting major concepts in the chapter. These features let students get a real look at economics as it plays out in the world around them. Examples include:

o NEW! Uber and the invisible hand?

o NEW! What can the government do to lower earthquakes in Oklahoma?

 

·    Letting the Data Speak features reinforce the theme of evidence behind the theory. These short, targeted explorations analyze an economic question by using real data as the foundation of the discussion. Among the many issues explored:

o NEW! Forecasts on the eve of the election

o NEW! The great productivity puzzle--discussing how we may be experiencing a slow-down of aggregate productivity despite the rapid introduction of a range of new technologies in the economy

o NEW! Democracy and growth, showing the positive impact of democratic political institutions on economic growth

o NEW! Financing start-ups

o NEW! The response of consumption to tax cuts

 

  • Choice and Consequence features emphasize optimization—one of the key themes in the book—by focusing on making the best decision. These features ask students to make an economic decision, or evaluate the consequences of past real decisions. The authors then explain how an economist might analyze the same decision. Examples of choices investigated:

o NEW! The societal consequences of the expulsion of Jewish faculty from universities in Nazi Germany (Chapter 20)

o NEW! Minimum wage laws and employment (Chapter 23)

o EXPANDED! Luddite resistance to new technology and what this can teach us about the disruption that new and more productive robots are bringing to the economy today (Chapter 23)

o NEW! Obtaining reserves outside of the federal funds market (Chapter 25)

o NEW! The new administration’s fiscal policy proposals (Chapter 27)

o NEW! The political forces that influence trade policy (Chapter 28)

 

  • NEW! Graphical Exhibit describing the relationship between interest rates and net capital outflows, unifying material from several chapters for the analysis of open economy macroeconomics (Chapter 29)

 

MyLabTM Economics not included. Students, if MyLab is a recommended/mandatory component of the course, please ask your instructor for the correct ISBN and course ID. MyLab should only be purchased when required by an instructor. Instructors, contact your Pearson rep for more information.


MyLab is an online homework, tutorial, and assessment product designed to personalize learning and improve results. With a wide range of interactive, engaging, and assignable activities, students are encouraged to actively learn and retain tough course concepts.

·    Digital Interactives. Economic principles are not static ideas, and learning them shouldn’t be either! Digital Interactives are dynamic and engaging assessment activities that promote critical thinking and application of key economic principles. Each Digital Interactive has 3-5 progressive levels and requires approximately 20 minutes to explore, apply, compare, and analyze each topic. Many Digital Interactives include real-time data from FRED™ allowing professors and students to display, in graph and table form, up-to-the-minute data on key macro variables. Digital Interactives can be assigned and graded within MyLab, or used as a lecture tool to encourage engagement, classroom conversation, and group work.

·    Interactive Reading Assignments in MyLab enable educators to encourage core reading by providing an assessment incentive along the way. These short reading segments feature embedded exercises that prompt students to learn actively. And, they're automatically graded, so educators can integrate assessment into reading assignments quickly and easily.

·    The Pearson eText keeps students engaged in learning on their own time, while helping them achieve greater conceptual understanding of course material.

·    Experiments are a fun and engaging way to promote active learning and mastery of important economic concepts. Pearson’s Experiments program is flexible and easy for instructors and students to use. Single-player experiments allow your students to play against virtual players from anywhere at any time as long as they have an Internet connection. Multiplayer experiments allow you to assign and manage a real-time experiment with your class. Pre- and post-questions for each experiment are available for assignment in MyLab Economics.

·    Economics Exercise Builder allows you to build customized exercises, including multiple-choice, graph drawing, and free-response items—many of which are generated algorithmically so that each time a student works them, a different variation is presented.

·    Reporting Dashboard.  View, analyze, and report learning outcomes clearly and easily, and get the information you need to keep your students on track throughout the course, with the new Reporting Dashboard. Available via the MyLab Economics Gradebook and fully mobile-ready, the Reporting Dashboard presents student performance data at the class, section, and program levels in an accessible, visual manner.

·    Learning Catalytics™ helps you generate class discussion, customize your lecture, and promote peer-to-peer learning with real-time analytics. As a student response tool, Learning Catalytics uses students’ smartphones, tablets, or laptops to engage them in more interactive tasks and thinking.

o NEW! Upload a full PowerPoint® deck for easy creation of slide questions.

o NEW! Team names are no longer case sensitive.

o Help your students develop critical thinking skills.

o Monitor responses to find out where your students are struggling.

o Rely on real-time data to adjust your teaching strategy.

Automatically group students for discussion, teamwork, and peer-to-peer learning.

New to this Edition

Real issues engage students with the content

  • Examination of causality. By studying recent research that reports a positive correlation between expensive weddings and high rates of divorce, students will learn to determine the difference between correlation and causality, and better understand the role of omitted variables (Chapter 2).
  • Coverage of the fracking revolution and its impact on oil and gas prices. Supply and demand come alive when students can see how the recent rightward shift in the oil supply curve--due to the development of fracking technologies--has played a role in halving the equilibrium price of oil (Chapter 4).  
  • Focus on the shared economy. The role of surge pricing in equilibrating Uber driver supply and rider demand is discussed, helping students to more deeply understand the markets that they personally use (Chapter 7).
  • Coverage of the recent election to teach topics like probability. Students use analytic tools to understand how to interpret forecasts on the eve of the election (Chapter 15).
  • Coverage describing the growth of economic inequality, and emphasizing that inequality is not measured in economic aggregates, such as GDP (Chapter 19).

An evidence based approach using real issues and data

  • Evidence-Based Economics (EBE) features show how economists use data to answer the question posed in the opening paragraph of each chapter. EBEs use actual data from field experiments, lab experiments, and the government or naturally occurring data, while highlighting major concepts in the chapter. These features let students get a real look at economics as it plays out in the world around them, and gives them the skills to question systematically and evaluate what they read. Examples include:

o Uber and the invisible hand?

o What can the government do to lower earthquakes in Oklahoma?

  • Letting the Data Speak features reinforce the theme of evidence behind the theory. These short, targeted explorations analyze an economic question by using real data as the foundation of the discussion. Among the many issues explored:

o Forecasts on the eve of the election

o The great productivity puzzle--discussing how we may be experiencing a slow-down of aggregate productivity despite the rapid introduction of a range of new technologies in the economy (Chapter 21)

o Democracy and growth, showing the positive impact of democratic political institutions on economic growth (Chapter 22)

o Financing start-ups (Chapter 24)

o The response of consumption to tax cuts (Chapter 27)

  • Choice and Consequence features emphasize optimization--one of the key themes in the book--by focusing on making the best decision. These features ask students to make an economic decision, or evaluate the consequences of past real decisions. The authors then explain how an economist might analyze the same decision. Examples of choices investigated include:

o The societal consequences of the expulsion of Jewish faculty from universities in Nazi Germany (Chapter 20)

o Minimum wage laws and employment (Chapter 23)

o Luddite resistance to new technology and what this can teach us about the disruption that new and more productive robots are bringing to the economy today (Chapter 23)

o Obtaining reserves outside of the federal funds market (Chapter 25)

o The new administration’s fiscal policy proposals (Chapter 27)

o The political forces that influence trade policy (Chapter 28)

  • Graphical Exhibit describing the relationship between interest rates and net capital outflows, unifying material from several chapters for the analysis of open economy macroeconomics (Chapter 29)

Table of Contents

PART I: INTRODUCTION TO ECONOMICS

 

1. The Principles and Practice of Economics

2. Economic Methods and Economic Questions

3. Optimization: Doing the Best You Can

4. Demand, Supply, and Equilibrium

 

PART II: INTRODUCTION TO MACROECONOMICS

 

5. The Wealth of Nations: Defining and Measuring Macroeconomic Aggregates

6. Aggregate Incomes

 

PART III: LONG-RUN GROWTH AND DEVELOPMENT

 

7. Economic Growth

8. Why Isn’t the Whole World Developed?

 

PART IV: EQUILIBRIUM IN THE MACROECONOMY

 

9. Employment and Unemployment

10. Credit Markets

11. The Monetary System

 

PART V: SHORT-RUN FLUCTUATIONS AND MACROECONOMICS POLICY

 

12. Short-Run Fluctuations

13. Countercyclical Macroeconomic Policy

 

PART VI: MACROECONOMICS IN A GLOBAL ECONOMY

 

14. Macroeconomics and International Trade

15. Open Economy Macroeconomics

 

CHAPTERS ON THE WEB

 

1. Financial Decision Making

2. Economics of Life, Health, and the Environment

3. Political Economy