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Macroeconomics, 15/e
Campbell R. McConnell, University of Nebraska, Emeritus
Stanley L. Brue, Pacific Lutheran University
Information Center
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Book Features
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Comprehensive
Explanations at an Appropriate Level.
Macroeconomics is comprehensive, analytical, and challenging yet fully
accessible to a wide range of students. Its thoroughness and accessibility enable
instructors to select topics for special classroom emphasis with confidence
that students can read and comprehend independently other assigned material
in the book.
Fundamentals
of the Market System.
Many economies throughout the world are making the difficult transition from
planning to markets. Our detailed description of the institutions and operation
of the market system in Chapter 4 is even more relevant than before.
We pay particular attention to property rights, entrepreneurship, freedom of
enterprise and choice, competition, and the role of profits because these concepts
are poorly understood by beginning students.
Early
Integration of International Economics.
We give the principles and institutions of the global economy early treatment.
Chapter 6 examines the growth of world trade, the major participants in world
trade, specialization and comparative advantage, the foreign exchange market,
tariffs and subsidies, and various trade agreements. This strong introduction
to international economics permits "globalization" of later macroeconomics discussions.
Early
and Extensive Treatment of Government. Government
is an integral component of modern capitalism. This book introduces the economic
functions of government early and accords them systematic treatment in Chapter
5. The text also includes issues- and policy-oriented chapters.
Building-block Approach
to Macro
We systematically present
the macroeconomics by:
- Establishing the real
GDP concept and previewing economic growth, unemployment, and inflation.
- Building the aggregate
expenditures model (AE model).
- Deriving aggregate
demand from the AE model and developing the aggregate-demand-aggregate supply
model (AD-AS model).
- Using the AD-AS model
to discuss fiscal policy.
- Introducing monetary
considerations into the AD-AS model.
- Using the AD-AS model
to discuss monetary policy.
- Extending the AD-AS
model by distinguishing between short-run and long-run aggregate supply.
- Applying the "extended
AD-AS model" to macroeconomic instability, economic growth, and disagreements
on macroeconomic theory and policy.
Emphasis
on Technological Change and Economic Growth.
This edition continues to emphasize economic growth. Chapter 2 uses the production
possibilities curve to show the basic ingredients of growth. Chapter 8 explains
how growth is measured and presents the facts of growth. Chapter 17 discusses
the causes of growth, looks at productivity growth and the New Economy, and
addresses some of the controversies surrounding economic growth. Chapter 22
focuses on the less developed countries and the growth obstacles they confront.
Focus
on Economic Issues.
For many students, macroeconomic issues are where the action is. We sought to
guide that action along logical lines through the application of appropriate
analytical tools. In this part we favor inclusiveness; instructors can effectively
choose two or three chapters from this group.
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