Reviewers tell us that Case/Fair/Oster is one of the all-time bestselling Principles of Economics texts because they trust it to be clear, thorough, and complete. Readers of Principles of Macroeconomics, Twelfth Edition, come away with a basic understanding of how market economies function, an appreciation for the things they do well, and a sense of things they do poorly. With the latest research and added exercises, students begin to learn the art and science of economic thinking and start to look at some policy and even personal decisions in a different way.
Features:
Spotlights Recent Research
-NEW! Chapter 3 uses behavioral economics to answer whether having rainy seasons increases a consumer’s preference for tea.
-NEW! Chapter 6 looks at how imposing taxes on soda beverages affects consumption.
-NEW! Chapter 7 describes the importance of better maintenance practices in increasing profitability while curtailing capital investment.
-NEW! Chapter 14 describes recent research on how well recessions can be predicted.
-NEW! Chapter 20 looks at work that uses children’s height in India to examine hunger and gender inequality.
-NEW! Chapter 21 (brand new) contains three boxes that examine the Moving to Opportunity program, control group and experimental economics, and the effects of minimum wage.
Table of Contents:
Part I: Introduction to Economics
1. The Scope and Method of Economics
2. The Economic Problem: Scarcity and Choice
3. Demand, Supply, and Market Equilibrium
4. Demand and Supply Applications
Part II: Concepts and Problems in Macroeconomics
5. Introduction to Macroeconomics
6. Measuring National Output and National Income
7. Unemployment, Inflation, and Long-Run Growth
Part III: The Core of Macroeconomic Theory
8. Aggregate Expenditure and Equilibrium Output
9. The Government and Fiscal Policy
10. Money, the Federal Reserve, and the Interest Rate
11. The Determination of Aggregate Output, the Price Level, and the Interest Rate
12. Policy Effects and Cost Shocks in the AS/AD Model
13. The Labor Market in the Macroeconomy
Part IV: Further Macroeconomics Issues
14. Financial Crises, Stabilization, and Deficits
15. Household and Firm Behavior in the Macroeconomy: A Further Look
16. Long-Run Growth
17. Alternative Views in Macroeconomics
Part V: The World Economy
18. International Trade, Comparative Advantage, and Protectionism
19. Open-Economy Macroeconomics: The Balance of Payments and Exchange Rates
20. Economic Growth in Developing Economies
Part VI: Methodology
21. Critical Thinking about Research
About the Author
Karl E. Case, Retired; Wellesley College
Ray C. Fair, Yale University
Sharon E. Oster, Yale University
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