Each time we revise Understanding Economics, we strive to better help student apply the principles of economics to the world around them. The 12th edition of the book is no exception. Perhaps the most notable change in the 12th edition is that we have updated and revised the book in a way that highlights the importance of long run growth. Chapter 15 analyzes the sources of growth and considers the institutional foundation for its achievement. An entirely new Chapter 16 examines differences in both long term growth and income levels throughout the world. It also investigates the relationship between institutions and policies on the one hand, and growth and income on the other.
Particular attention is given to countries that have adopted major economics reforms during the past couple of decades. Chapter 17 focuses on the relationship between international trade and long term growth. These three chapters provide a comprehensive package for instructors and courses highlighting the new macroeconomics of growth.
The 12th edition also gives instructors access to new multimedia such as ABC News segments. Likewise, the book's dynamic PowerPoint presentation considered by many to be the best in the principles market has been further enhanced with multimedia to facilitate your teaching. As in the past, we worked hard to make sure the material in the book is clear and easily understandable. We have also reduced the length a bit. With only a couple of exceptions, every chapter is a little shorter than it was in the last edition.
Part 1 The Economic Way of Thinking
Part 2 Markets and Government
Part 3 Core Macroeconomics
Part 4 International Economics
Part 5 Applying the Basics: Special Topics in Economics