This is an exciting time for the study of economics. Most of our lives have been affected by the financial crisis of 2008. Why did this crisis occur? How will it affect our economic future? Has the political response saved us from economic catastrophe, or has it made matters worse? What can we learn from previous experience with economic difficulties? These are vitally important questions that are on the minds of our students. This text addresses all of them and provides both economic analysis and empirical that will enhance understanding of these critical issues.
Some argue that the Crisis of 2008 was the result of capitalist instability, greed of Wall Street bankers, and regulators who were asleep on the job. Others argue that the crisis was the result of government policies that undermined sound lending practices, manipulated interest rates, and promoted excessive debt. Who is right? Of course, the precise answer to such complex questions is debatable, but economic analysis provides considerable insight.
Throughout the life of this text, our goal has been to use the tools of economics to explain how the real world works and to do so in a clear and understandable manner. Recent economic developments have enhanced the importance of this strategy. Perhaps more than ever before, students are seeking to understand the world in which they live and the critical issues we confront. Indeed, this is a teachable moment for economics instructors. This thought was constantly on our minds, as we revised this edition and focused the core principles of economics on the central issues of our day.
Part 1 : The economic way of thinking
Part 2 : Markets and Government
Part 3 : Core macroeconomics
Part 4 : International econmics
Part 5 : Core macroeconomics
Part 6 : Applying the Basics : special topics in economics