Economics,
14th Edition

An Introduction to Economics.
Part I: ECONOMICS: THE SCIENCE OF SCARCITY.
1. What Economics Is About.
Appendix A: Working with Diagrams.
Appendix B: Should You Major in Economics?
2. Production Possibilities Frontier Framework.
3. Supply and Demand: Theory.
4. Prices: Free, Controlled, and Relative.
5. Supply, Demand, and Price: Applications.
Macroeconomics.
Part II: MACROECONOMIC FUNDAMENTALS.
6. Macroeconomic Measurements, Part I: Prices and Unemployment.
7. Macroeconomic Measurements, Part II: GDP and Real GDP.
Part III: MACROECONOMIC STABILITY, INSTABILITY, AND FISCAL POLICY.
8. Aggregate Demand and Aggregate Supply.
9. Classical Macroeconomics and the Self-Regulating Economy.
10. Keynesian Macroeconomics and Economic Instability: A Critique of the Self-Regulating Economy.
11. Fiscal Policy and the Federal Budget.
Part IV: MONEY, THE ECONOMY, AND MONETARY POLICY.
12. Money, Banking and the Financial System.
13. The Federal Reserve System.
14. Money and the Economy.
15. Monetary Policy.
Appendix C: Bond Prices and Interest Rates.
Part V: EXPECTATIONS AND GROWTH.
16. Expectations Theory and the Economy.
17. Economic Growth: Resources, Technology, Ideas, and Institutions.
Part VI: CREATIVE DESTRUCTION AND CRONY CAPITALISM
18. Creative Destruction and Crony Capitalism: Two Forces on the Economic Landscape Today
Microeconomics
Part VII: MICROECONOMIC FUNDAMENTALS.
19. Elasticity.
20. Consumer Choice: Maximizing Utility and Behavioral Economics.
Appendix D: Budget Constraint and Indifference Curve Analysis.
21. Production and Costs.
Part VIII: PRODUCT MARKETS AND POLICIES.
22. Perfect Competition.
23. Monopoly.
24. Monopolistic Competition, Oligopoly, and Game Theory.
25. Government and Product Markets: Antitrust and Regulation.
Part IX: FACTOR MARKETS AND RELATED ISSUES.
26. Factor Markets: With Emphasis on the Labor Market.
27. Wages, Unions, and Labor.
28. The Distribution of Income and Poverty.
29. Interest, Rent, and Profit.
Part X: HEALTH ECONOMICS
30. Health Economics: Experiments, Disparities, and Prices
Part XI: MARKET FAILURE, PUBLIC CHOICE, AND SPECIAL-INTEREST-GROUP POLITICS.
31. Market Failure: Externalities, Public Goods, and Asymmetric Information.
32. Public Choice and Special-Interest-Group Politics.
Part XII: ECONOMIC THEORIES AND RESEARCH
33. New Frontiers in Economic Research: Causal Inference and Machine Learning
International Economics
Part XIII: INTERNATIONAL TRADE AND FINANCE
34. International Trade.
35. International Finance.

• Roger A. Arnold

  Dr. Roger Arnold is at California State University San Marcos, where his fields of specialization are general microeconomic theory and monetary theory. Dr. Arnold earned his B.S. in economics from the University of Birmingham in England. He received his Ph.D. in economics from Virginia Tech.

• Daniel R Arnold

  Dr. Daniel Arnold is a research economist in the School of Public Health at University of California, Berkeley, where his field of specialization is health economics. He is also research director of the Nicholas C. Petris Center on Health Care Markets and Consumer Welfare. He received his B.A. in economics and mathematics from Cornell University. He received his Ph.D. in economics from University of California, Santa Barbara.

• David H Arnold

  Dr. David Arnold is at University of California, San Diego, where his fields of specialization are labor economics, imperfect competition, and discrimination. He received his B.A. in economics from University of California, Berkeley. He received his Ph.D. in economics from Princeton University.

• THREE NEW CHAPTERS ADDRESS IMPORTANT, INFLUENTIAL TOPICS IN ECONOMICS TODAY. The author has created three new chapters in this edition to capture the latest content related to forces influencing economics. While the topics are new to the principles course, they are discussed in a way that students can easily understand. New Chapter 18 reviews creative destruction and crony capitalism. New Chapter 30 examines health economics, including experiments, disparities and prices related to health care; and a new Chapter 33 explores the latest economic research, including causal inference and machine learning.

• NEW CONTENT DETAILS CREATIVE DESTRUCTION AND CRONY CAPITALISM AND THEIR IMPACT ON ECONOMICS (CH. 18). Students examine what is happening in today's changing, and sometimes unsettled, economy. New material defines both creative destruction and crony capitalism using past and present examples. Students read about the roles of companies such as Amazon, Facebook and Google in the economy. New content also reviews the effects of creative destruction on capital-labor mix in the economy, how artificial intelligence (AI) affects employment and the role of rent-seeking in crony capitalism.

• NEW CHAPTER 30, "HEALTH ECONOMICS: EXPERIMENTS, DISPARITIES, AND PRICES" INTRODUCES NEW DEVELOPMENTS IN HEALTH CARE TODAY. New discussions review today's prominent health disparities and why they exist. The author also explores the results of the RAND Health Insurance Experiment. Students consider why the U.S. spends more than other countries on health care. This chapter also examines how randomized control trials are used in the study of health care.

• NEW CHAPTER 33 ADDRESSES NEW FRONTIERS IN ECONOMIC RESEARCH: CAUSAL INFERENCE AND MACHINE LEARNING. The latest content introduces students to what is happening in economic research today. Students learn the differences between a controlled and a natural experiment with examples of natural experiment research studies. Students also learn about machine learning and how it is used to make accurate predictions. Specific examples study situations such as how being drafted into the Vietnam War affected long-term earnings.

• UPDATED "ECONOMICS 24/7" FEATURES DEMONSTRATE ECONOMICS AT WORK IN DAILY LIFE. These engaging and practical boxed features in every chapter highlight areas such as incentives and going to the movies, the disappearing Phillips curve, negative interest rates, the economic effects of Covid-19, holding cash, Google as a nonexcludable public good, antitrust and Big Tech and Shake Shack. Other "Economics 24/7" in this edition present developments such as economic growth and medical innovations, artificial intelligence, mobile phone-based transfer services, Cloud services and data portability.

• SIGNIFICANTLY REVISED COVERAGE OF THE FEDERAL RESERVE SYSTEM (CH. 13) REVIEWS CHANGES IN MONETARY POLICY TODAY. This rewritten chapter on the Federal Reserve System now highlights the major difference between how monetary policy was conducted in the past (pre-October 2008) and how it is conducted today. This discussion of today’s monetary policy examines how the interest on reserves rate (IOR rate) and the overnight reverse repurchase rate (ON-RRP rate) are used by the Fed in conducting monetary and interest rate policy in an ample reserves environment.

• THIS EDITION DEVOTES ENTIRE CHAPTERS TO CREATIVE DESTRUCTION, CRONY CAPITALISM AND ECONOMIC RESEARCH. The new Chapter 18 on creative destruction and crony capitalism demonstrates how both are relevant to the economy in the early 21st Century, while Chapter 33 explains how economists conduct research today with emphasis on randomized control trials, natural experiments, instrumental variables, cutoff rules, regression discontinuity, big data and machine learning. While the topics may be new to the principles course, they are discussed in a way that students can easily understand.

• "ECONOMICS 24/7" FEATURE ILLUSTRATES THE PRACTICAL RELEVANCE OF KEY CONCEPTS. This engaging feature explains timely issues when using economic analysis. For example, students examine personal topics, such as why "shortages" on freeways occur, what price has to do with being late to class, what studying has to do with one’s production possibilities frontier and what can cause grade inflation. Readers learn to look for economic forces at work as they study the principles behind those forces.

• "QUESTIONS TO ANSWER BEFORE GOING TO CLASS" HELPS STUDENTS PREPARE FOR MEANINGFUL, INTERACTIVE CLASS DISCUSSIONS. This feature gives students an opportunity to answer 15–25 thought-provoking questions based on the chapter reading. Answering these questions gives students confidence in their preparation for upcoming class lectures.

• "WHAT’S WRONG WITH THIS DIAGRAM?" AND RELATED FEATURES HELP STUDENTS MASTER DIAGRAMS FOR ECONOMICS. This feature works with proven "Working With Diagrams" and "Progression Graphs" learning aids to help students master both reading and understanding all of the critical diagrams found in today’s economics principles course.

• "OFFICE HOURS" LEARNING FEATURE GIVES A BEHIND THE SCENES EXPLANATION OF CHAPTER TOPICS. This engaging feature lets students witness a back-and-forth dialogue between instructor and student on a topic highlighted within the chapter. These back-and-forth dialogues also help clarify or expand upon previously discussed topic.

• "FINDING ECONOMICS" BRIEF FEATURES LIFT EXAMPLES OF ECONOMICS IN STUDENTS' DAILY LIVES. Economics occurs everywhere around today's students -- as long as they know where to look. This short feature provides examples from the many thousands of places where economics is at work in daily life.

• "THINKING LIKE AN ECONOMIST" FEATURES HIGHLIGHT HOW TODAY'S ECONOMISTS APPROACH TOPICS. This short yet insightful feature identifies key concepts and details the thinking behind trusted economist when they study these topics.

• LEADING APLIA DIGITAL MANAGEMENT SYSTEM ENCOURAGES INTERACTIVE LEARNING. Aplia online resources offer comprehensive, interactive economic problem sets, analyses, tutorials, experiments and critical-thinking exercises that require students to take an active role in the learning process. Based on discovery learning, the system helps students improve their economic understanding without creating extra work for you, the instructor. The system automatically grades and records homework and works with any learning management system.

• VIRTUALLY ENDLESS CUSTOMIZATION CHOICES OFFER ULTIMATE TEACHING FLEXIBILITY. You can easily rearrange this edition's chapters to best suit your individualized course. You can also customize online chapters for print. In addition, you can add any topic, including your own research, notes or specialized content from the Cengage Economics Issues database.

Cengage provides a range of supplements that are updated in coordination with the main title selection. For more information about these supplements, contact your Learning Consultant.

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