Principles of Macroeconomics 2e
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About Principles of Macroeconomics 2e
Principles of Macroeconomics 2e (2nd edition) covers the scope and sequence requirements of most introductory
macroeconomics courses. The text includes many current examples, which are handled in a politically equitable way.
The outcome is a balanced approach to both Keynesian and classical views, and to the theory and application of
economics concepts. The second edition has been thoroughly revised to increase clarity, update data and current event
impacts, and incorporate the feedback from many reviewers and adopters.
Coverage and scope
To develop the first edition of Principles of Macroeconomics, we acquired the rights to Timothy Taylor’s Principles of
Economics and solicited ideas from economics instructors at all levels of higher education, from community colleges
to PhD-granting universities. For the second edition, we received even more expansive and actionable feedback from
hundreds of adopters who had used the book for several academic terms. These knowledgeable instructors informed
the pedagogical courses, learning objective development and fulfillment, and the chapter arrangements. Faculty who
taught from the material provided critical and detailed commentary.
The result is a book that covers the breadth of economics topics and also provides the necessary depth to ensure the
course is manageable for instructors and students alike. We strove to balance theory and application, as well as the
amount of calculation and mathematical examples.
The book is organized into seven main parts:
What is Economics? The first two chapters introduce students to the study of economics with a focus on making choices in a world of scarce resources.
Supply and Demand, Chapters 3 and 4, introduces and explains the first analytical model in economics: supply, demand, and equilibrium, before showing applications in the markets for labor and finance.
Elasticity and Price, Chapter 5, introduces and explains elasticity and price, two key concepts in economics.
The Macroeconomic Perspective and Goals, Chapters 6 through 10, introduces a number of key concepts in
macro: economic growth, unemployment and inflation, and international trade and capital flows.
A Framework for Macroeconomic Analysis, Chapters 11 through 13, introduces the principal analytic
model in macro, namely the aggregate demand/aggregate supply Model. The model is then applied to the
Keynesian and Neoclassical perspectives. The expenditure-output model is fully explained in a stand-alone
Monetary and Fiscal Policy, Chapters 14 through 18, explains the role of money and the banking system,
as well as monetary policy and financial regulation. Then the discussion switches to government deficits and
International Economics, Chapters 19 through 21, the final part of the text, introduces the international
dimensions of economics, including international trade and protectionism.
Principles of Macroeconomics 2e was conceived and written to fit a particular topical sequence, but it can be used
flexibly to accommodate other course structures. One such potential structure, which will fit reasonably well with the
textbook content, is provided below. Please consider, however, that the chapters were not written to be completely
independent, and that the proposed alternate sequence should be carefully considered for student preparation and
Chapter 1 Welcome to Economics!
Chapter 2 Choice in a World of Scarcity
Chapter 3 Demand and Supply
Chapter 4 Labor and Financial Markets
Chapter 5 Elasticity
Chapter 20 International Trade
Chapter 6 The Macroeconomic Perspective
Chapter 7 Economic Growth
Chapter 8 Unemployment
Chapter 9 Inflation
Chapter 10 The International Trade and Capital Flows
Chapter 12 The Keynesian Perspective
Chapter 13 The Neoclassical Perspective
Chapter 14 Money and Banking
Chapter 15 Monetary Policy and Bank Regulation
Chapter 16 Exchange Rates and International Capital Flows
Chapter 17 Government Budgets and Fiscal Policy
Chapter 11 The Aggregate Demand/Aggregate Supply Model
Chapter 18 The Impacts of Government Borrowing
Chapter 19 Macroeconomic Policy Around the World
Chapter 21 Globalization and Protectionism
Appendix A The Use of Mathematics in Principles of Economics
Appendix B The Expenditure-Output Model
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