- Glenn Hubbard |
- Anthony Patrick O'Brien |
- Apostolos Serletis |
- Jason Childs |
Title overview
For 1-semester principles of macroeconomics courses.
The relevance of economics, shown through real-world business examples
Economics makes economic principles relevant by demonstrating how real businesses use them to make decisions. For instructors, it eases the challenge of conveying how these principles directly impact students' lives. No matter their career path, whether it's opening an art studio, trading on Wall Street or bartending at the local pub, students will benefit from grasping the economic forces behind their work.
Hallmark Features
- Business Cases. Each chapter-opening case provides a real-world context for learning, sparks students’ interest in economics, and helps unify the chapter. The case describes an actual company facing a real situation. The company is integrated in the narrative, graphs, and pedagogical features of the chapter. Some of the chapter openers focus on the role of entrepreneurs in developing new products and bringing them to market.
- Solved Problems. Many students have great difficulty handling applied economics problems. We help students overcome this hurdle by including in each chapter two or three worked-out problems that analyze real-world economic issues they hear and read about in the news. Our goals are to keep students focused on the main ideas of each chapter and give them a model for how to solve an economic problem by breaking it down step by step. We tie additional exercises in the end-of-chapter Problems and Applications section to every Solved Problem. Additional Solved Problems appear in the Instructor’s Manuals. In addition, the Test Banks include problems tied to the Solved Problems in the main book.
- Apply the Concept. Each chapter includes two to four Apply the Concept features that provide real-world reinforcement of key concepts and help students learn how to interpret what they read on the Web and in newspapers. Most of the Apply the Concept features use relevant, stimulating, and provocative news stories focused on businesses and policy issues. One-third of them are new to this edition, and most others have been updated. Each Apply the Concept has at least one supporting end-of-chapter problem to allow students to test their understanding of the topic discussed.
- Don’t Let This Happen to You. We know from many years of teaching which concepts students find most difficult. We include in each chapter a box feature called Don’t Let This Happen to You that alerts students to the most common pitfalls in that chapter’s material. We follow up with a related question in the end-of-chapter Problems and Applications section.
- Review Questions and Problems and Applications Grouped by Learning Objective to Improve Assessment. We group the main end-of-chapter material—Summary, Review Questions, and Problems and Applications—under learning objectives. The goals of this organization are to make it easier for instructors to assign problems based on learning objectives and to help students efficiently review material that they find difficult. If students have difficulty with a particular learning objective, an instructor can easily identify which end-of-chapter questions and problems support that objective and assign them as homework or discuss them in class.
New GenAI Study Tool
We’ve heard how important it is for students to use reliable AI tools in responsible and productive ways. To that end, Pearson is focused on creating tools that combine the power of generative AI with trusted Pearson content to provide students with a simplified study experience, delivering on-demand and personalised support that compliments your teaching and aligns with the text you’ve chosen. The Study Tool is available to students who access the Pearson eText on its own or through MyLab.
What can the AI Study Tool do?
- Generate simplified explanations of challenging sections
- Summarize material to help learners focus on key topics and ideas
- Students can ask for multiple choice or short answer questions related to a specific chapter or section to help fill knowledge gaps
- For extra practice, students can also generate flashcards and notes based on their chat interaction with the tool
New and updated features of this title
- New Apply the Concept features, some with accompanying video or audio, to help students tie economic concepts to current events and policy issues. The Apply the Concept features from the previous edition have been updated. Many of these features discuss the effects of the COVID-19 pandemic on the economy and the government's policy response.
- New Solved Problems, and many of those retained from the previous edition have been updated. The Solved Problem feature uses real-world products, events, and policies to help students break down and answer economic problems step by step. Whiteboard videos of select Solved Problems bring these real-world problems to life with audio, background photos, and step-by-step construction of graphs and tables.
- All the figures and tables have been updated with the latest data available. Many of the numbered figures are accompanied by a supporting video animation or an interactive real-time data graph. The figures help students visualize the unprecedented changes in economic variables resulting from the pandemic.
- Many of the end-of-chapter Problems and Applications have been updated or replaced. In most chapters, one or two problems include graphs or tables for students to analyze. Select chapters have a category titled Real- Time Data Exercises, and we have updated some of those exercises.
Key features
Important Digital Assets in MyLab Economics
- New GenAI Study Tool. We’ve heard how important it is for students to use reliable AI tools in responsible and productive ways. To that end, Pearson is focused on creating tools that combine the power of generative AI with trusted Pearson content to provide students with a simplified study experience, delivering on-demand and personalised support that compliments your teaching and aligns with the text you’ve chosen.
- 2024 Digital Update – Econ in the News - MyLab Question Update (50 New Questions)
- 2024 Digital Update – Micro/Macro Interactive Models with Assessment - 60 new TDX questions to accompany the new and updated models (3 per model)
- Dynamic Study Modules. Using a highly personalized, algorithmically driven process, Dynamic Study Modules continuously assess student performance and provide additional practice in the areas where they struggle the most. Each Dynamic Study Module, accessed by computer, smartphone, or tablet, promotes fast learning and long-term retention
- Current Events Boxes. The Apply the Concept feature brings currency into your classroom with author-written content that connects key concepts with real-life current events. Periodically our authors add new or revised content or data to ensure that your students have relevant examples to help them engage with the course.
- Videos. We have various videos to launch chapters and demonstrate how to apply concepts. These videos appear in the eText and can be assigned through the multimedia library of MyLab.
- Ready-to-Go. A roadmap to planning your course, our Ready-to-Go helps instructors unlock content and tools available within our MyLab. Curated for each title, this website provides a path for instructors to explore and implement resources for teaching and learning. Using the framework of before, during, and after class, this online instructor's solutions manual helps pinpoint the tools you need from the instructor support materials and online platforms to support your course planning for in-class, online, and hybrid instruction.
Table of contents
Author bios
Glenn Hubbard, policymaker, professor, and researcher. Hubbard is Dean emeritus and Russell L. Carson Professor of Finance and Economics in the Graduate School of Business at Columbia University and professor of economics in Columbia's Faculty of Arts and Sciences. He is also a research associate of the National Bureau of Economic Research and a director of Automatic Data Processing, Black Rock Fixed-Income Funds, and MetLife. He received a PhD in economics from Harvard University in 1983. From 2001 to 2003, he served as chair of the White House Council of Economic Advisers and chair of the OECD Economic Policy Committee, and from 1991 to 1993, he was deputy assistant secretary of the US Treasury Department. He currently serves as co-chair of the nonpartisan Committee on Capital Markets Regulation. Hubbard's fields of specialization are public economics, financial markets and institutions, corporate finance, macroeconomics, industrial organization, and public policy. He is the author of more than 100 articles in leading journals, including American Economic Review; Brookings Papers on Economic Activity; Journal of Finance; Journal of Financial Economics; Journal of Money, Credit, and Banking; Journal of Political Economy; Journal of Public Economics; Quarterly Journal of Economics; RAND Journal of Economics; and Review of Economics and Statistics. His research has been supported by grants from the National Science Foundation, the National Bureau of Economic Research, and numerous private foundations.
Tony O'Brien, award-winning professor and researcher. O'Brien is a professor of economics at Lehigh University. He received a PhD from the University of California, Berkeley, in 1987. He has taught principles of economics for more than 20 years, in both large sections and small honors classes. He received the Lehigh University Award for Distinguished Teaching. He was formerly the director of the Diamond Center for Economic Education and was named a Dana Foundation Faculty Fellow and Lehigh Class of 1961 Professor of Economics. He has been a visiting professor at the University of California, Santa Barbara, and the Graduate School of Industrial Administration at Carnegie Mellon University. O'Brien's research has dealt with issues such as the evolution of the US automobile industry, the sources of US economic competitiveness, the development of US trade policy, the causes of the Great Depression, and the causes of black-white income differences. His research has been published in leading journals, including American Economic Review; Quarterly Journal of Economics; Journal of Money, Credit, and Banking; Industrial Relations; Journal of Economic History; and Explorations in Economic History. His research has been supported by grants from government agencies and private foundations.
Jason Childs, associate professor of economics at the University of Regina. Jason Childs received his PhD from McMaster University in 2003, where he developed a passion for experiential learning and teaching. He has taught introductory economics (both micro and macro) his entire career. He began his teaching career with the McCain Postdoctoral Fellowship at Mount Allison University and then spent six years at the University of New Brunswick, where he received a teaching award and was nominated for two others. Since joining the University of Regina, he has continued to teach introductory economics and has been nominated for the President's Teaching Award. While in Saskatchewan, he has contributed to a variety of government reports and consulting projects. His academic research has dealt with a wide range of topics, such as comparing basic economic behaviour of different Canadian populations, voluntary provision of public services, uncovered interest rate parity, and lying. He has recently published multiple works on the pricing of legal recreational cannabis. Dr. Childs also serves his community as a volunteer firefighter.
Apostolos Serletis, professor of economics at the University of Calgary. Since receiving his Ph.D. from McMaster University in 1984, he has held visiting appointments at the University of Texas at Austin, the Athens University of Economics and Business, and the Research Department of the Federal Reserve Bank of St. Louis. Professor Serletis’s teaching and research interest focus on monetary and financial economics, macroeconometrics, and nonlinear and complex dynamics. He is the author of twelve books, including The Economics of Money, Banking, and Financial Markets (Canadian edition), with Frederic S. Mishkin; Macroeconomics: A Modern Approach: First Canadian Edition, with Robert J. Barro (Nelson, 2010); The Demand for Money: Theoretical and Empirical Approaches (Springer, 2007); Financial Markets and Institutions (Canadian edition), with Frederic S. Mishkin and Stanley G. Eakins (Addison-Wesley, 2004); and The Theory of Monetary Aggregation, co-edited with William A. Barnett (Elsevier, 2000). In addition, he has published over 300 articles in such journals as the Journal of Economic Literature, Journal of Monetary Economics, Journal of Money, Credit, and Banking, Journal of Econometrics, Journal of the American Statistical Association, Journal of Applied Econometrics, Journal of Business and Economic Statistics, Macroeconomic Dynamics, Journal of Banking and Finance, Journal of Economic Dynamics and Control, Economic Inquiry, Oxford Economic Papers, Oxford Bulletin of Economics and Statistics, Energy Economics, The Energy Journal, Canadian Journal of Economics, Econometric Reviews, and Studies in Nonlinear Dynamics and Econometrics, among others. Apostolos Serletis is a Fellow of the Royal Society of Canada, Past President of the Society for Economic Measurement, Director of the Energy Industry program at the RUDN University in Moscow, Coeditor of Macroeconomic Dynamics and the Journal of Economic Asymmetries, Editor-in-Chief of the Open Economies Review, and Associate Editor of Energy Economics. He has also served as Guest Editor of the Journal of Econometrics, Econometric Reviews, and Macroeconomic Dynamics.