Macroeconomics, Canadian Edition, 5th edition
- 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 to this Edition
- Many chapter openers have been replaced with new feature companies, or updated with new information.
- There are many new Apply the Concept features and videos to help students tie economic concepts to current events and policy issues.
- A section has been added on global trade imbalances, tariffs, and the U.S. trade war.
- There are many new Apply the Concept features and videos to help students tie economic concepts to current events and policy issues.
- Figures and tables have been updated with the latest data available, and many are accompanied by a supporting video or animation.
- There are 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. There are whiteboard videos of select Solved Problems that bring these real-world problems to life with audio, background photos, and step-by-step construction of graphs and tables.
- Selected 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.
Key features
Digital Assets in MyLab Economics
- AI Study Tool. Designed for students who want to save time and study efficiently, this eText includes Pearson’s new genAI study tool. When they open their eText, students can click the AI icon (available on any page) and request summaries, explanations, or practice questions. This tool offers consistent guidance when needed and provides quick, personalized support and feedback by referencing content from their Pearson text.
- Concept Checks. For each learning objective section, we provide a Concept Check that is accessible in the corresponding section within the MyLab Economics page. Each Concept Check contains one or two multiple-choice, true/false, or fill-in questions. These checks act as “speed bumps” that encourage students to stop and check their understanding of fundamental terms and concepts before moving on to the next section. The goal of this digital resource is to help students assess their progress on a section-by-section basis so they can be better prepared for homework, quizzes, and exams.
- Graphs and Summary Tables. Graphs are an indispensable part of a principles of economics course but are a major stumbling block for many students. Most chapters include end-of-chapter problems that require students to draw, read, and interpret graphs. Video animations or real-time data graphs of the numbered figures appear within the book’s MyLab Economics page.
- Interactive Models. Interactive Models allow students to interact with economics models. Learners can play with variables using slides and watch the market return to equilibrium. These interactive graphs can be found by learners within the eTextbook, and can be assigned by instructors through our MyLab Multimedia Library.
- 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.
- Digital Interactives. Economic principles are not static ideas, and learning them shouldn’t be either. Digital Interactives are dynamic and engaging assessment activities that promote critical thinking and application of key economic principles. Each Digital Interactive has 3–5 progressive levels and requires approximately 20 minutes to explore, apply, compare, and analyze each topic. Digital Interactives can be assigned and graded within MyLab Economics or used as a lecture tool to encourage engagement, classroom conversation, and group work.
- Videos.We have various videos to launch chapters and demonstrate how to apply concepts.These videos are integrated directly into the eTextbook to get students learning actively, making it more likely that they’ll retain what they’ve read. The videos also appear in the MyLab and can be assigned through the multimedia library of MyLab. Another new feature is the Media Share functionality in the MyLab: For the first time, instructors can upload and/ or create video, add questions, and assign points through Video Quizzing.
- Real-Time Data Analysis Figures. Real-Time Data Analysis figures use up-to-the-minute, real-time macroeconomic data. These figures communicate directly with the Federal Reserve Bank of St. Louis’s FRED™ site, so every time FRED posts new data, students see it within the eTextbook.
- Learning Catalytics. Learning Catalytics™ allows students to use any web-enabled device to participate in-class. Instructors can access a library of prebuilt questions or construct questions on their own to keep students engaged in the lecture. Learning Catalytics can be assigned to students synchronously or asynchronously and used for individual or group work. It can also place students in discussion groups based on their responses and location, regardless of class size.
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.