![]() ![]() In most chapters it doesn't matter much, but for the discussion of monetary and fiscal policy it is important to point out that the discussion in the textbook ends with the immediate aftermath of the 2008 recession, thus is missing the more recent changes in the Fed's policy and recent developments. The lack of recent updates is in my opinion the main weakness of the textbook. ![]() I would personally like to see inclusion of the Austrian View of the Business Cycle, and of a more critical perspective on inflation, debt, and the role of government in general. ![]() The inclusion of topics is very standard and the discussion seems objective. The textbook seems to be accurate, without errors, and I think the author does a good job providing a balanced view, at least judging by the standards set by other principles of economics textbooks. Important terms are highlighted in the text, but I couldn't find a list of definitions to these. While the scope of the coverage is great, I couldn't find an index or a glossary of terms. Individual topics are developed in sufficient depth, for instance the discussion of marginal benefit and marginal cost in chapter 6 is more detailed than in most of the other textbooks that I have seen. ![]() I don't recall seeing anything close to this in other intro to economics textbooks that I have seen. The scope of the book is impressive, it even includes a chapter on the recent history of macroeconomic thought, with a great discussion of the macroeconomic policy during Great Depression, and since, doing a good job integrating the tools developed in earlier chapters. Reviewed by Marek Kolar, Associate Professor, Trine University on 5/30/19 I found this book to follow quite closely the way I like to teach principles. Most examples are from the US, but there are some examples from elsewhere in the world. In chapter 5 the sections are in the wrong order. Some of the equations did not show up in the program I was using to read it. Inevitably, some chapters assume that you learned the previous material (S&D, or AS/AD). I particularly like the "Heads Up" section, which accurately points out the most common mistakes that undergraduates make.ĪS/AD is introduced early in the macroeconomic section and is used in later chapters.Īrranged usefully into relatively short chapters. Most won't go out of date, but for a few you notice their age. Includes specific examples from the news. Does a good job with the GDP measurement problems. This book covers everything I do in Principles, plus some things I would like to include if I had time. Reviewed by Joyce Burnette, Professor of Economics, Wabash College on 8/12/19 Journalism, Media Studies & Communications +. ![]()
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