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The document is an overview of the 17th edition of 'Macroeconomics: Private and Public Choice' by James D. Gwartney and others, which covers essential economic concepts, guideposts for economic thinking, and keys to economic prosperity. It also includes special topics relevant to current economic issues, such as government spending, social security, and the impacts of recent recessions. The content is structured into parts focusing on economic thinking, markets, core macroeconomics, international economics, and applying basic concepts to real-world situations.

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The Eight Guideposts to Economic Thinking
These eight guideposts provide the foundation for the economic way of thinking (they are
discussed in Chapter 1). To do well in this course you will need to understand and be able
to apply these ideas to a wide range of issues.

1. The use of scarce resources is costly; trade-offs must always be made.

2. Individuals choose purposefully — they try to get the most from their limited resources.
3. Incentives matter — choice is influenced in a predictable way by changes in incentives.
4. Individuals make decisions at the margin.
5. Although information can help us make better choices, its acquisition is costly.
6. Beware of the secondary effects: Economic actions often generate indirect
as well as direct effects.
7. The value of a good or service is subjective.
8. The test of a theory is its ability to predict.

Special Topics
These Special Topics covered in the “Applying the Basics” section use the basic concepts
to analyze important current-day topics.

1. Government Spending and Taxation

2. The Economics of Social Security
3. The Stock Market: Its Function, Performance, and Potential as an Investment
Opportunity
4. Keynes and Hayek: Contrasting Views on Sound Economics and the Role
of Government
5. The 2020 COVID-19 Recession: Cause, Response, and Implications for the Future
6. The Great Recession of 2008-2009: Causes and Response
7. Lessons from the Great Depression

1. Human Ingenuity. Economic goods are the result of human ingenuity and action;
thus, the size of the economic pie is variable, not fixed. [Chapter 2]
2. Private Ownership. Private ownership provides people with a strong incentive to take
care of things and develop resources in ways that are highly valued by others. [Chapter 2]
3. Gains from Trade. Trade makes it possible for individuals to generate more output
through specialization and division of labor, large-scale production processes,
and the dissemination of improved products and production methods. [Chapter 2]
4. Invisible Hand Principle. Market prices coordinate the actions of self-interested
individuals and direct them toward activities that promote the general welfare. [Chapter 3]
5. Profits and Losses. Profits direct producers toward activities that increase the value
of resources; losses impose a penalty on those who reduce the value of resources.
[Chapter 3]
6. Price Stability. Maintenance of price stability is the essence of sound monetary policy;
price stability provides the foundation for both economic stability and the efficient
operation of markets. [Chapter 14]
7. International Trade. When people are permitted to engage freely in international
trade, they are able to achieve higher income levels and living standards than would
otherwise be possible. [Chapter 18]
8. Role of Government. Governments promote economic progress when they protect
individuals and their property, enforce contracts impartially, provide access to money
of stable value, avoid high taxes and excessive regulation, and foster competitive
markets and free international trade. [Chapter 16]

JAMES D. GWARTNEY
Florida State University

RICHARD L. STROUP
Professor Emeritus of Economics at Montana State University

RUSSELL S. SOBEL
The Citadel

DAVID A. MACPHERSON
Trinity University, San Antonio TX

With Assistance of Jane Shaw Stroup

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BRIEF CONTENTS
INDEX
Preface xvii
Acknowledgments xxiii
About the Authors xxv
Part 1: The Economic Way of Thinking 1
Chapter 1 The Economic Approach 2
Chapter 2 Some Tools of the Economist 17
Part 2: Markets and Government 41
Chapter 3 Demand, Supply, and the Market Process 42
Chapter 4 Demand and Supply: Applications and Extensions 70
Chapter 5 Difficult Cases for the Market, and the Role of Government 93
Chapter 6 The Economics of Political Action 110
Part 3: Core Macroeconomics 131
Chapter 7 Taking the Nation’s Economic Pulse 132
Chapter 8 Economic Fluctuations, Unemployment, and Inflation 156
Chapter 9 An Introduction to Basic Macroeconomic Markets 175
Chapter 10 Dynamic Change, Economic Fluctuations, and the AD–AS Model 197
Chapter 11 Fiscal Policy: The Keynesian View and the Historical Development of
Macroeconomics 217
Chapter 12 Fiscal Policy, Incentives, and Secondary Effects 231
Chapter 13 Money and the Banking System 248
Chapter 14 Modern Macroeconomics and Monetary Policy 270
Chapter 15 Macroeconomic Policy, Economic Stability, and the Federal Debt 291
Chapter 16 Creating an Environment for Growth and Prosperity 311
Chapter 17 The Economics of Development 335
Part 4: International Economics 355
Chapter 18 Gaining from International Trade 356
Chapter 19 International Finance and the Foreign Exchange Market 378
Part 5: Applying the Basics: Special Topics in Economics 397
Special Topic 1: Government Spending and Taxation 398
Special Topic 2: The Economics of Social Security 413
Special Topic 3: The Stock Market: Its Function, Performance, and Potential as an
Investment Opportunity 423
Special Topic 4: Keynes and Hayek: Contrasting Views on Sound Economics and the
Role of Government 434
Special Topic 5: The 2020 COVID-19 Recession: Cause, Response, and Implications
for the Future 441
Special Topic 6: The Great Recession of 2008–2009: Causes and Response 449
Special Topic 7: Lessons from the Great Depression 463
Appendix A General Business and Economics Indicators for the United States 477
Appendix B Answers to Selected Critical Analysis Questions 484
Glossary 495
Index 504

Part 1 The Economic Way of Thinking 1

Chapter 1 The Economic Approach 2
1-1 What Is Economics About? 3
1-1a Scarcity and Poverty Are Not the Same 5
1-1b Scarcity Necessitates Rationing 6
1-1c The Method of Rationing Influences the Nature of Competition 6
1-2 The Economic Way of Thinking 6
1-2a Eight Guideposts to Economic Thinking 7
1-3 Positive and Normative Economics 12
1-4 Pitfalls to Avoid in Economic Thinking 13
1-4a Violation of the Ceteris Paribus Condition Can Lead One to Draw the Wrong Conclusion 13
1-4b Good Intentions Do Not Guarantee Desirable Outcomes 13
1-4c Association Is Not Causation 14
1-4d The Fallacy of Composition: What’s True for One Might Not Be True for All 15
Key Points 15
Critical Analysis Questions 16

Chapter 2 Some Tools of the Economist 17

2-1 What Shall We Give Up? 18
2-1a Opportunity Cost 18
2-1b Opportunity Cost and the Real World 18
2-2 Trade Creates Value 19
2-2a Transaction Costs—A Barrier to Trade 20
2-2b The Middleman as a Cost Reducer 21
2-3 The Importance of Property Rights 22
2-3a Private Ownership and Markets 24
2-4 Production Possibilities Curve 26
2-4a Shifting the Production Possibilities Curve Outward 28
2-4b Production Possibilities and Economic Growth 31
2-5 Trade, Output, and Living Standards 32
2-5a Gains from Specialization and Division of Labor 32
2-5b Gains from Mass Production Methods 33
2-5c Gains from Innovation 34
2-6 Human Ingenuity, Entrepreneurship, and the Creation of Wealth 34
2-7 Economic Organization 35
2-7a Market Organization 35
2-7b Political Organization 37
Key Points 37
Critical Analysis Questions 38
Addendum 39
Comparative Advantage, Specialization, and Gains from Trade 39

vii

Part 2 Markets and Government 41

Chapter 3 Demand, Supply, and the Market Process 42
3-1 Consumer Choice and the Law of Demand 43
3-1a The Market Demand Schedule 44
3-1b Consumer Surplus 45
3-1c Responsiveness of Quantity Demanded to Price Changes: Elastic and Inelastic
Demand Curves 46
3-2 Changes in Demand versus Changes in Quantity Demanded 47
3-3 Producer Choice and the Law of Supply 50
3-3a The Role of Profits and Losses 52
3-3b Market Supply Schedule 52
3-3c Producer Surplus 53
3-3d Responsiveness of Quantity Supplied to Price Changes: Elastic and Inelastic
Supply Curves 54
3-4 Changes in Supply versus Changes in Quantity Supplied 55
3-5 How Market Prices Are Determined: Demand and Supply Interact 57
3-5a Market Equilibrium 57
3-5b Efficiency and Market Equilibrium 59
3-6 How Markets Respond to Changes in Demand and Supply 60
3-7 Entrepreneurship, Profit, and the Dynamics of Market Competition 63
3-8 Invisible Hand Principle 65
3-8a Prices and Market Order 65
3-8b Competition and Property Rights 67
Key Points 67
Critical Analysis Questions 68

Chapter 4 Demand and Supply: Applications and Extensions 70

4-1 The Link between Resource and Product Markets 71
4-2 The Economics of Price Controls 72
4-2a The Impact of Price Ceilings 72
4-2b Rent Control: A Closer Look at a Price Ceiling 75
4-2c The Impact of Price Floors 76
4-2d Minimum Wage: A Closer Look at a Price Floor 77
4-3 Black Markets and the Importance of the Legal Structure 80
4-4 The Impact of a Tax 80
4-4a The Deadweight Loss Caused by Taxes 82
4-4b Actual versus Statutory Incidence 82
4-4c Elasticity and the Incidence of a Tax 84
4-4d Elasticity and the Deadweight Loss 85
4-5 Tax Rates, Tax Revenues, and the Laffer Curve 85
4-6 The Impact of a Subsidy 88
4-6a Elasticity and the Benefit of Government Subsidy Programs 88
4-6b Real-World Subsidy Programs 89
Key Points 91
Critical Analysis Questions 91

Chapter 5 Difficult Cases for the Market, and the Role of Government 93
5-1 A Closer Look at Economic Efficiency 94
5-1a If It’s Worth Doing, It’s Worth Doing Imperfectly 95
5-2 Thinking About the Economic Role of Government 96
5-2a Protective Function of Government 96
5-2b Productive Function of Government 96
5-3 Potential Shortcomings of the Market 97
5-3a Lack of Competition 97
5-3b Externalities—A Failure to Account for All Costs and Benefits 98
5-3c External Costs 99
5-3d What Should Be Done About External Costs? 100
5-3e External Benefits 101

5-3f Expanding the Scope of a Project and Capturing External Benefits 102
5-3g Public Goods and Why they Pose a Problem for the Market 104
5-3h Potential Information Problems 105
5-3i Information as a Profit Opportunity 106
5-4 Market and Government Failure 108
Key Points 109
Critical Analysis Questions 109

Chapter 6 The Economics of Political Action 110

6-1 The Size and Growth of the U.S. Government 111
6-2 Similarities and Differences between Political and Market Allocation 113
6-3 Political Decision-Making: An Overview 114
6-3a Incentives Confronted by the Voter 115
6-3b Incentives Confronted by the Politician 116
6-3c Incentives Confronted by the Government Bureaucrat 117
6-4 When the Political Process Works Well 118
6-5 When the Political Process Works Poorly 120
6-5a Special-Interest Effect 120
6-5b Shortsightedness Effect 123
6-5c Rent-seeking 124
6-5d Inefficiency of Government Operations 125
6-6 Political Favoritism, Crony Capitalism, and Government Failure 125
6-7 The Economic Way of Thinking about Markets and Government 128
Key Points 129
Critical Analysis Questions 129

Part 3 Core Macroeconomics 131

Chapter 7 Taking the Nation’s Economic Pulse 132
7-1 GDP—A Measure of Output 133
7-1a What Counts toward GDP? 133
7-1b Dollars Are the Common Denominator for GDP 135
7-2 GDP as a Measure of Both Output and Income 135
7-2a Deriving GDP by the Expenditure Approach 136
7-2b Deriving GDP by the Resource Cost–Income Approach 138
7-2c The Relative Size of GDP Components 139
7-2d The COVID-19 Pandemic and GDP 140
7-3 Adjusting for Price Changes and Deriving Real GDP 140
7-3a Key Price Indexes: The Consumer Price Index and the GDP Deflator 141
7-3b Using the GDP Deflator to Derive Real GDP 142
7-4 Problems with GDP as a Measuring Rod 145
7-4a Nonmarket Production 145
7-4b Underground Economy 146
7-4c Leisure and Human Costs 146
7-4d Quality Variation and the Introduction of New Goods 146
7-4e Harmful Side Effects and Economic “Bads” 147
7-4f GDP Understates Well-Being in the Information Age 147
7-5 Differences in GDP over Time 149
7-6 The Great Contribution of GDP 150
Key Points 153
Critical Analysis Questions 153
Addendum 155
The Construction of a Price Index 155

Chapter 8 Economic Fluctuations, Unemployment, and Inflation 156

8-1 Swings in the Economic Pendulum 157
8-1a A Hypothetical Business Cycle 157
8-2 Economic Fluctuations and the Labor Market 159

8-2a The Labor Force Participation and Unemployment Rates 160

8-2b Employment Fluctuations and Trends: The Historical Record 161
8-2c Dynamic Change and Reasons for Unemployment 163
8-3 Three Types of Unemployment 164
8-3a Frictional Unemployment 165
8-3b Structural Unemployment 166
8-3c Cyclical Unemployment 167
8-4 Full Employment and the Natural Rate of Unemployment 168
8-5 Actual and Potential GDP 169
8-6 The Effects of Inflation 170
8-6a Unanticipated and Anticipated Inflation 171
8-6b Why Does Inflation Adversely Affect the Economy? 171
8-6c What Causes Inflation? 172
Key Points 172
Critical Analysis Questions 173

Chapter 9 An Introduction to Basic Macroeconomic Markets 175

9-1 Understanding Macroeconomics: Our Game Plan 176
9-2 Four Key Markets: Resources, Goods and Services, Loanable Funds, and
Foreign Exchange 176
9-3 Aggregate Demand for Goods and Services 178
9-3a Why Does the Aggregate Demand Curve Slope Downward? 179
9-3b The Downward-Sloping Aggregate Demand Curve: A Summary 180
9-4 Aggregate Supply of Goods and Services 181
9-4a Aggregate Supply in the Short Run 181
9-4b Aggregate Supply in the Long Run 182
9-5 Equilibrium in the Goods and Services Market 184
9-5a Equilibrium in the Short Run 184
9-5b Equilibrium in the Long Run 184
9-5c Long-Run Equilibrium, Potential Output, and Full Employment 185
9-5d What Happens When the Economy’s Output Differs from Its Long-Run Potential? 186
9-6 Resource Market 187
9-7 Loanable Funds Market 188
9-7a Does Inflation Help Borrowers? 190
9-7b Loanable Funds Market, Interest Rates, and Bond Prices 191
9-7c Global Loanable Funds Market 191
9-8 Foreign Exchange Market 192
9-9 Long-Run Equilibrium 195
Key Points 195
Critical Analysis Questions 196

Chapter 10 Dynamic Change, Economic Fluctuations, and the AD–AS Model 197
10-1 Anticipated and Unanticipated Changes 198
10-2 Factors that Shift Aggregate Demand 198
10-3 Shifts in Aggregate Supply 201
10-3a Changes in Long-Run Aggregate Supply 202
10-3b Changes in Short-Run Aggregate Supply 203
10-4 Steady Economic Growth and Anticipated Changes in Long-Run Aggregate Supply 204
10-5 Unanticipated Changes and Market Adjustments 205
10-5a Unanticipated Increases in Aggregate Demand 205
10-5b Unanticipated Reductions in Aggregate Demand 207
10-5c Unanticipated Increases in Short-Run Aggregate Supply 208
10-5d Unanticipated Reductions in Short-Run Aggregate Supply 209
10-6 The Price Level, Inflation, and the AD–AS Model 210
10-7 Unanticipated Changes, Recessions, and Booms 210
10-7a Expansions and Recessions: The Historical Record 212
10-7b Using the AD–AS Model to Think About the Business Cycle and the Great
Recession of 2008–2009 212
Key Points 214
Critical Analysis Questions 215

Chapter 11 Fiscal Policy: The Keynesian View and the Historical

Development of Macroeconomics 217
11-1 The Great Depression, Economic Instability, and the Development of
Keynesian Economics 218
11-1a The Great Depression and Keynesian Economics 218
11-1b Output, Employment, and Keynesian Equilibrium 218
11-1c The Multiplier and Economic Instability 219
11-1d Adding Realism to the Multiplier 221
11-1e Keynes and Economic Instability: A Summary 221
11-2 The Federal Budget and Fiscal Policy 222
11-3 Fiscal Policy and the Good News of Keynesian Economics 222
11-3a Using the Budget to Promote Stability 223
11-3b Fiscal Policy Changes and Problems of Timing 225
11-3c Automatic Stabilizers 226
11-4 Saving, Spending, Debt, and the Impact of Fiscal Policy 227
Key Points 229
Critical Analysis Questions 230

Chapter 12 Fiscal Policy, Incentives, and Secondary Effects 231

12-1 Fiscal Policy, Borrowing, and the Crowding-Out Effect 232
12-1a Do Global Financial Markets Minimize the Crowding-Out Effect? 233
12-2 Fiscal Policy, Future Taxes, and the New Classical Model 234
12-2a Is Job Creation a Good Reason to Support a Government Spending Program? 236
12-3 Political Incentives and the Effective Use of Discretionary Fiscal Policy 237
12-4 Is Discretionary Fiscal Policy an Effective Stabilization Tool? 237
12-5 The Supply-Side Effects of Fiscal Policy 238
12-5a Why Do High Tax Rates Decrease Output? 239
12-5b How Important Are the Supply-Side Effects? 239
12-6 Fiscal Policy and Recovery from Recessions 242
12-6a Will Fiscal Stimulus Speed Recovery? 242
12-6b Tax Cuts versus Spending Increases 242
12-7 U.S. Fiscal Policy: 1990–2019 243
Key Points 246
Critical Analysis Questions 246

Chapter 13 Money and the Banking System 248

13-1 What Is Money? 249
13-1a Money as a Medium of Exchange 249
13-1b Money as a Store of Value 249
13-1c Money as a Unit of Account 249
13-2 How the Supply of Money Affects Its Value 250
13-3 How Is the Money Supply Measured? 250
13-3a The M1 Money Supply 250
13-3b The Broader M2 Money Supply 251
13-3c Credit Cards versus Money 252
13-4 The Business of Banking 252
13-4a Fractional Reserve Banking 253
13-4b Bank Runs, Bank Failures, and Deposit Insurance 254
13-5 How Banks Create Money by Extending Loans 254
13-5a The Actual Deposit Expansion Multiplier 256
13-6 The Federal Reserve System 256
13-6a Structure of the Fed 256
13-6b How the Fed Controls the Money Supply 259
13-6c Recent Fed Policy, the Monetary Base, and the Money Supply 261
13-6d The Fed and the Treasury 265
13-7 Ambiguities in the Meaning and Measurement of the Money Supply 266
Key Points 267
Critical Analysis Questions 268

Chapter 14 Modern Macroeconomics and Monetary Policy 270

14-1 Impact of Monetary Policy: A Brief Historical Background 271
14-2 The Demand and Supply of Money 271
14-2a The Equilibrium between Money Demand and Money Supply 273
14-3 How Does Monetary Policy Affect the Economy? 274
14-3a The Effects of an Unanticipated Expansionary Monetary Policy 276
14-3b The Effects of an Unanticipated Restrictive Monetary Policy 277
14-3c Shifts in Monetary Policy and Economic Stability 278
14-4 Monetary Policy in the Long Run 279
14-4a The Quantity Theory of Money 279
14-4b Long-Run Impact of Monetary Policy: The Modern View 280
14-4c Money and Inflation 282
14-5 Money, Economic Stability, and Proper Monetary Policy 282
14-5a Time Lags, Monetary Shifts, and Economic Stability 282
14-5b Monetary Policy and Price Stability 283
14-6 Recent Low Interest Rates and Monetary Policy 284
14-7 Interest Rates, Velocity of Money, and Monetary Policy 287
Key Points 289
Critical Analysis Questions 290

Chapter 15 Macroeconomic Policy, Economic Stability, and the Federal Debt 291
15-1 Economic Fluctuations: The Past 100 Years 292
15-2 Can Discretionary Policy Promote Economic Stability? 292
15-2a The Time Lag Problem 293
15-3 Forecasting Tools and Macro Policy 293
15-3a Index of Leading Indicators 294
15-3b Computer Forecasting Models 295
15-3c Market Signals as Forecasting Tools 296
15-3d Is Accurate Forecasting Feasible? 296
15-4 How Are Expectations Formed? 296
15-5 Macro Policy Implications of Adaptive and Rational Expectations 298
15-6 The Phillips Curve: The View of the 1960s versus Today 299
15-6a Expectations and the Modern View of the Phillips Curve 301
15-7 The Growing Federal Debt and Economic Stability 303
15-7a Deficits, Surpluses, and the National Debt 303
15-7b Who Owns the National Debt? 305
15-7c How Does Debt Financing Influence Future Generations? 306
15-7d Why Is Deficit Spending So Difficult to Control? 306
15-7e Have Federal Debt Obligations Grown to a Dangerous Level? 307
15-8 Perspective on Recent Macroeconomic Policy and Economic Instability 308
Key Points 309
Critical Analysis Questions 309

Chapter 16 Creating an Environment for Growth and Prosperity 311

16-1 Why Is Economic Growth Important? 312
16-1a The Impact of Sustained Economic Growth 312
16-2 Sources of Economic Growth and High Incomes 313
16-2a Gains from Trade 313
16-2b Entrepreneurship, Technology, and the Discovery of Better Ways of Doing Things 315
16-2c Investment in Physical and Human Capital 316
16-3 What Institutions and Policies Will Promote Growth? 317
16-3a Legal System: Secure Property Rights, Rule of Law, and Even-Handed
Enforcement of Contracts 318
16-3b Competitive Markets 319
16-3c Stable Money and Prices 319
16-3d Avoidance of Regulations that Restrict Trade and Entry into Markets 319
16-3e Avoidance of High Tax Rates 320
16-3f Trade Openness 321
16-4 Economic Freedom as a Measure of Sound Institutions 322
16-5 Institutions, Policies, and Economic Performance 323

16-5a Economic Freedom and Per Capita Income 324

16-5b Economic Freedom and Growth of Per Capita Income 325
16-5c Economic Freedom and the Poverty Rate 326
16-5d Economic Freedom and Life Expectancy 326
16-5e Economic Freedom and Environmental Quality 327
16-6 Economic Freedom and Per Capita Income: How Strong is the Linkage? 327
Key Points 330
Critical Analysis Questions 330
Addendum 332
The 2018 Economic Freedom of the World Country Rankings and Ratings 332

Chapter 17 The Economics of Development 335

17-1 The Economic Record of the Last 1000 Years 336
17-2 Theories of Development 337
17-2a Malthusian Theory of Development 337
17-2b Colonialism, European Settlements, and Institutions 338
17-2c Neoclassical Production Function Theory of Development 338
17-2d Geography and Development 339
17-3 The Transportation-Communication Revolution 341
17-4 The Transportation-Communication Revolution and Economic Development 343
17-5 The Transportation-Communication Revolution and the Historic Economic
Progress of the Past 50 Years 347
17-5a Growth of High-Income and Developing Countries During the Past
Half-Century 348
17-5b Countries With the Best and Worst Growth Records 349
17-5c Dramatic Reduction in the Worldwide Poverty Rate 350
17-6 The Transportation-Communication Revolution versus the Industrial Revolution 351
17-7 The Future of Economic Development 352
Key Points 353
Critical Analysis Questions 354

Part 4 International Economics 355

Chapter 18 Gaining from International Trade 356
18-1 The Trade Sector of the United States 357
18-2 Gains from Specialization and Trade 358
18-2a How Trade Expands Consumption Possibilities 360
18-2b Some Real-World Considerations 362
18-3 Supply, Demand, and International Trade 363
18-4 The Economics of Trade Restrictions 365
18-4a The Economics of Tariffs 365
18-4b The Economics of Quotas 367
18-4c Exchange Rate Controls as a Trade Restriction 368
18-5 Why Do Nations Adopt Trade Restrictions? 368
18-5a The National-Defense Argument 369
18-5b The Infant-Industry Argument 369
18-5c The Antidumping Argument 369
18-5d Special Interests and the Politics of Trade Restrictions 370
18-6 Do More Open Economies Perform Better? 371
18-7 Trade Barriers and Popular Trade Fallacies 372
18-7a Trade Fallacy 1: Trade Restrictions that Limit Imports Save Jobs and Expand
Employment 372
18-7b Trade Fallacy 2: Free Trade with Low-Wage Countries Like Mexico and China will
Reduce the Wages of Americans 374
18-8 Institutions and the Changing Nature of Global Trade 374
Key Points 376
Critical Analysis Questions 376

Chapter 19 International Finance and the Foreign Exchange Market 378

19-1 Foreign Exchange Market 379
19-2 Determinants of the Exchange Rate 381
19-3 Why Do Exchange Rates Change? 382
19-3a Changes in Income 383
19-3b Differences in Rates of Inflation 383
19-3c Changes in Interest Rates 384
19-3d Changes in the Business and Investment Climate 385
19-4 International Finance and Alternative Exchange Rate Regimes 386
19-4a Fixed Rate, Unified Currency System 386
19-4b Pegged Exchange Rate Regime 387
19-5 Balance of Payments 388
19-5a Current-Account Transactions 389
19-5b Balance on Current Account 390
19-5c Capital-Account Transactions 391
19-5d Official Reserve Account 391
19-5e The Balance of Payments Must Balance 392
19-6 Exchange Rates, Current Account Balance, and Capital Inflow 392
Key Points 395
Critical Analysis Questions 395

Part 5 Applying the Basics: Special Topics in Economics 397

Special Topic 1: Government Spending and Taxation 398
Special Topic 2: The Economics of Social Security 413
Special Topic 3: The Stock Market: Its Function, Performance, and Potential as an
Investment Opportunity 423
Special Topic 4: Keynes and Hayek: Contrasting Views on Sound Economics and the
Role of Government 434
Special Topic 5: The 2020 COVID-19 Recession: Cause, Response, and Implications
for the Future 441
Special Topic 6: The Great Recession of 2008–2009: Causes and Response 449
Special Topic 7: Lessons from the Great Depression 463

Appendix A General Business and Economics Indicators for the United States 477
Appendix B Answers to Selected Critical Analysis Questions 484

Glossary 495
Index 504

Chapters
Economics Microeconomics Macroeconomics
1 1 1 The Economic Approach
2 2 2 Some Tools of the Economist
3 3 3 Demand, Supply, and the Market Process
4 4 4 Demand and Supply: Applications and Extensions
5 5 5 Difficult Cases for the Market, and the Role of
Government
6 6 6 The Economics of Political Action
7 7 Taking the Nation’s Economic Pulse
8 8 Economic Fluctuations, Unemployment, and Inflation
9 9 An Introduction to Basic Macroeconomic Markets
10 10 Dynamic Change, Economic Fluctuations, and the
AD–AS Model
11 11 Fiscal Policy: The Keynesian View and the Historical
Development of Macroeconomics
12 12 Fiscal Policy, Incentives, and Secondary Effects
13 13 Money and the Banking System
14 14 Modern Macroeconomics and Monetary Policy
15 15 Macroeconomic Policy, Economic Stability, and the
Federal Debt
16 16 Creating an Environment for Growth and Prosperity
17 17 The Economics of Development
18 16 18 Gaining from International Trade
19 19 International Finance and the Foreign Exchange Market
20 7 Consumer Choice and Elasticity
21 8 Costs and the Supply of Goods
22 9 Price Takers and the Competitive Process
23 10 Price-Searcher Markets with Low Entry Barriers
24 11 Price-Searcher Markets with High Entry Barriers
25 12 The Supply of and Demand for Productive Resources
26 13 Earnings, Productivity, and the Job Market
27 14 Investment, the Capital Market, and the Wealth of Nations
28 15 Income Inequality and Poverty

Economics Microeconomics Macroeconomics Topic Title

1 1 1 Government Spending and Taxation
2 2 2 The Economics of Social Security
3 3 3 The Stock Market: Its Function, Performance, and
Potential as an Investment Opportunity
4 4 4 Keynes and Hayek: Contrasting Views on Sound
Economics and the Role of Government
5 5 5 The 2020 COVID-19 Recession: Cause, Response, and
Implications for the Future
6 6 6 The Great Recession of 2008–2009: Causes and
Response
7 7 7 Lessons from the Great Depression
8 8 The Economics of Health Care
9 9 Earnings Differences between Men and Women
10 10 Do Labor Unions Increase the Wages of Workers?
11 11 The Question of Resource Exhaustion
12 12 Difficult Environmental Cases and the Role of
Government

These are interesting times. Our lives have been shaken by a once-in-a-century worldwide
pandemic, unemployment rates not seen since the Great Depression, racial unrest, and
political uncertainty. Moreover, technology is altering how we communicate, learn, and
interact with each other. Students are struggling to understand recent changes and their
impact on their lives. Beginning with the first edition 45 years ago, our goal has been to
use the tools of economics to explain how the real world works and to do so in a clear and
understandable manner. This goal was at the forefront of our minds as we worked on this
edition.
We have always used the tools of economics to analyze the operation of both the
market and political processes. Both are central to the understanding of today’s rapidly
changing world. More than any other principles text, we highlight the roles of entrepre-
neurship, dynamic competition, and public choice analysis. Entrepreneurship is the key to
understanding how markets work and the vast improvement in our living standards. Public
choice is the key to understanding the structure of incentives confronted by voters, politi-
cians, and bureaucrats and how this impacts political outcomes. This text examines both
markets and political decision-making and indicates conditions under which each works
well and alternative conditions that cause each to work poorly.
The micro chapters provide extensive coverage of entrepreneurship, innovation, and
dynamic competition in the operation of markets. The macro chapters analyze the major
alternative theories of both fiscal and monetary policy and provide up-to-date coverage of
recent changes in Federal Reserve policy, government debt, and other factors impacting
the macroeconomy. The “Beyond the Basics” Special Topics section includes features on
micro topics such as the stock market, health care, and environmental economics as well as
macro topics like the Great Depression, the Great Recession of 2008-2009, and the 2020
COVID-19 Recession.

ORGANIZATION AND INSTRUCTOR

FLEXIBILITY
The organization of Economics: Private and Public Choice is designed to provide instruc-
tors with maximum flexibility. Those using the full-length text for a two-semester course
can cover either microeconomics or macroeconomics first. As in recent editions, the text
is divided into core chapters and a concluding special topics section. The 28 core chapters
cover all of the material taught in most principles courses, and they are presented in the
usual manner. Examples and data from the real world are used to reinforce the analysis.
In addition, the “Beyond the Basics” Special Topics section includes 12 relatively short
special topic applications covering both micro and macro topics. Features in this section
address questions such as these: “How will the 2020 COVID-19 Recession impact our
future?,” “What caused the Great Depression?,” “Is discrimination responsible for the earn-
ings differences between men and women?,” and “Are we running out of resources?” These
features will grab the interest of students and are short enough to cover during a single
class period. If you have not integrated the special topic materials into your course, please
consider doing so. They will enrich your course and help students better understand the
political economy debates that dominate the daily news of our world.
Instructors integrating public choice throughout their course will probably want to
cover Chapters 5 and 6 before moving to the core micro or macro material. Others teach-
ing a microeconomics course may want to jump from Chapter 4 directly to the core micro
chapters. Correspondingly, some macroeconomics instructors will want to move directly
xvii

from Chapter 3 or 4 to the core macro material. The chapters have been written so that any
of these options will work.

NEW MATERIAL IN THIS EDITION

New material designed to enliven economics and illustrate its relevance has been integrated
into just about every chapter. The following are several of these additions:
The coverage of entrepreneurship and its importance as a source of new goods, ser-
vices, and production methods that enrich our lives has been expanded in several chapters,
including 2, 3, 16, and 17. In addition, a new series, “Entrepreneurs Who Have Changed
Our Lives,” is integrated into about 10 chapters. This series highlights both the contribu-
tions and interesting personal attributes of key entrepreneurs. While students will recognize
several of the entrepreneurs in the series, others are relatively unknown. Jeff Bezos, Kendra
Scott, Steve Jobs, Malcom McLean, Sergey Brin, and Larry Page are among the entrepre-
neurs featured in the series. This feature will enhance the knowledge of students about how
their lives are impacted by entrepreneurs.
Chapter 2 includes a new feature on “Are Scandinavian Countries Socialist?”
The empirical evidence on this question is examined.
In Chapter 4, the analysis of the minimum wage, including the effect of recent
increases in city and state minimums, has been updated and expanded.
Chapter 13 has been modified to reflect the recent changes in the operating procedures
of the Federal Reserve, including the elimination of reserve requirements and substitution
of interest payments to banks as the primary mechanism used to control bank reserves.
The recent dramatic changes in the relationships between (a) bank reserves and checkable
deposits, and (b) the monetary base and the money supply are also examined.
Chapter 14 examines the low interest rates of recent years and factors underlying those
rates; it also analyzes their impact on both the economy and the conduct of monetary policy.
Chapter 15 examines the expanding federal debt, explains why it is so difficult to con-
trol, and analyzes the potential consequences of high levels of debt.
Chapters 16 and 17 on economic growth and development were revised extensively.
These chapters highlight the fundamental causes of economic growth and provide analysis
of the importance of economic institutions, climate and geography, history, demography,
technology, investment, and changes in transportation and communication costs on the
pattern of growth and development during the past 1000 years. Factors underlying the
remarkable economic progress of developing countries during the past half-century are
examined in detail. More than any other principles text, this edition reflects the modern
view of economic growth and development.
The new Special Topic 5 on the 2020 COVID-19 Recession examines the factors underly-
ing the huge increase in unemployment and the severe economic downturn. The causes of the
economic crisis, the policy response, and examination of how this recession differs from earlier
ones are all discussed. This feature provides the foundation for future analysis of an economic
event that is sure to attract student interest in the years immediately ahead.

ADDITIONAL TEXT FEATURES

Economics: Private and Public Choice retains several features that make the presentation
of economics both more interesting and understandable.
• Keys to Economic Prosperity. Students often fail to appreciate the organizational and
institutional factors that are the foundation for economic progress. To help remedy this
situation, we have incorporated a “Keys to Economic Prosperity” feature that highlights
the importance of factors like gains from trade, secure property rights, competition, and
free trade as sources of economic prosperity. In all, 12 key factors that underlie modern
economic prosperity are highlighted at appropriate places throughout the text; they also
are listed inside the front cover.

• Applications in Economics. “Applications in Economics” boxes apply economic theory

to real-world issues and controversies. These features illustrate the importance and pow-
er of the principles covered in the text.
• Outstanding Economists. Boxes throughout the text highlight the lives of major
economists and focus on how their work has contributed to the development of
economics.
• Entrepreneurs Who Have Changed Our Lives. This new series highlights both the
economic contribution and personal attributes of key entrepreneurs. It will help
students better understand the role of entrepreneurs and how their actions have
contributed to the development of various goods and services that are often taken
for granted.
• Key Point Summaries. At the end of each chapter, the Key Points section provides
students with a concise statement of the material covered in the chapter (the chapter
learning objectives).
• Critical Analysis Questions. Each chapter concludes with a set of analysis and discus-
sion questions designed to test students’ ability to analyze economic issues and to apply
economic theory to real-world events. Appendix B at the end of the text contains sug-
gested answers for approximately a third of these questions.

SUPPLEMENTARY MATERIALS
The text is accompanied by a robust set of online learning tools designed to support your
classroom work. MindTap includes real-time, interactive tutorials; online experiments;
Graph Builder; A+ Test Prep; Graphing at a Glance; ConceptClips; Audio Cases with
assessments; Concept & Application Videos; automatically graded quizzes; and automati-
cally graded problem sets. Likewise, the book’s dynamic PowerPoint presentation has been
further enhanced to facilitate your teaching.

FOR THE STUDENT

FOR THE INSTRUCTOR

We are sure that many of the features incorporated with this textbook will help you become
a better teacher and make your classes more interesting to students. Personally, we have
incorporated the Keys to Economic Prosperity series, economics video clips, homework
assignments, and online quiz questions into our own classes with great success. The full set
of supplements that can accompany the book include the following:

MindTap MindTap is a fully online, highly personalized learning experience built via
Cengage Learning content that combines student learning tools—readings, multimedia,
activities, and assessments—into a singular Learning Path that guides students through
their course. Instructors personalize the experience by customizing authoritative Cengage
Learning content and learning tools, including the ability to add their own content in the
Learning Path via apps that integrate into the MindTap framework seamlessly with Learn-
ing Management Systems.

Interactive eBook In addition to interactive teaching and learning tools, Economic

MindTap includes an interactive eBook. Students can take notes, highlight, search, and

interact with embedded media specific to their book. Use it as a supplement to the printed
text or as a substitute—with MindTap, the choice is up to your students.

Test Banks The test banks for the 17th edition were prepared by the author team
with the assistance of Shannon Aucoin and other members of Cengage’s excel-
lent team of subject matter experts. The authors have worked hard to update and im-
prove the test banks for this edition. Joe Calhoun of Florida State University, was the
primary author of the test bank for the last edition and the current version is reflective
of this excellent work. The test bank contains approximately 6,000 questions—multiple
choice and short answer. Within each chapter, the questions are tied to the major heads
and specific topics within the chapter. Instructors who want to motivate their students
to study will find online practice quizzes on MindTap that can easily be incorporated
into their quizzes and exams. The cloud-based test banks for this edition have been en-
hanced significantly. Cognero contains all of the questions in the test bank so that you
can create and customize tests in minutes. You can easily edit and import your own
questions and graphics and edit and maneuver existing questions.

PowerPoint We believe our PowerPoint presentation, prepared by Joseph Connors of

Florida Southern University, is the best you will find in the principles market. The pre-
sentation includes chapter-by-chapter lecture notes and hyperlinked slides of the exhibits
included in the text. To facilitate classroom discussion and interaction, questions are
strategically interspersed throughout the PowerPoint slides to help students develop the
economic way of thinking. Instructions explaining how professors can easily add, delete,
and modify slides in order to tailor the presentation to their liking are included. If instruc-
tors want to make the PowerPoint presentation available to students, they can place it on
their website (or the site for their course).

Instructor’s Manual Information on how to use and modify the PowerPoint material
is contained in the front of the Instructor’s Manual. The manual is divided by chapters, and
each chapter begins with a detailed chapter outline in lecture-note form. It is designed to
help instructors organize their notes to match the 17th edition of the book. Then there are
focus questions which cover all the concepts in the chapter. Then the context of each chapter
is given followed by important points and teaching suggestions. Each chapter also provides
in-class economic games and experiments. Contributed in part by Professor Charles Stull of
Kalamazoo College, the games are popular with many instructors. We hope you will try them.
The book companion Web site contains the key supplements designed to aid instruc-
tors, including the content from the Instructor’s Manual, test banks, and PowerPoint lecture
and exhibit slides

A NOTE TO INSTRUCTORS
As we try to improve the book from one edition to the next, we rely heavily on our
experiences as teachers. But our experience using the book is minuscule compared to that
of the hundreds of instructors who use it nationwide. If you encounter problems or have
suggestions for improving the book, we urge you to let us know by writing to us in care of
Cengage Learning, 5191 Natorp Blvd., Mason, OH 45040.

A NOTE TO STUDENTS
This textbook contains several features we think will help you maximize (a good economic
term) the returns of your study efforts. Here are some of the things that will help you and a
few tips for making the most of them.
• Each chapter begins with an opening page that indicates the central issues of the chapter.
Before you read the chapter, briefly think about the questions the chapter will examine
and how they relate to the material of prior chapters.

• The textbook is organized in the form of an outline. The headings within the text (in
red) are the major points of the outline. Minor headings are subpoints under the major
headings. In addition, important subpoints within sections are often set off and num-
bered. Bold italicized type is used to highlight material that is particularly important.
Sometimes “thumbnail sketches” are included to recap material and help you keep the
important points mentally organized.
• A “Key Points” summary appears at the end of each chapter. Use the summary as a
checklist to determine whether you understand the major points of the chapter.
• A review of the exhibits and illustrative pictures will also provide you with a summary
of the key points of each chapter. The accompanying captions briefly describe the eco-
nomic phenomena illustrated by the exhibits.
• The key terms introduced in each chapter are defined in the margins. As you study the
chapter, review the marginal definition of each key term as it is introduced. Later, you
also may find it useful to review the marginal definitions. If you have forgotten the
meaning of a term introduced earlier, consult the glossary at the end of the book.
• The critical analysis questions at the end of each chapter are intended to test your un-
derstanding of the economic way of thinking. Answering these questions and solving
the problems will greatly enhance your knowledge of the material. Answers to approxi-
mately a third of these questions are provided in Appendix B.
If you need more practice, ask your professor about MindTap.

A project of this magnitude is a team effort. Through the years, numerous people have
assisted us in various ways. Jane Shaw Stroup deserves special recognition for her con-
tribution to this edition. She researched and prepared the initial draft of the material on
the “Entrepreneurs Who Have Changed Our Lives” series and assisted the author team
with research and proofing. As a result, we listed her name on the title page. Reagan
Sobel provided valuable assistance in updating examples, data, and content in many chapters.
Signè Thomas, Joe Connors, Robert Lawson, Joe Calhoun, Hugo Moises Montesinos Yufa
and Amy Gwartney assisted us with preparation of exhibits and proofing of the manuscript.
The text still bears an imprint of the contributions of Woody Studenmund of Occidental
College and Gary Galles of Pepperdine University, who assisted us in numerous ways with
past editions.
We are also very much indebted to the excellent team of professionals at Cengage
Learning, including Chris Rader, Product Manager; Sarah Keeling, Learning Designer;
Colleen Farmer, Senior Content Project Manager; Ashley Maynard, Intellectual Property
Analyst; John Carey, Marketing Manager; and Shannon Aucoin, Ethan Crist, Eugenia
Belova, Brian Rodriguez, and Kasie Jean, the inhouse subject matter experts.
We have often revised material in light of suggestions made by reviewers, users,
friends, and even a few competitors. In this regard, we would like to express our apprecia-
tion to the following people for their reviews and helpful suggestions for recent editions:

Pete Calcagno, College of Charleston; Joseph Calhoun, Florida State University; Cathy
Carey, Bowling Green University; Lee Coppock, University of Virginia; Hugo Faría,
University of Miami; Tawni Ferrarini, Northern Michigan University; Burton Folsom,
Hillsdale College; Seth Gershenson, Michigan State University; Monica Greer, Bellarm-
ine University; Michael Hammock, Florida State University; Robert Higgs, Independent
Institute; John Hilston, Eastern Florida State College; Randall Holcombe, Florida State
University; Aaron Lowen, Grand Valley State University; Lynn MacDonald, St. Cloud
State University; Thomas McCaleb, Florida State University; Barbara Moore, University
of Central Florida; Mark Perry, University of Michigan–Flint; Ivan Pongracic, Hillsdale
College; Gerry Simons, Grand Valley State University; and Carol Sweeney, Florida Gulf
Coast University.

Through the years, many other instructors have provided us with insightful comments
and constructive suggestions. We would like to express our appreciation to the following:

Steve Abid, Grand Rapids Community College; Douglas Agbetsiafa, Indiana University,
South Bend; James C. W. Ahiakpor, California State University, Hayward; Ali T. Akar-
ca, University of Illinois at Chicago; Ryan C. Amacher, University of Texas at Arlington;
Stephen A. Baker, Capital University; Bharati Basu, Central Michigan University; Don
Bellante, University of South Florida; Jennis Biser, Austin Peay State University; Don-
ald Boudreaux, George Mason University; George Bowling, St. Charles Community Col-
lege; Robert Brittingham, Christian Brothers University; Byron Brown, Michigan State
University; James Bryan, Manhattanville College; Kathy Clark, Florida Southwestern
State College; Mike Cohick, Collin County Community College; David S. Collins, Vir-
ginia Highlands Community College; Steven R. Cunningham, University of Connecticut;
Jeff Edwards, Lone Star College–CyFair; Ann Eike, University of Kentucky; Christina
Esquivel, McLennan Community College; Robert C. Eyler, Sonoma State University;
James R. Fain, Oklahoma State University; Andrew W. Foshee, McNeese State University;
Mark Funk, University of Arkansas at Little Rock; Gary Galles, Pepperdine University;
xxiii

Marsha Goldfarb, University of Maryland Baltimore County; Richard Gosselin, Houston

Community College; Darrin Gulla, University of Kentucky; Barry Haworth, University of
Louisville; Ronald Helgens, Golden Gate University; Robert E. Herman, Nassau Com-
munity College/SUNY; William D. Hermann, Golden Gate University, San Francisco; Rey
Hernandez, Metropolitan State College of Denver; Brad Hobbs, Clemson University; Jim
Hubert, Seattle Central Community College; Katherine Huger, Charleston Southern Uni-
versity; Woodrow W. Hughes, Jr., Converse College; Jeffrey Rogers Hummel, San Jose
State University; Tom Jeitschko, Michigan State University; Rob H. Kamery, Christian
Brothers University; Derek Kellenberg, University of Montana; Robert Kling, Colorado
State University; Frederic R. Kolb, University of Wisconsin–Eau Claire; Barbara Kousk-
oulas, Lawrence Technological University; Cory Krupp, Duke University; Jean Kujawa,
Lourdes University; Randy W. LaHote, Washtenaw Community College; John Larrivee,
Mount St. Mary’s University; Robert Lawson, Southern Methodist University; Don R.
Leet, California State University, Fresno; Joe LeVesque, Northwood University; Andrew T.
Light, Liberty University; Edward J. López, Western Carolina University; Dale Matcheck,
Northwood University; G. Dirk Mateer, University of Texas; John McArthur, Wofford Col-
lege; David M. Mitchell, Missouri State University; Hadley Mitchell, Taylor University;
Glen A. Moots, Northwood University; Debasri Mukherjee, Western Michigan University;
Todd Myers, Grossmont College; Jennifer Pate, Loyola Marymount University; Lloyd Orr,
Indiana University, Bloomington; Judd W. Patton, Bellevue University; James Payne, Uni-
versity of New Orleans; Dennis Pearson, Austin Peay State University; Claudiney Pereira,
Arizona State University; Jack Phelan, University of New Haven; Jennifer Platania, Elon
University; Robert C. Rencher, Jr., Liberty University; Dan Rickman, Oklahoma State
University; Karin L. Russell, Keiser University; Allen Sanderson, University of Chicago;
Thomas W. Secrest, USC Coastal Carolina; Tim Shaugnessey, Louisiana State Univer-
sity–Shreveport; Gerald Simons, Grand Valley State University; Charles D. Skipton, Uni-
versity of New Haven; Marcia Snyder, College of Charleston; John Solow, University of
Iowa; Ken Somppi, Southern Union State Community College; John Sophocleus, Auburn;
Joe Stevano, Coker College; Edward Stringham, Trinity College; David Switzer, St. Cloud
State University; Alex Tokarev, Northwood University; Richard D.C. Trainer, Warsaw
School of Economics; Bich Tran, San Jacinto College; Scott Ward, Trevecca Nazarene
University; Christopher Westley, Florida Gulf Coast University; David Wharton, Washington
College; Mark Wheeler, Western Michigan University; Edward Wolpert, University of
Central Florida; and Janice Yee, Worcester State University.

James D. Gwartney is Professor of Economics at Florida State University, where he

holds the Gus A. Stavros Eminent Scholar Chair of Economic Education. He is a co-author
of Common SenseEconomics: What Everyone Should Know About Wealth And Prosperity
(St. Martin’s Press, 2016), a primer on economics and personal finance. He is also the co-
author of the annual report Economic Freedom of the World, which provides information
on the consistency of institutions and policies with economic freedom for more than 160
countries. His publications have appeared in scholarly journals, including the American
Economic Review, Journal of Political Economy, Journal of Economic Education, Southern
Economic Journal, and Journal of Institutional and Theoretical Economics. During 1999–
2000, he served as Chief Economist of the Joint Economic Committee of the U. S. Congress.
He is a past president of the Southern Economic Association and the Association of Private
Enterprise Education. His Ph.D. in economics is from the University of Washington.

Richard L. Stroup is Professor Emeritus of economics at Montana State University

and Professor Emeritus of economics at North Carolina State University. His Ph.D. is from
the University of Washington. From 1982–1984, he served as Director of the Office of
Policy Analysis at the U.S. Department of the Interior. Stroup has published and spoken
on global warming, land use regulation, archaeology, and needed environmental policy
improvements. His research helped to develop the approach known as free market envi-
ronmentalism. His book Eco-nomics: What Everyone Should Know About Economics and
the Environment (Washington: Cato Institute, 2003), was sponsored by the Property and
Environment Research Center, of which he is a cofounder.

Russell S. Sobel is Professor of Economics and Entrepreneurship in the Baker School

of Business at The Citadel in his hometown of Charleston, South Carolina. He is co-editor
of the Southern Economic Journal and editorial board member for the Journal of Entre-
preneurship & Public Policy and Public Choice. He has received numerous awards for
both his teaching and research including the Kenneth G. Elzinga Distinguished Teaching
Award from the Southern Economic Association, the Georgescu-Roegen Prize for Best
Article of the Year in the Southern Economic Journal, the Association of Private Enterprise
Education Distinguished Scholar Award, and the Sir Antony Fisher International Memo-
rial Award. He is the author or coauthor of over 250 books and articles including Growth
and Variability in State Tax Revenue: An Anatomy of State Fiscal Crises, The Rule of Law,
Unleashing Capitalism, and The Essential Joseph Schumpeter. His scholarly publications
have appeared in journals such as the Journal of Political Economy, Journal of Law and
Economics, Public Choice, Journal of Business Venturing, Small Business Economics, and
Economic Inquiry. His current research focuses on the intersection of entrepreneurship
and economic policy. His Ph.D. in economics is from Florida State University.

David A. Macpherson is the E.M. Stevens Professor of Economics and Economics

Department Chair at Trinity University. Previously, he was Director of the Pepper Institute
on Aging and Public Policy and the Rod and Hope Brim Eminent Scholar of Economics
at Florida State University, where he received two university-wide awards for teaching
excellence. His teaching areas include principles of microeconomics, money and banking,
econometrics, and labor economics. Dr. Macpherson is an applied economist whose re-
search focuses on real estate, pensions, discrimination, industry deregulation, labor unions,
and the minimum wage. He has published more than 60 articles in leading economics
and real estate journals, including Review of Economics and Statistics, Journal of Labor

xxv

Economics, Journal of Human Resources, Industrial and Labor Relations Review, and
Journal of Real Estate Economics and Finance. His research has been funded by a variety
of entities including the National Science Foundation, Florida Legislature, and the National
Association of Realtors. He is co-author of the undergraduate labor economics text, Con-
temporary Labor Economics, 12e. He is included in Who’s Who in Economics, 4e, which
includes the 1,200 most frequently cited economists. Dr. Macpherson received his under-
graduate degree and Ph.D. from Pennsylvania State University.

The Economic Way of Thinking

Life is a series of choices

Economics is about how people choose. The choices constantly altering the attractiveness of various op-
we make influence our lives and those of others. Your tions and the opportunities available to us. The eco-
future will be influenced by the choices you make with nomic way of thinking is all about how incentives alter
regard to education, job opportunities, savings, and the choices people make. It can help you make bet-
investment. Furthermore, changes in technology, de- ter choices and enhance your understanding of our
mographics, communications, and transportation are dynamic world.

The Economic Approach

Economist, n.–A scoundrel whose faulty vision sees things as they really are, not as they ought
to be. —Daniel K. Benjamin, after Ambrose Bierce

Welcome to the world of economics. In recent You may have heard some of the follow-
years, economics has often been front-page ing statements: The soaring federal debt is
news, and it affects all of our lives. Soaring un- mortgaging the future of our children, and
employment as the result of the stay-at-home it will bankrupt the country if we do not get
orders accompanying the 2020 COVID-19 pan- it under control. Foreign immigrants are steal-
demic, the rise of online work and school, the growth ing our jobs and paralyzing our economy. A move
of the sharing economy, concern about robots elimi- toward socialism would improve outcomes in the
nating jobs, tariffs on international trade, the rising United States. A higher minimum wage will help
cost of a college education, income inequality, and the poor. Making college tuition free for all will pro-
climate change—all of these have been in the news mote economic growth and lead to higher earn-
and have exerted a major impact on the lives of al- ings. Are these statements true? This course will
most everyone around the world. Economics will en- provide you with knowledge that will enhance your
hance your understanding of all of these topics and understanding of issues like these and numerous oth-
many more. You will soon see that economics is about ers. It may even alter the way you think about them.
much more than just financial markets and economic The origins of economics date back to Adam
policy. In fact, a field trip to the fruits and vegetables Smith, a Scottish moral philosopher, who expressed
section at your local grocery store could well be filled the first economic ideas in his breakthrough book, An
with more economics lessons than a trip to the New Inquiry into the Nature and Causes of the Wealth of
York Stock Exchange. Nations, published in 1776. As the title of his book
In a nutshell, economics is the study of human suggests, Smith sought to explain why people in some
behavior, with a particular focus on human decision- nations were wealthier than those in others. This very
making. It will introduce you to a new and powerful question is still a central issue in economics. It is so
way of thinking that will both help you make better important that throughout this book we will use a spe-
decisions and enhance your understanding of how cial “Keys to Economic Prosperity” symbol in the
the world works. margin to highlight sections that focus on this topic.

TABLE I.

FAMILIES OF ANIMALS INHABITING THE ETHIOPIAN REGION.

Explanation.

Names in italics show families peculiar to the region.

Names inclosed thus (......) barely enter the region, and are not
considered properly to belong to it.

Numbers are not consecutive, but correspond to those in Part IV.

Sub-regions
Range beyond the
Order and Family
East West South Mada- Region.
Africa. Africa. Africa. gascar.

MAMMALIA.
Primates.
1. Simiidæ — Oriental
2. — — Oriental
Semnopithecidæ
3. Cynopithecidæ — — — Oriental,
Palæarctic
6. Lemuridæ — — — — Oriental
8. Chiromyidæ —

Cheiroptera.
9. Pteropidæ — — — — Oriental,
Australian
11. Rhinolophidæ — — — — The Eastern
Hemisphere
12. — — — — Cosmopolite
Vespertilionidæ
13. Noctilionidæ — — — — All Tropical
regions

Insectivora.
15. — — South Palæarctic
Macroscelididæ
17. Erinaceidæ — Palæarctic,
Oriental
18. Centetidæ — Greater Antilles
19. Potamogalidæ —
20. — —
Chrysochloridæ
22. Soricidæ — — — — All regions but
Australian and
Neotropical

Carnivora.
23. Felidæ — — — — All regions but
Australian
24. —
Cryptoproctidæ
25. Viverridæ — — — — Oriental, S.
Palæarctic
26. Protelidæ —
27. Hyænidæ — — — S. Palæarctic,
India
28. Canidæ — — — Almost
cosmopolite
29. Mustelidæ — — — All regions but
Australian
33. Otariidæ — All temperate
regions

Cetacea.
36 to 41. Oceanic

Sirenia.
42. Manatidæ — — Neotropical,
Oriental,
Australian

Ungulata.
43. Equidæ — — — Palæarctic
45. Rhinocerotidæ — — — Oriental
46. — — —
Hippopotamidæ
47. Suidæ — — — — Cosmopolite; excl.
Australia
49. Tragulidæ — Oriental
51. — —
Camelopardidæ
52. Bovidæ — — — All regions but
Neotrop. and
Australian

Proboscidea.
53. Elephantidæ — — — Oriental

Hyracoidea.
54. Hyracidæ — — — Syria

Rodentia.
55. Muridæ — — — — Cosmopolite; excl.
Oceania
56. Spalacidæ — — — Palæarctic,
Oriental
57. Dipodidæ — — — Palæarctic,
Nearctic
58. Myoxidæ — — — Palæarctic
61. Sciuridæ — — — All regions but
Australian
64. Octodontidæ — N. Africa,
Neotropical
65. Echimyidæ — — Neotropical
67. Hystricidæ — — — S. Palæarctic,
Oriental
70. Leporidæ — — All regions but
Australian

Edentata.
72. Manididæ — — — Oriental
74. — —
Orycteropodidæ

BIRDS.
Passeres.
1. Turdidæ — — — — Almost
Cosmopolite
2. Sylviidæ — — — — Cosmopolite
3. Timaliidæ — — — — Oriental,
Australian
5. Cinclidæ? — Widely scattered
6. Troglodytidæ — — — Almost
Cosmopolite
9. Sittidæ — Palæarctic,
Oriental,
Australian
10. Paridæ — — — All regions but
Australian
13. Pycnonotidæ — — — — Oriental
14. Oriolidæ — — — — Oriental,
Australian
15. — — — — Oriental,
Campephagidæ Australian
16. Dicruridæ — — — — Oriental,
Australian
17. Muscicapidæ — — — — The Eastern
Hemisphere
19. Laniidæ — — — — The Eastern
Hemisphere and
North America
20. Corvidæ — — — — Cosmopolite
23. Nectariniidæ — — — — Oriental,
Australian
24. Dicæidæ — — — — Oriental,
Australian
30. Hirundinidæ — — — — Cosmopolite
33. Fringillidæ — — — — Cosmopolite,
except Australian
region
34. Ploceidæ — — — — Oriental,
Australian
35. Sturnidæ — — — — Eastern
Hemisphere
37. Alaudidæ — — — — Eastern
Hemisphere and
North America
38. Motacillidæ — — — — The Eastern
Hemisphere
47. Pittidæ — Oriental,
Australian
48. Paictidæ —

Picariæ.
51. Picidæ — — — Cosmopolite, excl.
Australian region
52. Yungidæ — — Palæarctic
53. Indicatoridæ — — — Oriental
54. Megalæmidæ — — — Oriental,
Neotropical
56. Musophagidæ — — —
57. Coliidæ — — —
58. Cuculidæ — — — — Cosmopolite
59. Leptosomidæ —
62. Coraciidæ — — — — Oriental,
Australian
63. Meropidæ — — — — Oriental,
Australian
66. Trogonidæ — — — Oriental,
Neotropical
67. Alcedinidæ — — — — Cosmopolite
68. Bucerotidæ — — — Oriental and to N.
Guinea
69. Upupidæ — — — — Palæarctic,
Oriental
70. Irrisoridæ — — —
73. Caprimulgidæ — — — — Cosmopolite
74. Cypselidæ — — — — Almost
Cosmopolite

Psittaci.
78. Palæornithidæ — — — Oriental
81. Psittacidæ — — — — Neotropical

Columbæ.
84. Columbidæ — — — — Cosmopolite
85. Dididæ — (Extinct)

Gallinæ.
86. Pteroclidæ — — — Palæarctic,
Oriental
87. Tetraonidæ — — — — Eastern
Hemisphere and
N. America
88. Phasianidæ — — — — Old World and N.
America
89. Turnicidæ — — — — Eastern
Hemisphere.

Accipitres.
94. Vulturidæ — — — All the continents
but Australia
95. Falconidæ — — — — Cosmopolite
96. Serpentariidæ — — —
97. Pandionidæ — — — — Cosmopolite
98. Strigidæ — — — — Cosmopolite

Grallæ.
99. Rallidæ — — — — Cosmopolite
100. Scolopacidæ — — — — Cosmopolite
103. Parridæ — — — — Tropical
104. Glareolidæ — — — — Eastern
Hemisphere
105. Charadriidæ — — — — Cosmopolite
106. Otididæ — — — Eastern
Hemisphere
107. Gruidæ — — — All regions but
Neotropical
113. Ardeidæ — — — — Cosmopolite
114. Plataleidæ — — — — Almost
Cosmopolite
115. Ciconiidæ — — — — Almost
Cosmopolite
117. — — — — Oriental and
Phœnicopteridæ Neotropical

Anseres.
118. Anatidæ — — — — Cosmopolite
119. Laridæ — — — — Cosmopolite
120. Procellariidæ — — — — Cosmopolite
121. Pelecanidæ — — — — Cosmopolite
122. Spheniscidæ — South temperate
regions
124. Podicipidæ — — — — Cosmopolite
126. Struthionidæ — — Temperate S.
America
131. Æpyornithidæ — (Extinct)

REPTILIA.
Ophidia.
1. Typhlopidæ — — — — All regions but
Nearctic
5. Calamariidæ — — — Warm parts of all
regions
7. Colubridæ — — — — Almost
Cosmopolite
8. Homalopsidæ — Oriental, and all
other regions
9. Psammophidæ — — — — Oriental and S.
Palæarctic
10. Rachiodontidæ — —
11. Dendrophidæ — — — — Oriental,
Australian,
Neotropical
12. Dryiophidæ — — Oriental,
Neotropical
13. Dipsadidæ — — — Oriental,
Australian,
Neotropical
15. Lycodontidæ — — — Oriental
17. Pythonidæ — — — — All tropical
regions
18. Erycidæ — Oriental, S.
Palæarctic
20. Elapidæ — — — Tropical regions,
S. U. States and
Japan
21. Dendraspididæ — —
22. Atractaspididæ — —
23. Hydrophidæ — Oriental,
Australian,
Panama
25. Viperidæ — — — — Oriental,
Palæarctic

Lacertilia.
28. — — S. Europe,
Amphisbænidæ Neotropical
29. — — N. America
Lepidosternidæ
30. Varanidæ — — — Warm parts of E.
Hemisphere
33. Lacertidæ — — — All continents but
America
34. Zonuridæ — — — — All America, N.
India, S. Europe
40. —
Chamæsauridæ
41. — — Palæarctic,
Gymnopthalmidæ Australian,
Neotropical
45. Scincidæ — — — — Almost
Cosmopolite
47. Sepidæ — — — — South Palæarctic
48. Acontiadæ — — — Ceylon and
Moluccas
49. Geckotidæ — — — — Almost
cosmopolite
51. Agamidæ — — — — Oriental,
Australian, S.
Palæarctic
52. — — — — Oriental, S.
Chamæleonidæ Palæarctic

Crocodilia.
55. Crocodilidæ — — — — Oriental,
Neotropical

Chelonia.
57. Testudinidæ — — — — All continents but
Australia
58. Chelydidæ — — — — Australia, S.
America
59. Trionychidæ — — — Oriental, Japan,
E. United States
60. Cheloniidæ Marine

AMPHIBIA.
Pseudophidia.
1. Cæciliadæ — Oriental,
Neotropical

Anoura.
7. Phryniscidæ — — Neotropical,
Australia, Java
9. Bufonidæ — — — All regions but
Australian
11. Engystomidæ — — All regions but
Palæarctic
14. Alytidæ — — — All regions but
Oriental
17. Polypedatidæ — — — — All the regions
18. Ranidæ — — — — Almost
Cosmopolite
19. Discoglossidæ — — All regions but
Nearctic
21. Dactylethridæ — — —

FISHES (FRESH-
WATER).
Acanthopterygii.
3. Percidæ — All regions but
Australian
12. Scienidæ — — — All regions but
Australian
35. Labyrinthici — — Oriental, Moluccas
38. Mugillidæ — — — — Australian,
Neotropical
52. Chromidæ — — — — Oriental,
Neotropical

Physostomi.
59. Siluridæ — — — — All warm regions
60. Characinidæ — — Neotropical
68. Mormyridæ — —
69. Gymnarchidæ — —
73. — — — Palæarctic,
Cyprinodontidæ Oriental,
American
75. Cyprinidæ — — — — Absent from
Australia and S.
America
78. Osteoglossidæ — — All tropical
regions
82. Notopteridæ — Oriental

Ganoidei.
92. Sirenoidei — — Neotropical,
Australian
94. Polypteridæ — —

INSECTS.
LEPIDOPTERA
(PART).
Diurni
(Butterflies).
1. Danaidæ — — — — All warm
countries and
Canada
2. Satyridæ — — — — Cosmopolite
3. Elymniidæ — Oriental, Moluccas
6. Acræidæ — — — — All tropical
regions
8. Nymphalidæ — — — — Cosmopolite
9. Libytheidæ — — Absent from
Australia only
10. Nemeobiidæ — — Absent from
Australia and
Nearctic region
13. Lycænidæ — — — — Cosmopolite
14. Pieridæ — — — — Cosmopolite
15. Papilionidæ — — — — Cosmopolite
16. Hesperidæ — — — — Cosmopolite

Sphingidea.
17. Zygænidæ — — — — Cosmopolite
19. Agaristidæ — — — — Australian,
Oriental
20. Uraniidæ — All tropical
regions
22. Ægeriidæ — — — — Cosmopolite, excl.
Australia
23. Sphingidæ — — — — Cosmopolite
TABLE II.

LIST OF GENERA OF TERRESTRIAL MAMMALIA AND BIRDS

INHABITING THE ETHIOPIAN REGION.

Explanation.

Names in italics show genera peculiar to the region.

Names inclosed thus (......) show genera which just enter the
region, but are not considered properly to belong to it.

Genera which undoubtedly belong to the region are numbered

consecutively.

MAMMALIA.
Order, Family, and No. of Range within the Range beyond the
Genus. Species. Region. Region.

PRIMATES.
Simiidæ.
1. Troglodytes 2 W. Africa to
Western Nile
Sources
Semnopithecidæ.
2. Colobus 11 Abyssinia to
West Africa
Cynopithecidæ.
3. Myiopithecus 1 West Africa
4. Cercopithecus 24 Tropical Africa
5. Cercocebus 5 West Africa
6. Theropithecus 2 North-east Palestine
Africa, Arabia
7. Cynocephalus 10 Nubia to Cape,
W. Africa,
Arabia

(Sub-Order)
LEMUROIDEA.
Lemuridæ.
8. Indris 6 Madagascar
9. Lemur 15 Madagascar
10. Hapalemur 2 Madagascar
11. Microcebus 4 Madagascar
12. Chirogaleus 5 Madagascar
13. Lepilemur 2 Madagascar
14. Perodicticus 1 Sierra Leone
15. Arctocebus 1 Old Calabar
16. Galago 14 Tropical and S.
Africa
Chiromyidæ.
17. Chiromys 1 Madagascar

CHIROPTERA.
Pteropidæ.
18. Pteropus 7 Africa and Tropics of
Madagascar Eastern
Hemisphere
19. Xantharpya 1 All Africa Oriental,
Austro-
Malayan
20. Cynopterus 1 Tropical Africa Oriental
21. Epomophorus 6 Tropical Africa
and Abyssinia
22. Hypsignathus 1 W. Africa
Rhinolophidæ.
23. Rhinolophus 6 Africa and Warmer parts
Madagascar of Eastern
Hemisphere
24. Macronycterys 1 W. Africa
25. Phyllorhina 4 Tropical Africa Indo-Malaya,
Austro-
Malaya
26. Asellia 1 Nubia Indo-Malaya,
Austro-
Malaya
27. Megaderma 1 Senegal, Upper Oriental,
Nile Moluccas
28. Nycteris 3 All Africa Java
Vespertilionidæ.
29. Vespertilio 14 Africa and Cosmopolite
Madagascar
30. Kerivoula 1 S. Africa Oriental
31. Miniopteris 1 S. Africa Indo-Malaya
32. Nycticejus 7 Tropical Africa India
33. Taphozous 2 Africa and Oriental,
Madagascar Austro-
Malayan,
Neotropical
Noctilionidæ.
34. Nyctinomus 1 Madagascar Oriental,
American, S.
Palæarctic
35. Molossus 3 Africa, Bourbon Neotropical, S.
Palæarctic

INSECTIVORA.
Macroscelididæ.
36. Macroscelides 2 South and East N. Africa
Africa
37. Petrodromus 1 Mozambique
38. Rhynchocyon 1 Mozambique
Erinaceidæ.
39. Erinaceus 2 Cen. and South Palæarctic, N.
Africa India
Centetidæ.
40. Centetes 2 Madagascar and
Mauritius
41. Hemicentetes 2 Madagascar
42. Ericulus 2 Madagascar
43. Oryzorictes 1 Madagascar
44. Echinops 3 Madagascar
Potamogalidæ.
45. Potamogale 1 Old Calabar
Chrysochloridæ.
46. Chrysochloris 3 Cape to
Mozambique
Soricidæ.
47. Sorex 15 All Africa and Palæarc.,
Madagascar Nearc., Ori

CARNIVORA.
Felidæ.
48. Felis 8 All Africa All reg. but
Australian
49. Lynx[?] 1 N. and S. Africa Palæarctic and
Nearctic
50. Cynælurus 1 Cape of Good
Hope
Cryptoproctidæ.
51. Cryptoprocta 1 Madagascar
Viverridæ.
52. Viverra 1 Tropical Africa Oriental
53. Genetta 4 Tropical and S. S. Palæarctic
Africa
54. Fossa 2 Madagascar
55. Poiana 1 W. Africa
56. Galidia 3 Madagascar
57. Nandinia 1 W. Africa
58. Galidictis 2 Madagascar
59. Herpestes 13 All Africa S. Europe,
Oriental
60. Athylax 3 S. and E.
Africa(?)
Madagascar
61. Calogale 9 Tropical and S. Oriental
Africa
62. Galerella 1 E. Africa
63. Ariela 1 S. Africa
64. Ichneumia 4 E. Africa,
Senegal, S.
Africa
65. Bdeogale 3 Tropical Africa
66. Helogale 2 E. and S. Africa
67. Cynictis 3 S. Africa
68. Rhinogale 1 E. Africa
69. Mungos 3 Tropical and S.
Africa
70. Crossarchus 1 Tropical Africa
71. Eupleres 1 Madagascar
72. Suricata 1 S. Africa
Protelidæ.
73. Proteles 1 S. Africa
Hyænidæ.
74. Hyæna 3 All Africa S. Palæarctic,
India
Canidæ.
75. Lycaon 1 S., Central, and
E. Africa
76. Canis 5 All Africa Almost
Cosmopolitan
77. Megalotis 1 S. Africa
Mustelidæ.
78. Mustela 1 Angola Palæarctic,
Nearctic
79. Gymnopus[?] 1 S. Africa Oriental
80. Aonyx 1 S. and W. Africa Oriental
81. Hydrogale 1 S. Africa
82. Mellivora 2 South and India
Tropical Africa
83. Ictonyx 2 Tropical and S.
Africa
Otariidæ.
84. Arctocephalus 1 Cape of Good South
Hope Temperate
Zone

SIRENIA.
Manatidæ.
85. Manatus 1 W. Africa Tropical
America
86. Halicore 1 E. Africa Oriental and
Australian

UNGULATA.
Equidæ.
87. Equus 3 Tropical and S. Palæarctic
Africa
Rhinocerotidæ.
88. Rhinoceros 4 All Tropical and Oriental
S. Africa
Hippopotamidæ.
89. Hippopotamus 2 Great Rivers of
Africa
Suidæ.
90. Potamochœrus 3 Tropical Africa
and Madg.
91. Phacochœrus 2 Abyssinia to
Caffraria
Tragulidæ.
92. Hyomoschus 1 W. Africa
Camelopardalidæ.
93. Camelopardalis 1 All open country
Bovidæ.
94. Bubalus 3 Trop. and S. India
Africa
95. Oreas 2 Africa S. of
Sahara
96. Tragelaphus 8 Africa S. of
Sahara
97. Oryx 3 Arabian and S. Palæarctic
African
deserts
98. Gazella 12 Africa N. of Palæarctic
Equator and Deserts
S. Africa
99. Æpyceros 1 S. E. Africa
100. Cervicapra 4 All Tropical
Africa
101. Kobus 6 Pastures of all
Africa
102. Pelea 1 South Africa
103. Nanotragus 9 Africa S. of
Sahara
104. Neotragus 1 Abyssinia and N.
E. Africa
105. Cephalophus 22 All tropical Africa
106. Hippotragus 3 Gambia, Central
Africa to Cape
107. Alcephalus 9 All Africa
108. Catoblepas 2 Africa S. of
Equator
(Capra 1 Abyssinia, high) Palæarctic
genus

PROBOSCIDEA.
Elephantidæ.
109. Elephas 1 Tropical and S. Oriental
Africa

HYRACOIDEA.
Hyracidæ.
110. Hyrax 10 Tropical and S. Syria
Africa

RODENTIA.
Muridæ.
111. Mus 26 All Africa E. Hemis. excl.
Oceania
112. Lasiomys 1 W. Africa
113. Acanthomys 4 Tropical Africa India
114. Cricetomys 1 Tropical Africa
115. Saccostomus 2 Mozambique
116. Dendromys 2 S. Africa
117. Nesomys 1 Madagascar
118. Steatomys 2 East and S.
Africa
119. Pelomys 1 Mozambique
120. Otomys 6 S. and E. Africa
121. Meriones 14 Africa Palæarctic,
India
122. Malacothrix 2 S. Africa
123. Mystromys 1 S. Africa
124. Brachytarsomys 1 Madagascar
125. Hypogeomys 1 Madagascar
126. Lophiomys 1 S. Arabia and N.
E. Africa
Spalacidæ.
127. Rhizomys 4 Abyssinia Oriental to
Malacca
128. Bathyerges 1 S. Africa
129. Georychus 6 E. Central, and
S. Africa
130. Heliophobius 1 Mozambique
Dipodidæ.
131. Dipus 7 N. and Central Central
Africa Palæarctic
132. Pedetes 1 S. Af. to
Mozambique
and Angola
Myoxidæ.
133. Myoxus 1 Africa to Cape Palæarctic
Sciuridæ.
134. Sciurus 18 All woody All regions but
districts of Australia
Africa
135. Anomalurus 5 W. Africa and
Fernando Po.
Octodontidæ.
136. Pectinator 1 Abyssinia
Echimyidæ.
137. Petromys 1 S. Africa
138. Aulacodes 1 W., E., and S.
Africa
Hystricidæ.
139. Hystrix 1 Africa to Cape S. Palæarctic
Oriental
140. Atherura 1 W. Africa Palæarctic
Leporidæ.
141. Lepus 5 East and South All regions but
Africa Australian

EDENTATA.
Manididæ.
142. Manis 4 Sennaar to W. Oriental
Africa and
Cape
Orycteropodidæ.
143. Orycteropus 2 N. E. Africa to
Nile Sources,
and S. Africa

BIRDS.
PASSERES.
Turdidæ.
1. Turdus 13 The whole reg. Almost
(excl. Cosmopolite
Madagas.)
2. Monticola 2 S. Africa Palæarctic and
Oriental
3. Chætops 3 S. Africa
4. Bessonornis 15 The whole Palestine
region
Sylviidæ.
5. Drymœca 70 The whole Palestine
region
6. Cisticola 13 The whole
region
7. Sphenœacus 1 S. Africa
8. Camaroptera 5 Africa
9. Acrocephalus 8 The whole Palæarc.,
region Orien., Austral.
10. Bradyptetus 8 Abyssinia and S.
Africa
11. Catriscus 3 All Africa
12. Bernieria 1 Madagascar
13. Ellisia 1 Madagascar
14. Mystacornis 1 Madagascar
15. Phylloscopus 1 S. Africa Palæarctic,
Oriental
16. Eremomela 16 All Africa
17. Eroessa 1 Madagascar
18. Hypolais 2 S. Africa
19. Aedon 8 E. and S. Africa Palæarctic
20. Sylvia 3 N. E. Africa,
Gambia, Cape
Verd Ids.
21. Curruca 2 S. Africa
22. Ruticilla 2 Abyssinia and Palæarctic,
Senegal Oriental
23. Cyanecula 2 N. E. Africa
24. Copsychus 2 Madagascar and Oriental
Seychelle Ids.
25. Thamnobia 7 All Africa
26. Cercotrichas 2 W. and N. E.
Africa
27. Pœoptera 1 W. Africa
28. Gervasia 2 Madagascar and
Seychelle Ids.
29. Dromolæa 13 All Africa
30. Saxicola 14 Central, E. and
S. Africa
31. Cercomela 3 N. E. Africa
32. Pratincola 7 Africa and
Madagascar
Timaliidæ.
33. Chatarrhæa 1 Abyssinia Oriental,
Palestine
34. Crateropus 17 All Africa N. Africa,
Persia
35. Hypergerus 1 W. Africa
36. Cichladusa 3 W. and E. Africa
37. Alethe 4 W. Africa
38. Oxylabes 2 Madagascar
Cinclidæ.[?]
39. Mesites 1 Madagascar
Troglodytidæ.[?]
40. Sylvietta 2 Central, E. and
S. Africa
Sittidæ.
41. Hypherpes 1 Madagascar
Paridæ.
42. Parus 5 All Africa Palæarc.,
Orien.,
Nearc.
43. Parisoma 5 All Africa
44. Ægithalus 4 W., Central, and Palæarctic
S. Africa
45. Parinia 1 W. Africa,
Prince's Island
Pycnonotidæ.
46. Pycnonotus 8 All Africa S. Palæarctic,
Oriental
47. Phyllastrephus 4 W. and S. Africa
48. Hypsipetes 4 Madagascar and Oriental
Mascarene
Ids.
49. Tylas 1 Madagascar
50. Criniger 14 W. and S. Africa Oriental
51. Ixonotus 8 W. Africa
52. Andropadus 9 Africa and
Madagascar
53. Lioptilus 1 S. Africa
Oriolidæ.
54. Oriolus 10 All Africa Palæarctic,
Oriental
55. Artamia[?] 3 Madagascar
56. Cyanolanius[?] 1 Madagascar
Campephagidæ.
57. Lanicterus 5 All Africa
58. Oxynotus 2 Mauritius and
Bourbon
59. Campephaga 5 The whole Celebes to New
region Caledonia
Dicruridæ.
60. Dicrurus 11 The whole Oriental,
region Australian
Muscicapidæ.
61. Butalis 3 All Africa Palæarctic, N.
Oriental
62. Muscicapa 10 All tropical Africa Palæarctic
63. Alseonax 4 S. Africa Oriental
64. Newtonia 1 Madagascar
65. Hyliota 2 W. Africa
66. Erythrocercus 2 Tropical Africa
67. Artomyias 2 W. Africa
68. Pseudobias 1 Madagascar
69. Smithorius 2 W. and S. Africa
70. Megabias 1 W. Africa
71. Cassinia 2 W. Africa
72. Bias 1 Tropical Africa
73. Elminia 2 Tropical Africa
74. Platystira 12 All Africa
75. Tchitrea 18 The whole Oriental
region
76. Pogonocichla 1 S. Africa
77. Bradyornis 7 All Africa
Laniidæ.
78. Parmoptila[?] 1 W. Africa.
79. Calicalicus 1 Madagascar
80. Lanius 15 All Africa Palæarc.,
Orien.,
Nearc.
81. Hypocolius 1 Abyssinia

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Economics: Private & Public Choice 17th Edition James

(eBook PDF) Microeconomics: Private and Public Choice

(eBook PDF) Microeconomics Private and Public Choice

(eBook PDF) Public Finance And Public Choice:

(eBook PDF) Public and Private Families: An

Public & Private Families. 1st Edition Andrew J.

(eBook PDF) Public and Private Families: An

(eBook PDF) Public and Private Families: An

1. The use of scarce resources is costly; trade-offs must always be made.

1. Government Spending and Taxation

With Assistance of Jane Shaw Stroup

Australia • Brazil • Mexico • Singapore • United Kingdom • United States

Richard L. Stroup Unless otherwise noted, all content is © Cengage.

Printed in the United States of America

Part 1 The Economic Way of Thinking 1

Chapter 2 Some Tools of the Economist 17

Part 2 Markets and Government 41

Chapter 4 Demand and Supply: Applications and Extensions 70

Chapter 6 The Economics of Political Action 110

Part 3 Core Macroeconomics 131

Chapter 8 Economic Fluctuations, Unemployment, and Inflation 156

8-2a The Labor Force Participation and Unemployment Rates 160

Chapter 9 An Introduction to Basic Macroeconomic Markets 175

Chapter 11 Fiscal Policy: The Keynesian View and the Historical

Chapter 12 Fiscal Policy, Incentives, and Secondary Effects 231

Chapter 13 Money and the Banking System 248

Chapter 14 Modern Macroeconomics and Monetary Policy 270

Chapter 16 Creating an Environment for Growth and Prosperity 311

16-5a Economic Freedom and Per Capita Income 324

Chapter 17 The Economics of Development 335

Part 4 International Economics 355

Chapter 19 International Finance and the Foreign Exchange Market 378

Part 5 Applying the Basics: Special Topics in Economics 397

Economics Microeconomics Macroeconomics Topic Title

ORGANIZATION AND INSTRUCTOR

NEW MATERIAL IN THIS EDITION

ADDITIONAL TEXT FEATURES

• Applications in Economics. “Applications in Economics” boxes apply economic theory

FOR THE STUDENT

FOR THE INSTRUCTOR

Interactive eBook In addition to interactive teaching and learning tools, Economic

PowerPoint We believe our PowerPoint presentation, prepared by Joseph Connors of

Marsha Goldfarb, University of Maryland Baltimore County; Richard Gosselin, Houston

James D. Gwartney is Professor of Economics at Florida State University, where he

Richard L. Stroup is Professor Emeritus of economics at Montana State University

Russell S. Sobel is Professor of Economics and Entrepreneurship in the Baker School

David A. Macpherson is the E.M. Stevens Professor of Economics and Economics

The Economic Way of Thinking

Life is a series of choices

The Economic Approach

FAMILIES OF ANIMALS INHABITING THE ETHIOPIAN REGION.

Names in italics show families peculiar to the region.

Numbers are not consecutive, but correspond to those in Part IV.

LIST OF GENERA OF TERRESTRIAL MAMMALIA AND BIRDS

Names in italics show genera peculiar to the region.

Genera which undoubtedly belong to the region are numbered

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