Principles of Macroeconomics

Taylor (economics, Stanford U.) and Weerapana (economics, Wellesley College) present modern economics in this textbook aimed at students with no experience with the subject. They detail how markets work and how they are efficient when the incentives are right. This edition updates content on recent developments in China, India, and the European Economic and Monetary Union, and the US economy in the aftermath of the financial crisis. It has new material on recent events and their effects on opportunity costs, cause inefficiencies, and influence on the debate about market economies and government intervention. It includes a new case study on gas prices; updated examples and data, such as on unemployment, inflation, interest rates, and gross domestic product in discussion of the slow recovery after the recession; and new sections on how recessions are defined. It has new material on central bank independence; updated discussion of money and inflation to show the rapid increase in bank reserves in 2009 and 2010; new discussion of temporary tax cuts and rebates based on the Stimulus Act of 2008, the stimulus bill passed in February 2009, and recent signs of economic growth in sub-Saharan African nations. This edition also includes new chapter openings and boxes, combines chapters on international trade and trade policy, and adds a chapter on international finance. An interactive ebook is online, along with other learning resources. Annotation c2012 Book News, Inc., Portland, OR (booknews.com)