Known for clarity, patience, balance, and step-by-step presentation of basic economic concepts, ECONOMICS continues to define textbook excellence. Explanations are thorough, and complete; they focus on the principles essential to understanding the basic economizing problem. The language in the 14th Edition has been significantly streamlined, and some introductory material has been shortened, but the book retains McConnell and Brue's most significant pedagogical device: the extra sentences they often include to further reinforce particularly difficult concepts.
Each chapter contains two Web-based exercises. The engaging questions and informative answers teach substantive economic concepts as they develop and reinforce technology-based research skills. Every effort has been made to include Web addresses that will remain active throughout the life of the edition.
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Unique among principles texts, new Chapter 26: " Technology, R&D, and Efficiency" examines the microeconomics of start-up firms, optional R&D, product and process innovation, diffusion of innovation, and the controversy over "creative destruction". This new chapter follows a newly combined chapter on monopolistic competition and oligopoly. Chapter 26 provides a capstone of the four market models by examining their possible strengths and weaknesses as they relate to technological advance and efficiency in the very long run.
Expanded content on women, racial and ethnic minorities, and discrimination: A new Last Word for Chapter 2 examines the rise in the labor force participation of women as a significant positive factor in shifting the U.S. production possibilities curve rightward over time. Chapter 34, Income, Inequality, & Poverty, has increased coverage of women and minorities. Chapter 36 on labor market issues has a greatly expanded discussion of labor market discrimination, including discussion of the tastes-for-discrimination model (written at a principle's level), statistical discrimination, and occupational segregation.
Reduced formalism and added directness throughout. Particular concern was paid to the microeconomic chapters for technical accuracy. Readability has been further improved.
New multiple-choice "Quick Quizzes" to accompany the 22 Key Graphs. These 4-question quizzes allow students to test their understanding in the multiple-choice format. Added interactivity between the book and the student. Answers are provided, but upside down.
Virtually new Chapter 16: "Extending the Analysis of Aggregate Supply". This chapter thoroughly develops the distinction between short-run and long-run aggregate supply and uses it to develop the "extended AD-AS model". The extended model is then used to analyze demand-pull inflation, cost-push inflation, and recession. The chapter also treats other aggregate supply topics such as the Phillips Curve and supply-side economics.
Virtually new Chapter 17: "Disputes on Macro Theory and Policy". This "alternative perspectives" chapter has been completely rewritten with a focus on current policy debates relating to three questions: (1) What causes macro instability?; (2) Does the economy self-correct?; (3) Should policy makers adhere to rules or use discretion? The debates are tied directly to the analytical models developed in the prior chapters and include topics such as monetarism, misperceptions theory, real-business cycle theory, coordination failures, efficiency wages, menu costs, insider-outside theory, and other modern topics.
Streamlined Chapter 23 on pure competition. More focus on the MR=MC approach; less on TR - TC approach; greatly consolidated discussion of "qualifications" relating to pure competition and efficiency.
New state-of-the-art design.
Complete coverage of recent policy reforms, e.g., new content on welfare reform, reform of the agricultural price support program and anti-trust issues, e.g., Microsoft.
New Web Based Questions: Teach concepts and encourage technology-based research skills.
Key Graphs: These 22 graphs have special relevance for the study of both microeconomics and macroeconomics; new 4-question quizzes
Last Word Essays: These end of chapter mini-readings describe applications of economic concepts, short case studies, or views which contrast with mainstream thinking; new attractive art.
Extensive Glossary: Over 1000 entries
Figure Legends: Legends accompanying diagrams are often in-depth self-contained analyses of the concepts.
Questions: 10-15 questions follow every chapter, one of which refers to the Last Word Essay; several of the questions are designated "key questions," are cited in the body of text, and answered in the Instructor's Manual, the Study Guide, and on our web site.
Quick Review Boxes: 3-4 mini lists interspersed in each chapter review content
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