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New To This Edition
Building on the success of previous editions, the Twelfth Edition offers thoroughly updated coverage throughout and three all-new chapters. Every example, table, and graph has been revised to reflect the most recent data available. You will find major new material incorporating the latest reseach and date in every part of the text, including:
Expanded coverage of the Government sector in the new Chapter 6, Taxation, Transfers, and Public Spending, offers in-depth coverage of taxation, public spending. and transfer programs. The chapter also highlights timely issues such as the debates over Social Security and education vouchers.
Chapter 17, Stabilization in an Integrated Would Economy, and Chapter 18,policies and Prospects for Global Economic Growth, Provide new capstone macroeconomic policy coverage. Chapter 17 includes a new wrap-up section that aids students in understanding policy debates by summarizing the issues involved in evaluating the cases for active versus passive policymaking. Chapter 18 explores the impact of labor resources, capital goods, and private international financial flows on economic growth, as well as the critical orle of international institutions and policies. It examines the important concept of dead capital.
Two full chapters dedicated to monopolistic competition and oligopoly offer an expanded treatment of market structure. Chapter 25, on monopolistic competition, features new discussions of the role of brands and trademarks in advertising and information products. Chapter 26 takes a probing look at network offects.
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