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PREFACE

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PREFACE

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• The Solman Videos can also be downloaded to a

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Instructor’s Manual Randy Grant of Linfield Col-

lege revised and updated the Instructor’s Resource Manual .

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Acknowledgments

We give special thanks to Sean Masaki Flynn of Vassar for

the two new Internet chapters and Norris Peterson of Pa-

cific Lutheran University and Randy Grant of Linfield

College, who created the “button” content on our Web

site. We again thank James Reese of the University of

South Carolina at Spartanburg, who wrote the original

Internet exercises. Although many of those questions were

replaced or modified in the typical course of revision, sev-

eral remain virtually unchanged. We also thank C. Nor-

man Hollingsworth at Georgia Perimeter College for his

ever-popular and creative PowerPoint slides and Terry

Christesson at Clovis Community College for his Nar-

rated PowerPoint slides. Finally, we thank William Wals-

tad and Tom Barbiero (the coauthor of our Canadian

edition) for their helpful ideas and insights.

We are greatly indebted to an all-star group of profes-

sionals at McGraw-Hill—in particular Gary Burke, Lu-

cille Sutton, Rebecca Hicks, Lori Koetters, Keith

McPherson, Douglas Reiner, and Brent Gordon—for

PREFACE

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their publishing and marketing expertise. To Lucille and

Gary, we express our deepest gratitude for helping us keep

Economics “number one” over the past 12 years.

We thank Keri Johnson for her selection of the Con-

sider This and Last Word photos. Keith McPherson pro-

vided the vibrant cover.

The seventeenth edition has benefited from a number

of perceptive formal reviews. The contributors, listed at

the end of the Preface, were a rich source of suggestions

for this revision. To each of you, and others we may have

inadvertently overlooked, thank you for your considerable

help in improving Economics .

Stanley L. Brue

Campbell R. McConnell

PREFACE

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Contributors

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Brief Contents

PART ONE

Introduction to Economics and the Economy

To the Student 2

1 Limits, Alternatives, and Choices 3

2 The Market System and the Circular Flow 28

3 Demand, Supply, and Market Equilibrium 44

4 The U.S. Economy: Private and Public Sectors 65

5 The United States in the Global Economy 84

PART TWO

Macroeconomic Measurement and Basic

Concepts

6 Measuring Domestic Output and National Income 105

7 Introduction to Economic Growth and Instability 124

8 Basic Macroeconomic Relationships 146

PART THREE

Macroeconomic Models and Fiscal Policy

9 The Aggregate Expenditures Model 166

10 Aggregate Demand and Aggregate Supply 187

11 Fiscal Policy, Deficits, and Debt 208

PART FOUR

Money, Banking, and Monetary Policy

12 Money and Banking 228

13 Money Creation 244

14 Interest Rates and Monetary Policy 258

14W Financial Economics

(

WEB CHAPTER, www.mcconnell17.com ) 283

PART FIVE

Long-Run Perspectives and Macroeconomic

Debates

15 Extending the Analysis of Aggregate Supply 285

16 Economic Growth 302

16W The Economics of Developing Countries

(

WEB CHAPTER, www.mcconnell17.com ) 319

17 Disputes over Macro Theory and Policy 320

PART SIX

International Economics

18 International Trade 339

19 Exchange Rates, the Balance of Payments, and

Trade Deficits 360

Glossary G-1

Index IND

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