Exploring Macroeconomics

Eighth Edition

Robert L. Sexton

Other Titles in:
Economics (General) | Macroeconomics

December 2018 | 688 pages | SAGE Publications, Inc

The excitement of learning economics for the first time.
The experience of a lifetime of teaching it.

The Eighth Edition of Exploring Macroeconomics captures the excitement of learning macroeconomics for the first time through a lively and encouraging narrative that connects macroeconomics to the world in a way that is familiar to students. Author Robert L. Sexton draws on over 25 years of teaching experience to capture students’ attention, focusing on core concepts and expertly weaving in examples from current events and popular culture to make even classic economic principles modern and relatable. The text sticks to the basics and applies a thoughtful learning design, segmenting its presentation into brief, visually appealing, self-contained sections that are easier for students to digest and retain compared to sprawling text.

Thoughtfully placed section quizzes, interactive summaries, and problem sets help students check their comprehension at regular intervals and develop the critical thinking skills that will allow them to “think like economists.” Combined with a complete teaching and learning package, Exploring Macroeconomics is sure to help you ignite your students’ passion for the field and reveal its practical application in the world around them.

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Part I: Introduction

Chapter 1: The Role and Method of Economics

1.1 Economics: A Brief Introduction

1.2 Economic Behavior

1.3 Economic Theories and Models

1.4 Pitfalls to Avoid in Scientific Thinking

1.5 Positive Statements and Normative Statements

Chapter 2: Economics: Eight Powerful Ideas

2.1 Idea 1: People Face Scarcity and Costly Trade-Offs

2.2 Idea 2: People Engage in Rational Decision Making and Marginal Thinking

2.3 Idea 3: People Respond Predictably to Changes in Incentives

2.4 Idea 4: Sepcialization and Trade Can Make People Better Off

2.5 Idea 5: Markets Can Improve Economic Efficiency

2.6 Idea 6: Appropriate Government Policies Can Improve Market Outcomes

2.7 Idea 7: Government Policies May Help Stablilize the Economy

2.8 Idea 8: Increasing Producitivty Leads to Economic Growth

Chapter 3: Scarcity, Trade-Offs, and Production Possibilities

3.1 The Three Economic Questions Every Society Faces

3.2 The Circular Flow Model

3.3 The Production Possibilities Curve

3.4 Economic Growth and the Production Possibilities Curve

Part II: Supply and Demand

Chapter 4: Demand, Supply, and Market Equilibrium

4.1 Markets

4.2 Demand

4.3 Shifts in the Demand Curve

4.4 Supply

4.5 Shifts in the Supply Curve

4.6 Market Equilibrium Price and Quantity

Chapter 5: Markets in Motion and Price Controls

5.1 Changes in Market Equilibrium

5.2 Price Controls

Chapter 6: Elasticities

6.1 Price Elasticity of Demand

6.2 Total Revenue and the Price Elasticity of Demand

6.3 Other Types of Demand Elasticities

6.4 Price Elasticity of Supply

Part III: Market Efficiency, Market Failure, and the Public System

Chapter 7: Market Efficiency and Welfare

7.1 Consumer Surplus and Producer Surplus

7.2 The Welfare Effects of Taxes, Subsidies, and Price Controls

Chapter 8: Market Failure

8.1 Externalities

8.2 Public Policy and the Environment

8.3 Property Rights and the Environment

8.4 Public Goods

8.5 Asymmetric Information

Chapter 9: Public Finance and Public Choice

9.1 Public Finance: Government Spending and Taxation

9.2 Public Choice

Part IV: Macroeconomic Foundations

Chapter 10: Introduction to Macroeconomics: Unemployment, Inflation, and Economic Fluctuations

10.1 Macroeconomic Goals

10.2 Employment and Unemployment

10.3 Types of Unemployment

10.4 Reasons for Unemployment

10.5 Inflation

10.6 Economic Fluctuations

Chapter 11: Measuring Economic Performance

11.1 National Income Accounting: A Standardized Way to Measure Economic Performance

11.2 Measuring Total Production

11.3 Other Measures of Total Production and Total Income

11.4 Problems in Calculating an Accurate GDP

11.5 Problems with GDP as a Measure of Economic Welfare

Chapter 12: Economic Growth in the Global Economy

12.1 Economic Growth

12.2 Determinants of Economic Growth

12.3 Public Policy and Economic Growth

12.4 Population and Economic Growth

Chapter 13: Financial Markets, Saving, and Investment

13.1 Financial Institutions and Intermediaries

13.2 Saving, Investment, and the Financial System

13.3 The Financial Crisis of 2008

Part V: The Macroeconomic Models

Chapter 14: Aggregate Demand and Aggregate Supply

14.1 The Determinants of Aggregate Demand

14.2 The Aggregate Demand Curve

14.3 Shifts in the Aggregate Demand Curve

14.4 The Aggregate Supply Curve

14.5 Shifts in the Aggregate Supply Curve

14.6 Macroeconomic Equilibrium: The Short Run and the Long Run

Chapter 15: The Aggregate Expenditure Model

15.1 The Simple Aggregate Expenditure Model

15.2 Finding Equilibrium in the Aggregate Expenditure Model

15.3 Adding Investment, Government Purchases, and Net Exports

15.4 Shifts in Aggregate Expenditure and the Multiplier

15.5 From Aggregate Expenditures to Aggregate Demand

Part VI: Macroeconomic Policy

Chapter 16: Fiscal Policy

16.1 Fiscal Policy

16.2 Fiscal Policy and the AD/AS Model

16.3 The Multiplier Effect

16.4 Supply-Side Effects of Tax Cuts

16.5 Possible Obstacles to Effective Fiscal Policy

16.6 Automatic Stabilizers

16.7 The National Debt

Chapter 17: Money, Banking, and the Federal Reserve System

17.1 What is Money?

17.2 Measuring Money

17.3 How Banks Create Money

17.4 The Money Multiplier

17.5 The Federal Reserve System

17.6 How Does the Federal Reserve Change the Money Supply?

17.7 Bank Failures

Chapter 18: Monetary Policy

18.1 Money, Interest Rates, and Aggregate Demand

18.2 Expansionary and Contractionary Policy

18.3 Money and Inflation-The Long Run

18.4 Problems in Implementing Monetary and Fiscal Policy

Chapter 19: Issues in Macroeconomic Theory and Policy

19.1 The Phillips Curve

19.2 The Phillips Curve over Time

19.3 Rational Expectations

19.4 Controversies in Macroeconomic Policy

Part VII: The Global Economy

Chapter 20: International Trade

20.1 The Growth in World Trade

20.2 Comparative Advantage and Gains From Trade

20.3 Supply and Demand in International Trade

20.4 Tariffs, Import Quotas, and Subsidies

Chapter 21: International Finance

21.1 The Balance of Payments

21.2 Exchange Rates

21.3 Equilibrium Changes in the Foreign Exchange Market

21.4 Flexible Exchange Rates

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Sample Materials & Chapters

Chapter 2: Economics: Eight Powerful Ideas

Chapter 4: Demand, Supply, and Market Equilibrium

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