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Microeconomics, 17th edition

Published by Pearson Canada (March 8, 2022) © 2023

  • Christopher T.S. Ragan McGill University

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Economics is a living discipline, changing and evolving in response to developments in the world economy and in response to the research of many thousands of economists throughout the world. Through seventeen editions, Economics has evolved with the discipline. Our purpose is to provide students with an introduction to the major issues facing the world's economies, to the methods that economists use to study those issues, and to the policy problems that those issues create.

Hallmark features of this title

  • Current. Economic growth, financial crisis pandemics, globalization, and the role of government are pressing issues of the day. Much of our study of economic principles and the Canadian economy has been shaped by these issues. In addition to specific coverage of growth and internationally oriented topics, growth and globalization appear naturally throughout the book in the treatment of many topics once thought to be entirely “domestic.”
  • Global. Enormous changes have occurred throughout the world over the last few decades. Flows of trade and investment between countries have risen so dramatically that it is now common to speak of the “globalization” of the world economy. Today it is no longer possible to study any economy without taking into account developments in the rest of the world.
  • Free Markets. Has the fundamental role of government changed significantly over the past 40 years? In order to understand the role of government in the economy, students must understand the benefits of free markets as well as the situations that cause markets to fail. They must also understand that governments often intervene in the economy for reasons related more to equity than to efficiency.

New and updated features of this title

  • As the world shifts to a greater reliance on digital media, it is appropriate that this resource evolves as well. This seventeenth edition is the first fully digital version of Economics. Instructors and students will find that, although the medium has changed, the content is fully consistent with prior editions
  • Updated.
    • The COVID-19 pandemic that began in early 2020 was both a health crisis and an economic crisis in most countries. The COVID-19 pandemic affected virtually all aspects of the economy, and it is discussed in many places throughout this book.
    • We have revised and updated the entire text with guidance from feedback from both users and nonusers of the previous editions of this book. We have strived very hard to improve the teachability and readability of the book. 
    • The forces of globalization are with us to stay. In this seventeenth edition, we have done our best to ensure that students are made aware of the world outside Canada and how events elsewhere in the world affect the Canadian economy.

Important Digital Assets in MyLab Economics

  • 2024 Digital Update – Econ in the News - MyLab Question Update (50 New Questions)
  • 2024 Digital Update – Micro/Macro Interactive Models with Assessment - 60 new TDX questions to accompany the new and updated models (3 per model)
  • Digital Interactives. Economic principles are not static ideas, and learning them shouldn't be either. Digital Interactives are dynamic and engaging assessment activities that promote critical thinking and application of key economic principles. Each Digital Interactive has 3–5 progressive levels and requires approximately 20 minutes to explore, apply, compare, and analyze each topic. Digital Interactives can be assigned and graded within MyLab Economics or used as a lecture tool to encourage engagement, classroom conversation, and group work.
  • Single Player Experiments. Experiments are an easy-to-use, fun, and engaging way to promote active learning and mastery of important economic concepts. Single-player experiments allow students to play against virtual players from anywhere at any time so long as they have an Internet connection. Pre- and post-experiment questions are available for assignment within the MyLab.
  • Video Lessons. Video lessons are brief two- to three minute instructional videos that cover key definitions and concepts that are embedded within the eText. They reinforce the content by expanding on examples and explaining key graphs and figures, which help students understand essential and difficult economic concepts. The videos appear in the eText and can be assigned through the multimedia library of MyLab.
  • Real-Time Data Analysis Figures use up-to-the-minute, real-time macroeconomic data. These figures communicate directly with the Federal Reserve Bank of St. Louis's FRED™ site, so every time FRED posts new data, students see it within the eText
  • Dynamic Study Modules: Using a highly personalized, algorithmically driven process, Dynamic Study Modules continuously assess student performance and provide additional practice in the areas where they struggle the most. Each Dynamic Study Module, accessed by computer, smartphone, or tablet, promotes fast learning and long term retention.
  • Current Events Boxes bring currency into your classroom with author-written content that connects key concepts with real-life current events. Annually, the authors add new or revised content or data to ensure your students have relevant examples to help them engage with the course.
  • Ready to Go provides a roadmap to planning your course. Ready to Go helps instructors unlock content and tools available within MyLab. Curated for each title, this website provides a path for instructors to explore and implement resources for teaching and learning. Using the framework of before, during, and after class, this online instructor's manual helps pinpoint the tools you need from the instructor support materials and online platforms to support your course planning for in-class, online, and hybrid instruction.
  1. Economic Issues and Concepts
  2. Economic Theories, Data, and Graphs
  3. Demand, Supply, and Price (Shared with Macro)
  4. Elasticity
  5. Price Controls and Market Efficiency
  6. Consumer Behaviour
  7. Producers in the Short Run
  8. Producers in the Long Run
  9. Competitive Markets
  10. Monopoly, Cartels, and Price Discrimination
  11. Imperfect Competition and Strategic Behaviour
  12. Economic Efficiency and Public Policy
  13. How Factor Markets Work
  14. Labour Markets and Income Inequality
  15. Interest Rates and the Capital Market
  16. Market Failures and Government Intervention
  17. The Economics of Environmental Protection
  18. Taxation and Public Expenditure
  19. The Gains from International Trade
  20. Trade Policy

Chris Ragan received his B.A. in economics from the University of Victoria, his M.A. from Queen's University, and his Ph.D. from the Massachusetts Institute of Technology in Cambridge, Massachusetts, in 1990. He then joined the Department of Economics at McGill University in Montreal, where he has taught graduate courses in macroeconomics and international finance and undergraduate courses in macroeconomic theory and policy, current economic issues, and financial crises.

Over the years he has taught principles of economics (micro and macro) to thousands of students at McGill and maintains a reputation on campus as being "super excited" about economics. In 2007, Chris Ragan was awarded the Noel Fieldhouse Teaching Award from McGill for teaching excellence. In 2017, he was became as the inaugural Director of McGill's Max Bell School of Public Policy.

Professor Ragan's research focuses mainly on the design and implementation of macroeconomic policy in Canada. He has been privileged to serve the federal government in Ottawa as Special Advisor to the Governor of the Bank of Canada, the Clifford Clark Visiting Economist at the Department of Finance, and most recently as a member of the Advisory Council on Economic Growth. From 2014 to 2019, he was the chair of Canada's Ecofiscal Commission, a six-year project of independent economists and advisors to promote the greater use of pollution pricing in the Canadian economy.

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