Macroeconomics, Global Edition, 3rd edition

Thistitle is a Pearson Global Edition. The Editorial team at Pearson has workedclosely with educators around the world to include content which is especiallyrelevant to students outside the United States.

For courses in the principles of macroeconomics.

An evidence-based approach to economics
Throughout Macroeconomics, 3rd Edition, authorsDaron Acemoglu, David Laibson, and John List use real economic questions anddata to help students learn about the world around them. Taking a freshapproach, they use the themes of optimization, equilibrium, and empiricism tonot only illustrate the power of simple economic ideas, but also to explain andpredict what’s happening in today’s society. Each chapter begins with anempirical question that is relevant to the life of a student and is lateranswered using data in the Evidence-Based Economics feature. As a result of thetext’s practical emphasis, students learn to apply economic principles to guidethe decisions they make in their own daily lives.

Pearson MyLab® Economicsis not included. Students, if Pearson MyLab Economics is arecommended/mandatory component of the course, please ask your instructor forthe correct ISBN. Pearson MyLab Economics should only be purchased whenrequired by an instructor. Instructors, contact your Pearson representative formore information.

Three unified principles lay the groundwork forunderstanding the economic way of thinking about the world

1. Optimization. Economistsbelieve that optimization explains most choices people make. When people failto choose the best available option, economic reasoning can be used to analyzethe mistake and to suggest a better course of action.

2. Equilibrium. Economicsystems tend toward equilibrium, wherein each economic actor feels that he orshe cannot do any better by picking another course of action. This principlehighlights the connections among economic actors and their choices.

3. Empiricism. Economistsuse data to test economic theories, learn about the world, and speak topolicymakers. The emphasis on matching theories with real-world data to answerspecific questions helps to show students the evidence behind the theory,making economics concrete, interesting, and fun.

Applications provide meaningful practice in analyzing andinterpreting real-world economic data and questions

• NEW - End-of-chapter Evidence-Based Economic problems show how economists use data to answer the question posed in the opening paragraph of each chapter. These features let students get a real look at economics as it plays out in the world around them and gives them the skills to question systematically and evaluate what they read. New problems focus on:
• the opportunity cost of social media, higher education, and going to a movie (Chapter 1)
• whether economic development is tied to climate (Chapter 8)
• the 2007-2009 recession and applying Okun’s law to the 2020 recession (Chapter 12)
• spending multipliers and the CARES act (Chapter 13)
• NEW - Evidence-Based Economics sections devote more discussion to real-world economic issues and events, such as wages and employment during the COVID-19 Pandemic (Chapter 9) and the causes of recessions (Chapter 12).
• NEW - Letting the Data Speak boxes are short, targeted explorations that analyze an economic question by using real data as the foundation of the discussion. Recent additions profile:
• how the price of crude oil temporarily fell below $0 per barrel (Chapter 4)
• racial discrimination in the labor market (Chapter 9)
• the latest research on inflation expectations and past experiences (Chapter 11)
• NEW - Choice and Consequence exercises emphasize optimization by focusing on making the best decision. These features ask students to make an economic decision or evaluate the consequences of past real decisions. The authors then explain how an economist might analyze the same decision. New questions explore the future implications of AI on employment (Chapter 9) and recent changes in US trade policy and Brexit (Chapter 14).

Comprehensive macroeconomic coverage shows the importance ofconcepts in everyday life

• NEW - Practical coverage of macroeconomics helps students see how they can apply course content in their own decision-making. New and relevant discussions related to the COVID-19 pandemic include:
• its impact on positive and normative economics related to unemployment and the stock market (Chapter 1)
• the trade-offs between health and economic output during the crisis (Chapter 1)
• how stay-at-home orders in 2020 impacted the demand for gasoline in developed countries (Chapter 4)
• the macroeconomic indicators related to, and savings rate and bank failures during, the COVID-19 Recession (Chapters 5 and 10)
• the government expenditure multiplier during the 2007-2009 and 2020 recessions (Chapter 13)

PearsonMyLab® Economics is not included. Students, if Pearson MyLab Economics is arecommended/mandatory component of the course, please ask your instructor forthe correct ISBN. Pearson MyLab Economics should only be purchased whenrequired by an instructor. Instructors, contact your Pearson representative formore information.

· Teach your course your way

o Current News Exercises. Everyweek, microeconomic and macroeconomic news stories and accompanyingexercises are posted to MyLab. Assignable, thesemulti-part exercises ask students to recognize and apply economic concepts to currentevents.

o Performance Analytics enableinstructors to see and analyze student performance across multiple courses.Based on their current course progress, individuals’ performance is identifiedabove, at, or below expectations through a variety of graphs andvisualizations. Now included with Performance Analytics, Early Alerts usepredictive analytics to identify struggling students — even if their assignmentscores are not a cause for concern. In both Performance Analytics and EarlyAlerts, instructors can email students individually or by group to providefeedback.

· Deliver trusted content

o NEW - With PodcastExercises, students listen to a podcast and then answerquestions about the economic principles covered within. There are 9 podcastassignments; each one includes a listening guide, glossary terms, and acombination of conceptual and analytical questions.

o Animated Graphs inMyLab and the Pearson eText accompany many of the key graphs and figures in thetext, and have been updated with real-time data from the Federal Reserve’sEconomic Data (FREDTM) — a comprehensive, up-to-date data set maintained by theFederal Reserve Bank of St. Louis. These animated graphs help studentsunderstand shifts in curves, movements along curves, and changes in equilibriumvalues.

o Easy to assign, Real-Time Data Analysis Exercises useup-to-the-minute, real-time macroeconomic data from the FRED site, to teststudents’ knowledge.

· Empower learners

o Learning aids,such as Help Me Solve This, provide extra help for students at thepoint-of-use.

o Digital Interactives aredynamic and engaging assessment activities that promote critical thinking andthe application of key economic principles. Many Digital Interactives alsoinclude real-time data from the FRED site, allowing professors and students todisplay up-to-the-minute data in key areas. Digital Interactives can beassigned and graded within MyLab or used as a lecture tool to encourageengagement and classroom conversation.

Applications provide meaningful practice in analyzing andinterpreting real-world economic data and questions

• End-of-chapter Evidence-Based Economic problems show how economists use data to answer the question posed in the opening paragraph of each chapter. These features let students get a real look at economics as it plays out in the world around them and gives them the skills to question systematically and evaluate what they read. New problems focus on:
• the opportunity cost of social media, higher education, and going to a movie (Chapter 1)
• whether economic development is tied to climate (Chapter 8)
• the 2007-2009 recession and applying Okun’s law to the 2020 recession (Chapter 12)
• spending multipliers and the CARES act (Chapter 13)
• Evidence-Based Economics sections devote more discussion to real-world economic issues and events, such as wages and employment during the COVID-19 Pandemic (Chapter 9) and the causes of recessions (Chapter 12).
• Letting the Data Speak boxes are short, targeted explorations that analyze an economic question by using real data as the foundation of the discussion. Recent additions profile:
• how the price of crude oil temporarily fell below $0 per barrel (Chapter 4)
• racial discrimination in the labor market (Chapter 9)
• the latest research on inflation expectations and past experiences (Chapter 11)
• Choice and Consequence exercises emphasize optimization by focusing on making the best decision. These features ask students to make an economic decision or evaluate the consequences of past real decisions. The authors then explain how an economist might analyze the same decision. New questions explore the future implications of AI on employment (Chapter 9) and recent changes in US trade policy and Brexit (Chapter 14).

Comprehensive macroeconomic coverage shows the importance ofconcepts in everyday life

• Practical coverage of macroeconomics helps students see how they can apply course content in their own decision-making. New and relevant discussions related to the COVID-19 pandemic include:
• its impact on positive and normative economics related to unemployment and the stock market (Chapter 1)
• the trade-offs between health and economic output during the crisis (Chapter 1)
• how stay-at-home orders in 2020 impacted the demand for gasoline in developed countries (Chapter 4)
• the macroeconomic indicators related to, and savings rate and bank failures during, the COVID-19 Recession (Chapters 5 and 10)
• the government expenditure multiplier during the 2007-2009 and 2020 recessions (Chapter 13)

PearsonMyLab® Economics is not included. Students, if Pearson MyLab Economics is arecommended/mandatory component of the course, please ask your instructor forthe correct ISBN. Pearson MyLab Economics should only be purchased whenrequired by an instructor. Instructors, contact your Pearson representative formore information.

• With Podcast Exercises, students listen to a podcast and then answer questions about the economic principles covered within. There are 9 podcast assignments; each one includes a listening guide, glossary terms, and a combination of conceptual and analytical questions.