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Economics, 13th edition

Published by Pearson (January 12, 2018) © 2019

  • Michael Parkin Emeritus of University of Western Ontario

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For 2-semester principles of economics courses.

An intuitive and grounded approach to economics

Economics gets students to think like economists by incorporating the latest policy, data and discussions on important global issues.

The 13th Edition emphasizes real-world applications, the development of critical-thinking skills, diagrams renowned for their clarity, and path-breaking technology. Hallmark features in the chapter openings and endings encourage students to think critically about a news article relating to the issue, demonstrating how thinking like an economist can bring a clearer perspective to, and deeper understanding of, today's events.

Hallmark features of this title

A focus on real-world economics and current global issues

  • Economics in Action and Economics in the News boxes have students link models and chapter tools to the economic world around them.
  • Interviews with Economists feature leading economists from diverse backgrounds who share what inspired them to pursue a career in economics.

Ample opportunity for practice

  • Worked Problems, consisting of questions, solutions and key figures, help students to learn-by-doing and to actively, rather than passively, review the chapter content.
  • In-text Review Quizzes reinforce major concepts and test students' knowledge of the topics just discussed.

New and updated features of this title

Coverage of the impact of a changing economic market

  • NEW: Chapter 1 describes the types of jobs available to economics majors; their earnings compared with majors in other related areas; and the critical thinking, analytical, math, writing, and oral communication skills needed for a successful career in economics.
  • NEW: Chapter 2 explores the causes and cures of a Rust Belt economy, and how changing patterns of production affect the economy.
  • UPDATED: Chapter 24 features more discussion on the fluctuating sources of loanable funds.
  • NEW: Chapter 31 provides an explanation of the federal funds rate ‘corridor' and a reworked final section titled Financial Crisis: Cure and Prevention, which includes material on Dodd–Frank, the Volcker Rule, and other macroprudential regulation.

A focus on real-world economics and current global issues

  • NEW: News-Based Problems and Applications cover 140 topics like shrinking brick-and-mortar retail and expanding online shopping, and Facebook and Google in mobile ad markets.

Tools to retain and understand key economic concepts

  • UPDATED: Every figure has been designed with the needs of students in mind: Graphs are paired with data tables, color-blended arrows show movement, diagrams are labeled with boxed notes, and extended captions provide study and review.

Highlights of the DIGITAL UPDATE for MyLab Economics (available for Spring 2021 classes)

Instructors, contact your sales rep to ensure you have the most recent version of the course.

UPDATED: Timely and relevant coverage of real-life economic events helps connect the concepts and issues students are reading about to their daily lives. New discussions and exercises cover the COVID-19 pandemic and its social, political and economic effects. They include The Market for Hand Sanitizer (Ch. 3), The Elasticity of Supply of Face Masks (Ch. 4), Toilet Paper Price Gouging (Ch. 5), Jobs in the COVID-19 Pandemic (Ch. 22), and Global Economic Growth in the COVID-19 Pandemic (Ch. 23).

Features of MyLab Economics for the 13th Edition; published 2018

  • Every week, microeconomic and macroeconomic news stories and accompanying exercises are posted to MyLab. Assignable and auto-graded, these multi-part exercises ask students to recognize and apply economic concepts to current events.
  • Performance Analytics enable instructors to see and analyze student performance across multiple courses.
  • Homework and practice exercises in MyLab are correlated to the exercises in the text, reflecting each author's approach and learning style. They regenerate algorithmically to give students unlimited opportunity for practice and mastery.
  • Real-Time Data Analysis Exercises use up-to-the-minute, real-time macroeconomic data from the Federal Reserve Bank of St. Louis's FRED™ site, to test students' knowledge.
  • Learning aids, such as Help Me Solve This, provide extra help for students at the point-of-use.
  • Digital Interactives are dynamic and engaging assessment activities that promote critical thinking and the application of key economic principles.

PART 1: INTRODUCTION

  1. What is Economics?
  2. The Economic Problem

PART 2: HOW MARKETS WORK

  1. Demand and Supply
  2. Elasticity
  3. Efficiency And Equity
  4. Government Actions in Markets
  5. Global markets in Action

PART 3: HOUSEHOLDS' CHOICES

  1. Utility and Demand
  2. Possibilities, Preferences, and Choices

PART 4: FIRMS AND MARKETS

  1. Organizing Production
  2. Output and Costs
  3. Perfect Competition
  4. Monopoly
  5. Monopolistic Competition
  6. Oligopoly

PART 5: MARKET FAILURE AND GOVERNMENT

  1. Public Choices, Public Goods, and Healthcare
  2. Externalities

PART 6: FACTOR MARKETS, INEQUALITY, AND UNCERTAINTY

  1. Markets for Factors of Production
  2. Economic Inequality
  3. Uncertainty and Information

PART 7: MONITORING MACROECONOMIC PERFORMANCE

  1. Monitoring the Value of Production: GDP
  2. Monitoring Jobs and Inflation

PART 8: MACROECONOMIC TRENDS

  1. Economic Growth
  2. Finance, Saving, and Investment
  3. Money, the Price Level, and Inflation
  4. The Exchange Rate and the Balance of Payments

PART 9: MACROECONOMIC FLUCTUATIONS

  1. Aggregate Supply and Aggregate Demand
  2. Expenditure Multipliers
  3. The Business Cycle, Inflation, and Deflation

PART 10: MACROECONOMIC POLICY

  1. Fiscal Policy
  2. Monetary Policy

About our author

Michael Parkin is Professor Emeritus in the Department of Economics at the University of Western Ontario, Canada. Professor Parkin has held faculty appointments at Brown University, the University of Manchester, the University of Essex, and Bond University. He is a past president of the Canadian Economics Association and has served on the editorial boards of the American Economic Review and the Journal of Monetary Economics and as managing editor of the Canadian Journal of Economics.

Professor Parkin's research on macroeconomics, monetary economics, and international economics has resulted in over 160 publications in journals and edited volumes, including the American Economic Review, the Journal of Political Economy, the Review of Economic Studies, the Journal of Monetary Economics, and the Journal of Money, Credit and Banking. He became most visible to the public with his work on inflation that discredited the use of wage and price controls. Professor Parkin also spearheaded the movement toward European monetary union. Professor Parkin is an experienced and dedicated teacher of introductory economics.

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