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Macroeconomics, 14th edition

Published by Pearson (February 1, 2022) © 2023

  • Michael Parkin Emeritus of University of Western Ontario

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For 1-semester principles of macroeconomics courses.

An intuitive and grounded approach to economics

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

The 14th Edition emphasizes real-world applications, the development of critical-thinking skills, diagrams renowned for their pedagogy and 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

Connect concepts to economics in the real world

  • 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.

Help students retain and understand key economic concepts

  • Worked Problems, consisting of questions, solutions and key figures, help students to learn-by-doing and 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 macroeconomic market

  • UPDATED: All chapters are updated to include the latest data on the national accounts (Ch. 4), the labor market and price indexes (Ch. 5), economic growth (Ch. 6), interest rates and loanable funds (Ch. 7), banks and the money market (Ch. 8), the exchange rate and balance of payments (Ch. 9), the short-run Phillips curve tradeoff (Ch. 12), fiscal policy (Ch. 13), and monetary policy (Ch. 14).
  • NEW: 8 chapters have an analysis of news reports about the macroeconomic effects of COVID-19 and the policy responses it triggered. These include nowcasting GDP through the pandemic (Ch. 4), measuring unemployment (Ch. 5), massive bond buying by the Federal Reserve (Ch. 8), the Covid recession viewed through the lens of the AS and AD (Ch. 10), inventories in the Covid recession (Ch. 11), post-Covid inflation fears (Ch. 12), and the effects of fiscal and monetary stimulus in the Covid recession (Chs. 13 and 14).
  • NEW: Other changes include an explanation of the Fed's new operating procedures with ample reserves, a look at China's slowing growth rate (Ch. 6), the growth of 'fintec' in financial markets (Ch. 7, and currency manipulation (Ch. 9).

Features of MyLab Economics for the 14th Edition

  • NEW: Economics in the News stories at the end of each chapter are updated on a semesterly basis to provide currency and relevance to real-world applications.
  • NEW: With Podcast Exercises, students listen to a podcast and then answer questions about the economic principles covered within.
  • Animated graphs accompany key graphs and figures. They help students grasp concepts such as shifts in curves, movements along curves and changes in equilibrium values.
  • Digital Interactives are dynamic, engaging assessment activities that promote critical thinking and the application of key economic principles.
  • Chapter R Review Questions are a rich array of assignable and auto-graded exercises covering fundamental math concepts. They aim to increase student confidence and success.
  • Easy to assign and automatically graded, Real-Time Data Analysis Exercises use up-to-the-minute, real-time macroeconomic data from the Federal Reserve Bank of St. Louis's FREDâ„¢ site, to test students' knowledge.

Features of Pearson eText for the 14th Edition

  • UPDATED: Real-Time Data Graphs are updated automatically using data from FREDâ„¢ to ensure students always see the most up-to-date information.
  • UPDATED: Every week, microeconomic and macroeconomic news stories and accompanying exercises are posted. Assignable and auto-graded, these multi-part exercises ask students to recognize and apply economic concepts to current events.

PART 1: INTRODUCTION

  1. What is Economics?
  2. The Economic Problem
  3. Demand and Supply

PART 2: MONITORING MACROECONOMIC PERFORMANCE

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

PART 3: 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 4: MACROECONOMIC FLUCTUATIONS

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

PART 5: MACROECONOMIC POLICY

  1. Fiscal Policy
  2. Monetary Policy
  3. International Trade 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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