Macroeconomics, Global Edition (3^rd Ed.)

For courses in the principles of macroeconomics.

An evidence-basedapproach to economics
Throughout Macroeconomics,3rd Edition, authors Daron Acemoglu, David Laibson, and John List usereal economic questions and data to help students learn about the world aroundthem. Taking a fresh approach, they use the themes of optimization,equilibrium, and empiricism to not only illustrate the power of simple economicideas, but also to explain and predict what?s happening in today?s society.Each chapter begins with an empirical question that is relevant to the life ofa student and is later answered using data in the Evidence-Based Economicsfeature. As a result of the text?s practical emphasis, students learn to applyeconomic principles to guide the decisions they make in their own daily lives

1. The Principles and Practice of Economics
2. Economic Science: Using Data and Models to Understand the World
3. Optimization: Doing the Best You Can
4. Demand, Supply, and Equilibrium
5. The Wealth of Nations: Defining and Measuring Macroeconomic Aggregates
6. Aggregate Incomes
7. Economic Growth
8. Why Isn't the Whole World Developed?
9. Employment and Unemployment
10. Credit Markets
11. The Monetary System
12. Short-Run Fluctuations
13. Countercyclical Macroeconomic Policy
14. Macroeconomics and International Trade
15. Open Economy Macroeconomics

Daron Acemoglu is the Elizabeth and JamesKillian Professor of Economics in the Department of Economics at theMassachusetts Institute of Technology. He has received a BA in economics fromthe University of York, an MSc in mathematical economics and econometrics fromthe London School of Economics, and a PhD in economics from the London Schoolof Economics.

He is an elected fellow of the National Academy of Sciences, theAmerican Academy of Arts and Sciences, the Econometric Society, the EuropeanEconomic Association, and the Society of Labor Economists. He has receivednumerous awards and fellowships, including the inaugural T. W. Schultz Prizefrom the University of Chicago in 2004, the inaugural Sherwin Rosen Award foroutstanding contribution to labor economics in 2004, the Distinguished ScienceAward from the Turkish Sciences Association in 2006, and the John von NeumannAward, Rajk College, Budapest, in 2007.

He was also the recipient of the John Bates Clark Medal in 2005,awarded every two years to the best economist in the US under the age of 40 bythe American Economic Association, and the Erwin Plein Nemmers Prize, awardedevery two years for work of lasting significance in economics. He holdshonorary doctorates from the University of Utrecht and Bosporus University.

His research interests include political economy, economicdevelopment and growth, human capital theory, growth theory, innovation, searchtheory, network economics, and learning.

His books include Economic Origins of Dictatorship andDemocracy (jointly with James A. Robinson), which was awarded theWoodrow Wilson and the William Riker prizes, Introduction to ModernEconomic Growth, and Why Nations Fail: The Origins ofPower,Prosperity, and Poverty (jointly with James A. Robinson), which hasbecome a New York Times bestseller.

David Laibson is the Chair of the HarvardEconomics Department and the Robert I. Goldman Professo

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 th