Written in non-technical, everyday language that is accessible to the undergraduate audience, and requiring no background in economic analysis, this acclaimed text provides a unique approach to understanding what the practice of economics is all about. The authors address fourteen current economic issues, covering both micro- and macro-economics, and offer analyses and proposed solutions for each from Conservative, Liberal, and Radical perspectives. This new edition incorporates critical changes in economic policy since the last edition that affect every issue covered in the text. Tables have been updated throughout to include current economic data, and an all-new section on social policy frames the current debate about the Social Security system. The book's unique approach stimulates critical thinking on everyday issues that traditional texts either ignore or present as "settled" debates. It helps students to understand the dual role that ideology and logical/empirical argumentation play in economics. Issues are presented as stand-alone subjects that can be read in any sequence and used to supplement a wide range of principles of economics texts. An instructor's manual with a test bank and discussion questions is available to professors who adopt the text, and Power Point downloads are available as teaching aids. The text is also available in two separate volumes: Microeconomics Today and Macroeconomics Today.
List of Figures and Tables; Preface; Part 1. Introduction; Alternative Economic Philosophies: A Survey of Conservative, Liberal, and Radical Critiques; Part 2. Problems in the Marketplace; Issue 1. Responding to Market Outcomes: Competition or Protection for American Agriculture? Issue 2. Consumer Welfare: Is It Necessary to Protect the Consumer? Issue 3. Dealing with Externalities: How Can We Save the Environment? Issue 4. Imperfect Competition: Is Big Business a Threat or a Boon? Issue 5. Economic Regulation: Which Path: Deregulation or Reregulation? Issue 6. Income Distribution: Does America Have an Income Inequality Problem? Issue 7. Financing Government: What Is a Fair System of Taxation? Part 3. Problems of Aggregate Economic Policy; Issue 8. Macroeconomic Instability: Are We Depression-Proof? Issue 9. Economic Growth and Stability: Can We Maintain High and Steady Rates of Economic Growth? Issue 10. Balancing the Federal Budget: Should We Be Worried About the Rising Federal Deficit? Issue 11. Unemployment: Is Joblessness an Overrated Problem? Issue 12. Inflation: Can Price Pressures Be Kept Under Control? Issue 13. The New Population Problem: Can We Save Our Social Security System? Issue 14. International Economics: Where Does America Fit into the New World Order? Part 4. Conclusion; Reprise: The Market Versus Planning and Controls: Which Strategy Works Better? Final Thoughts and Suggested Readings