Overview

For courses in the principles of macroeconomics. Throughout Macroeconomics, 3rd Edition, authors Daron Acemoglu, David Laibson, and John List use real economic questions and data to help students learn about the world around them. Taking a fresh approach, they use the themes of optimisation, equilibrium, and empiricism to not only illustrate the power of simple economic ideas, 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 of a student and is later answered using data in the Evidence-Based Economics feature. As a result of the text's practical emphasis, students learn to apply economic principles to guide the decisions they make in their own daily lives. Samples Download the detailed table of contents Preview sample pages from Macroeconomics, 3rd Edition FeaturesThree unified principles lay the groundwork for understanding the economic way of thinking about the world Optimisation. Economists believe that optimisation explains most choices people make. When people fail to choose the best available option, economic reasoning can be used to analyse the mistake and to suggest a better course of action. Equilibrium. Economic systems tend toward equilibrium, where in each economic actor feels that he or she cannot do any better by picking another course of action. This principle highlights the connections among economic actors and their choices. Empiricism. Economists use data to test economic theories, learn about the world, and speak to policymakers. The emphasis on matching theories with real-world data to answer specific questions helps to show students the evidence behind the theory, making economics concrete, interesting, and fun. New to this edition 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 analyse 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 emphasise optimisation 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 analyse 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). 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)

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Daron Acemoglu is the Elizabeth and James Killian Professor of Economics in the Department of Economics at the Massachusetts Institute of Technology. He has received a BA in economics from the University of York, an MSc in mathematical economics and econometrics from the London School of Economics, and a PhD in economics from the London School of Economics. He is an elected fellow of the National Academy of Sciences, the American Academy of Arts and Sciences, the Econometric Society, the European Economic Association, and the Society of Labor Economists. He has received numerous awards and fellowships, including the inaugural T. W. Schultz Prize from the University of Chicago in 2004, the inaugural Sherwin Rosen Award for outstanding contribution to labor economics in 2004, the Distinguished Science Award from the Turkish Sciences Association in 2006, and the John von Neumann Award, 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 by the American Economic Association, and the Erwin Plein Nemmers Prize, awarded every two years for work of lasting significance in economics. He holds honorary doctorates from the University of Utrecht and Bosporus University. His research interests include political economy, economic development and growth, human capital theory, growth theory, innovation, search theory, network economics, and learning. His books include Economic Origins of Dictatorship and Democracy (jointly with James A. Robinson), which was awarded the Woodrow Wilson and the William Riker prizes, Introduction to Modern Economic Growth, and Why Nations Fail: The Origins of Power, Prosperity, and Poverty (jointly with James A. Robinson), which has become a New York Times bestseller. David Laibson is the Chair of the Harvard Economics Department and the Robert I. Goldman Professor of Economics at Harvard University. He holds degrees from Harvard University (AB in economics), the London School of Economics (MSc in econometrics and mathematical economics), and the Massachusetts Institute of Technology (PhD in economics). He is also a member of the National Bureau of Economic Research, where he is Research Associate in the Asset Pricing, Economic Fluctuations, and Aging Working Groups. His research focuses on the topics of behavioral economics, intertemporal choice, macroeconomics, and household finance, and he leads Harvard University's Foundations of Human Behavior Initiative. He serves on several editorial boards, as well as the Pension Research Council (Wharton), Harvard's Pension Investment Committee, and the Board of the Russell Sage Foundation. He has previously served on the boards of the Health and Retirement Study (National Institutes of Health) and the Academic Research Council of the Consumer Financial Protection Bureau. He is a recipient of a Marshall Scholarship and a Fellow of the Econometric Society and the American Academy of Arts and Sciences. He is also a recipient of the T. W. Schultz Prize from the University of Chicago and the TIAA-CREF Paul A. Samuelson Award for Outstanding Scholarly Writing on Lifelong Financial Security. In recognition of his teaching excellence, he has been awarded Harvard's Phi Beta Kappa Prize and a Harvard College Professorship. John A. List is the Kenneth C. Griffin Distinguished Service Professor in Economics at the University of Chicago, and Chairman of the Department of Economics. He received his BS in economics from the University of Wisconsin-Stevens Point and his PhD in economics from the University of Wyoming. Before joining the University of Chicago in 2005, he was a professor at the University of Central Florida, University of Arizona, and University of Maryland. He also served in the White House on the Council of Economic Advisers from 2002-2003, and is a Research Associate at the NBER.

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