Economics of Social Issues

Designed as an introduction to general economics for non-majors, this book presents economic concepts as useful tools to analyze contemporary social issues. Each chapter presents the concepts, then places them within the context of current issues facing society. The text may also be used to supplement principles courses with lively social issues to add relevance to the economic principles being taught. Economics of Social Issues has garnered a loyal user following for its timely and impartial handling of current social issues which dominate newspapers and television news. While the issues are contemporary and the supporting information updated, the authors remain objective.Analysis of Failure of Economic Reform in China: In the economics systems section, the authors dedicate significant time analyzing China during the 1946-1976 period of pure command and during the post-1976 reform to markets transition. The book emphasizes the relatively poor performance during command and the remarkable growth China has experienced since reform.|Government Spending and Taxes: the Seventeenth Edition adds coverage to explain the concept of price elasticity of demand, with two new graphs to illustrate this concept. The discussion of the American tax system has been updated to reflect the most recent changes in the tax code, including the newly created six brackets for the personal income tax. The comparison of US tax rates to those in other countries has been updated. A significant amount of discussion concerning the Reagan tax cuts of the 1980s has been eliminated in favor of a brief discussion of recent reform measures.|International Coverage Updated: The authors have added coverage on outsourcing service jobs as an argument for trade restrictions. They have also updated the EU discussion to account for the latest expansion to 25 nations.|Current Topics. Students will not only learn the latest trends in social issues, but will also learn to see their relevance. Such topics include a discussion of single-entry sports leagues using Major League Soccer (MLS) as an example, a discussion of embargoes as an international trade restriction policy using the U.S. embargo of Cuba as an example, and an analysis of the 2001 recession and prospects for economic growth during the next decade.|Chapter on Price Controls (Minimum Wage and Rent Control). This chapter discusses these two very current debates that lawmakers, both in Washington and locally, are grappling with. This chapter allows students to examine what happens when governments intervene in the market place and to analyze the costs and benefits of such intervention.|Provides a starting point for general economics and encourages using economic concepts to analyze appropriate issues. An economic issue is discussed impartially and without bias, concepts and principles are developed for the student, and then they are applied to the issue. The text helps students understand economic issues to enhance the rest of their adult lives as citizens, voters, and participants in the economy.|Strong Pedagogy. Chapter opener pages with a chapter outline and a checklist of important economic concepts, excerpts illustrating pertinent economic issues introduce chapter discussion, and marginal definitions and notations clarify terms and provide insight into discussions for students. Easy-to-understand figures and tables illustrate points of discussion. End-of-chapter summaries, discussion questions, list of additional readings, and World Wide Web resources reinforce learning of new material. Easy-to-use Glossary of Terms facilitates assimilation of new vocabulary.