What’s New
with Common Sense Economics 2010!
Greetings, Friend of Common Sense Economics! The latest edition of Common Sense Economics was released for classroom use on August 3rd, 2010.
While the organization of the book is largely unchanged, the data have been updated and the examples refreshed. Tawni Ferrarini of the Northern Michigan University has joined James Gwartney, Rick Stroup, and Dwight Lee on the author team. As in the first edition, everyone worked hard to make the analysis understandable for even a beginner. The preface indicates several of the major changes in the new edition. A few key changes follow:
- Two key elements have been added to Part I: Twelve Key Elements of Economics. They are Element 6,”Prices bring the choices of buyers and sellers into balance” and Element 9, “Production of goods and services people value, not just jobs, provides the source of high living standards.”
- New material on the Great Depression and the Economic Crisis of 2008 were integrated into Part II: Seven Major Sources of Economic Progress. Both of these events illustrate what happens when nations get the institutions wrong and an economy becomes more politicized.
- Several segments of Part III: Economic Progress and the Role of Government were expanded to drive home how an unconstrained democracy leads to government favoritism, special interest politics, large budget deficits, the failures of transfer programs and central planning, and widespread political corruption. The final Element 10 of Part III outlines rule changes that would restore limited constitutional government.
- For those who would like to go beyond the text, ten supplementary units covering topics like gross domestic product, the consumer price index, fiscal policy, monetary policy, the Economic Crisis of 2008, and the Great Depression will be available on the CommonSenseEconomics.com website. These features will make the book more valuable as a potential text in both college and high school basic economics classes.
The Common Sense Economics Preface, the Key Elements in Part I, II, III and IV of the book are available along with some the Extraordinary Acclaim for Common Sense Economics for your reading pleasure.
To help you keep current on new CSE developments and link you to discussions on innovative ways of teaching, CSE formed a Facebook group.
If you teach a basic economics course and would like to adopt the latest edition of Common Sense Economics, ISBN 978-0-312-64489-5, please send your (i) school postal address, (ii) course title, (iii) estimated enrollment and (iv) professional contact information to academic@macmillan.com using your (v) professional email address.
Warm regards,
Jim Gwartney, Rick Stroup, Dwight Lee and Tawni Ferrarini
