Explorations in Microeconomics,
Twelth Edition revised, by Willis and Fabritius
information in the theoretical as well as the applied aspects of macroeconomics.
- Updated in January 2017 to include references to the great recession and the ongoing economic recovery
- Lively applications to provoke student interest and participation. These applications include a new essay on the role of government in its reactions to the recession of 2007-2009. The text also features a discussion of the problems of moral hazard in relation to government “bail outs” of firms.
- The most recent data with which to frame classroom discussions
- Margin notes including Web site addresses for quick reference
- Ancillary materials including Student Study Guide, Test Bank, PowerPoint presentations & Instructor’s Manual
Explorations in Macroeconomics is written in the belief that economic theory can best be explained to beginning students through showing how it can be used to understand contemporary economic problems. To that end, the 12th edition focuses on understanding the greater issues surrounding the origins of the deep economic recession and the ongoing economic recovery. Policy issues are treated in terms of the Federal Government's actions taken to moderate the severity of the 2007-2009 downturn. This will illuminate for students the roles of monetary and fiscal policy as well as the controversies surrounding the use of these tools. Broad questions of economic philosophy are raised in the context of the massive intervention in America's market economy and whether this intervention represents a basic shift in the relation between government and business or a temporary shift in reaction to an emergency.
The above focus is characteristic of both the Macroeconomics text and the Microeconomics text. The latter deals with questions about the appropriate role of government in a market economy.
The 12th edition has been thoroughly updated, using the most current data available. Thus, instructors have at their disposal, the latest data with which to frame classroom discussions of the factors, the structure and performance of the American economy. Also, the most current data will aid in discussions of economic problems.
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About the Authors:
James F. Willis is Professor Emeritus of Economics at San Jose State University in California. After receiving a PhD in Economics from SMU in Dallas, Texas, he taught a wide range of courses including microeconomic theory, economic development, economic history, and principles of economics. He has published extensively in each of these areas. He has also served as an economic adviser to various governments in Latin America, Africa, and the Indian Ocean.
In the development of this textbook, M. Manfred Fabritius (PhD University of Texas) draws on his 40 plus years of teaching experience and his equally numerous years of research and writing in the area of economics. Since his first publication in 1989, entitled “Saving the Savings-and-Loan: the US Thrift Industry and the Texas experience” he has continued to work on publishing textbooks and refereeing journal articles in economics.