Samuelson's text was first published in 1948, and it immediately became the authority for the principles of economics courses. The book continues to be the standard-bearer for principles courses, and this revision continues to be a clear, accurate, and interesting introduction to modern economics principles. Bill Nordhaus is now the primary author of this text, and he has revised the book to be as current and relevant as ever.
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Major new material on economics of the information age. For example, students need to understand how information is different from conventional commodities. Additionally, since the production of new information is crucial to economic growth, the role of technological change and intellectual property is highlighted. In addition, network effects are treated.
Revised treatment of international economics. In the previous edition, the chapters on international economics were placed at the very end of the text in Part Five, International Trade and the World Economy. In the Seventeenth edition, these chapters have been integrated into the micro/macroeconomics sections of the text. The material from Chapter 28 (Exchange Rates and the International Finance System) in the previous edition now appears as Chapter 11 in Macroeconomics. This new treatment will integrate open economy elements more fully into the core material and ensure that international aspects are central to the teaching rather than an afterthought.
Expanded use of boxed material in the text with icons that alert students to difficult concepts, brief biographies of relevant historical figures, and real-world examples of the concepts discussed in the text. This edition contains approximately 20 new examples including European Monetary Union, Network Economics, the Microsoft case, diminishing returns, and globalization. Not only will these current examples pique student interest and relate the topics to practical matters, but these icons help flag these interesting and timely features.
Book length reduced from 20 to 18 chapters: This is accomplished by condensing the three chapters on open-economy macroeconomics into two new ones (Chapter 29, Exchange Rates and the International Financial System and Chapter 30, Open-Economy Macroeconomics). This reduction in length helps students focus on the most important concepts.
End of chapter material includes two new sections: a list of resources 'For Further Reading' and a listing of relevant 'Web Sites' for each chapter along with a brief description of the kind of material that can be researched at these sites on the Internet. These new EOC sections now help students conduct research and learn more.
New, attractive design that reinforces the expansion and integration of the international coverage by using the image of a global puzzle to describe the study of economics. Each chapter in the text can be seen as another piece of the puzzle, providing knowledge that allows students to better understand the workings of today's global economy and 'complete' the puzzle.
Continued emphasis on the Analytical Core of Economics with particular attention to economic growth (macro) and analysis of market economics (micro). This emphasis helps students focus on the most important concepts in the course.
Always keeps an eye on the importance of economics for public policy and world events, including important events such as inflation and Federal Reserve monetary policy, the recent resurgence in productivity growth, new tools in deregulation, global public goods and the Kyoto Protocol for global warming.
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