Economics, 12th Edition
David Begg, Gianluigi Vernasca, Stanley Fischer and Rudiger Dornbusch
ISBN: 9781526847393
Economics is all around us. It influences our daily lives, our society, political decisions, environmental concerns and the future we leave for our children. The twelfth edition of Economics by David Begg and Gianluigi Vernasca is a focused toolkit for studying economics. It enables the reader to understand how economics underpins the world we live in, by presenting the economic theory in a clear and accessible way and applying it to real world situations.
This new edition has been revised and updated to include the latest topics and issues, such as the role of information and the digital economy, immigration, and globalization. This material, combined with a rich array of pedagogical features, encourages students to understand not only our economic past and present, but also our changing world and the way in which economics can make sense of it.
What's new
Up-to-date content
- New chapters on “Globalization, National Sovereignty and the World Economy” and “Governing the Market”
- Fully updated chapters, including new and expanded material on behavioural economics and game theory
- A range of pedagogical features, including topical case studies, boxes on economic concepts and activity applications, which show the relevance and application of the material
- A flexible learning approach allows the reader to learn at their own pace, with end of chapter questions graded by difficulty and optional math boxes for the technically-minded
- Clean and contemporary design for ease of reading and study
- Connect® resources such as application-based activities, graphing and maths tutorials
New case studies & activities
- Over 180 contemporary case studies, activities, concepts and math boxes. The majority of those are new and updated.
- Important new pedagogical features, including topical case studies, boxes on economic concepts and activity applications, and optional maths boxes for the technically minded. To improve the flow of each chapter, many of the optional math boxes are now included in end of chapter Appendices. Overall the twelfth edition has 45 more of these pedagogical features compared to the last edition.
- Updated digital resources for both students and lecturers.
New structure
- Part I now includes only Chapters 1 and 2, while Part III includes Chapters 14, 15 and 16.
- Chapter 28 in the eleventh edition is now Chapter 18. Similarly, Chapter 26 is now Chapter 31.
- Part V now includes Chapters 30, 31 and 32.
| Part 1: Introduction | Part 4: Macroeconomics |
| 1. Economics and the economy | 17. Introduction to macroeconomics |
| 2. Tools of economic analysis |
18. Supply-side economics and economic growth |
| Part 2: Positive Microeconomics | 19. Output and aggregate demand |
| 3. Demand, supply and the market |
20. Fiscal policy and foreign policy |
| 4. Elasticities of demand and supply |
21. Money, banking and financial markets |
| 5. Consumer choice and demand decisions |
22. Money demand, interest rates and monetary transmission |
| 6. Choice under uncertainty and behavioural economics |
23. Monetary and Fiscal Policy |
| 7. Introducing supply decision |
24. Aggregate supply, prices and adjustment to shocks |
| 8. Production, costs and supply | 25. Inflation, expectations and credibility |
| 9. Perfect competition and pure monopoly | 26. Unemployment |
| 10. Market structure and imperfect competition | 27. Exchange rates and the balance of payments |
| 11. Labour market | 28. Open economy macroeconomics |
| 12. Factor markets, income distribution and inequality |
29. Business cycles |
| 13. The economics of information |
Part 5: The World Economy |
| Part 3: Welfare Economics | 30. International Trade |
| 14. Welfare economics | 31. Exchange rate regimes |
| 15. Government spending and revenue | 32. Globalization, national sovereignty and the world economy |
| 16. Governing the market |
The twelfth edition has been thoroughly revised both in content and structure, using feedback from a broad range of actual and potential adopters. A lot has changed since the last edition and it is all reflected in the text. The main changes to the new edition include:
- Three new chapters have been added: Chapter 6, Chapter 16 and Chapter 32.
- Chapter 6 introduces choice under uncertainty and the main features of behavioural economics.
- Chapter 16 analyses how governments intervene in markets through competition policy, regulation and industrial policy.
- Chapter 32 analyses the macroeconomic aspects of globalization and national sovereignty.
- Chapter 11 now includes a new section on the effects of immigration on labour market outcomes.
- Chapter 12 includes a more comprehensive analysis of income inequality.
- Chapter 13 includes a more detailed analysis of asymmetric information and an entire new part on the digital economy.
- Chapters 21 and 22 have been reordered, with the former focusing exclusively on money supply, and the latter dealing with money demand and the transmission mechanism of monetary policy.
- The Trump tax cuts are discussed in Chapter 20, and the trade war with China is discussed in Chapter 30.
- Chapter 32 deals not just with the economics of Brexit but with other tensions between national sovereignty and globalization.
- Full updates throughout to include the most recent data available in graphs and tables.
- Over 180 contemporary case studies, activities, concepts and math boxes. The majority of those are new and updated.
- Important new pedagogical features, including topical case studies, boxes on economic concepts and activity applications, and optional maths boxes for the technically minded. To improve the flow of each chapter, many of the optional math boxes are now included in end of chapter Appendices. Overall the twelfth edition has 45 more of these pedagogical features compared to the last edition.
- Updated digital resources for both students and lecturers.
With all this change, the book’s structure is a bit different from the last edition. The main changes are listed below:
- Part I now includes only Chapters 1 and 2, while Part III includes Chapters 14, 15 and 16.
- Chapter 28 in the eleventh edition is now Chapter 18. Similarly, Chapter 26 is now Chapter 31.
- Part V now includes Chapters 30, 31 and 32.
Click here to view a sample chapter
About the authors
David Begg
Professor David Begg is Emeritus Professor of Economics at Imperial College Business School, UK. He is a fellow of the Royal Society of Edinburgh, a fellow of the City and Guilds of London Institute and senior independent director of IP Group, which invests in technology start-ups from leading universities in the UK, the US, and Australasia.
Gianluigi Vernasca
Dr. Gianluigi Vernasca is Professor of Economics at the University of Essex, UK. Since October 2013 he has also been Director of Education in the Department of Economics. He is Senior Fellow of the Higher Education Academy and has taught economics at both undergraduate and postgraduate levels in various institutions.
Transform learning: boost grades, stimulate engagement and deliver an amazing course
Transform learning: boost grades, stimulate engagement and deliver an amazing course
Connect is an online platform integrating ready-made course content with assessment and tools. The platform uses the most established adaptive digital technology to deliver a more effective learning experience for both students and educators across over 90 disciplines.
Within Connect, your students have access to SmartBook, an adaptive learning and reading tool that personalises content to each student’s unique needs. Because SmartBook creates the ideal study path for each student, every minute they spend studying is the most effective minute possible.
SmartBook highlights the key topics students should focus on, and supplies links to additional learning materials like slideshows, videos and more so they can enhance their understanding of key learning objectives.
New interactive graphs within Connect® help students see the relevance of the subject matter by providing visual displays of real data for students to manipulate. All graphs are accompanied by assignable assessment questions and feedback to guide students through the experience of learning to read and interpret graphs and data.
Over 30 interactive graphs available, a few of which are Comparative Advantage, Consumer Price Index, The Consumer Price Index and Inflation, Diminishing Marginal Productivity and Diminishing Marginal Utility.
The Connect Application-Based Activities (ABAs) provide students valuable practice using problem solving skills to apply their knowledge to realistic scenarios. Students’ progress from understanding basic concepts to using their knowledge to analyse complex scenarios and solve problems.
As a learning science company, we created these Application-Based Activities to help students develop their higher order thinking skills aligned with Bloom’s Taxonomy. By assigning these activities, you can help students move from simple memorization to concept application.
| 1. Basics of Money | 2. Demand and Supply |
| 3. Econ Production and Cost | 4. Externalities |
| 5. Fiscal Policy and Multipliers | 6. Government Intervention |
| 7. International Trade | 8. Labour Market Indicators and Unemployment |
| 9. Oligopoly | 10. Opportunity, Cost, Specialization and Trade |
| 11. Perfect Competition | 12. Price Discrimination |
| 13. Prisoner's Dilemma | 14. Real and Nominal GDP |
| 15. Reserves and Monetary Policy | 16. Savings and Lending Versions |
| 17. Types of Elasticity |
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