Gwartney/Stroup/Sobel/Macpherson’s “Macroeconomics: Private and Public Choice” 18th Edition, emphasizes on the role of entrepreneurship in a market economy, institutions in economic growth and the importance of public choice analysis. Entrepreneurship is presented as key to how the competitive market, using innovations and creative destruction to improve living standards. Institutions and policies consistent with long-run growth are examined. Public choice analysis clarifies voter, politician and bureaucrat incentives, impacting political outcomes and affecting prosperity. Basic economic thinking shows how wealth is created through the invisible hand of the market. Federal Reserve policy changes, government debt and other factors are highlighted, including issues such as the Great Depression, the Great Recession and the stock market. Online resources reinforce content.
