Cover: Principles of Macroeconomics Canadian Edition, 1st Edition by Kevin Milligan; Philip Oreopoulos; Betsey Stevenson; Justin Wolfers

Principles of Macroeconomics Canadian Edition

First Edition  ©2023 Kevin Milligan; Philip Oreopoulos; Betsey Stevenson; Justin Wolfers Formats: Achieve, E-book, Print

Authors

  • Headshot of Kevin Milligan

    Kevin Milligan

    Kevin Milligan is Professor of Economics in the Vancouver School of Economics at the University of British Columbia. He is affiliated with the C.D. Howe Institute and the National Bureau of Economic Research. In 2020-21 Kevin worked at the Privy Council Office as an advisor to the federal cabinet on pandemic economic policy and recovery. He has served as Co-Editor of the Canadian Tax Journal since 2011. Kevin studied at Queen’s University and the University of Toronto, receiving his Ph.D. in 2001. His thesis was awarded the 2002 National Tax Association dissertation award. Milligan’s published research in over 100 articles spans the fields of public and labour economics, with a focus on the economics of children and the elderly, as well as other tax and labour market policy topics.


  • Headshot of Philip Oreopoulos

    Philip Oreopoulos

    Philip Oreopoulos is Professor of Economics and Public Policy at the University of Toronto. He received his Ph.D. from the University of California at Berkeley and his M.A. from the University of British Columbia. He is co-chair of the Education Sector for the Jamal Poverty Action Lab, a Research Associate of the National Bureau of Economic Research, and Research Fellow at the Canadian Institute for Advanced Research. He has held previous visiting appointments at Harvard and the Massachusetts Institute of Technology and is editor at the Journal of Labour Economics. Oreopoulos’ current work focuses on education policy, especially the application of behavioural economics to education and child development. He often initiates and implements large-scale field experiments, with the goal of producing convincing evidence for public policy decisions.


  • Headshot of Betsey Stevenson

    Betsey Stevenson

    Betsey Stevenson is a professor of economics and public policy at the University of Michigan. Her research focuses on the impact of public policies on the labor market, and explores women’s labor market experiences, the economic forces shaping the modern family, and the role of subjective well-being data for public policy. She serves on the Executive Committee of the American Economic Association, and is also a research associate with the National Bureau of Economic Research, a fellow of the Institute for Economic Research in Munich, a visiting associate professor of economics at the University of Sydney, and a research Fellow with the Centre for Economic Policy Research in London. She served as a member of the Council of Economic Advisers from 2013 to 2015, where she advised President Obama on social policy, labor market, and trade issues. She also served as the chief economist of the U.S. Department of Labor from 2010 to 2011. Betsey is an occasional editorialist for Bloomberg, and a trusted presence in the public debate about economics and public policy. She earned a BA in economics and mathematics from Wellesley College and an AM and PhD in economics from Harvard University.


  • Headshot of Justin Wolfers

    Justin Wolfers

    Justin Wolfers is a professor of economics and public policy at the University of Michigan. He does research in both macroeconomics and applied microeconomics topics, and has explored unemployment and inflation, the power of prediction markets, the economic forces shaping the modern family, discrimination, and happiness. He is a research associate with the National Bureau for Economic Research, a fellow of the Brookings Institution, a fellow of the Peterson Institute for International Economics, a research fellow with the Centre for Economic Policy Research in London, a fellow of the Institute for Economic Research in Munich, a visiting professor of economics at the University of Sydney, and an international research fellow at the Kiel Institute for the World Economy in Germany. He has been an editor of the Brookings Papers on Economic Activity, a board member on the Committee on the Status of Women in Economics, a member of the Panel of Advisors of the U.S. Congressional Budget Office, among many other board and advisory positions. He is currently a contributing columnist for the New York Times , and has written about economic issues in numerous other outlets. He is frequently quoted in the media on economic policy and relied upon to provide unbiased assessments of the current state of the macroeconomy. Justin earned a BA in economics from the University of Sydney and an AM and PhD in economics from Harvard University.

Table of Contents

Preface
A Quick Review of Graphs

PART I: Foundations of Economics
Chapter 1: The Four Core Principles of Economics
Chapter 2: Demand and Consumer Choice
Chapter 3: Supply and Producer Choice
Chapter 4: Equilibrium: Where Supply Meets Demand

PART II: Analyzing Markets
Chapter 5: Welfare Economics: Evaluating Market Efficiency and Market Failure
Chapter 6: Gains from Trade and Comparative Advantage
Chapter 7: International  Trade
Chapter 8: Inequality, Poverty, and Social Insurance

PART III: Macroeconomic Foundations and the Long Run
Chapter 9: Sizing Up the Economy Using GDP
Chapter 10: Economic Growth
Chapter 11: Unemployment
Chapter 12: Inflation and Money

PART IV: Micro Foundations of Macroeconomics
Chapter 13: Consumption and Saving
Chapter 14: Investment
Chapter 15: The Financial Sector: Banks, Bonds, and Stocks
Chapter 16: International Finance and the Exchange Rate

PART V: The Business Cycle
Chapter 17: Tracking the Business Cycle
Chapter 18: IS-MP Analysis: Interest Rates and Output
Chapter 19: The Phillips Curve and Inflation
Chapter 20: The Full Model: Linking Interest Rates, Output, and Inflation
Chapter 21: Aggregate Demand and Aggregate Supply

PART VI: Macroeconomic Policy
Chapter 22: Monetary Policy
Chapter 23: Government Spending, Taxes, and Fiscal Policy

APPENDIX: A Closer Look at Aggregate Expenditure and the Multiplier

Product Updates

Winter 2024 Updates:

The updated Econ Math and Graphing Tutorials in Achieve bridge foundational math gaps for economics students through revamped, interactive modules featuring modern videos, algorithmically generated questions, and improved assessments designed to deepen understanding and reflection. Comprehensive accessibility features ensure that all students can effectively engage with the material.

This materials covers 10 foundational areas including Slope, Graphs, Percent Change, Ratios, Linear Equations, Averages, and more.

Summer 2024 Updates:
The digital update for Stevenson/Wolfers, Principles of Macroeconomics will include:
  • New Interactive data graphs: Embedded in the e-book, these interactive graphs allow students to explore live visualizations and improve their data literacy. 
  • New Decision Point activities have been added: Select Decision Points have been adapted for Canada.
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