Principles of Macroeconomics 2e covers the scope and sequence of most introductory economics courses. The text includes many current examples, which are handled in a politically equitable way. The outcome is a balanced approach to the theory and application of economics concepts. The second edition has been thoroughly revised to increase clarity, update data and current event impacts, and incorporate the feedback from many reviewers and adopters.Changes made in Principles of Macroeconomics 2e are described in the preface and the transition guide to help instructors transition to the second edition.

By the end of this section, you will be able to:

Discuss the components of economic growth, including physical capital, human capital, and technology
Explain capital deepening and its significance
Analyze the methods employed in economic growth accounting studies
Identify factors that contribute to a healthy climate for economic growth

By the end of this section, you will be able to:

Explain economic convergence
Analyze various arguments for and against economic convergence
Evaluate the speed of economic convergence between high-income countries and the rest of the world

By the end of this section, you will be able to:

Identify the role of labor productivity in promoting economic growth
Analyze the sources of economic growth using the aggregate production function
Measure an economy’s rate of productivity growth
Evaluate the power of sustained growth