Download When people ask me what I do, I say, “I teach Economics at York

00-Cohen-Macro-Prelims-P4
6/22/10
10:39 AM
Page xix
Preface to
Instructors
When people ask me what I do, I say, “I teach Economics at York University.” While
I am a full Professor, a productive academic with an active research program (past
President of the History of Economics Society) and honourable service
commitments to my school, my professional identity is largely tied to my teaching.
As a young assistant professor, the immortality of publishing articles in
journals that would forever be in libraries was an important goal. But over time,
I came to realize how few people would read those articles, let alone be affected
by them. Most of my, and I suspect your, “academic footprint” on this earth will
be through our students. Over a career, we teach tens of thousands students.
As economists and teachers, what do we want our lasting “economic
footprint” to be? There is a wonderful old Saturday Night Live skit by Father
Guido Sarducci called “The Five Minute University” (www.youtube.com/watch?v=
kO8x8eoU3L4). Watch it. His premise is to teach in five minutes what an
average college or university graduate remembers five years after graduating.
For economics, he states it’s the two words “supply and demand.” That’s it.
The serious question behind the skit, the one that motivates this book —
and its microeconomics companion, Economics for Life: Smart Choices for You—
is “What do we really want our students to remember of what we teach them in
an introductory economics class?” I posed this question to college and
university instructors at the British Columbia Economics Articulation meeting
in May 2008.
I asked instructors the following questions. Five years after your students
have gone, what microeconomic concepts would you:
• want students to remember as essential?
(What would you be upset at hearing they didn’t remember.)
• want students to remember as nice to have?
• allow students to let go?
(It wouldn’t bother you if they didn’t remember these.)
Their responses coincided with my teaching experience and informed what
was included—and excluded—in the microeconomics textbook, Economics for
Life: Smart Choices for You.
00-Cohen-Macro-Prelims-P4
6/22/10
10:39 AM
Page xx
Macroeconomics for Citizens
I then used my teaching experience and many discussions with other economists
to decide what should be included—and excluded—from this macroeconomics
textbook. We economists disagree far more about macroeconomics than
microeconomics. So I have incorporated that disagreement into the core of this
book as “the fundamental macroeconomic question.”
If left alone by government, do the price mechanisms of
market economies adjust quickly to maintain steady growth in
living standards, full employment, and stable prices?
▲
When students see this icon, they
will know we are discussing the
ideas of the hands-off camp.
▲
When students see this icon, they
will know we are discussing the
ideas of the hands-on camp.
xx
PREFACE TO INSTRUCTORS
Not only do economists disagree over this question, so do the politicians
our students will be voting for, not only five years later, but for the rest of their
lives. I believe the essential macroeconomic concepts students must
know to answer that question for themselves—the macroeconomics
they need to know as citizens—are included in this textbook.
Where disagreements exists, this book divides economists,
politicians, and citizens into two camps based on their
answers to the fundamental macroeconomic question.
The “Yes—Left Alone, Markets Quickly Self-Adjust” camp
believes that markets effectively channel self-interest to
promote efficiency and economic growth, and are the most
flexible way for the economy to adjust to changes. The “Yes” camp
allows for business cycles, but believes they are caused largely by external shocks
or government policies. Because they believe government failure is worse than
market failure, they advocate, Chicago-style, a “hands-off ” role for government.
The “No—Left Alone, Markets Fail to Quickly Self-Adjust” camp believes the
self-adjusting mechanisms of markets can be slow and weak, so that business
cycles, unemployment, and inflation will recur regularly unless the government steps
in. The “No” camp believes business cycles are caused internally as unintended
consequences of normally functioning markets — due to volatile
expectations, money and banking, and Keynesian-style coordination
failures between input and output markets. Because they believe
market failure is worse than government failure, they
advocate a “hands-on” role for government.
I sympathetically present the strongest case for each
camp. These camps, of course, are metaphors for extreme
positions. No economist — or political party — fits
entirely into either one. Think of the camps as the end
points of a continuum along which economists and
politicians are located. The extreme answers of the “Yes” and
“No” camps are intended to sharpen students’ thinking about
macroeconomic issues. This is what we do in microeconomics in
presenting first the extremes of market structure—perfect competition and
pure monopoly—to isolate the key issues before moving to the middle —
monopolistic competition and oligopoly—where most industries are located.
00-Cohen-Macro-Prelims-P4
6/22/10
10:39 AM
Page xxi
The core concepts include an aggregate supply and aggregate demand
framework, complete with shocks and output gaps, that is developed in Chapter 4.
But the heart of the framework is the enlarged circular flow diagram below,
which recurs throughout the book.
I believe that most essential macroeconomic issues can be presented simply and
intelligently using this diagram.
Concepts not covered in this textbook (the ones I let go) include:
• Detailed measurement concepts like net domestic income at factor cost,
•
•
•
•
•
chained-dollar real GDP, and differences between the consumer price index,
GDP deflator, and chained price index for consumption.
Aggregate production function models.
Graphical models of the global loanable funds market.
Detailed formulas for the money multiplier and for alternative
(Taylor, McCallum) monetary policy targeting rules.
Graphical derivation of the aggregate demand curve from the aggregate
expenditure model.
Algebraic derivations of expenditure, tax, and transfer multipliers.
I consider these exclusions to be a major strength of this textbook. The
excluded topics detract from the student’s accepting the value of the basic
economic analysis that will enhance her decision-making throughout her life.
As one strays beyond the core concepts and stories set out in this book,
diminishing returns set in rapidly.
It is far more valuable, I believe, for most students to understand and apply
the core economic concepts well—using the circular flow diagram to understand the
“Yes, so government hands-off ” and “No, so government hands-on” answers—
than to be exposed to a wide range of concepts they will not master and
therefore will likely soon forget.
PREFACE TO INSTRUCTORS
xxi
00-Cohen-Macro-Prelims-P4
6/22/10
10:39 AM
Page xxii
Economics for Life uses no abstract graphs (many data graphs and charts of
data are used for visual clarity) and almost no math. Many of my colleagues
exclaim, “How can you teach economics without graphs? No math! Where is the
rigour of the discipline?”
Economics for Life has the same rigour as The Economist, the Wall Street
Journal, The New York Times, and The Globe and Mail. None of these publications
use abstract graphs or equations, yet they present sophisticated economic
analysis. The rigour comes from learning to think about and analyze situations
like an economist.
If Stephen Hawking can explain theoretical physics in his book A Brief History
of Time with only one equation, I believe the same can be done for economics.
What I find exciting about this book is the possibility of helping far more
students “get” the benefit of thinking like an economist. Since working on
Economics for Life, I have been using the stories in my introductory university
course for economics majors. Instead of lecturing on differences between real
business cycle theorists, new Keynesians, and Monetarists, for example, I ask
how Progressive Conservatives or the NDP fit into the hands-off and hands-on
camps, and evaluate policy proposals in those terms.
There has been a marked improvement in student interest and engagement.
Instead of struggling to get them to pay attention to topics most view as
irrelevant, I present narratives that come from their everyday experiences to
make the concepts both meaningful and useful.
If this book succeeds in doing what it has set out to do—and you and your
students will be the judges of that — then your students will be more actively
engaged with the material. Students will learn economics in a way that will stay
with them—even five years after leaving your classroom.
This brings us back to the question of your “economic footprint.” You will
cover fewer topics using Economics for Life (the nine chapters can easily be
covered in a semester, with room for discussion of current events), but your
students will retain more. After five years, they will actually be ahead of students
who were exposed to the full range of topics. Your economic footprint will be
larger. You will have produced more students who have better learned the
fundamentals of thinking like an economist, and who are making smarter
choices in their lives as consumers, businesspeople, investors, and as citizens
evaluating macroeconomic policies proposed by politicians.
You will have succeeded in helping your students learn economics.
Avi Cohen
http://dept.econ.yorku.ca/~avicohen
Toronto
April 2010
xxii
PREFACE TO INSTRUCTORS
00-Cohen-Macro-Prelims-P4
6/22/10
10:39 AM
Page xxiii
Organization of This Book
The Table of Contents for this book will most likely look unusual and unfamiliar
to you. How it developed reveals why this book is different from other textbooks,
and how that difference is an advantage to you and your students.
Many authors, including me, have tried for years to write a textbook that
would meet the needs of students in introductory, non-transfer economics
courses. These students come from different majors and most take the course
only to fulfill their diploma requirements, not because they are particularly
interested in economics. They all bring special skill sets and special skill-based
needs to your classroom.
The challenge is to get these students to recognize that economic literacy
enables them to gain personal benefits and become more intelligent consumers
and better-informed citizens. There are gains beyond the classroom for learning
economics. At first, we tried stripping down the table of contents for a standard
university or college economics text and simplifying the contents of each chapter.
We kept hitting brick walls. One day, I had an epiphany — it was the table of
contents that was the problem! The standard economics textbook has a table of
contents and chapter content that makes sense to economists—aggregate supply
and aggregate demand, expenditure multipliers, open-economy macroeconomics,
fiscal policy, the foreign sector — but to non-economists, the material is
meaningless jargon. I realized that the chapter titles and content must make sense to,
and have relevance for, your students—most of whom will not become economists.
As the book evolved, it also became clear that this book would be useful and
important to a wide range of students, beyond just those in non-transfer courses.
In Economics for Life, chapter titles are designed for student understanding.
The subtitles reflect the economic content and will be familiar to you, the
instructor. The section heads within chapters use the same dual convention—
titles for students, subtitles for economic content. This juxtaposition of titles
adds more meaning to the economic concepts, provides an initial purpose for the
student reading, and more closely ties the content to life outside the classroom.
The following is an overview of what each chapter covers. The Instructor’s
Manual contains a more detailed discussion of what’s in each chapter, what’s
not, and why.
PREFACE TO INSTRUCTORS
xxiii
00-Cohen-Macro-Prelims-P4
6/22/10
10:39 AM
Page xxiv
PART 1
Thinking Like A Macroeconomist
Chapter 1
Are Your Smart Choices Smart for All?
Macroeconomics and Microeconomics
Transitions from micro to macro, asking whether combined smart choices of
individuals yield the best outcome for the economy as a whole. Using stories of
the Great Recession and Great Depression, we introduce reasons why markets
may not yield ideal aggregate results: fallacy of composition, connections
between labour and output markets, and impact of money, banks, and
expectations. The fundamental macroeconomic question is introduced: “If left
alone by government, do the price mechanisms of market economies adjust
quickly to maintain steady growth in living standards, full employment, and
stable prices?” The “Yes” answer is tied to Say’s Law, the “No” answer to Keynes.
We connect “Yes” answers to a government hands-off position and the political
right; “No” to a government hands-on position and the political left. We sketch
macroeconomic performance outcomes — GDP, unemployment, inflation —
which affect students’ lives. We introduce macroeconomic players: consumers,
businesses, government, the banking system, and the rest of the world (R.O.W.).
Chapter 2
Up Around the Circular Flow:
GDP, Economic Growth, and Business Cycles
Distinguishes nominal, real, and potential GDP, as well as limitations of GDP as
a measure of well-being. In explaining potential GDP, there is an overview of
sources of economic growth, emphasizing creative destruction and how
increases in the quantity and quality of inputs expand the circular flow and
improve productivity. We define phases of business cycles and explain output
gaps and connections to unemployment and inflation. The choices of all
macroeconomic players are combined to create the circular flow diagram—the
analytical core of the book—together with the “mantra”
C ⫹ I ⫹ G ⫹ X ⫺ IM ⫽ Y.
Chapter 3
Costs of (Not) Working and Living:
Unemployment and Inflation
Details measurements of unemployment and inflation. We begin with
unemployment rates, issues of involuntary part-time and discouraged workers,
and differentiate “healthy” unemployment (frictional, structural) from “unhealthy”
unemployment (cyclical). We define the natural rate, connecting all forms of
unemployment to recessionary and inflationary gaps. We explain inflation rates
using the Consumer Price Index and identify limitations of inflation measurements.
We differentiate the core inflation rate, nominal, and realized real interest rates
and explain inflation problems for fixed income streams, investors, and
expectations. We present the quantity theory of money to help explain inflation.
After illustrating the Phillips Curve, the final section connects unemployment
to inflation and distinguishes demand-pull from cost-push inflations. Long-run
Phillips Curve complications are postponed until Chapter 7.
xxiv
PREFACE TO INSTRUCTORS
00-Cohen-Macro-Prelims-P4
6/22/10
10:39 AM
Page xxv
Chapter 4
Skating to Where the Puck is Going:
Aggregate Supply and Aggregate Demand
Develops a framework for thinking about macroeconomics. We start with
macroeconomic players’ choices that determine aggregate supply; we then
develop aggregate demand choices to ask if aggregate supply and aggregate
demand match. Matches yield steady growth, full employment, and stable
prices; mismatches may yield business cycles, unemployment, and inflation.
Without demand and supply curves, we use circular flow diagrams to explain
the framework. Paralleling micro distinctions between quantity supplied and
supply, aggregate supply choices are divided into supply plans with existing
inputs (law of aggregate supply), supply plans to increase inputs (increase in
aggregate supply), and supply shocks. The question is: will supply plans create
their own demand?
Again using circular flow diagrams, we differentiate the law of aggregate
demand, changes in aggregate demand, and demand shocks. We use the fallacy
of composition to explain the inverse relation between the price level and
aggregate quantity demanded as different from micro explanations, focusing on
substitution of foreign for domestic products. Equilibrium matches between
aggregate supply and aggregate demand are tied to Say’s Law (“Yes—markets
quickly self-adjust, so hands-off ”) both for existing inputs and for growth over
time with increasing inputs. We introduce the banking system and loanable
funds market to “rescue” Say’s Law when saving is possible. Disequilibrium
mismatches between aggregate supply and aggregate demand are tied to Keynes
(“No—markets fail to quickly adjust, so hands-on”) and we explain short-run
consequences of positive/negative aggregate supply and demand shocks for
output gaps, unemployment, and inflation. The final section differentiates “Yes”
and “No” explanations of origins of shocks, role of expectations, price
adjustments, and operation of the loanable funds market.
PART 2
The Price of Money
Chapter 5
Money is for Lunatics:
Demanders and Suppliers of Money
Emphasizes acceptability as key feature of money, and explains functions of
money as medium of exchange, unit of account, and store of value. Motivated
by Keynes’s question of why hold assets as money, which pays no interest, we
develop the demand for money in the context of the asset choice of holding
money (for liquidity) or bonds (for interest). We identify factors changing the
demand for money: real GDP and average prices. We differentiate the relative
de-emphasis on the store-of-value function of money by the “Yes” camp —
when Say’s Law holds and loanable funds markets clear, bonds are a relatively
safe investment. For the “No” camp, with Keynes’s business cycles and
fundamental uncertainty, money is more appealing as a store of value. The
supply of money story begins with four forms of money, the definition of M1,
and roles of the Bank of Canada and chartered banks in creating money
through fractional reserve banking. We emphasize banking tradeoffs between
profits and prudence and explain bank runs. We explain the interest rate as the
price of money in terms of connected money and bond markets. The inverse
relation between bond prices and interest rates has centre stage in explaining
adjustments to equilibrium. The final section explains monetary transmission
PREFACE TO INSTRUCTORS
xxv
00-Cohen-Macro-Prelims-P4
6/22/10
10:39 AM
Page xxvi
mechanisms connecting interest rate changes to real GDP through aggregate
demand. We differentiate camps in terms of “how much does money change the
economy out of equilibrium?” The “Yes” camp answer is “not much” with
loanable funds markets facilitating adjustment to equilibrium, while the “No”
camp answer is “a lot” with money as a store of value adding new internal
demand shocks slowing adjustment to equilibrium.
Chapter 6
Trading Dollars for Dollars?
Exchange Rates with the Rest of the World
Explains exchange rates as a prerequisite for understanding monetary policy.
After explaining the foreign exchange market, we outline derived demands for
Canadian dollars to buy Canadian exports, assets, and for speculation. The
supply of Canadian dollars is demand for foreign currency derived from Canadians’
demand for imports, for R.O.W. assets, and for speculation. We explain how
exchange rates adjust to equilibrium and calculate reciprocal and cross exchange
rates. We explain exchange rate fluctuations from interest and inflation rate
differentials, GDP, and speculators’ expectations. We trace international
transmission mechanisms from exchange rates to net exports, aggregate
demand, and to prices, explaining advantages/disadvantages of higher and
lower exchange rates. The final section explains overvalued or undervalued
currencies using purchasing power parity examples and the Big Mac index. We
use the law of one price to motivate purchasing power parity and rate of return
parity, and differentiate floating and fixed exchange rates.
PART 3
Macroeconomic Policy for Citizens—
Hands-Off or Hands-On?
Chapter 7
Steering Blindly?
Monetary Policy and the Bank of Canada
Portrays challenges of monetary policy using the metaphor of driving down
mountain roads with 30-second delays in pressing the accelerator and brake.
After explaining origin and objectives of the Bank of Canada, we explain open
bond market operations for changing the overnight rate and other short-term
interest rates. We then use domestic and international transmission
mechanisms from Chapters 5 and 6 to illustrate the impact of monetary policy
on aggregate demand, GDP, employment, and inflation, and explain how the
balance sheet recession of 2008–2009 highlighted store-of-value functions of
money, blocked transmission mechanisms, and was addressed through
quantitative easing. We discuss Bank of Canada independence, how the original
Phillips Curve relationships broke down with changing expectations, and the
importance of inflation rate targeting in anchoring inflationary expectations.
While highlighting the agreement on the need for a central bank, we identify
differences between the “Yes” camp’s preference for hands-off monetary policy
rules and “No” camp’s preference for hands-on government policy discretion to
correct transmission breakdowns and to allow for government-set targets
besides inflation.
xxvi
PREFACE TO INSTRUCTORS
00-Cohen-Macro-Prelims-P4
6/22/10
10:39 AM
Page xxvii
Chapter 8
Spending Others’ Money:
Fiscal Policy, Deficits, and National Debt
Begins with use of demand-side fiscal policies to correct output gaps, working
through expenditure and tax multipliers based on injections and leakages in the
circular flow. We then review supply-side policies to promote growth by
stimulating savings and capital investment, encouraging R&D and improving
education and training. While both camps largely agree on supply-side policies,
differences exist on savings policies. The “Yes” camp emphasizes long-run
benefits of growth; “No” camp worries about short-run consequences of
decreased aggregate demand. We also explain supply-side incentive effects,
reviewing supply-sider arguments politicians make that tax cuts increase tax
revenues. For government budgets, we document revenues and expenditures
and explain deficits and surpluses, distinguishing cyclical from structural. We
trace how automatic stabilizers have moderated business cycles and
automatically generate cyclical deficits and surpluses, and the destabilizing risk
of forcing always-balanced government budgets. We suggest balancing the
budget over the cycle to avoid structural deficits. The section on national debt
distinguishes flows (deficits) from stocks (debt) and documents Canada’s
national debt as a percentage of GDP. We explore five common arguments
about national debt, distinguishing myths and genuine problems: will Canada
go bankrupt?; burden for future generations; debt is always bad; interest
payments creating self-perpetuating debt; crowding out and crowding in. The
final section differentiates economic and political statements about deficits and
debt as positive or normative to help students make informed choices as citizens
about hands-off and hands-on roles for government fiscal policy.
Chapter 9
Are Sweatshops All Bad?
Globalization and Trade Policy
Begins with a basic choice—producing for yourself or specializing and trading.
A simple example—reproduced from microeconomics Chapter 1—uses tables
of numbers that are implicit production possibility frontiers, illustrating gains
from trade and comparative advantage. We define terms of trade and emphasize
the role of creative destruction in creating winners, losers, and opponents to
trade. Winners are consumers and export industries; losers are businesses and
workers in import-competing industries. We explain protectionism — tariffs,
quotas, domestic subsidies — by the unequal distribution of gains and losses
producing political pressure to protect those who lose from trade. We review
protectionist arguments—saving Canadian jobs; competing with cheap foreign
labour; national security and cultural identity — and risks of trade wars. The
section on economic globalization begins with anti-globalization protests
against trade, the World Bank and IMF, and explains the “Yes” camp’s hands-off
“free market” conditions on assistance to developing countries during the
1990s. We explain forces driving globalization and present a history of
sweatshops and trade. We propose the opportunity-cost question: are workers’
lives better off, or worse off, compared to a situation without globalization,
trade, and the factory jobs that follow? We use Stiglitz’s views for hands-on
arguments, partially supporting protesters, for a limited role for government to
maintain a social safety net for those left behind by trade and markets. We
present The Economist’s criticisms of international trade negotiations —
PREFACE TO INSTRUCTORS
xxvii
00-Cohen-Macro-Prelims-P4
6/22/10
10:39 AM
Page xxviii
problems for developing countries are not caused by trade, but by protectionist
policies in developed countries. A power struggle over tariffs and subsidies
between rich and poor countries affects terms of trade and how gains are
divided. We outline hands-off and hands-on positions on government in global
markets, to enable students—as citizens of Canada and the world—to reach an
informed position on globalization.
Adapting This Book to Your Course
As you can see from this detailed overview, the chapters in this book can quite
easily be mapped onto your current course. Chapters 1 to 3 introduce the
fundamental macroeconomic question and explain GDP, economic growth,
business cycles, unemployment, and inflation. These are the key outcomes for
judging how well the economy performs. Chapter 4 presents the aggregate
supply and aggregate demand framework. Chapters 5 and 6 examine money,
bond, and foreign exchange markets. And Chapters 7 to 9 cover monetary
policy, fiscal policy, and international trade and trade policy.
If you are teaching a one-semester macro course without micro prerequisites,
you will first want to cover the four appendices, which are the opening chapters
from Economics for Life: Smart Choices for You. The macro chapters are written
to flow from the end of those microeconomics chapters, or from any other
introductory microeconomics textbook.
The unique nature of this textbook helps you make the course material
more relevant to your students and thus provides a solid basis for a more
positive classroom experience. In addition, the style of the textbook, its features,
and its learning aids are designed to meet the skill levels, interests, and needs of
a wide range of students who are not training to be economists but who—as
consumers, as businesspeople, and as citizens — will benefit from learning to
think like an economist. All these features enable students to learn economics in
a way that will stay with them—even five years after leaving your classroom.
xxviii
PREFACE TO INSTRUCTORS
00-Cohen-Macro-Prelims-P4
6/22/10
10:39 AM
Page xxix
Supplements
This textbook is supported by many materials designed to enhance learning and
understanding for students and to make the course exciting and rewarding for
instructors. The following support materials are available for instructors.
Instructor’s Resource CD-ROM
The Instructor’s Resource CD-ROM contains the Instructor’s Manual, PowerPoint®
Presentations, and Pearson TestGen.
Instructor’s Manual: The manual includes teaching notes and suggestions
for classroom discussion.
PowerPoint Presentations: PowerPoint¨ presentations are available for
each chapter of the book. The presentations integrate key concepts and visuals
from the text and have been designed to reflect and embody the unique
philosophy behind and structure of the textbook.
Pearson TestGen: This computerized test item file enables instructors to
view and edit existing test questions, add questions, generate tests, and print
tests in a variety of formats. Powerful search and sort functions make it easy to
locate questions and arrange them in any order. TestGen also enables instructors
to administer tests on a local area network, have the tests graded electronically,
and have the results prepared in electronic or printed reports. These questions
are also available in MyTest, which is available through MyEconLab at
www.myeconlab.com.
MyEconLab
Pearson Canada’s online resource, MyEconLab, offers instructors and students
all of their resources in one place, written and designed to accompany this text.
MyEconLab creates a perfect pedagogical loop that provides not only textspecific assessment and practice problems, but also tutorial support to make
sure students learn from their mistakes.
MyEconLab is available to instructors by going to www.myeconlab.com and
following the instructions. Students access MyEconLab with an access code that
is available with the purchase of a new text.
At the core of MyEconLab are the following features:
Auto-Graded Tests and Assignments: MyEconLab comes with two
preloaded Sample Tests for each chapter. Students can use these tests for selfassessment and obtain immediate feedback. Instructors can assign the Sample
Tests or use them along with Test Bank questions or their own exercises to create
tests or quizzes.
PREFACE TO INSTRUCTORS
xxix
00-Cohen-Macro-Prelims-P4
6/22/10
10:39 AM
Page xxx
Study Plan: A Study Plan is generated from each student’s results on Sample
Tests and instructor assignments. Students can clearly see which topics they
have mastered and, more importantly, which they need to work on.
Unlimited Practice: Many Study Plan and instructor-assigned exercises contain
algorithmically generated values to ensure that students get as much practice as they
need. Every problem links students to learning resources that further reinforce
concepts they need to master.
Learning Resources: Each practice problem contains a link to the eText page
that discusses the concept being applied. Students also have access to guided
solutions, flashcards, Student PowerPoints and answers to Refresh Questions.
Economics in the News: Each Economics in the News article is accompanied by
additional links, discussion questions, and a reference to relevant textbook chapters.
Technology Specialists
Pearson’s Technology Specialists work with faculty and campus course designers
to ensure that Pearson technology products, assessment tools, and online course
materials are tailored to meet your specific needs. This highly qualified team is
dedicated to helping schools take full advantage of a wide range of educational
resources by assisting in the integration of a variety of instructional materials
and media formats. Your local Pearson Education sales representative can
provide you with more details about this service program.
CourseSmart
CourseSmart is a new way for instructors and students to access textbooks
online anytime from anywhere. With thousands of titles across hundreds of
courses, CourseSmart helps instructors choose the best textbook for their class
and give their students a new option for buying the assigned textbook as a lower
cost eTextbook. For more information, visit www.coursesmart.com.
xxx
PREFACE TO INSTRUCTORS