In addition to fine-tuning and streamlining the prose and the overall presentation of this new edition, the authors have comprehensively updated the text and the applications to reflect recent economic developments and topics of current interest. The treatment of macroeconomics is divided into four parts: national income and fiscal policy; money, banking, and monetary policy; macroeconomic problems and policies; and international economics. The themes of internationalization and economic growth are also prevalent in the text and are interwoven throughout all four parts.