The 14th edition of this text is based on the results of extensive research and features some major changes. Microeconomics is now covered before macroeconomics to encourage the concepts of microeconomic foundations. There is a focus on rediscovering the power of the market, giving special attention to the changes in Eastern Europe. The book places emphasis on the open economy with continued increase in global economics and the interaction between international trade and domestic economic events. It aims to present a balanced treatment of all the major schools of modern macroeconomic theories, using real world experiences and policies to illustrate the fundamentals of economic principles.