The twelfth edition of Economics continues in the vein of its overall message: people who comprehend principles will have a great advantage functioning in - and making sense of - the emerging world. The new edition has been revised, polished and updated. A sample of the book's new discussions and analyzes include: the switch to GDP accounting; Soviet economy in transition; economics and the environment; the crisis in American financial institutions; economics of information; strategic behaviour; public choice and tax analysis; and more. The book is divided into two sections - Macroeconomics and Microeconomics - which are also available as separate texts.