Understanding Economics - 2026 Release

Updated for Clarity and Relevance. Lovewell has streamlined the presentation of theoretical topics by shortening text length and stressing simpler word choice in the 2026 Release. In addition, several of the Thinking about Economics text boxes have been revised and five new ones have been added. Three chapters include new Advancing Economic Thought articles.

Currency. Throughout the text, Lovewell provides compelling new examples that combine economic theory and application in an up-to-date, accessible, and appealing way. Highlights include:

• Chapter 4 includes fresh material on Indigenous ways of knowing in the Advancing Economic Thought article on Jean Paul Gladu.
• Chapter 6 introduces an updated discussion of artificial intelligence and its likely impact on industrial concentration.
• Chapter 9 contains a fresh discussion of the effects of artificial intelligence on structural unemployment.
• Chapter 10 gives an updated summary of the main determinants of Canada’s productivity conundrum and features a new Advancing Economic Thought article on the long-term economic implications of generative AI as outlined by award-winning economist Daron Acemoglu.
• Chapter 11 analyzes how the trade disruptions caused by Donald Trump’s presidency in the US are affecting government debts and deficits in Canada.
• Chapter 12 provides an expanded discussion of digital currencies, including select crypto-related initiatives by governments.

AI Reader. Encourage discovery and boost understanding with AI Reader. Designed to facilitate active reading, AI Reader within McGraw Hill Connect provides students with AI tools to enhance their comprehension, retention, and critical thinking. Students can use AI Reader within the Connect eBook and/or SmartBook to highlight words or sections to see different explanations, create quiz-questions for self-study, copy helpful explanations to their notes, and follow citations to find the original context of the AI-generated explanation. 

Evergreen™. Content and technology are ever-changing, and it is important that you can keep your course up to date with the latest content and assessments. That’s why we want to deliver the most current and relevant content for your course, hassle-free. McGraw Hill uses an Evergreen delivery model, which is a product delivery model and experience that provides customers with the most relevant and updated content, tools, and accessibility. Engage students and freshen up assignments with up-to-date coverage of select topics and new questions, all without having to switch editions or build a new course. 

Concise Coverage. Lovewell includes concise coverage appropriate for the one-semester Principles of Economics course.

Accessible and Engaging. This ground-up Canadian product engages students with a clear and readable style, and appealing text design.

Current Issues. Understanding Economics offers real world examples and explores current economic issues. Articles, essays, and interviews stimulate critical thinking, and application. By providing a balanced and wide range of perspectives, these elements encourage students to evaluate and debate economic issues for themselves.

Real World Relevance. Within each chapter, an Advancing Economic Thought box details the ideas of an influential thinker of the past or the present and allows students to judge their contemporary relevance. Examples include Adam Smith's defense of private markets, Karl Marx's theory of capitalist exploitation, Thomas Malthus's treatment of population growth, David Foot's treatment of demographic change, Paul Romer’s innovative view of economic growth, and Tyler Cowen's analysis of the economic impact of the digital revolution.

Emphasis on Skills. An emphasis on skills allows students to have plenty of opportunity to apply the knowledge they acquire. Graphing Modules show students how to interpret and create tables and graphs. The online Skills Resource helps students interpret, analyze, and apply information. It provides insight on the basics of critical thinking, the use of economic language, visual materials, research, and ways of presenting findings.

Advancing Economic Thought. Within each chapter, Advancing Economic Thought feature details the ideas of an influential thing of the past, and allows students to judge their contemporary relevance. The 2026 Release features two new Advancing Economic Thought articles.

Thinking About Economics. Each chapter includes several points for discussion called Thinking About Economics—many with a contemporary focus on new technologies and the Internet—to help students interpret and apply the concepts they are learning through a question-and-answer format.

Consistency. Author Mark Lovewell writes the text, Connect assignment questions, and all the supplements. In addition, he managed the technical accuracy of the Connect problems, ensuring consistency in the level and approach between all resources for Understanding Economics.

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