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In recent years, innovative texts in mathematics, science, foreign languages, and other fields have achieved dramatic pedagogical gains by abandoning the traditional encyclopedic approach in favor of teaching a shorter list of core principles in depth. Two well-respected writers and researchers, Bob Frank and Ben Bernanke, have shown that the less-is-more approach affords similar gains in introductory economics. The authors introduce a coherent short list of core principles and reinforce them by illustrating and applying each in numerous contexts. With engaging questions, explanations and exercises, the authors help students relate economic principles to a host of everyday experiences such as going to the ATM or purchasing airline tickets. Throughout this process, the authors encourage students to become “economic naturalists:” people who employ basic economic principles to understand and explain what they observe in the world around them.
Principles of Economics, fifth edition, is thoroughly updated with examples that connect to current events such as the financial crisis of 2008 and Great Recession of 2007-2009 as well as other topics commonly discussed in the media. In addition, the text is paired with McGraw-Hill’s market-leading online assignment and assessment solution Connect Economics, providing tools to enhance course management and student learning.
Table of contents
Part 1 Introduction 1. Thinking Like an Economist2. Comparative Advantage3. Supply and DemandPart 2 Competition and the Invisible Hand4. Elasticity5. Demand6. Perfectly Competitive Supply7. Efficiency, Exchange, and the Invisible Hand in ActionPart 3 Market Imperfections8. Monopoly, Oligopoly, and Monopolistic Competition9. Games and Strategic Behavior10. Externalities and Property Rights11. The Economics of InformationPart 4 Economics of Public Policy12. Labor Markets, Poverty, and Income Distribution13. The Environment, Health, and Safety14. Public Goods and Tax PolicyPart 5 Macroeconomics: Data and Issues15. Spending, Income, and GDP16. Inflation and the Price Level17. Wages and UnemploymentPart 6 The Economy in the Long Run18. Economic Growth19. Saving, Capital Formation, and Financial Markets20. Money, Prices, and the Financial System Part 7 The Economy in the Short Run21. Short-Term Economic Fluctuations 22. Spending, Output, and Fiscal Policy23. Monetary Policy and the Federal Reserve24. Aggregate Demand, Aggregate Supply, and Business Cycles 25. Macroeconomic PolicyPart 8 The International Economy26. Exchange Rates, International Trade, and Capital Flows