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Ch. 7: The Wealth of Nations and Economic Growth
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See the Invisible Hand. Understand Your World.
The title, Modern Principles, refers to a progressive approach to economic modeling and applications that allows for more realistic interpretation of today’s world events.
Mirroring the authors’ successful blog, the text eschews boxed features to focus on the writing behind compelling examples, key concepts, and applications.
An emphasis on incentives underscores how economics is about human behavior and how economics helps us understand why we do what we do (in other words, the decisions we make in the face of incentives in the real world). Covers of the franchise titles feature multiple hands to emphasize the power of the Invisible Hand, a key economic concept that refers to the power of incentives (and was coined by Adam Smith).
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