Economics

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Product Overview

Authors

Paul Krugman

Paul Krugman, recipient of the 2008 Nobel Memorial Prize in Economic Sciences, is a faculty member of the Graduate Center of the City University of New York, associated with the Luxembourg Income Study, which tracks and analyzes income inequality around the world. Prior to that, he taught at Princeton University for 14 years. He received his Barroom Yale and his PhD from MIT. Before Princeton, he taught at Yale, Stanford, and MIT. He also spent a year on the staff of the Council of Economic Advisers in 1982–1983. His research has included pathbreaking work on international trade, economic geography, and currency crises. In 1991, Krugman received the American Economic Association’s John Bates Clark medal. In addition to his teaching and academic research, Krugman writes extensively for nontechnical audiences. He is a regular-ed columnist for the New York Times. His best-selling trade books include End This Depression Now!, The Return of Depression Economics and the Crisis of 2008, a history of recent economic troubles and their implications for economic policy, and The Conscience of a Liberal, a study of the political economy of economic inequality and its relationship with political polarization from the Gilded Age to the present. His earlier books, Peddling Prosperity and The Age of Diminished Expectations, have become modern classics.

Robin Wells

Robin Wells was a Lecturer and Researcher in Economics at Princeton University. She received her BA from the University of Chicago and her PhD from the University of California at Berkeley; she then did postdoctoral work at MIT. She has taught at the University of Michigan, the University of Southampton (United Kingdom), Stanford, and MIT.

Part 1: What is Economics?

Introduction: An Engine for Growth and Discovery

Chapter 1 First Principles

Chapter 2 Economic Models: Trade-offs and Trade

Appendix 2: Graphs in Economics

Part 2: Supply and Demand

Chapter 3 Supply and Demand

Chapter 4 Consumer and Producer Surplus

Chapter 5 Price Controls and Quotas: Meddling with Markets

Chapter 6 Elasticity

Part 3: Individuals and Markets

Chapter 7 Taxes

Chapter 8 International Trade

Part 4: Economics and Decision Making

Chapter 9 Decision Making by Individuals and Firms

Appendix 9: Toward a Fuller Understanding of Present Value

Part 5: Microeconomics and Public Policy

Chapter 10 Externalities

Chapter 11 Public Goods and Common Resources

Chapter 12 The Economics of the Welfare State

Part 6: The Consumer

Chapter 13 The Rational Consumer

Appendix 13: Consumer Preferences and Consumer Choice

Part 7: The Production Decision

Chapter 14 Behind the Supply Curve: Inputs and Costs

Chapter 15 Perfect Competition and the Supply Curve

Part 8: Market Structure: Beyond Perfect Competition

Chapter 16 Monopoly

Chapter 17 Oligopoly

Chapter 18 Monopolistic Competition and Product Differentiation

Part 9: Factor Markets and Risk

Chapter 19 Factor Markets and the Distribution of Income

Appendix 19: Indifference Curve Analysis of Labor Supply

Chapter 20 Uncertainty, Risk, and Private Information

Part 10: Introduction to Macroeconomics

Chapter 21 Macroeconomics: The Big Picture

Chapter 22 GDP and the CPI: Tracking the Macroeconomy

Chapter 23 Unemployment and Inflation

Part 11: Long-Run Economic Growth

Chapter 24 Long-Run Economic Growth

Chapter 25 Savings, Investment Spending, and the Financial System

Part 12: Short-Run Economic Fluctuations

Chapter 26 Income and Expenditure

Appendix 26: Deriving the Multiplier Algebraically

Chapter 27 Aggregate Demand and Aggregate Supply

Part 13: Stabilization Policy

Chapter 28 Fiscal Policy

Appendix 28: Taxes and the Multiplier

Chapter 29 Money, Banking, and the Federal Reserve System

Chapter 30 Monetary Policy

Appendix 30: Reconciling the Two Models of the Interest Rate

Chapter 31 Inflation, Disinflation, and Deflation

Part 14: Events and Ideas

Chapter 32 Macroeconomics: Events and Ideas

Part 15: The Open Economy

Chapter 33 International Macroeconomics

Product Updates

Summer 2026 Updates

What's New

The Summer 2026 update brings new data activities, refreshed teaching resources, and extensive ebook revisions to help instructors teach economics with the latest research, policy developments, and real-world examples.

New in Achieve

New F.R.E.D. (Federal Reserve Economic Data) activities that help students work with authentic economic data.
Updated lecture slides featuring dynamic Datawrapper visualizations.
Refreshed student and instructor resources aligned with the latest ebook revisions.

New in the eBook

Highlights

Enhanced interactive graphs throughout the ebook.
New and updated chapter openers, Business Cases, and Economics in Action features.
Expanded coverage of current topics, including AI, European energy markets, 2025 steel tariffs, climate policy, banking regulation, and monetary policy.
Updated economic data throughout key macroeconomics chapters.

Chapter Updates

Major updates across the macroeconomics chapters improve clarity, incorporate current economic developments, and refresh data through 2024–2025. Highlights include:

Updated examples and data on Economic Models
Updated examples and data on Market Structures and Price Controls
Updated examples and data on Elasticity
Updated examples and data on Taxes and Externalities
Updated examples and data on International Trade
Updated examples and data on Decision Making and Consumer Behavior
Updated examples and data on the Labor Market and Welfare State
Updates to GDP, Unemployment, Inflation, and Macroeconomic Policy chapters
Updates to Long-Run Economic Growth
Updates to Money, Banking, and the Federal Reserve System

December 2025 Update: Impact of AI Modules

The Impact of AI modules in Achieve are a flexible, text-agnostic series of assignable, auto-graded activities designed to help students learn how to use AI responsibly through the lens of economics. Formats include case studies, simulations, and prompt engineering exercises.

Fall 2025: New Author Podcast Activities!

Bring today’s economic headlines into your Achieve course with our new podcast-based activities, featuring curated content from Paul Krugman’s popular Substack. Narrated by Krugman himself, these timely episodes explore pressing topics—such as tariffs, inflation, and monetary policy—while reinforcing core concepts from the textbook.

Each podcast is paired with auto-graded multiple-choice questions in Achieve, making them easy to assign and assess. New activities will be added regularly to reflect emerging economic trends and developments.

This format has proven highly effective in engaging today’s students—combining expert insight with an accessible, on-the-go experience. Instructors using similar tools in other economics courses report strong student feedback and deeper understanding of complex material.

Winter 2024 Updates:

The updated Econ Math and Graphing Tutorials in Achieve bridge foundational math gaps for economics students through revamped, interactive modules featuring modern videos, algorithmically generated questions, and improved assessments designed to deepen understanding and reflection. Comprehensive accessibility features ensure that all students can effectively engage with the material.

This materials covers 10 foundational areas including Slope, Graphs, Percent Change, Ratios, Linear Equations, Averages, and more.

Seventh Edition Updates (2024):

Interactive Graphs in the e–book and in a Graphing Bank allow students to engage with economic models to see how components of the graph change as market dynamics change. Every data graph in the text is now interactive, so students can explore live visualizations and improve their data literacy.

Interactive Topic Reviews, with embedded interactive graphs and assessment, cover essential principles topics in an easy-to-use, self-study format, to help students prepare for class time, quizzes, or exams.

New focus on India’s economic growth during Covid, particularly its rise to become a technological powerhouse.

Integrated coverage of the pandemic throughout, including supply chain disruptions, federal funding for vaccine development, how Covid and the lockdown impacted the labor market and certain industries.

New modern examples that resonate with students, such as the day in the life of an Uber driver, selling clothes on Poshmark.

Thoroughly revised aggregate demand and aggregate supply chapter now highlights the dynamic relationship between inflation and GDP. This change allows instructors to more easily teach students about the modern changes to monetary policy and how the Federal Reserve has responded to the latest inflationary pressures.

Revamped AD/AS model now focusing on the inflation rate and GDP, rather than the price level, giving students a more practical and applicable understanding of the current economic landscape.

Authors

Paul Krugman

Paul Krugman, recipient of the 2008 Nobel Memorial Prize in Economic Sciences, is a faculty member of the Graduate Center of the City University of New York, associated with the Luxembourg Income Study, which tracks and analyzes income inequality around the world. Prior to that, he taught at Princeton University for 14 years. He received his Barroom Yale and his PhD from MIT. Before Princeton, he taught at Yale, Stanford, and MIT. He also spent a year on the staff of the Council of Economic Advisers in 1982–1983. His research has included pathbreaking work on international trade, economic geography, and currency crises. In 1991, Krugman received the American Economic Association’s John Bates Clark medal. In addition to his teaching and academic research, Krugman writes extensively for nontechnical audiences. He is a regular-ed columnist for the New York Times. His best-selling trade books include End This Depression Now!, The Return of Depression Economics and the Crisis of 2008, a history of recent economic troubles and their implications for economic policy, and The Conscience of a Liberal, a study of the political economy of economic inequality and its relationship with political polarization from the Gilded Age to the present. His earlier books, Peddling Prosperity and The Age of Diminished Expectations, have become modern classics.

Robin Wells

Robin Wells was a Lecturer and Researcher in Economics at Princeton University. She received her BA from the University of Chicago and her PhD from the University of California at Berkeley; she then did postdoctoral work at MIT. She has taught at the University of Michigan, the University of Southampton (United Kingdom), Stanford, and MIT.

Part 1: What is Economics?

Introduction: An Engine for Growth and Discovery

Chapter 1 First Principles

Chapter 2 Economic Models: Trade-offs and Trade

Appendix 2: Graphs in Economics

Part 2: Supply and Demand

Chapter 3 Supply and Demand

Chapter 4 Consumer and Producer Surplus

Chapter 5 Price Controls and Quotas: Meddling with Markets

Chapter 6 Elasticity

Part 3: Individuals and Markets

Chapter 7 Taxes

Chapter 8 International Trade

Part 4: Economics and Decision Making

Chapter 9 Decision Making by Individuals and Firms

Appendix 9: Toward a Fuller Understanding of Present Value

Part 5: Microeconomics and Public Policy

Chapter 10 Externalities

Chapter 11 Public Goods and Common Resources

Chapter 12 The Economics of the Welfare State

Part 6: The Consumer

Chapter 13 The Rational Consumer

Appendix 13: Consumer Preferences and Consumer Choice

Part 7: The Production Decision

Chapter 14 Behind the Supply Curve: Inputs and Costs

Chapter 15 Perfect Competition and the Supply Curve

Part 8: Market Structure: Beyond Perfect Competition

Chapter 16 Monopoly

Chapter 17 Oligopoly

Chapter 18 Monopolistic Competition and Product Differentiation

Part 9: Factor Markets and Risk

Chapter 19 Factor Markets and the Distribution of Income

Appendix 19: Indifference Curve Analysis of Labor Supply

Chapter 20 Uncertainty, Risk, and Private Information

Part 10: Introduction to Macroeconomics

Chapter 21 Macroeconomics: The Big Picture

Chapter 22 GDP and the CPI: Tracking the Macroeconomy

Chapter 23 Unemployment and Inflation

Part 11: Long-Run Economic Growth

Chapter 24 Long-Run Economic Growth

Chapter 25 Savings, Investment Spending, and the Financial System

Part 12: Short-Run Economic Fluctuations

Chapter 26 Income and Expenditure

Appendix 26: Deriving the Multiplier Algebraically

Chapter 27 Aggregate Demand and Aggregate Supply

Part 13: Stabilization Policy

Chapter 28 Fiscal Policy

Appendix 28: Taxes and the Multiplier

Chapter 29 Money, Banking, and the Federal Reserve System

Chapter 30 Monetary Policy

Appendix 30: Reconciling the Two Models of the Interest Rate

Chapter 31 Inflation, Disinflation, and Deflation

Part 14: Events and Ideas

Chapter 32 Macroeconomics: Events and Ideas

Part 15: The Open Economy

Chapter 33 International Macroeconomics

Product Updates

Summer 2026 Updates

What's New

New in Achieve

New F.R.E.D. (Federal Reserve Economic Data) activities that help students work with authentic economic data.
Updated lecture slides featuring dynamic Datawrapper visualizations.
Refreshed student and instructor resources aligned with the latest ebook revisions.

New in the eBook

Highlights

Enhanced interactive graphs throughout the ebook.
New and updated chapter openers, Business Cases, and Economics in Action features.
Expanded coverage of current topics, including AI, European energy markets, 2025 steel tariffs, climate policy, banking regulation, and monetary policy.
Updated economic data throughout key macroeconomics chapters.

Chapter Updates

Major updates across the macroeconomics chapters improve clarity, incorporate current economic developments, and refresh data through 2024–2025. Highlights include:

Updated examples and data on Economic Models
Updated examples and data on Market Structures and Price Controls
Updated examples and data on Elasticity
Updated examples and data on Taxes and Externalities
Updated examples and data on International Trade
Updated examples and data on Decision Making and Consumer Behavior
Updated examples and data on the Labor Market and Welfare State
Updates to GDP, Unemployment, Inflation, and Macroeconomic Policy chapters
Updates to Long-Run Economic Growth
Updates to Money, Banking, and the Federal Reserve System

December 2025 Update: Impact of AI Modules

Fall 2025: New Author Podcast Activities!

Winter 2024 Updates:

This materials covers 10 foundational areas including Slope, Graphs, Percent Change, Ratios, Linear Equations, Averages, and more.

Seventh Edition Updates (2024):

New focus on India’s economic growth during Covid, particularly its rise to become a technological powerhouse.

New modern examples that resonate with students, such as the day in the life of an Uber driver, selling clothes on Poshmark.

Revamped AD/AS model now focusing on the inflation rate and GDP, rather than the price level, giving students a more practical and applicable understanding of the current economic landscape.

Krugman/Wells helps your students achieve economic understanding

Available with Achieve, Krugman and Wells’ widely adopted text helps students reach new levels of economic understanding.

The Seventh Edition is revised and enhanced with new interactive graphs, interactive topic reviews, updated economic data, and refreshed Business Cases and Economics in Action boxes. Key updates include expanded analysis of aggregate demand and aggregate supply (AD/AS) and monetary policy, helping students connect core macroeconomics concepts to real-world applications while strengthening data interpretation and critical-thinking skills.

Success Stories

Here are a few examples of how Achieve has helped instructors like you improve student preparedness, enhance their sense of belonging, and achieve course goals they set for themselves.