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Economics in Modules
Third Edition ©2015
Adapted by Paul Krugman and Robin Wells from their bestselling principles of economics textbook, Economics in Modules is the only text for the principles course organized in the supremely accessible, highly effective modular format. Instead of chapters of standard length, the book covers the fundamentals of economics in 84 brief (4-10 page) modules divided into 26 sections.
Economics in Modules offers the best of what makes Krugman/Wells a classroom favorite (story-telling approach, engaging writing, fascinating examples and cases), in a format students and instructors will love. Extensive educational research shows that students absorb more from shorter reading assignments than longer ones. And with coverage in self-contained modules, instructors can assign specific topics without asking students to read entire chapters.Digital Options
Table of Contents
Section 1 Basic Economic ConceptsModule 1 The Study of Economics
Module 2 Models and the Circular Flow
Module 3 The Production Possibility Frontier Model
Module 4 Comparative Advantage and Trade
Section 2 Supply and Demand
Module 5 Demand
Module 6 Supply and Equilibrium
Module 7 Changes in Equilibrium
Section 3 Elasticity and the Law of Demand
Module 8 Income Effects, Substitution Effects, and Elasticity
Module 9 Interpreting Price Elasticity of Demand
Module 10 Other Elasticities
Section 4 Market Efficiency
Module 11 Consumer and Producer Surplus
Module 12 Efficiency and Markets
Section 5 Government Policy and Taxes
Module 13 Price Controls (Ceilings and Floors)
Module 14 Quantity Controls (Quotas)
Module 15 Taxes
Section 6 International Trade
Module 16 Gains from Trade
Module 17 Supply, Demand, and Trade
Section 7 Economics and Decision Making
Module 18 Making Decisions
Module 19 Behavioral Economics
Module 20 Maximizing Utility
Section 8 Production and Costs
Module 21 The Production Function
Module 22 Firm Costs
Module 23 Long-Run Costs and Economies of Scale
Section 9 Market Structure and Perfect Competition
Module 24 Market Structure
Module 25 Perfect Competition
Module 26 Graphing Perfect Competition
Module 27 Long-Run Outcomes in Perfect Competition
Section 10 Monopoly
Module 28 Monopoly in Practice
Module 29 Monopoly and Public Policy
Module 30 Price Discrimination
Section 11 Imperfect Competition
Module 31 Oligopoly
Module 32 Game Theory
Module 33 Oligopoly in Practice
Module 34 Monopolistic Competition
Module 35 Product Differentiation and Advertising
Section 12 Market Failure and the Role of Government
Module 36 Externalities
Module 37 Externalities and Public Policy
Module 38 Public Goods and Common Resources
Module 39 The Economics of the Welfare State
Section 13 Factor Markets and the Distribution of Income
Module 40 Factor Markets
Module 41 Marginal Productivity Theory
Module 42 The Market for Labor
Section 14 Additional Topics in Microeconomics
Module 43 The Cost-Minimizing Input Combination
Module 44 The Time Value of Money
Module 45 The Economics of Information
Section 15 Measurement of Economic Performance
Module 45 Introduction to Macroeconomics
Module 46 The Circular Flow
Module 47 Gross Domestic Product
Module 48 Interpreting Real Gross Domestic Product
Section 16 Unemployment and Inflation Defined
Module 49 The Meaning and Calculation of Unemployment
Module 50 The Causes and Categories of Unemployment
Module 51 The Cost of Inflation
Module 52 The Measurement and Calculation of Inflation
Section 17 Long-Run Economic Growth
Module 53 Long-run Economic Growth
Module 54 Production Function
Module 55 Long-run Growth Policy
Section 18 Savings and Investment
Module 56 The Financial System
Module 57 Savings and Investment Spending
Module 58 The Time Value of Money
Module 59 The Market for Loanable Funds
Section 19 Income and Expenditure
Module 60 The Multiplier
Module 61 Income and Expenditure
Module 62 The Income-Expenditure Model
Section 20 Aggregate Demand and Aggregate Supply
Module 63 Aggregate Demand: Introduction and Determinants
Module 64 Aggregate Supply: Introduction and Determinants
Module 65 Equilibrium in the Aggregate Demand
Section 21 Fiscal Policy
Module 66 Taxes, Spending, Budgets, and Borrowing
Module 67 Fiscal Policy Effects/Fiscal Policy and the Multiplier
Module 68 Long-run Implications of Fiscal Policy, Deficits, and the Public Debt
Section 22 Money, Banking, and the Federal Reserve System
Module 69 Definition and Measurement of Money
Module 70 Banking and Money Creation
Module 71 The Federal Reserve SystemSection 23 Monetary Policy
Module 72 The Federal Reserve System
Module 73 The Money Market
Module 74 Monetary Policy and the Interest Rate
Module 75 Money, Output, and Prices in the Long Run
Section 24 Policy Responses to Unemployment and Inflation
Module 76 Types of Inflation, Disinflation, and Deflation
Module 77 The Phillips Curve
Module 78 Crises and Consequences
Section 25 Open-Economy Macroeconomics
Module 79 Capital Flows and the Balance of Payments
Module 80 The Foreign Exchange Market
Module 81 Exchange Rate Policy
Module 82 Exchange Rates and Macroeconomic Policy
Section 26 Events and Ideas
Module 83 History and Alternative Views of Macroeconomics
Module 84 The Modern Macroeconomic Consensus
Appendices
Appendix A Graphs in Economics
Appendix B Macroeconomic Data
Solutions to Module Review Questions
Glossary
Index
Authors
Paul Krugman
Paul Krugman, recipient of the 2008 Nobel Memorial Prize in Economic Sciences, taught at Princeton University for 14 years. In 2015, he joined the faculty 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. He received his BA from 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 trailblazing 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 op-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, where she has taught undergraduate courses. She received her BA from the University of Chicago and her PhD from the University of California, Berkeley; she then did her postdoctoral work at MIT. She has taught at the University of Michigan, the University of Southampton (United Kingdom), Stanford, and MIT.
Margaret Ray
Margaret Ray teaches economics at both the university and high school levels. She is an AP® Economics instructor for Johns Hopkins University’s Center for Talented Youth and is a member of the economics department faculty at Texas A&M University in College Station, Texas. She received her BS in economics from Oklahoma State University and her PhD in economics from the University of Tennessee. In 2012, she received her MEd in curriculum and instruction and became certified to teach K–12 social studies. She has taught AP® Economics at several high schools in Virginia and has received the Council on Economic Education’s Excellence in Teaching Economics award. She has been involved in the AP® Economics program since 1992, serving as a reader and question leader, writing test items, overseeing the AP® course audit, writing College Board® “Special Focus” articles, and editing the Council on Economic Education’s AP® Macroeconomics resource. She has been a College Board® Endorsed Consultant for economics since 2001, and she conducts several professional development workshops and institutes each year. Her favorite hobby is showing hunter-jumper horses adopted from bracehorse rescue organizations. She lives on a small farm in central Texas.
David A. Anderson
David Anderson is the Paul G. Blazer Professor of Economics at Centre College. He received his BA in economics from the University of Michigan and his MA and PhD in economics from Duke University. Anderson has been involved in the AP® Economics programs for more than two decades. For five years he led the grading of one or both of the AP® Economics exams, and he speaks regularly at AP® conferences and workshops. He has authored dozens of scholarly articles and 15 books, including Explorations in Economics, Survey of Economics, Cracking the AP® Economics Exam, Economics by Example, Favorite Ways to Learn Economics, and Environmental Economics and Natural Resource Management . His research is primarily on economic education, environmental economics, law and economics, and labor economics. Anderson loves teaching introductory economics and has won awards for excellence and innovation in the classroom. His favorite hobby is running, and he competes in marathons and triathlons. He lives in Danville, Kentucky, with his wife and two children.
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