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Table of Contents

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: 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: Toward a Fuller Understanding of Present Value
 
Part 5: The Consumer
Chapter 10 The Rational Consumer
Appendix: Consumer Preferences and Consumer Choice
 
Part 6: The Production Decision
Chapter 11 Behind the Supply Curve: Inputs and Costs
Chapter 12 Perfect Competition and the Supply Curve
 
Part 7: Market Structure: Beyond Perfect Competition
Chapter 13 Monopoly
Chapter 14 Oligopoly
Chapter 15 Monopolistic Competition and Product Differentiation
 
Part 8: Microeconomics and Public Policy
Chapter 16 Externalities
Chapter 17 Public Goods and Common Resources
Chapter 18 The Economics of the Welfare State
 
Part 9: Factor Markets and Risk
Chapter 19 Factor Markets and the Distribution of Income
Appendix 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 Deriving the Multiplier Algebraically
Chapter 27 Aggregate Demand and Aggregate Supply

Part 13 Stabilization Policy
Chapter 28 Fiscal Policy
Appendix Taxes and the Multiplier
Chapter 29 Money, Banking, and the Federal Reserve System
Chapter 30 Monetary Policy
Appendix 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

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 Southhampton (United Kingdom), Stanford, and MIT.

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