Modern Principles of Economics
Sixth Edition ©2024
Now with ACHIEVE, Cowen and Tabarrok's book remains a top seller by incorporating up-to-date theories, data and discussion and illustrating them with contemporary examples that reflect recent economic and theoretical advancements.
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Now with ACHIEVE, Cowen and Tabarrok's book remains a top seller by incorporating up-to-date theories, data and discussion and illustrating them with contemporary examples that reflect recent economic and theoretical advancements.
“Econ majors need the basics and the book provides them along with great examples. They only need to understand the basics at this point anyway, as intermediate micro will drill them much more into the concepts, and thus Cowen’s presentation seems almost perfect.” —Damian Park, Santa Clara University
“Cowen goes into depth with real-world examples, narrative, and math examples. The graphs and other visual aids matched well with the content and enhance the descriptions of the theory.” —Jeff Glover, Pitt Community College
“My students, regardless of their demographics, find this material engaging because it describes a real-world feature of market economies that many students intuitively find concerning and interesting.” —Zac Gochenour, James Madison University
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Table of Contents
PrefaceChapter 1 The Big Ideas
Chapter 2 The Power of Trade and Comparative Advantage
Part I Supply and Demand
Chapter 3 Supply and Demand
Chapter 4 Equilibrium
Chapter 5 Elasticity and Its Applications
Chapter 6 Taxes and Subsidies
Part II The Price System
Chapter 7 The Price System: Signals, Speculation, and Prediction
Chapter 8 Price Ceilings and Floors
Chapter 9 International Trade
Chapter 10 Externalities: When the Price is Not Right
Part III Firms and Factor Markets
Chapter 11 Costs and Profit Maximization Under Competition
Chapter 12 Competition and the Invisible Hand
Chapter 13 Monopoly
Chapter 14 Price Discrimination and Price Strategy
Chapter 15 Oligopoly and Game Theory
Chapter 16 Networks, Platforms, and the Economics of "Free Goods"
Chapter 17 Monopolistic Competition and Advertising
Chapter 18 Labor Markets
Part IV Government
Chapter 19 Public Goods and the Tragedy of the Commons
Chapter 20 Political Economy and Public Choice
Chapter 21 Economics, Ethics, and Public Policy
Part V Decision Making for Businesses, Investors, and Consumers
Chapter 22 Managing Incentives
Chapter 23 Stock Markets and Personal Finance
Chapter 24 Asymmetric Information: Moral Hazard and Adverse Selection
Chapter 25 Consumer Choice
Part VI Economic Growth
Chapter 26 GDP and the Measurement of Progress
Chapter 27 The Wealth of Nations and Economic Growth
Chapter 28 Growth, Capital Accumulation, and the Economics of Ideas: Catching Up vs. the Cutting Edge .
Chapter 29 Saving, Investment, and the Financial System
Part VII Business Fluctuations
Chapter 30 Unemployment and Labor Force Participation
Chapter 31 Inflation and the Quantity Theory of Money
Chapter 32 Business Fluctuations: Aggregate Demand and Supply
Chapter 33 Transmission and Amplification Mechanisms
Part VIII Macroeconomic Policy and Institutions
Chapter 34 The Federal Reserve System and Open Market Operations
Chapter 35 Monetary Policy
Chapter 36 The Federal Budget: Taxes and Spending
Chapter 37 Fiscal Policy
Part IX International Economics
Chapter 38 International Finance
Authors
Tyler Cowen
Alex Tabarrok
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Tyler Cowen; Alex Tabarrok | Sixth Edition | ©2024 | ISBN:9781319482787
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Price Ceilings: The US Economy Flounders in the 1970s
In 1971, President Nixon, in an effort to control inflation, declared price increases illegal. Because prices couldn’t increase, they began hitting a ceiling. With a price ceiling, buyers are unable to signal their increased demand by bidding prices up, and suppliers have no incentive to increase quantity supplied because they can’t raise the price.What results when the quantity demanded exceeds the quantity supplied? A shortage! In the 1970s, for example, buyers began to signal their demand for gasolin
The Solow Model and the Steady State
Remember our simplified Solow model? One end of it is input, and on the other end, we get output.What do we do with that output?Either we can consume it, or we can save it. This saved output can then be re-invested as physical capital, which grows the total capital stock of the economy.There's a problem with that, though: physical capital rusts.Think about it. Yes, new roads can be nice and smooth, but then they get rough, as more cars travel over them. Before you know it, there are potholes
Zimbabwe and Hyperinflation: Who Wants to Be a Trillionaire?
How would you like to pay $417.00 per sheet of toilet paper? Sound crazy? It’s not as crazy as you may think. Here’s a story of how this happened in Zimbabwe.Around 2000, Robert Mugabe, the President of Zimbabwe, was in need of cash to bribe his enemies and reward his allies. He had to be clever in his approach, given that Zimbabwe’s economy was doing lousy and his people were starving. Sow what did he do? He tapped the country’s printing presses and printed more money. Clever, right? Not so
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