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Modern Principles of Economics
Fifth Edition| ©2021New Edition Available Tyler Cowen; Alex Tabarrok
Tyler Cowen and Alex Tab...
Tyler Cowen and Alex Tabarrok have long demonstrated their mastery at communicating economic principles in a clear, captivating way through their blog, The Marginal Revolution. And they are pioneers in online education. Their fully updated new edition has more high-quality material designed for online teaching than any other principles of economics textbook. Videos from Marginal Revolution University (MRU), Discovering Data questions, live links to FRED data, an e-book, and assessment all live under Macmillan's new learning platform, Achieve and combine to provide an online learning product for all types of learners whether in face to face, hybrid or pure online classes.
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Available for the first time with Macmillan's new online learning platform, Achieve, Modern Principles is a tour-de-force with a unique combination of vivid writing, up-to-date relevant examples, and online resources unlike any other textbook for this market.
Tyler Cowen and Alex Tabarrok have long demonstrated their mastery at communicating economic principles in a clear, captivating way through their blog, The Marginal Revolution. And they are pioneers in online education. Their fully updated new edition has more high-quality material designed for online teaching than any other principles of economics textbook. Videos from Marginal Revolution University (MRU), Discovering Data questions, live links to FRED data, an e-book, and assessment all live under Macmillan's new learning platform, Achieve and combine to provide an online learning product for all types of learners whether in face to face, hybrid or pure online classes.
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Marginal Revolution University (MRU) videos
More than 170 of these videos have been deeply integrated into the text and pedagogy of Modern Principles, providing valuable tools for both instructors and students throughout the learning path. These videos are linked in the text and at mru.org. Within Achieve, assignable, automatically graded quizzes accompany each video.
Discovering Data Exercises
Based on up-to-the-minute FRED data, these exercises help students develop data literacy and synthesizing skills, encourage economic analysis based on recent trends, and build an understanding of the broader economy.
IN THE TEXTBOOK
New, modern examples including a discussion of housing prices and the elasticity of supply, the declining labor force participation rate of young men, the platform economics of free goods like Facebook and Twitter, monetary policy in a pandemic and the politics and economics of trade in the Trump era.
Material that many other books ignore, such as how managers should choose between piece rates and tournaments and how firms increase their profits using bundling and tying.
A powerful, more realistic AD-AS model (in macroeconomics) that combines insights from New Keynesian and Real Business Cycle models. In addition, the authors created a super simple Solow model which for the first time makes the Solow model of economic growth accessible to principles of economics students.
Streamlined and uncluttered presentation— the text doesn’t have boxed features. The text is clean, to-the-point, and engaging, as the authors integrate examples throughout. Their writing style reflects the style of their popular blog, Marginal Revolution.
New to This Edition
ONLINE
Achieve
Engage every student.
Achieve is a comprehensive set of interconnected teaching and assessment tools. It incorporates the most effective elements from Macmillan’s market leading solutions—including Sapling, LaunchPad, iClicker and others—in a single, easy to use platform. Our resources were co-designed with instructors and students, using a foundation of learning research and rigorous testing.
Featured in Achieve
Marginal Revolution University (MRU) videos
More than 170 of these videos have been deeply integrated into the text and pedagogy of Modern Principles, providing valuable tools for both instructors and students throughout the learning path. These videos are linked in the text and at mru.org. Within Achieve, assignable, automatically graded quizzes accompany each video.
Discovering Data Exercises
Based on up-to-the-minute FRED data, these exercises help students develop data literacy and synthesizing skills, encourage economic analysis based on recent trends, and build an understanding of the broader economy.
IN THE TEXTBOOK ECON VERSION
- Integrated coverage of the impact of COVID-19
- A discussion of housing prices and the elasticity of supply
- The most relevant and timely chapter on international trade with new research on the effects of tariffs and on free trade
- Updated coverage on climate change and the carbon tax in the chapter on externalities
- Expanded coverage of the platform economics of free goods like Facebook and Twitter
- New section on the declining labor force participation rate of young men
- Updated monetary and fiscal policy to reflect the pandemic and the politics and economics of trade in the Trump era
"I switched to Cowen/Tabarrok because I value the critical thinking perspectives they offer to students in their textbook--and I love all of the complementary teaching resources.”-Christopher Fawson, Utah State University
"Each of these videos is well done and I think they are all very useful. I've had some students in the past even comment on some of them indicating their usefulness in understanding the material."-David Gillete, Truman State University
"...one of the value-added elements of the Cowen and Tabarrok text is the excellent quality and presentation of the content in the accompanying videos."-Joseph Guider, Caldwell College
"I already encourage my students to watch these videos. They are really well done!"-Nakul Kumar, Northern Virginia Community College
"[The] short videos are always a hit with the students."-Sarah Sheikh, Calhoun Community College

Modern Principles of Economics
Fifth Edition| ©2021
Tyler Cowen; Alex Tabarrok
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Modern Principles of Economics
Fifth Edition| 2021
Tyler Cowen; Alex Tabarrok
Table of Contents
Preface
1. The Big Ideas in Economics
2. The Power of Trade and Comparative Advantage
Part 1: Supply and Demand
3. Supply and Demand
4. Equilibrium: How Supply and Demand Determine Prices
5. Elasticity and Its Applications
6. Taxes and Subsidies
Part 2: The Price System
7. The Price System: Signals, Speculation, and Prediction
8. Price Ceilings and Floors
9. International Trade
10. Externalities: When the Price Is Not Right
Part 3: Firms and Factor Markets
11. Costs and Profit Maximization under Competition
12. Competition and the Invisible Hand
13. Monopoly
14. Price Discrimination and Pricing Strategy
15. Oligopoly and Game Theory
16. Networks, Platforms, and the Economics of “Free Goods”
17. Monopolistic Competition and Advertising
18. Labor Markets
Part 4: Government
19. Public Goods and the Tragedy of the Commons
20. Political Economy and Public Choice
21. Economics, Ethics, and Public Policy
Part 5: Decision Making for Businesses, Investors, and Consumers
22. Managing Incentives
23. Stock Markets and Personal Finance
24. Asymmetric Information: Moral Hazard and Adverse Selection
25 Consumer Choice
Part 6: Economic Growth
26. GDP and the Measurement of Progress
27. The Wealth of Nations and Economic Growth
28. Growth, Capital Accumulation, and the Economics of Ideas: Catching Up vs. the Cutting Edge
29. Saving, Investment, and the Financial System
Part 7: Business Fluctuations
30. Unemployment and Labor Force Participation
31. Inflation and the Quantity Theory of Money
32. Business Fluctuations: Aggregate Demand and Supply
33. Transmission and Amplification Mechanisms
Part 8: Macroeconomic Policy and Institutions
34. The Federal Reserve System and Open Market Operations
35. Monetary Policy
36. The Federal Budget: Taxes and Spending
37. Fiscal Policy
Part 9: International Economics
38. International Finance
APPENDIX A Reading Graphs and Making Graphs
APPENDIX B Solutions to Check Yourself
Glossary G-1
References R-1
Index I-1
Authors

Tyler Cowen

Alex Tabarrok
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Modern Principles of Economics
Fifth Edition| 2021
Tyler Cowen; Alex Tabarrok
Related Titles

Modern Principles: Microeconomics
Tyler Cowen; Alex Tabarrok | Fifth Edition | 2021 | ISBN:9781319245429
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Modern Principles of Economics
Fifth Edition| 2021
Tyler Cowen; Alex Tabarrok
Videos
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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