Modern Principles of Economics by Tyler Cowen; Alex Tabarrok - Fifth Edition, 2021 from Macmillan Student Store
View Demo

Modern Principles of Economics

Fifth Edition ©2021 Tyler Cowen; Alex Tabarrok

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 Tab...
Read more
Students - Buy or Rent
Achieve from $109.99

ISBN:9781319329518

Access all your course tools in one place!

Retail:$109.99 Wholesale:$88.00

Go to Achieve
Retail:$164.99 Wholesale:$132.00

ISBN:9781319329464

ISBN:9781319329532

ISBN:9781319245399

ISBN:9781319397685

ISBN:9781319397647

Modern Principles of Economics by Tyler Cowen; Alex Tabarrok - Fifth Edition, 2021 from Macmillan Student Store

GO DIGITAL WITH ACHIEVE


Teaching, learning, and assessment for students in a multi-modal world.

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.

Features

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
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

Digital Options

ACHIEVE icon

Achieve

Achieve is a comprehensive set of interconnected teaching and assessment tools that incorporate the most effective elements from Macmillan Learning's market leading solutions in a single, easy-to-use platform.

Schedule Achieve Demo Go to Achieve

EPUB3_EBOOK icon

E-book

Read online (or offline) with all the highlighting and notetaking tools you need to be successful in this course.

Learn About E-book

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

Tyler Cowen

Tyler Cowen is Holbert C. Harris Professor of Economics at George Mason University and Director of the Mercatus Center and the James M. Buchanan Center for Political Economy. He is published widely in economics journals, including the American Economic Review and Journal of Political Economy. With Alex Tabarrok he co-writes the Marginal Revolution blog, often ranked as the #1 economics blog. He is also the author of Discover Your Inner Economist (Dutton, 2007) and numerous other books on economics. He writes regularly for the popular press on economics, including for The New York Times, The Washington Post, Forbes, and The Wilson Quarterly.  University web page: http://economics.gmu.edu/faculty/tcowen.html WATCH: Tyler Cowen at the Economic Bloggers Forum.

Alex Tabarrok

Alex Tabarrok is Bartley J. Madden Chair in Economics at the Mercatus Center at George Mason University. Tabarrok is co-author with Tyler Cowen of the popular economics blog, Marginal Revolution. His recent research looks at bounty hunters, judicial incentives and elections, crime control, patent reform, methods to increase the supply of human organs for transplant, and the regulation of pharmaceuticals. He is the editor of the books, Entrepreneurial Economics: Bright Ideas from the Dismal Science; The Voluntary City: Choice, Community, and Civil Society; and Changing the Guard: Private Prisons and The Control of Crime. His papers have appeared in the Journal of Law and Economics, Public Choice, Economic Inquiry, Journal of Health Economics, Journal of Theoretical Politics, The American Law and Economics Review, Kyklos and many other journals. His popular articles have appeared in The New York Times, The Wall Street Journal, and many other magazines and newspapers.

Instructor Resources

Need instructor resources for your course?

Unlock Your Resources

Instructor Resources

Access Test Bank

You need to sign in as a verified instructor to access the Test Bank.

request locked icon

Test Bank for Modern Principles of Economics (Online Only)

Tyler Cowen; Alex Tabarrok | Fifth Edition | ©2021 | ISBN:9781319342609

Learn more about our Test Banks or Sign up for training.

Go To Test Bank

Download Resources

You need to sign in to unlock your resources.

request locked icon

Clicker Slides (Accessible)

request locked icon

Image Slides for Modern Principles of Economics (Online Only; Accessible)

Tyler Cowen; Alex Tabarrok | Fifth Edition | ©2021 | ISBN:9781319337933
request locked icon

Instructors Resource Manual for Modern Principles of Economics (Online Only)

Tyler Cowen; Alex Tabarrok | Fifth Edition | ©2021 | ISBN:9781319337926
request locked icon

Lecture Slides for Modern Principles of Economics (Online Only; Accessible)

Tyler Cowen; Alex Tabarrok | Fifth Edition | ©2021 | ISBN:9781319340643
request locked icon

Solutions Manual for Modern Principles of Economics (Online Only)

Tyler Cowen; Alex Tabarrok | Fifth Edition | ©2021 | ISBN:9781319340629
Modern Principles: Microeconomics by Tyler Cowen; Alex Tabarrok - Fifth Edition, 2021 from Macmillan Student Store

Modern Principles: Microeconomics

Tyler Cowen; Alex Tabarrok | Fifth Edition | 2021 | ISBN:9781319245429

Learn More

Modern Principles: Macroeconomics by Tyler Cowen; Alex Tabarrok - Fifth Edition, 2021 from Macmillan Student Store

Modern Principles: Macroeconomics

Tyler Cowen; Alex Tabarrok | Fifth Edition | 2021 | ISBN:9781319245405

Learn More

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