Cover: Principles of Economics , 3rd Edition by Betsey Stevenson; Justin Wolfers

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COMING SOON 15-April-2026

Principles of Economics

Third Edition

Publication Date: April 15, 2026

Paperback ISBN: 9781319615697

Every Decision is an Economic Decision

Principles of Economics by Betsey Stevenson (University of Michigan), and Justin Wolfers (University of Michigan) emphasises that every decision is an economic decision. The authors’ focus on useful economics uses compelling explanations and real-life examples to help...

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Principles of Economics

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ISBN: 9781319615697
Principles of Economics

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Discover What's Inside! Click here to review a sample chapter, Chapter 11: Unemployment, from Stevenson and Wolfer's Principles of Macroeconomics, Third Edition.

Preface
A Quick Review of Graphs

PART I Foundations of Economics

Chapter 1 The Four Core Principles of Economics

Chapter 2 Demand and Consumer Choice

Chapter 3 Supply and Producer Choice

Chapter 4 Equilibrium: Where Supply Meets Demand

PART II Analyzing Markets

Chapter 5 Elasticity: Measuring Responsiveness

Chapter 6 Taxes, Price Controls, and Quantity Regulations

Chapter 7 Welfare Economics: Evaluating Market Efficiency and Market Failure

Chapter 8 Comparative Advantage and Gains from Trade

PART III Applications and Policy Issues

Chapter 9 International Trade

Chapter 10 Externalities and Public Goods

Chapter 11 The Labor Market

Chapter 12 Why Wages Vary: Workers, Jobs, Institutions, and Discrimination

Chapter 13 Inequality, Poverty, and Social Insurance

PART IV Industrial Organization and Business Strategy

Chapter 14 Market Structure and Market Power

Chapter 15 Entry, Exit, and Long-Run Profitability

Chapter 16 Price Discrimination and Sophisticated Pricing Strategies

Chapter 17 Economics of Strategic Management

PART V Advanced Decisions

Chapter 18 Game Theory and Strategic Choices

Chapter 19 Decisions Involving Uncertainty

Chapter 20 Decisions Involving Private Information

PART VI Macroeconomic Foundations and the Long Run

Chapter 21 Sizing Up the Economy Using GDP

Chapter 22 Economic Growth

Chapter 23 Unemployment

Chapter 24 Inflation and Money

PART VII Micro Foundations of Macroeconomics

Chapter 25 Consumption and Saving

Chapter 26 Investment

Chapter 27 The Financial Sector: Banks, Bonds, and Stocks

Chapter 28 International Finance and the Exchange Rate

PART VIII The Business Cycle

Chapter 29 Tracking the Business Cycle

Chapter 30 Linking Interest Rates and Output Using IS-MP Analysis

Chapter 31 The Phillips Curve and Inflation

Chapter 32 The Fed Model: Putting it All Together

Chapter 33 Aggregate Demand and Aggregate Supply

PART IX Macroeconomic Policy

Chapter 34 Monetary Policy

Chapter 35 Government Spending, Taxes, and Fiscal Policy

Appendix: A Closer Look at Aggregate Expenditure and the Multiplier

Appendix: A Deeper Dive Into Consumer Choice: Budget Constraints and Indifference Curves

Glossary

Index

An intuitive decision-making framework based on four key principles is referenced throughout the text and guides students to make better choices in all aspects of their lives.
With an unparalleled presentation of the basics, there are dedicated, full chapters on supply, demand, and equilibrium that walk students patiently through these topics. This aligns with how many instructors already teach – by working through these foundational concepts over several lectures.

NEW Appendix on Consumer Choice: A Deeper Dive into Consumer Choice: Budget constraints and Indifference Curves
Updated examples and data on International Trade
Updated examples and data on Elasticity
Updated examples and data on the Labour Market
Updated examples and data on Market Structures
New and updated end of chapter questions, adaptive quiz content, and instructor presentation materials
New Decision Points, Math & Graphing Tutorials and Interactive Graphs
Updates to GDP, Unemployment, Inflation, and Investment chapters including both up to date data and new examples and coverage
New and updated end of chapter questions, adaptive quiz content, and instructor presentation materials

Betsey Stevenson

Betsey Stevenson is a professor of economics and public policy at the University of Michigan. Her research focuses on the impact of public policies on the labor market, and explores women’s labor market experiences, the economic forces shaping the modern family, and the role of subjective well-being data for public policy. She serves on the Executive Committee of the American Economic Association, and is also a research associate with the National Bureau of Economic Research, a fellow of the Institute for Economic Research in Munich, a visiting associate professor of economics at the University of Sydney, and a research Fellow with the Centre for Economic Policy Research in London. She served as a member of the Council of Economic Advisers from 2013 to 2015, where she advised President Obama on social policy, labor market, and trade issues. She also served as the chief economist of the U.S. Department of Labor from 2010 to 2011. Betsey is an occasional editorialist for Bloomberg, and a trusted presence in the public debate about economics and public policy. She earned a BA in economics and mathematics from Wellesley College and an AM and PhD in economics from Harvard University.

Justin Wolfers

Justin Wolfers is a professor of economics and public policy at the University of Michigan. He does research in both macroeconomics and applied microeconomics topics, and has explored unemployment and inflation, the power of prediction markets, the economic forces shaping the modern family, discrimination, and happiness. He is a research associate with the National Bureau for Economic Research, a fellow of the Brookings Institution, a fellow of the Peterson Institute for International Economics, a research fellow with the Centre for Economic Policy Research in London, a fellow of the Institute for Economic Research in Munich, a visiting professor of economics at the University of Sydney, and an international research fellow at the Kiel Institute for the World Economy in Germany. He has been an editor of the Brookings Papers on Economic Activity, a board member on the Committee on the Status of Women in Economics, a member of the Panel of Advisors of the U.S. Congressional Budget Office, among many other board and advisory positions. He is currently a contributing columnist for the New York Times, and has written about economic issues in numerous other outlets. He is frequently quoted in the media on economic policy and relied upon to provide unbiased assessments of the current state of the macroeconomy. Justin earned a BA in economics from the University of Sydney and an AM and PhD in economics from Harvard University.

Achieve for Principles of Economics 3e is an online learning system backed by extensive development and research. Proven to increase student engagement and boost performance, Achieve offers:

Access to the ebook to download, read and virtually annotate for a completely flexible experience.
Course and book-specific resources including adaptive quizzing to personalise the experience for students.
A grade book, assignable assessments with targeted feedback, insights and reporting, instructor resources — all with seamless integration options.
Integrated with iClicker so that instructors and students can benefit in class and remotely from an industry leading student response system.
Interactive graphs allow students to engage with economic models to see how components of the graph change as market dynamics change with dynamic labels, shading, and more. Students can explore live visualisations and improve their data literacy.
The authors’ popular ‘Think Like an Economist’ podcast is integrated into Achieve. Aligned to every chapter, the fun and engaging podcast introduces students to the big ideas and shows them how to apply economic principles to make better decisions in their own lives. Each episode is paired with assignable assessments to ensure that students listen and understand.