Principles of Economics
Publication Date: June 15, 2023
Paperback ISBN: 9781319511753
Every decision is an economic decision.
Principles of Economics by Richard Holden (University of New South Wales), 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...
Principles of Economics by Richard Holden (University of New South Wales), 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 students develop and apply economic intuition to their everyday decisions.
The authors provide a fresh take on a wide range of principles topics across the Microeconomics, Macroeconomics version and the full Principles version. They develop macroeconomics from its microfoundations in an engaging presentation that has drawn enthusiastic reviews from hundreds of instructors and thousands of students in pre-publication class-tests.
A modern approach to Microeconomics integrates current developments in the discipline into the Principles curriculum, with emphasis on empirical data and behavioural economics, labour and personnel economics, industrial organisation, strategic decision making and information asymmetries.
A cutting-edge presentation of the macroeconomy emphasises how microfoundations underpin macroeconomic theory, helps students apply their understanding of the macroeconomy in their professional and personal lives, and provides the most realistic and current presentation of monetary policy. To convey the understanding of macroeconomic fluctuations, Stevenson and Wolfers offer instructors a choice: 1) a modern framework including the IS curve to explain spending decisions, MP curve to describe monetary policy, and Phillips curve to explain inflation, and 2) a traditional AD-AS approach.
This text is available in Achieve, an integrated online learning system that features powerful tools for each step of the Learning Path: pre-class, in-class, and post-class.
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Principles of Economics - Australia/New Zealand Edition
Principles of Economics
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 Analysing 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 Labour Market
Chapter 12 Why Wages Vary: Workers, Jobs, Institutions, and Discrimination
Chapter 13 Inequality, Poverty, and Social Insurance
PART IV Industrial Organisation 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
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