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In recent years, innovative texts in mathematics, science, foreign languages, and other fields have achieved dramatic pedagogical gains by abandoning the traditional encyclopedic approach in favor of attempting to teach a short list of core principles in depth. Two well-respected writers and researchers, Bob Frank and Ben Bernanke, have shown that the less-is-more approach affords similar gains in introductory economics. Although a few other texts have paid lip service to this new approach, Frank/Bernanke is by far the best throughout, and the best executed principles text in this mold. Avoiding excessive reliance on formal mathematical derivations, it presents concepts intuitively through examples drawn from familiar contexts. The authors introduce a coherent short list of core principles and reinforce them by illustrating and applying each in numerous contexts. Students are periodically asked to apply these principles and to answer related questions and exercises.
Frank/Bernanke also encourages students to become "Economic Naturalists," by employing basic economic principles to understand and explain what they observe in the world around them. An economic naturalist understands, for example, that infant safety seats are required in cars but not in airplanes because the marginal cost of space to accommodate these seats is typically zero in cars but often hundreds of dollars in airplanes. Such examples engage student interest while teaching them to see each feature of their economic landscape as the reflection of an implicit or explicit cost-benefit calculation.
Part I IntroductionCh 1 Thinking Like an EconomistCh 2 Comparative AdvantageCh 3 Supply and DemandPart II Competition and the Invisible HandCh 4 ElasticityCh 5 DemandCh 6 Perfectly Competitive SupplyCh 7 Efficiency and ExchangeCh 8 The Invisible Hand in ActionPart III Market ImperfectionsCh 9 Monopoly, Oligopoly, and Monopolistic CompetitionCh 10 Games and Strategic BehaviorCh 11 Externalities and Property RightsCh 12 The Economics of InformationPart IV Economics of Public PolicyCh 13 Labor Markets, Poverty, and Income DistributionCh 14 The Environment, Health, and SafetyCh 15 Public Goods and Tax PolicyPart V Macroeconomics: Data and IssuesCh 16 Spending, Income, and GDPCh 17 Inflation and the Price LevelCh 18 Wages and UnemploymentPart VI The Economy in the Long RunCh 19 Economic GrowthCh 20 Saving, Capital Formation, and Financial MarketsCh 21 The Financial System, Money, and PricesPart VII The Economy in the Short RunCh 22 Short-Term FluctuationsCh 23 Spending and Output in the Short RunCh 24 Stabilizing the Economy: The Role of the Federal ReserveCh 25 Aggregate Demand and Aggregate SupplyCh 26 Macroeconomic PolicyPart VIII The International EconomyCh 27 Exchange Rates and the Open EconomyCh 28 International Trade and Capital FlowsGlossary