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This text remains a proven leader in the world of economics. Since introducing the aggregate supply/ aggregate demand model as a fundamental tool for learning economics over two decades ago, in this edition William J. Baumol and Alan S. Blinder continue their long tradition of equipping students with the knowledge and tools they need to apply modern economics to their world. Hallmark features include one of the strongest policy treatments on the market and a careful and in-depth focus on the most important economic tools students should retain after the course is over.
PART I. GETTING ACQUAINTED WITH ECONOMICS. 1. What Is Economics? 2. Scarcity and Choice: The Economic Problem. 3. Supply and Demand: An Initial Look. PART II. THE MACROECONOMY: AGGREGATE SUPPLY AND DEMAND. 4. The Realm of Macroeconomics. 5. The Goals of Macroeconomic Policy. 6. Economic Growth: Theory and Policy. 7. Aggregate Demand and the Powerful Consumer. 8. Demand-Side Equilibrium: Unemployment or Inflation? 9. Supply-Side Equilibrium: Unemployment and Inflation? PART III. FISCAL AND MONETARY POLICY. 10. Managing Aggregate Demand: Fiscal Policy. 11. Money and the Banking System. 12. Monetary Policy and the National Economy. 13. The Debate Over Monetary and Fiscal Policy. 14. Fiscal Policy, Monetary Policy, and Growth. 15. Inflation and Growth: The Phillips Curve. PART IV. THE UNITED STATES IN THE WORLD ECONOMY. 16. International Trade and Comparative Advantage. 17. The International Monetary System. Order or Disorder? 18. Exchange Rates and the Macroeconomy.