Modern Principles of Economics / Edition 1

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Overview

From the authors:

See the Invisible Hand. Understand Your World.  That's the tagline of Modern Principles and our teaching philosophy. Nobel laureate Vernon Smith put it this way:

At the heart of economics is a scientific mystery… a scientific mystery as deep, fundamental and inspiring as that of the expanding universe or the forces that bind matter… How is order produced from freedom of choice?

 

We want students to be inspired by this mystery and by how economists have begun to solve it.  Thus, we show how markets interconnect and respond in surprising ways to changes in resources and preferences.

 

Consider, for example, how markets respond to a reduction in the supply of oil.  Of course, the price of oil increases giving consumers an incentive to use less and suppliers an incentive to discover more.  But an increase in the price of oil also encourages Brazilian sugar cane farmers to devote more of their production to ethanol and less to sugar thereby driving up the price of sugar.  An increase in the price of sugar means a reduction in the quantity of candy demanded.  So one way the market responds to a reduction in the supply of oil is by encouraging consumers to eat less candy!  In analyses like this, we teach students to see the invisible hand and in so doing to understand their world.

 

Similarly, we offer a unique and simple proof of the amazing invisible hand theorem that without any central direction competitive markets allocate production across firms in a way that minimizes aggregate costs! 

 

To understand their world students must understand when self-interest promotes the social interest and when it does not.  Thus, Modern Principles has in-depth analyses of externalities, public goods, and ethical issues with market incomes and trade.  Moreover, we always discuss economic theory in the context of real world problems such as the decline of the ocean fisheries, climate change, and the shortage of human organs for transplant.

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Product Details

  • ISBN-13: 9781429202275
  • Publisher: Worth Publishers
  • Publication date: 10/9/2009
  • Edition description: First Edition
  • Edition number: 1
  • Pages: 900
  • Product dimensions: 8.80 (w) x 11.00 (h) x 1.30 (d)

Table of Contents

1. The Big Ideas
2. The Power of Trade and Comparative Advantage
 
Supply and Demand
3. Supply and Demand
4. Equilibrium: How Supply and Demand Determine Prices
5. Elasticity and its Applications
Appendix: Other Types of Elasticities
Appendix: Elasticities with Excel

6. Taxes and Subsidies
 
The Price System
7. The Price System: Signals, Speculation and Prediction
8. Price Ceilings and Price Floors
9. International Trade
10. Externalities: When Prices Send the Wrong Signals
 
Firms and Factor Markets
11. Costs
Appendix: Using Excel to Graph Cost Curves
12. Competition and the Invisible Hand
13. Monopoly
14. Price Discrimination
Appendix: Solving Price Discrimination Problems with Excel
15. Cartels, Oligopolies, and Monopolistic Competition
16. The Economics of Network Goods: Competing for Monopoly
17. Labor Markets
 
Government
18. Public Goods and the Tragedy of the Commons
Appendix: The Tragedy of the Commons: How Fast?
19. Political Economy and Public Choice
20. Economics, Ethics and Public Policy
 
Decision Making for Businesses, Investors, and Consumers
21. Managing Incentives
22. Stock Markets and Personal Finance
23. Consumer Choice
 
Economic Growth
24. GDP and The Measurement of Progress
25. The Wealth of Nations and Economic Growth
Appendix: The Magic of Compound Growth: Using a Spreadsheet
26. Growth, Capital Accumulation and the Economics of Ideas: Catching Up vs. The Cutting Edge
Appendix: Excellent Growth
27. Savings, Investment, and the Financial System
Appendix: Bond Pricing and Arbitrage
 
Business Fluctuations
28.  Unemployment and Labor Force Participation
29. Inflation and the Quantity Theory of Money
Appendix: Get Real! An Excellent Adventure
30. Business Fluctuations: Aggregate Demand and Supply
31. Transmission and Amplification Mechanisms
Appendix: Business Fluctuations and the Solow Model
 
Macroeconomic Policy and Institutions
32. The Federal Reserve System and Open Market Operations
Appendix: The Money Multiplier Process in Detail
33. Monetary Policy
34. The Federal Budget: Taxes and Spending
35. Fiscal Policy
 
International Economics
36. International Finance

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