Principles of Economics / Edition 4

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Overview

This brand-new principles of economics text is the most exciting new entry in years. Written by two well-known and well-respected economists,Bob Frank and Ben Bernanke,the text seeks to teach introductory students the core economic concepts—the essence of economics—without overwhelming them with details. Principles of Economics presents the material in an intuitive way that avoids excessive math. The authors introduce a well-articulated short list of core principles,reinforce them by illustrating and applying each principle in several contexts,and then ask students to work exercises to see what they've learned.

The text seeks to create "Economic Naturalists"; that is,after reading the text,students will ask (and answer) questions about their economic environment. For example,students will see Braille dots on drive-up ATMs and ask why they're there. Peppered with such thought-provoking examples,Frank and Bernanke not only engage students,but teach them to see each feature of their economic landscape as the reflection of an implicit or explicit cost-benefit calculation.

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Product Details

  • ISBN-13: 9780073402888
  • Publisher: McGraw-Hill Companies, The
  • Publication date: 8/29/2008
  • Edition description: Older Edition
  • Edition number: 4
  • Pages: 928
  • Product dimensions: 8.80 (w) x 10.90 (h) x 1.50 (d)

Meet the Author

Robert H. Frank received his B.S. in mathematics from Georgia Tech in 1966, then taught math and science for two years as a Peace Corps Volunteer in rural Nepal. He received his M.A. in statistics from the University of California at Berkeley in 1971, and his Ph.D. in economics in 1972, also from U.C. Berkeley. He is the Goldwin Smith Professor of Economics at Cornell University, where he has taught since 1972 and where he currently holds a joint appointment in the department of economics and the Johnson Graduate School of Management. During leaves of absence from Cornell, he served as chief economist for the Civil Aeronautics Board from 1978 to 1980 and was a Fellow at the Center for Advanced Study in the Behavioral Sciences in 1992-93. He has published on a variety of subjects, including price and wage discrimination, public utility pricing, the measurement of unemployment spell lengths, and the distributional consequences of direct foreign investment. For the past several years, his research has focused on rivalry and cooperation in economic and social behavior. His books on these themes include Choosing the Right Pond: Human Behavior and the Quest for Status (Oxford University Press, 1985) and Passions Within Reason: The Strategic Role of the Emotions (W.W. Norton, 1988). He and Philip Cook are co-authors of The Winner-Take-All Society (The Free Press, 1995) , which received a Critic’s Choice Award and appeared on both the New York Times Notable Books list and Business Week Ten Best list for 1995. His most recent general interest publication is Luxury Fever (The Free Press, 1999). Professor Frank’s books have been translated into eight languages. He has been awarded an Andrew W. Mellon Professorship (1987 – 1990), a Kenan Enterprise Award (1993), and a Merrill Scholars Program Outstanding Educator Citation (1991).

Professor Bernanke received his B.A. in Economics from Harvard University in 1975 and his Ph.D. in economics from MIT in 1979. He taught at the Stanford Graduate School of Business from 1979 to 1985 and moved to Princeton University in 1985, where he was named the Howard Harrison and Gabrielle Snyder Beck Professor of Economics and Public Affairs, where he served as Chairman of the Economics Department. He is a fellow of the American Academy of Arts and Sciences and the Econometrics Society. He was named a member of the Board of Governors of the Federal Reserve in 2002 and became the chairman of the President's council of Economic Advisers in 2005. In 2006 Ben Bernanke was selected to be the Chairman of the Federal Reserve Board.

Professor Bernanke's intermediate textbook, with Andrew Abel, Macroeconomics, Fifth Edition (Addison-Wesley, 2004) is a best seller in its field. He has authored more than 50 scholarly publications in macroeconomics, macroeconomic history, and finance. He has done significant research on the causes of the Great Depression, the role of financial markets and institutions in the business cycle, and measuring the effects of monetary policy on the economy. His two most recent books, both published by Princeton University Press, include Inflation Targeting: Lessons from the International Experience (with coauthors) and Essays on the Great Depression. He has served as editor of the American Economic Review and was the founding editor of the International Journal of Central Banking. Professor Bernanke has taught principles of economics at both Stanford and Princeton.

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Table of Contents

Part I Introduction

Ch 1 Thinking Like an Economist

Ch 2 Comparative Advantage

Ch 3 Supply and Demand

Part II Competition and the Invisible Hand

Ch 4 Elasticity

Ch 5 Demand

Ch 6 Perfectly Competitive Supply

Ch 7 Efficiency and Exchange

Ch 8 The Invisible Hand in Action

Part III Market Imperfections

Ch 9 Monopoly, Oligopoly, and Monopolistic Competition

Ch 10 Games and Strategic Behavior

Ch 11 Externalities and Property Rights

Ch 12 The Economics of Information

Part IV Economics of Public Policy

Ch 13 Labor Markets, Poverty, and Income Distribution

Ch 14 The Environment, Health, and Safety

Ch 15 Public Goods and Tax Policy

Part V Macroeconomics: Data and Issues

Ch 16 Spending, Income, and GDP

Ch 17 Inflation and the Price Level

Ch 18 Wages and Unemployment

Part VI The Economy in the Long Run

Ch 19 Economic Growth

Ch 20 Saving, Capital Formation, and Financial Markets

Ch 21 The Financial System, Money, and Prices

Part VII The Economy in the Short Run

Ch 22 Short-Term Fluctuations

Ch 23 Spending and Output in the Short Run

Ch 24 Stabilizing the Economy: The Role of the Federal Reserve

Ch 25 Aggregate Demand and Aggregate Supply

Ch 26 Macroeconomic Policy

Part VIII The International Economy

Ch 27 Exchange Rates and the Open Economy

Ch 28 International Trade and Capital Flows

Glossary

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