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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 recent editions of a few other texts have paid lip service to this new approach, Frank/Bernanke is by far the best thought out and 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 well-articulated short list of core principles and reinforcing them by illustrating and applying each in numerous contexts. Students are periodically asked to apply these principles to answer related questions and exercises. The text also encourages students to become “Economic Naturalists,” people who employ 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. Students that choose the VitalBook version of this title have access to powerful digital learning tools. Students can share notes with others, customize the appearance and layout of the content, and organize all their digital course materials from a single program. VitalSource is a downloadable eBook. Students can install their eBook on up to two machines. Students can also print sections of the book for maximum portability.
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Table of Contents
- Front Matter
- INTRODUCTION
- CHAPTER 1: THINKING LIKE AN ECONOMIST
- CHAPTER 2: COMPARATIVE ADVANTAGE: THE BASIS FOR EXCHANGE
- CHAPTER 3: SUPPLY AND DEMAND: AN INTRODUCTION
- COMPETITION AND THE INVISIBLE HAND
- CHAPTER 4: ELASTICITY
- CHAPTER 5: DEMAND: THE BENEFIT SIDE OF THE MARKET
- CHAPTER 6: PERFECTLY COMPETITIVE SUPPLY: THE COST SIDE OF THE MARKET
- CHAPTER 7: EFFICIENCY AND EXCHANGE
- CHAPTER 8: THE QUEST FOR PROFIT AND THE INVISIBLE HAND
- CHAPTER 9: INTERNATIONAL TRADE
- MARKET IMPERFECTIONS
- CHAPTER 10: MONOPOLY AND OTHER FORMS OF IMPERFECT COMPETITION
- CHAPTER 11: STRATEGIC CHOICE IN OLIGOPOLY, MONOPOLISTIC COMPETITION, AND EVERYDAY LIFE
- CHAPTER 12: EXTERNALITIES AND PROPERTY RIGHTS
- CHAPTER 13: THE ECONOMICS OF INFORMATION
- ECONOMICS OF PUBLIC POLICY
- CHAPTER 14: LABOR MARKETS, POVERTY, AND INCOME DISTRIBUTION
- CHAPTER 15: THE ENVIRONMENT, HEALTH, AND SAFETY
- CHAPTER 16: PUBLIC GOODS AND TAX POLICY
- MACROECONOMICS: ISSUES AND DATA
- CHAPTER 17: MACROECONOMICS: THE BIRD'S-EYE VIEW OF THE ECONOMY
- CHAPTER 18: MEASURING ECONOMIC ACTIVITY: GDP AND UNEMPLOYMENT
- CHAPTER 19: MEASURING THE PRICE LEVEL AND INFLATION
- THE ECONOMY IN THE LONG RUN
- CHAPTER 20: ECONOMIC GROWTH, PRODUCTIVITY, AND LIVING STANDARDS
- CHAPTER 21: WORKERS, WAGES, AND UNEMPLOYMENT IN THE MODERN ECONOMY
- CHAPTER 22: SAVING AND CAPITAL FORMATION
- CHAPTER 23: MONEY, PRICES, AND THE FEDERAL RESERVE
- CHAPTER 24: FINANCIAL MARKETS AND INTERNATIONAL CAPITAL FLOWS
- THE ECONOMY IN THE SHORT RUN
- CHAPTER 25: SHORT-TERM ECONOMIC FLUCTUATIONS: AN INTRODUCTION
- CHAPTER 26: SPENDING AND OUTPUT IN THE SHORT RUN
- CHAPTER 27: STABILIZING THE ECONOMY: THE ROLE OF THE FED
- CHAPTER 28: INFLATION, AGGREGATE SUPPLY, AND AGGREGATE DEMAND
- CHAPTER 29 THE PRACTICE AND PITFALLS OF MACROECONOMIC POLICY
- THE INTERNATIONAL ECONOMY
- CHAPTER 30: EXCHANGE RATES AND THE OPEN ECONOMY
- GLOSSARY
- ECONOMIC NATURALIST EXAMPLES
- SEVEN CORE PRINCIPLES
- Index
