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**Modern Principles of Economics (3rd Ed)

by Tyler Cowen and Alex Tabarrok

Worth Publishers | December 2014 | ISBN-10: 1429278390 | PDF | 960 pages | 19.2 mb**

https://www.amazon.com/Modern-Principles-Economics-Tyler-Cowen/dp/1429278390

Engaging and provocative writing, as well as a knack for revealing the “invisible hand” of economics at work have made Cowen and Tabarrok’s Modern Principles of Economics a singularly distinctive and effective textbook for the principles course. The thoroughly updated new edition of Modern Principles again draws on a wealth of captivating applications to show readers how economics shed light on business, politics, world affairs, and everyday life just as the authors do in their wildly successful blog, marginalrevolution.com.

Pioneers in teaching economics online, the authors have created a series of videos that are clever, to the point, and will help students better understand key economic concepts. These breakthrough videos are integrated in a dedicated version of Worth’s new online course space, LaunchPad

About the Authors

Tyler Cowen is Holbert C. Harris Professor of Economics at George Mason University and Director of the Mercatus Center and the James M. Buchanan Center for Political Economy.
Alex Tabarrok is Bartley J. Madden Chair in Economics at the Mercatus Center at George Mason University and director of research for The Independent Institute.

CONTENTS

Preface

  1. The Big Ideas in Economics

  2. The Power of Trade and Comparative Advantage

Part 1: Supply and Demand

  1. Supply and Demand

  2. Equilibrium: How Supply and Demand Determine Prices

  3. Elasticity and Its Applications

  4. Taxes and Subsidies

Part 2: The Price System

  1. The Price System: Signals, Speculation, and Prediction

  2. Price Ceilings and Floors

  3. International Trade

  4. Externalities: When the Price Is Not Right

Part 3: Firms and Factor Markets

  1. Costs and Profit Maximization under Competition

  2. Competition and the Invisible Hand

  3. Monopoly

  4. Price Discrimination and Pricing Strategy

  5. Oligopoly and Game Theory

  6. Competing for Monopoly: The Economics of Network Goods

  7. Monopolistic Competition and Advertising

  8. Labor Markets

Part 4: Government

  1. Public Goods and the Tragedy of the Commons

  2. Political Economy and Public Choice

  3. Economics, Ethics, and Public Policy

Part 5: Decision Making for Businesses, Investors, and Consumers

  1. Managing Incentives

  2. Stock Markets and Personal Finance

  3. Asymmetric Information: Moral Hazard and Adverse Selection

25 Consumer Choice

Part 6: Economic Growth

26 GDP and the Measurement of Progress

27 The Wealth of Nations and Economic Growth

28 Growth, Capital Accumulation, and the Economics of Ideas: Catching Up vs. the Cutting Edge

29 Saving, Investment, and the Financial System

Part 7: Business Fluctuations

30 Unemployment and Labor Force Participation

31 Inflation and the Quantity Theory of Money

  1. Business Fluctuations: Aggregate Demand and Supply

  2. Transmission and Amplification Mechanisms

Part 8: Macroeconomic Policy and Institutions

  1. The Federal Reserve System and Open Market Operations

  2. Monetary Policy

  3. The Federal Budget: Taxes and Spending

  4. Fiscal Policy

Part 9: International Economics

38 International Finance

APPENDIX A Reading Graphs and Making Graphs

APPENDIX B Solutions to Check Yourself

Glossary G-1

References R-1

Index I-1


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