Modern Principles of Microeconomics / Edition 3

by Tyler Cowen, Alex Tabarrok

Overview

The title, Modern Principles, refers to a progressive approach to economic modeling and applications that allows for more realistic interpretation of today's world events.

Mirroring the authors' successful blog, the text eschews boxed features to focus on the writing behind compelling examples, key concepts, and applications.

An emphasis on incentives underscores how economics is about human behavior and how economics helps us understand why we do what we do (in other words, the decisions we make in the face of incentives in the real world). Covers of the franchise titles feature multiple hands to emphasize the power of the Invisible Hand, a key economic concept that refers to the power of incentives (and was coined by Adam Smith).

Also Available: Updated 4th Edition

Product Details

ISBN-13:	9781429278416
Publisher:	Worth Publishers
Publication date:	12/12/2014
Edition description:	Third Edition
Pages:	576
Product dimensions:	8.40(w) x 10.70(h) x 0.60(d)

About the Author

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. He is published widely in economics journals, including the American Economic Review and Journal of Political Economy. With Alex Tabarrok he co-writes the Marginal Revolution blog, often ranked as the #1 economics blog. He is also the author of Discover Your Inner Economist (Dutton, 2007) and numerous other books on economics. He writes regularly for the popular press on economics, including for The New York Times, The Washington Post, Forbes, and The Wilson Quarterly.  University web page: http://economics.gmu.edu/faculty/tcowen.html WATCH: Tyler Cowen at the Economic Bloggers Forum.
 
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. Tabarrok is co-author with Tyler Cowen of the popular economics blog, Marginal Revolution. His recent research looks at bounty hunters, judicial incentives and elections, crime control, patent reform, methods to increase the supply of human organs for transplant, and the regulation of pharmaceuticals. He is the editor of the books, Entrepreneurial Economics: Bright Ideas from the Dismal Science; The Voluntary City: Choice, Community, and Civil Society; and Changing the Guard: Private Prisons and The Control of Crime. His papers have appeared in the Journal of Law and Economics, Public Choice, Economic Inquiry, Journal of Health Economics, Journal of Theoretical Politics, The American Law and Economics Review, Kyklos and many other journals. His popular articles have appeared in The New York Times, The Wall Street Journal, and many other magazines and newspapers.

Table of Contents

Preface　
1. The Big Ideas in Economics　
2. The Power of Trade and Comparative Advantage

　

Part 1: Supply and Demand
3. Supply and Demand　
4. Equilibrium: How Supply and Demand Determine Prices　
5. Elasticity and Its Applications　
6. Taxes and Subsidies

　

Part 2: The Price System
7. The Price System: Signals, Speculation, and Prediction　
8. Price Ceilings and Floors　
9. International Trade　
10. Externalities: When the Price Is Not Right

　

Part 3: Firms and Factor Markets
11. Costs and Profit Maximization under Competition　
12. Competition and the Invisible Hand
13. Monopoly　
14. Price Discrimination and Pricing Strategy　
15. Oligopoly and Game Theory　
16. Competing for Monopoly: The Economics of Network Goods　
17. Monopolistic Competition and Advertising　
18. Labor Markets

　

Part 4: Government
19. Public Goods and the Tragedy of the Commons　
20. Political Economy and Public Choice　
21. Economics, Ethics, and Public Policy

　

Part 5: Decision Making for Businesses, Investors, and Consumers
22. Managing Incentives　
23. Stock Markets and Personal Finance　
24. 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　
3. Business Fluctuations: Aggregate Demand and Supply　
33. Transmission and Amplification Mechanisms

　

Part 8: Macroeconomic Policy and Institutions
34. The Federal Reserve System and Open Market Operations　
35. Monetary Policy　
36. The Federal Budget: Taxes and Spending　
37. 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