Economics / Edition 5

by Paul Krugman, Robin Wells

Overview

With its signature storytelling style and coverage of current issues and events, Nobel laureate and New York Times columnist Paul Krugman and co-author, Robin Wells’s best-seller is the most effective textbook available for explaining how economic concepts play out in our world.

This new edition offers incisive new insight into market power and externalities in microeconomics, updated analysis of long-run growth, and extensive coverage of the economic impacts and policy responses to the coronavirus pandemic in macroeconomics.

Product Details

ISBN-13:	9781319066604
Publisher:	Worth Publishers
Publication date:	12/12/2017
Edition description:	Fifth Edition
Pages:	1120
Product dimensions:	8.79(w) x 11.24(h) x 1.54(d)

About the Author

Paul Krugman, recipient of the 2008 Nobel Memorial Prize in Economics, is Professor of Economics at Princeton University, where he regularly teaches the principles course.  He received his BA from Yale and his PhD from MIT.  Prior to his current position, he taught at Yale, Stanford, and MIT.  He also spent a year on staff of the Council of Economics Advisors in 1982-1983.  His research is mainly in the area of international trade, where he is one of the founders of the “new trade theory,” which focuses on increasing returns and imperfect competition.  He also works in international finance, with a concentration in currency crises.  In 1991, Krugman received the American Economic Association’s John Bates Clark medal.  In addition to his teaching and academic research, Krugman writes extensively for nontechnical audiences.  Krugman is a regular op-ed columnist for the New York Times.  His latest trade book, The Conscience of a Liberal, is a best-selling study of the political economy of economic inequality and its relationship with political polarization from the Gilded Age to the present.  His earlier books, Peddling Prosperity and The Age of Diminished Expectations, have become modern classics. 
 
Robin Wells was a lecturer and researcher in Economics at Princeton University, where she has taught undergraduate courses.  She received her BA from the University of Chicago and her PhD from the University of California, Berkeley; she then did her postdoctoral work at MIT.  She has taught at the University of Michigan, the University of Southhampton (United Kingdom), Stanford, and MIT.  Her teaching and research focus on the theory of organizations and incentives.

Table of Contents

Part 1: What Is Economics?
Introduction An Engine for Growth and Discovery
Chapter 1 First Principles
Chapter 2 Economic Models: Trade-offs and Trade
Appendix: Graphs in Economics
Part 2: Supply and Demand
Chapter 3 Supply and Demand
Chapter 4 Consumer and Producer Surplus
Chapter 5 Price Controls and Quotas: Meddling with Markets
Chapter 6 Elasticity
Part 3: Individuals and Markets
Chapter 7 Taxes
Chapter 8 International Trade
Part 4: Economics and Decision Making
Chapter 9 Decision Making by Individuals and Firms
Appendix: Toward a Fuller Understanding of Present Value
Part 5: The Consumer
Chapter 10 The Rational Consumer
Appendix: Consumer Preferences and Consumer Choice
Part 6: The Production Decision
Chapter 11 Behind the Supply Curve: Inputs and Costs
Chapter 12 Perfect Competition and the Supply Curve
Part 7: Market Structure: Beyond Perfect Competition
Chapter 13 Monopoly
Chapter 14 Oligopoly
Chapter 15 Monopolistic Competition and Product Differentiation
Part 8: Microeconomics and Public Policy
Chapter 16 Externalities
Chapter 17 Public Goods and Common Resources
Chapter 18 The Economics of the Welfare State
Part 9: Factor Markets and Risk
Chapter 19 Factor Markets and the Distribution of Income
Appendix Indifference Curve Analysis of Labor Supply
Chapter 20 Uncertainty, Risk, and Private Information
Part 10: Introduction to Macroeconomics
Chapter 21 Macroeconomics: The Big Picture
Chapter 22 GDP and the CPI: Tracking the Macroeconomy
Chapter 23 Unemployment and Inflation
Part 11: Long-Run Economic Growth
Chapter 24 Long-Run Economic Growth
Chapter 25 Savings, Investment Spending, and the Financial System
Part 12: Short-Run Economic Fluctuations
Chapter 26 Income and Expenditure
Appendix Deriving the Multiplier Algebraically
Chapter 27 Aggregate Demand and Aggregate Supply
Part 13 Stabilization Policy
Chapter 28 Fiscal Policy
Appendix Taxes and the Multiplier
Chapter 29 Money, Banking, and the Federal Reserve System
Chapter 30 Monetary Policy
Appendix Reconciling the Two Models of the Interest Rate
Chapter 31 Inflation, Disinflation, and Deflation
Part 14 Events and Ideas
Chapter 32 Macroeconomics: Events and Ideas
Part 15 The Open Economy
Chapter 33 International Macroeconomics