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This clearly written book offers concise, yet thorough coverage of current economic theories. Refreshing examples, engaging applications, and streamlined content simplify even the most advanced topics. PRINCIPLES OF ECONOMICS, 7th EDITION emphasizes the central idea of economics using real-world examples of how markets work, why markets are efficient when the incentives are right, and why they are inefficient when the incentives are wrong. Author, John B. Taylor, the former Undersecretary of the Treasury for International Affairs, provides unique insights into today's issues. This edition addresses the global financial challenges currently being faced, and recovery from these economic challenges. Updated graphs, figures, and popular learning features present the latest issues and data, including coverage of the Obama Administration Online learning tools, such as Aplia, the leading homework solution, is available as part of a complete supplement package to further ensure your understanding of economic developments as they happen.