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Adapted by Paul Krugman and Robin Wells from their bestselling macroeconomics textbook, Macroeconomics in Modules is the only text for the principles of macroeconomics course organized in the supremely accessible, highly effective modular format. Instead of chapters of standard length, the book covers the fundamentals of macroeconomics in 49 brief (4-10 page) modules divided into 14 sections. Macroeconomics in Modules offers the best of what makes Krugman/Wells a classroom favorite (story-telling approach, engaging writing, fascinating examples and cases), in a format students and instructors will love. Extensive educational research shows that students absorb more from shorter reading assignments than longer ones. And with coverage in self-contained modules, instructors can assign specific topics without asking students to read entire chapters. See what's in the LaunchPad
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
Section 1 Basic Economic Concepts Module 1 The Study of Economics Module 2 The Production Possibility Frontier Model Module 3 Comparative Advantage and Trade
Section 2 Supply and Demand Module 4 Demand Module 5 Supply and Equilibrium Module 6 Changes in Equilibrium Module 7 Price and Quantity Controls Module 8 International Trade
Section 3 Measurement of Economic Performance Module 9 Introduction to Macroeconomics Module 10 The Circular Flow Module 11 Gross Domestic Product Module 12 Interpreting Real Gross Domestic Product
Section 4 Unemployment and Inflation Defined Module 13 The Meaning and Calculation of Unemployment Module 14 The Causes and Categories of Unemployment Module 15 The Cost of Inflation Module 16 The Measurement and Calculation of Inflation
Section 5 Long-Run Economic Growth Module 17 Long-run Economic Growth Module 18 Production Function Module 19 Long-run Growth PolicySection 6 Savings and Investment Module 20 The Financial System Module 21 Savings and Investment Spending Module 22 The Time Value of Money Module 23 The Market for Loanable Funds
Section 7 Income and Expenditure Module 24 The Multiplier Module 25 Income and Expenditure Module 26 The Income-Expenditure Model
Section 8 Aggregate Demand and Aggregate Supply Module 27 Aggregate Demand: Introduction and Determinants Module 28 Aggregate Supply: Introduction and Determinants Module 29 Equilibrium in the Aggregate Demand
Section 9 Fiscal Policy Module 30 Taxes, Spending, Budgets, and Borrowing Module 31 Fiscal Policy Effects Module 32 Long-run Implications of Fiscal Policy, Deficits, and the Public Debt
Section 10 Money, Banking, and the Federal Reserve System Module 33 Definition and Measurement of Money Module 34 Banking and Money Creation Module 35 The Federal Reserve System
Section 11 Monetary Policy Module 36 The Federal Reserve System Module 37 The Money Market Module 38 Monetary Policy and the Interest Rate Module 39 Money, Output, and Prices in the Long Run
Section 12 Policy Responses to Unemployment and Inflation Module 40 Types of Inflation, Disinflation, and Deflation Module 41 The Phillips Curve Module 42 Crises and Consequences
Section 13 Open-Economy Macroeconomics Module 43 Capital Flows and the Balance of Payments Module 44 The Foreign Exchange Market Module 45 Exchange Rate Policy Module 46 Exchange Rates and Macroeconomic Policy Section 14 Additional Topics in Macroeconomics Module 47 History and Alternative Views of Macroeconomics Module 48 The Modern Macroeconomic Consensus Module 49 Putting it All TogetherAppendices Appendix A Graphs in Economics Appendix B Macroeconomic Data
Solutions to Module Review Questions Questions Glossary