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In a world full of economics blogs, Cowen and Tabarrok’s Marginal Revolution (marginalrevolution.com) ranks is one of the Web’s most popular and most respected. The same qualities that make the blog so distinctive are also behind the success Modern Principles of Economics—engaging authors, unbiased presentations of essential ideas, and a knack for revealing the “invisible hand” of economics at work. 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.
Table of Contents
1. The Big Ideas 2. The Power of Trade and Comparative Advantage
Supply and Demand 3. Supply and Demand 4. Equilibrium: How Supply and Demand Determine Prices 5. Price Ceilings and Price Floors
Economic Growth 6. GDP and The Measurement of Progress 7. The Wealth of Nations and Economic Growth Appendix: The Magic of Compound Growth: Using a Spreadsheet 8. Growth, Capital Accumulation and the Economics of Ideas: Catching Up vs. The Cutting Edge Appendix: Excellent Growth 9. Savings, Investment, and the Financial System Appendix: Bond Pricing and Arbitrage 10. Stock Markets and Personal Finance
Business Fluctuations 11. Unemployment and Labor Force Participation 12. Inflation and the Quantity Theory of Money Appendix: Get Real! An Excellent Adventure 13. Business Fluctuations: Aggregate Demand and Supply 14. Transmission and Amplification Mechanisms Appendix: Business Fluctuations and the Solow Model
Macroeconomic Policy and Institutions 15. The Federal Reserve System and Open Market Operations Appendix: The Money Multiplier Process in Detail 16. Monetary Policy 17. The Federal Budget: Taxes and Spending 18. Fiscal Policy
International Economics 19. International Trade 20. International Finance 21. Political Economy and Public Choice