Macroeconomics in Modules

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  • Edition: 3rd
  • Format: Paperback
  • Copyright: 2014-05-02
  • Publisher: Worth Publishers

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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

Author Biography

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 Policy

Section 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 Together

Appendix A Graphs in Economics
Appendix B Macroeconomic Data

Solutions to Module Review Questions

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