Cover: Principles of Economics, 3rd Edition by Betsey Stevenson; Justin Wolfers

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Principles of Economics

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Third  Edition©2026  Betsey Stevenson; Justin Wolfers

ISBN:9781319579029

ISBN:9781319574420

ISBN:9781319572389

ISBN:9781319617486

ISBN:9781319617592

About

Principles of Economics by Betsey Stevenson and Justin Wolfers brings economics to life—showing you how concepts like inflation, unemployment, interest rates and government policy work in the real world.   Engaging, up-to-date examples  help t authors connect big ideas to what’s happening in the world right now, so you can see how economics affects your life, your future, and the choices you make every day. It’s clear, relatable, and designed to help you succeed in this course and to remember how to make economic decisions long after you leave class.

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Table of Contents

Discover What's Inside! Click here to review a sample chapter, Chapter 11: Unemployment, from Stevenson and Wolfer's Principles of Macroeconomics, Third Edition.

Preface
A Quick Review of Graphs

PART I Foundations of Economics

Chapter 1 The Four Core Principles of Economics

Chapter 2 Demand and Consumer Choice

Chapter 3 Supply and Producer Choice

Chapter 4 Equilibrium: Where Supply Meets Demand


PART II Analyzing Markets

Chapter 5 Elasticity: Measuring Responsiveness

Chapter 6 Taxes, Price Controls, and Quantity Regulations

Chapter 7 Welfare Economics: Evaluating Market Efficiency and Market Failure

Chapter 8 Comparative Advantage and Gains from Trade


PART III Applications and Policy Issues

Chapter 9 International Trade

Chapter 10 Externalities and Public Goods

Chapter 11 The Labor Market

Chapter 12 Why Wages Vary: Workers, Jobs, Institutions, and Discrimination

Chapter 13 Inequality, Poverty, and Social Insurance


PART IV Industrial Organization and Business Strategy

Chapter 14 Market Structure and Market Power

Chapter 15 Entry, Exit, and Long-Run Profitability

Chapter 16 Price Discrimination and Sophisticated Pricing Strategies

Chapter 17 Economics of Strategic Management


PART V Advanced Decisions

Chapter 18 Game Theory and Strategic Choices

Chapter 19 Decisions Involving Uncertainty

Chapter 20 Decisions Involving Private Information


PART VI Macroeconomic Foundations and the Long Run

Chapter 21 Sizing Up the Economy Using GDP

Chapter 22 Economic Growth

Chapter 23 Unemployment

Chapter 24 Inflation and Money


PART VII Micro Foundations of Macroeconomics

Chapter 25 Consumption and Saving

Chapter 26 Investment

Chapter 27 The Financial Sector: Banks, Bonds, and Stocks

Chapter 28 International Finance and the Exchange Rate


PART VIII The Business Cycle

Chapter 29 Tracking the Business Cycle

Chapter 30 Linking Interest Rates and Output Using IS-MP Analysis

Chapter 31 The Phillips Curve and Inflation

Chapter 32 The Fed Model: Putting it All Together

Chapter 33 Aggregate Demand and Aggregate Supply


PART IX Macroeconomic Policy

Chapter 34 Monetary Policy

Chapter 35 Government Spending, Taxes, and Fiscal Policy

Appendix: A Closer Look at Aggregate Expenditure and the Multiplier

Appendix: A Deeper Dive Into Consumer Choice: Budget Constraints and Indifference Curves


Glossary

Index

Betsey Stevenson

Betsey Stevenson is a professor of economics and public policy at the University of Michigan. Her research focuses on the impact of public policies on the labor market, and explores women’s labor market experiences, the economic forces shaping the modern family, and the role of subjective well-being data for public policy. She serves on the Executive Committee of the American Economic Association, and is also a research associate with the National Bureau of Economic Research, a fellow of the Institute for Economic Research in Munich, a visiting associate professor of economics at the University of Sydney, and a research Fellow with the Centre for Economic Policy Research in London. She served as a member of the Council of Economic Advisers from 2013 to 2015, where she advised President Obama on social policy, labor market, and trade issues. She also served as the chief economist of the U.S. Department of Labor from 2010 to 2011. Betsey is an occasional editorialist for Bloomberg, and a trusted presence in the public debate about economics and public policy. She earned a BA in economics and mathematics from Wellesley College and an AM and PhD in economics from Harvard University.

Justin Wolfers

Justin Wolfers is a professor of economics and public policy at the University of Michigan. He does research in both macroeconomics and applied microeconomics topics, and has explored unemployment and inflation, the power of prediction markets, the economic forces shaping the modern family, discrimination, and happiness. He is a research associate with the National Bureau for Economic Research, a fellow of the Brookings Institution, a fellow of the Peterson Institute for International Economics, a research fellow with the Centre for Economic Policy Research in London, a fellow of the Institute for Economic Research in Munich, a visiting professor of economics at the University of Sydney, and an international research fellow at the Kiel Institute for the World Economy in Germany. He has been an editor of the Brookings Papers on Economic Activity, a board member on the Committee on the Status of Women in Economics, a member of the Panel of Advisors of the U.S. Congressional Budget Office, among many other board and advisory positions. He is currently a contributing columnist for the New York Times, and has written about economic issues in numerous other outlets. He is frequently quoted in the media on economic policy and relied upon to provide unbiased assessments of the current state of the macroeconomy. Justin earned a BA in economics from the University of Sydney and an AM and PhD in economics from Harvard University.