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Modern Principles of Economics
Fourth EditionTyler Cowen; Alex Tabarrok©2018
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Writing about economics at Marginal Revolution taught us to use vivid examples and to get to the point quickly. We brought these skills to our textbook, Modern Principles of Economics.
From the first sentence, The prisoners were dying of scurvy, typhoid fever, and smallpox, but
nothing was killing them more than bad incentives. to the last, no other textbook teaches the economic way of thinking so well or so memorably.
Modern Principles means modern content and modern delivery. We cover material that many other textbooks ignore, such as how managers should choose between piece rates and tournaments and how firms can increase their profits using clever forms of price discrimination such as bundling and tying. In macroeconomics, we have created a simple yet powerful AD-AS model that combines insights from New Keynesian and Real Business Cycle models.
We have also created the Super Simple Solow model which for the first time makes the Solow model of economic growth accessible to principles of economics students.
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Table of Contents
1. The Big Ideas in Economics
2. The Power of Trade and Comparative Advantage
Part 1: Supply and Demand
3. Supply and Demand
4. Equilibrium: How Supply and Demand Determine Prices
5. Elasticity and Its Applications
6. Taxes and Subsidies
Part 2: The Price System
7. The Price System: Signals, Speculation, and Prediction
8. Price Ceilings and Floors
9. International Trade
10. Externalities: When the Price Is Not Right
Part 3: Firms and Factor Markets
11. Costs and Profit Maximization under Competition
12. Competition and the Invisible Hand
14. Price Discrimination and Pricing Strategy
15. Oligopoly and Game Theory
16. Competing for Monopoly: The Economics of Network Goods
17. Monopolistic Competition and Advertising
18. Labor Markets
Part 4: Government
19. Public Goods and the Tragedy of the Commons
20. Political Economy and Public Choice
21. Economics, Ethics, and Public Policy
Part 5: Decision Making for Businesses, Investors, and Consumers
22. Managing Incentives
23. Stock Markets and Personal Finance
24. Asymmetric Information: Moral Hazard and Adverse Selection
25 Consumer Choice
Part 6: Economic Growth
26 GDP and the Measurement of Progress
27 The Wealth of Nations and Economic Growth
28 Growth, Capital Accumulation, and the Economics of Ideas: Catching Up vs. the Cutting Edge
29 Saving, Investment, and the Financial System
Part 7: Business Fluctuations
30 Unemployment and Labor Force Participation
31 Inflation and the Quantity Theory of Money
3. Business Fluctuations: Aggregate Demand and Supply
33. Transmission and Amplification Mechanisms
Part 8: Macroeconomic Policy and Institutions
34. The Federal Reserve System and Open Market Operations
35. Monetary Policy
36. The Federal Budget: Taxes and Spending
37. Fiscal Policy
Part 9: International Economics
38 International Finance
APPENDIX A Reading Graphs and Making Graphs
APPENDIX B Solutions to Check Yourself