Cover: Principles of Economics, 1st Edition by Betsey Stevenson; Justin Wolfers

Principles of Economics

First  Edition©2020  Betsey Stevenson; Justin Wolfers

About

Table of Contents

Preface
A Quick Review of Math and Graphing
PART I - Foundations of Economics
1 The Core Principles of Economics
2 Demand: Thinking Like a Buyer
3 Supply: Thinking Like a Seller
4 Where Supply Meets Demand
PART II - Analyzing Markets
5 Elasticity: Measuring Responsiveness
6 When Governments Intervene In Markets
7 Welfare and Efficiency
8 The Gains From Trade
PART III - Applications and Policy Issues
9 International Trade
10 Externalities
11 The Labor Market
12 Wages, Workers, and Management
13 Inequality, Social Insurance and Redistribution
PART IV - Market Structure and Business Strategy
14 Market Structure and Market Power
15 Entry, Exit, and Long Run Profits
16 Business Strategy
17 Sophisticated Pricing Strategies
18 Game Theory & Strategic Choices
PART V - Advanced Decisions
19 Decisions under Uncertainty
20 Decisions with Private Information
PART VI - Economic Growth in the Long Run
21 Sizing Up the Economy
22 Economic Growth
23 Unemployment
24 Inflation
PART VII - Micro Foundations of Macroeconomics
25 Consumption and Saving
26 Investment
27 The Financial Sector
28 International Finance and the Exchange Rate
PART VIII - The Business Cycle
29 Business Cycles
30 IS-MP Analysis: Interest Rates and Output
30A Aggregate Expenditure and the Multiplier
31 The Phillips Curve
32 The Fed Model: Linking Interest Rates, Output, and Inflation
33 Aggregate Demand and Aggregate Supply
PART IX - Macroeconomic Policy
34 Monetary Policy
35 Government Spending, Taxes, and Fiscal Policy

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.