Modern Principles: Macroeconomics
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
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. Price Ceilings and Floors
Part 2: 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. Saving, Investment, and the Financial System
Appendix: Bond Pricing and Arbitrage
10. Stock Markets and Personal Finance
Part 3: Business Fluctuations
11. Unemployment and Labor Force Participation
12. Inflation and the Quantity Theory of Money
13. Business Fluctuations: Aggregate Demand and Supply
14. Transmission and Amplification Mechanisms
Appendix: BUsiness Fluctuations and the Solow Model
Part 4: 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
Part 5: International Economics
19. International Trade
20. International Finance
21: Political Economy and Public Choice
Appendix A: Reading Graphs and Making Graphs
Appendix B: Solutions to Check Yourself Questions.