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Economics

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ISBN-10: 0618967613

ISBN-13: 9780618967612

Edition: 6th 2009

Authors: John B. Taylor, Roger Taylor, Akila Weerapana

List price: $308.95
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Description:

This edition re-emphasises the text's modern approach, concise yet thorough coverage of current economic theories and real world/policy focus.
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Book details

List price: $308.95
Edition: 6th
Copyright year: 2009
Publisher: CENGAGE Learning
Publication date: 12/27/2007
Binding: Hardcover
Pages: 880
Size: 8.75" wide x 10.00" long x 1.25" tall
Weight: 4.136
Language: English

Akila Weerapana is an Associate Professor of Economics at Wellesley College. He was born and raised in Sri Lanka and came to the United States to do his undergraduate work at Oberlin College, where he earned a B.A. with highest honors in Economics and Computer Science in 1994. Inspired by his professors at Oberlin, he went on to graduate school at Stanford University. He received his Ph.D. in Economics from Stanford in 1999, writing his dissertation in monetary economics under the mentorship of John Taylor. Having taught several classes at Stanford while he was a graduate student, Akila was determined to pursue a career as a liberal arts college professor, combining his research interests with the opportunity to teach economics to gifted college students. Since 1999, Akila has taught over 800 students at the Economics Department at Wellesley College.His teaching interests span all levels of the Department's curriculum, including introductory and intermediate macroeconomics, international finance, monetary economics and mathematical economics. He was awarded Wellesley's Pinanski Prize for Excellence in Teaching in 2002. He also enjoys working with thesis students, having advised over a dozen thesis students at Wellesley. The projects that students work on range from a study of the economic benefits of eradication of river blindness in Ghana to the impact of joining the European Union on the Spanish economy to a project analyzing the determinants of enterprise performance in Russia. He has advised many students who have pursued graduate study in economics or have gone on to work in economic research at the Federal Reserve.In addition to teaching, Akila has research interests in macroeconomics, specifically in the areas of monetary economics, international finance and political economy. In the area of monetary economics, his work focuses on the international dimension of monetary policy, including the potential for gains from coordination and the importance o

Introductionto Economics
The Central Idea
Scarcity and Choice for Individuals
Scarcity and Choice for the Economy as a Whole Market
Economies and the Price System
Economics in Action
Gains from Trade on the Internet Economics in Action
Teaching Jobs and Graduate School Applications
Two Sides of the Same Coin
Economics in the News
Gains from Trade on the Radio
Observing and Explaining the Economy What Do Economists Do?
The Fluctuating Price of Gasoline
Recommending Appropriate Policies
Economics in Action: An Economic Experiment to Study
Discrimination Economics in Action: Science or Persuasion?
Economics in the News: Young Economists at Work
Appendix to Chapter 2
Reading, Understanding, and Creating Graphs
Visualizing Observations with Graphs
Visualizing Models with Graphs
The Supply and Demand Model
Demand Supply Market Equilibrium
Combining Supply and Demand Economics in the News
Why Roses Cost More on Valentine's Day
Economics in Action: Using the Supply and Demand
Model to Analyze Real-World Issues
Subtleties of the Supply and Demand
Model: Price Floors, Price Ceilings, and Elasticity
Interference with Market Prices
Elasticity of Demand Working with Demand Elasticities
Elasticity of Supply Economics in Action
How Policymakers Use Price
Elasticity of Demand to Discourage
Underage Drinking Economics in the News
Increasing School Enrollment in Africa Economics in Action
Predicting the Size of a Price
Increase Economics in Action: Will an Increase in the Minimum Wage Benefit Poor Workers?
Principles of Microeconomics
The Demand Curve and the Behavior of Consumers Utility and Consumer Preferences
The Budget Constraint and Utility
Maximization Willingness to Pay and the Demand Curve
The Market Demand Curve
Consumer Surplus Economics in Action
Peering Deeper into How Individuals Make Decisions
Economics in the News: Creating Consumer Surplus for the Poor
Economics in Action: Building Roads and Bridges with Consumer Surplus
Appendix to Chapter 5
Consumer Theory with Indifference Curves
The Budget Line The Indifference Curve
The Supply Curve and the Behavior of Firms
Definition of a Firm
The Firm's Profits
Profit Maximization and the Individual Firm's
Supply Curve
The Market Supply Curve
Producer Surplus Economics in Action: Green Pricing and Incentives
Economics in the News: Supply Shifts Caused by Natural Disaster
The Interaction of People in Markets
Individual Consumers and Firms in a Market
Are Competitive Markets Efficient?
Measuring Waste from Inefficiency
The Deadweight Loss from Price
Floors and Ceilings Shifts in Cost Curves
The Deadweight Loss from Taxation
Informational Efficiency Economics in the News
Coordination Failure in Responding to a Famine
Economics in Action: Price Controls and Deadweight
Loss in the Milk Industry
The Economics of the Firm
Costs and the Changes at Firms over Time
Costs for an Individual Firm Cost Curves
The Production Decision in the Short Run
Costs and Production: The Long Run Economies of Scale
Economics in the News: A Dormant Mine Starts
Up Again Economics in Action: Expanding (and Shrinking) a Firm over Time
Economics in Action: Economist Finds
Economies of Scale at Pin Factory
Appendix to Chapter 8
Producer Theory with Isoquants
Combining Capital and Labor
Minimizing Costs for a Given Quantity
The Rise and Fall of Industries
Markets and Industries
The Long-Run Competitive
Equilibrium Model of an Industry External
Economies and Diseconomies of Scale Economics in the News
Entry and Exit in the DVD Rental Industry
Economics in Action: The Rise of Digital Cameras and the Death of Silver Halide Film
Economics in the News: Cycles in the Grape Industry
Monopoly A Model of Monopoly
The Generic Diagram of a Monopoly and Its Profits
Competition, Monopoly, and Deadweight
Loss Why Monopolies Exist Price Discrimination
Economics in the News: The Decline of the Diamond
Monopolist Economics in Action: How Best to Ensure
Access to Clean Water in Developing Countries
Product Differentiation, Monopolistic Competition, and Oligopoly Product
Differentiation Monopolistic
Competition Oligopoly Economics in Action
What's the Future of Product Differentiation?
Economics in the News: The Deliciousness of Product
Differentiation Economics in Action: A Duopoly Game
Antitrust Policy and Regulation
Antitrust Policy Regulating
Natural Monopolies To Regulate or Not to Regulate
Economics in Action: Are Mergers Good for the Economy?
Economics in the News: Price Fixing in the Ivy League
Markets, Income Distribution, and Public Goods
Labor Markets
The Measurement of Wages
The Labor Market Labor Demand
A Comparison of MRP = W with MC = P Labor Supply
Explaining Wage Trends and Differences Labor Unions
Economics in the News: Incentives to Work
Economics in Action: Why It's Better Being an Economist
Economics in Action: Does Productivity or Compensating
Differentials Explain the Academic Wage Gap?
Taxes, Transfers, and Income Distribution
The Tax System Transfer Payments
The Distribution of Income in the United States
Economics in the News: The "Death Tax" Debate
Economics in the News: Assessing the Success of the 1996
Welfare Reform a Decade Later Economics in Action: Should We Be Concerned About Income Inequality?
Public Goods, Externalities, and Government
Behavior Public Goods Externalities: From the Environment to Education
Remedies for Externalities Models of Government Behavior
Economics in Action: Excludability, Rivalry, and the Classification of Goods and Services
Economics in the News: Realizing the Positive Externalities of a New Cancer Vaccine
Economics in the News: Environmental Economics
Economics in Action: Advising the Government to Auction Off the Spectrum
Capital Markets
The Distinction Between Physical Capital and Financial Capital
Markets for Physical Capital
Markets for Financial Capital
The Tradeoff Between Risk and Return
Corporate Governance Problems
Economics in the News: Physical Capital Accumulation of Google
Economics in Action: Understanding Stock and Bond Price Listings in Newspapers
Economics in the News: Corporate Greed
Appendix to Chapter 16
Present Discounted Value
Discounting the Future
Finding the Present Discounted Value
Principlesof Macroeconomics
Macroeconomics:The Big Picture
Measuring the "Size" of an Economy
Unemployment, Inflation, and Interest Rates
Macroeconomic Theory and Policy Economics in the News
How Economic Growth Can Transform an Economy
Economics in Action: The Economic Impact of September 11
Appendix to Chapter 17
The Miracle of Compound Growth
How Compound Growth Works
Plotting Growing Variables
Measuring the Production, Income, and Spending of Nations
Measuring GDP Saving
Measuring Real GDP
Shortcomings of the GDP
Measure Economics in Action: Distinguishing Between Stocks and Flows Economics in the News: The Monthly Release of GDP
Data Economics in Action: Measuring the Quality of Life Across Nations
The Spending Allocation Model
The Spending Shares
The Effect of Interest Rates on Spending Shares
Determining the Equilibrium Interest Rate
The Relationship Between Saving and Investment
Economics in Action: Using the Spending Allocation
Model to Analyze the Long-Run
Implications of Shifts in Government Purchases and Consumption
Economics in the News: The "Twin Deficits"
Unemployment and Employment
Unemployment and Other Labor Market Indicators
The Nature of Unemployment
Modeling the Labor Market
Economics in the News: Unemployment Each Month
Economics in Action: Unemployment Among Young People Around the World
Productivity and Economic Growth
Labor and Capital Without Technology
Technology: The Engine of Growth Measuring Technology
Technology Policy Economics in Action: The Role of Technology in Economic Growth
Economics in Action: Examples of Changes in Technology
That Increased Productivity Economics in Action: Two Invention Factories
Past and Present Economics in Action: Growth Accounting in Practice
Economics in the News: Productivity Growth
Appendix to Chapter 21
Deriving the Growth Accounting Formula
Money and Inflation What Is Money?
The Fed, the Banks, and the Link from Reserves to Deposits
Money Growth and Inflation Economics in the News
Counterfeit Money Economics in Action: Hyperinflation and Too Much Money
Economic Fluctuations and Macroeconomic Policy
The Nature and Causes of Economic Fluctuations
Changes in Aggregate Demand Lead to Changes in Production
Forecasting Real GDP
The Response of Consumption to Income Finding Real GDP
When Consumption and Income Move Together
Spending Balance and Departures of Real GDP from Potential GDP
Economics in Action: Real-Life Examples of How Firms Respond to Demand
Economics in the News: Assessing the Macroeconomic Impact of a Terrorist
Attack Economics in Action: The Professional Forecasters
Economics in Action: Making Time's Top 100
Appendix to Chapter 23
Deriving the Formula for the Keynesian
Multiplier and the Forward-Looking Consumption Model
The Keynesian Multiplier
The Forward-Looking Consumption Model
The Economic Fluctuations Model
The Aggregate Demand Curve
The Inflation Adjustment Line
Combining the Aggregate Demand Curve and the Inflation
Adjustment Line Economics in the News
The Fed Raises and Then Lowers the Interest Rate
Using the Economic Fluctuations Model
Changes in Government Purchases
Changes in Monetary Policy Price
Shocks Economics in Action: Explaining the Recovery from the Great Depression
Economics in Action: The 2001 Recession and Recovery
Fiscal Policy
The Government Budget Countercyclical Fiscal Policy
The Structural Versus the Cyclical Surplus
Economics in Action: How Should Social Security Be Reformed?
Economics in Action: The Economic Report of the President
Monetary Policy Why Are Central Banks Independent?
Running Monetary Policy
Money and Other Instruments of Monetary Policy
The Exchange Rate and Monetary Policy
Economics in the News: Anatomy of a Hump
Trade and Global Markets
Economic Growth and Globalization Catching Up or Not?
Economic Development Spreading and Using Technology
Increasing Capital per Worker
Economics in Action: The Millennium Challenge
Corporation Economics in Action: Is There a Global Saving Glut?
The Gains from International Trade
Recent Trends in International Trade
Comparative Advantage Reasons for Comparative Advantage Gains from Expanded Markets
Economics in the News: The Economic Impact of Outsourcing
Economics in Action: Doing Politics and Economics
International Trade Policy
Tariffs and Quotas
The History of Trade Restrictions
Arguments for Trade Barriers
How to Reduce Trade Barriers
Economics in Action: From Steel to Shrimp: The Same Old Tariff Story
Economics in the News: The End of the Multi-Fiber Agreement
Economics in Action: Ending the Corn Laws
Glossary
Index
Credits