Cover: Economics, 7th Edition by Paul Krugman; Robin Wells

Economics

Seventh Edition  ©2024 Paul Krugman; Robin Wells Formats: Achieve, E-book, Print

Authors

  • Headshot of Paul Krugman

    Paul Krugman

    Paul Krugman, recipient of the 2008 Nobel Memorial Prize in Economic Sciences, is a faculty member of the Graduate Center of the City University of New York, associated with the Luxembourg Income Study, which tracks and analyzes income inequality around the world. Prior to that, he taught at Princeton University for 14 years. He received his Barroom Yale and his PhD from MIT. Before Princeton, he taught at Yale, Stanford, and MIT. He also spent a year on the staff of the Council of Economic Advisers in 1982–1983. His research has included pathbreaking work on international trade, economic geography, and currency crises. In 1991, Krugman received the American Economic Association’s John Bates Clark medal. In addition to his teaching and academic research, Krugman writes extensively for nontechnical audiences. He is a regular-ed columnist for the New York Times. His best-selling trade books include End This Depression Now!, The Return of Depression Economics and the Crisis of 2008, a history of recent economic troubles and their implications for economic policy, and The Conscience of a Liberal, a study of the political economy of economic inequality and its relationship with political polarization from the Gilded Age to the present. His earlier books, Peddling Prosperity and The Age of Diminished Expectations, have become modern classics.

  • Headshot of Robin Wells

    Robin Wells

    Robin Wells was a Lecturer and Researcher in Economics at Princeton University. She received her BA from the University of Chicago and her PhD from the University of California at Berkeley; she then did postdoctoral work at MIT. She has taught at the University of Michigan, the University of Southampton (United Kingdom), Stanford, and MIT.

Table of Contents

Part 1: What is Economics?
Introduction: An Engine for Growth and Discovery
Chapter 1 First Principles
Chapter 2 Economic Models: Trade-offs and Trade
Appendix 2: Graphs in Economics
 
Part 2: Supply and Demand
Chapter 3 Supply and Demand
Chapter 4 Consumer and Producer Surplus
Chapter 5 Price Controls and Quotas: Meddling with Markets
Chapter 6 Elasticity
 
Part 3: Individuals and Markets
Chapter 7 Taxes
Chapter 8 International Trade
 
Part 4: Economics and Decision Making
Chapter 9 Decision Making by Individuals and Firms
Appendix 9: Toward a Fuller Understanding of Present Value
 
Part 5: Microeconomics and Public Policy
Chapter 10 Externalities
Chapter 11 Public Goods and Common Resources
Chapter 12 The Economics of the Welfare State
 
Part 6: The Consumer
Chapter 13 The Rational Consumer
Appendix 13: Consumer Preferences and Consumer Choice
 
Part 7: The Production Decision
Chapter 14 Behind the Supply Curve: Inputs and Costs
Chapter 15 Perfect Competition and the Supply Curve
 
Part 8: Market Structure: Beyond Perfect Competition
Chapter 16 Monopoly
Chapter 17 Oligopoly
Chapter 18 Monopolistic Competition and Product Differentiation
 
Part 9: Factor Markets and Risk
Chapter 19 Factor Markets and the Distribution of Income
Appendix 19: Indifference Curve Analysis of Labor Supply
Chapter 20 Uncertainty, Risk, and Private Information
 
Part 10: Introduction to Macroeconomics
Chapter 21 Macroeconomics: The Big Picture
Chapter 22 GDP and the CPI: Tracking the Macroeconomy
Chapter 23 Unemployment and Inflation
 
Part 11: Long-Run Economic Growth
Chapter 24 Long-Run Economic Growth
Chapter 25 Savings, Investment Spending, and the Financial System
 
Part 12: Short-Run Economic Fluctuations
Chapter 26 Income and Expenditure
Appendix 26: Deriving the Multiplier Algebraically
Chapter 27 Aggregate Demand and Aggregate Supply
 
Part 13: Stabilization Policy
Chapter 28 Fiscal Policy
Appendix 28: Taxes and the Multiplier
Chapter 29 Money, Banking, and the Federal Reserve System
Chapter 30 Monetary Policy
Appendix 30: Reconciling the Two Models of the Interest Rate
Chapter 31 Inflation, Disinflation, and Deflation
 
Part 14: Events and Ideas
Chapter 32 Macroeconomics: Events and Ideas

Part 15: The Open Economy
Chapter 33 International Macroeconomics

Product Updates

Interactive Graphs in the e–book and in a Graphing Bank allow students to engage with economic models to see how components of the graph change as market dynamics change. Every data graph in the text is now interactive, so students can explore live visualizations and improve their data literacy.

Interactive Topic Reviews, with embedded interactive graphs and assessment, cover essential principles topics in an easy-to-use, self-study format, to help students prepare for class time, quizzes, or exams.

New focus on India’s economic growth during Covid, particularly its rise to become a technological powerhouse.

Integrated coverage of the pandemic throughout, including supply chain disruptions, federal funding for vaccine development, how Covid and the lockdown impacted the labor market and certain industries.

New modern examples that resonate with students, such as the day in the life of an Uber driver, selling clothes on Poshmark.

Thoroughly revised aggregate demand and aggregate supply chapter now highlights the dynamic relationship between inflation and GDP. This change allows instructors to more easily teach students about the modern changes to monetary policy and how the Federal Reserve has responded to the latest inflationary pressures.

Revamped AD/AS model now focusing on the inflation rate and GDP, rather than the price level, giving students a more practical and applicable understanding of the current economic landscape.

Authors

  • Headshot of Paul Krugman

    Paul Krugman

    Paul Krugman, recipient of the 2008 Nobel Memorial Prize in Economic Sciences, is a faculty member of the Graduate Center of the City University of New York, associated with the Luxembourg Income Study, which tracks and analyzes income inequality around the world. Prior to that, he taught at Princeton University for 14 years. He received his Barroom Yale and his PhD from MIT. Before Princeton, he taught at Yale, Stanford, and MIT. He also spent a year on the staff of the Council of Economic Advisers in 1982–1983. His research has included pathbreaking work on international trade, economic geography, and currency crises. In 1991, Krugman received the American Economic Association’s John Bates Clark medal. In addition to his teaching and academic research, Krugman writes extensively for nontechnical audiences. He is a regular-ed columnist for the New York Times. His best-selling trade books include End This Depression Now!, The Return of Depression Economics and the Crisis of 2008, a history of recent economic troubles and their implications for economic policy, and The Conscience of a Liberal, a study of the political economy of economic inequality and its relationship with political polarization from the Gilded Age to the present. His earlier books, Peddling Prosperity and The Age of Diminished Expectations, have become modern classics.

  • Headshot of Robin Wells

    Robin Wells

    Robin Wells was a Lecturer and Researcher in Economics at Princeton University. She received her BA from the University of Chicago and her PhD from the University of California at Berkeley; she then did postdoctoral work at MIT. She has taught at the University of Michigan, the University of Southampton (United Kingdom), Stanford, and MIT.

Table of Contents

Part 1: What is Economics?
Introduction: An Engine for Growth and Discovery
Chapter 1 First Principles
Chapter 2 Economic Models: Trade-offs and Trade
Appendix 2: Graphs in Economics
 
Part 2: Supply and Demand
Chapter 3 Supply and Demand
Chapter 4 Consumer and Producer Surplus
Chapter 5 Price Controls and Quotas: Meddling with Markets
Chapter 6 Elasticity
 
Part 3: Individuals and Markets
Chapter 7 Taxes
Chapter 8 International Trade
 
Part 4: Economics and Decision Making
Chapter 9 Decision Making by Individuals and Firms
Appendix 9: Toward a Fuller Understanding of Present Value
 
Part 5: Microeconomics and Public Policy
Chapter 10 Externalities
Chapter 11 Public Goods and Common Resources
Chapter 12 The Economics of the Welfare State
 
Part 6: The Consumer
Chapter 13 The Rational Consumer
Appendix 13: Consumer Preferences and Consumer Choice
 
Part 7: The Production Decision
Chapter 14 Behind the Supply Curve: Inputs and Costs
Chapter 15 Perfect Competition and the Supply Curve
 
Part 8: Market Structure: Beyond Perfect Competition
Chapter 16 Monopoly
Chapter 17 Oligopoly
Chapter 18 Monopolistic Competition and Product Differentiation
 
Part 9: Factor Markets and Risk
Chapter 19 Factor Markets and the Distribution of Income
Appendix 19: Indifference Curve Analysis of Labor Supply
Chapter 20 Uncertainty, Risk, and Private Information
 
Part 10: Introduction to Macroeconomics
Chapter 21 Macroeconomics: The Big Picture
Chapter 22 GDP and the CPI: Tracking the Macroeconomy
Chapter 23 Unemployment and Inflation
 
Part 11: Long-Run Economic Growth
Chapter 24 Long-Run Economic Growth
Chapter 25 Savings, Investment Spending, and the Financial System
 
Part 12: Short-Run Economic Fluctuations
Chapter 26 Income and Expenditure
Appendix 26: Deriving the Multiplier Algebraically
Chapter 27 Aggregate Demand and Aggregate Supply
 
Part 13: Stabilization Policy
Chapter 28 Fiscal Policy
Appendix 28: Taxes and the Multiplier
Chapter 29 Money, Banking, and the Federal Reserve System
Chapter 30 Monetary Policy
Appendix 30: Reconciling the Two Models of the Interest Rate
Chapter 31 Inflation, Disinflation, and Deflation
 
Part 14: Events and Ideas
Chapter 32 Macroeconomics: Events and Ideas

Part 15: The Open Economy
Chapter 33 International Macroeconomics

Product Updates

Interactive Graphs in the e–book and in a Graphing Bank allow students to engage with economic models to see how components of the graph change as market dynamics change. Every data graph in the text is now interactive, so students can explore live visualizations and improve their data literacy.

Interactive Topic Reviews, with embedded interactive graphs and assessment, cover essential principles topics in an easy-to-use, self-study format, to help students prepare for class time, quizzes, or exams.

New focus on India’s economic growth during Covid, particularly its rise to become a technological powerhouse.

Integrated coverage of the pandemic throughout, including supply chain disruptions, federal funding for vaccine development, how Covid and the lockdown impacted the labor market and certain industries.

New modern examples that resonate with students, such as the day in the life of an Uber driver, selling clothes on Poshmark.

Thoroughly revised aggregate demand and aggregate supply chapter now highlights the dynamic relationship between inflation and GDP. This change allows instructors to more easily teach students about the modern changes to monetary policy and how the Federal Reserve has responded to the latest inflationary pressures.

Revamped AD/AS model now focusing on the inflation rate and GDP, rather than the price level, giving students a more practical and applicable understanding of the current economic landscape.

Krugman/Wells helps your students achieve economic understanding

Available with Achieve, Krugman and Wells’ widely adopted text helps students reach new levels of economic understanding.

The new edition is revised and enhanced, including new interactive graphs, interactive topic reviews, thorough coverage of the Covid recession, and updated analysis of aggregate demand/aggregate supply and monetary policy.

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Paul Krugman; Robin Wells | Seventh Edition | ©2024 | ISBN:9781319480943

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