Cover: Essentials of Economics, 6th Edition by Paul Krugman; Robin Wells

Essentials of Economics

Sixth Edition  ©2023 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?
1 First Principles
2 Economic Models: Trade-offs and Trade
Appendix: Graphs in Economics

Part 2 Supply and Demand
3 Supply and Demand
4 Price Controls and Quotas: Meddling with Markets
5 Elasticity and Taxation

Part 3 The Production Decision
6 Behind the Supply Curve: Inputs and Costs
7 Perfect Competition and the Supply Curve

Part 4 Beyond Perfect Competition

8 Monopoly
9 Oligopoly and Monopolistic Competition

Part 5 Microeconomics and Public Policy
10 Externalities and Public Goods
11 Poverty, Inequality, and the Welfare State

Part 6 Introduction to Macroeconomics
12 Macroeconomics: The Big Picture
13 GDP and the CPI: Tracking the Macroeconomy
14 Unemployment and Inflation

Part 7 Economic Growth and Fluctuations
15 Long-Run Economic Growth
16 Aggregate Demand and Aggregate Supply

Part 8 Stabilization Policy
17 Fiscal Policy
18 Money, Banking, and the Federal Reserve System
19 Monetary Policy

Part 9 The International Economy
20 International Trade, Capital Flows, and Exchange Rates

Solutions to Check Your Understanding Questions
Glossary
Index

Product Updates

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NEW coverage throughout. The sixth edition has been updated to reflect our always changing world. Starting in Chapter 1, there is a new principle on how increases in the economys potential lead to economic growth over time. There is an expanded section on market power and the digital economy, an incisive new look at externalities, more on long-run growth, and thorough coverage of the economic impacts and policy responses to the COVID-19 pandemic.

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