Cover: Modern Principles: Macroeconomics, 6th Edition by Tyler Cowen; Alex Tabarrok

Modern Principles: Macroeconomics

Sixth Edition  ©2024 Tyler Cowen; Alex Tabarrok Formats: Achieve, E-book, Print

Authors

  • Headshot of Tyler Cowen

    Tyler Cowen

    Tyler Cowen is Holbert C. Harris Professor of Economics at George Mason University. His latest book is Big Business. With Alex Tabarrok he co-writes the Marginal Revolution blog, often ranked as the #1 economics blog. He is also the author of Discover Your Inner Economist (Dutton, 2007) and numerous other books on economics. He writes regularly for the popular press on economics, including for The New York Times, The Washington Post, Forbes, and The Wilson Quarterly.  University web page: http://economics.gmu.edu/faculty/tcowen.html WATCH: Tyler Cowen at the Economic Bloggers Forum.


  • Headshot of Alex Tabarrok

    Alex Tabarrok

    Alex Tabarrok is Bartley J. Madden Chair in Economics at the Mercatus Center at George Mason University. Tabarrok is co-author with Tyler Cowen of the popular economics blog, Marginal Revolution. His recent research looks at bounty hunters, judicial incentives and elections, crime control, patent reform, methods to increase the supply of human organs for transplant, and the regulation of pharmaceuticals. He is the editor of the books, Entrepreneurial Economics: Bright Ideas from the Dismal Science; The Voluntary City: Choice, Community, and Civil Society; and Changing the Guard: Private Prisons and The Control of Crime. His papers have appeared in the Journal of Law and Economics, Public Choice, Economic Inquiry, Journal of Health Economics, Journal of Theoretical Politics, The American Law and Economics Review, Kyklos and many other journals. His popular articles have appeared in The New York Times, The Wall Street Journal, and many other magazines and newspapers.

Table of Contents

Preface
Chapter 1 The Big Ideas
Chapter 2  The Power of Trade and Comparative Advantage
 
Part I Supply and Demand
Chapter 3 Supply and Demand
Chapter 4 Equilibrium
Chapter 5 Price Ceilings and Floors
 
Part II Economic Growth
Chapter 6 GDP and the Measurement of Progress
Chapter 7 The Wealth of Nations and Economic Growth
Chapter 8 Growth, Capital Accumulation, and the Economics of Ideas: Catching  Up vs. the Cutting Edge
Chapter 9 Saving, Investment, and the Financial System
Chapter 10 Stock Markets and Personal Finance
 
Part III Business Fluctuations
Chapter 11 Unemployment and Labor Force Participation
Chapter 12 Inflation and the Quantity Theory of Money
Chapter 13 Business Fluctuations: Aggregate Demand and Supply
Chapter 14 Transmission and Amplification Mechanisms

Part IV Macroeconomic Policy and Institution
Chapter 15 The Federal Reserve System and Open Market Operations
Chapter 16 Monetary Policy
Chapter 17 The Federal Budget: Taxes and Spending
Chapter 18 Fiscal Policy
 
Part IV International Economics
Chapter 19 International Trade
Chapter 20 International Finance
Chapter 21 Political Economy and Public Choice

Product Updates

Winter 2024 Updates:

The updated Econ Math and Graphing Tutorials in Achieve bridge foundational math gaps for economics students through revamped, interactive modules featuring modern videos, algorithmically generated questions, and improved assessments designed to deepen understanding and reflection. Comprehensive accessibility features ensure that all students can effectively engage with the material.

This materials covers 10 foundational areas including Slope, Graphs, Percent Change, Ratios, Linear Equations, Averages, and more.

Sixth Edition Updates (2024):

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.

Learning Economics from AI! (in the preface) show students how to use resources such as ChatGPT or Bing Chat to get meaningful answers to economics questions. The cover for 6e was generated by author Alex Tabarroks use of AI, as well.

12 NEW Marginal Revolution University Videos in Achieve accompanied by assessment questions.

The Great Depression is over: Modern Principles focuses on the Great Financial Crisis and the Pandemic Recession, exemplifying the core of macroeconomics and policy. These events showcase a demand-driven recession followed by a supply-driven one, well-illustrated by our dynamic AD-AS model. Focusing on these recessions also moves the lessons beyond the shifting of curves and towards important discussions of shadow banking, securitization, the microeconomics of externalities, and how monetary and fiscal policy must change when the goal – as during a pandemic -- is not to get people back to work!

The new tools of the Federal Reserve: In the sixth edition, the authors emphasize that although the Federal Reserves ultimate power is the power to create money, its daily influence on aggregate demand is accomplished through the payment of interest on reserves held at the Fed. Open market operations are still relevant for discussions on quantitative easing and repurchase agreements, but the primary focus is on understanding how the Fed affects aggregate demand by adjusting interest on reserves.

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