Essentials of Economics

Sixth Edition

Publication Date: April 30, 2023

Paperback ISBN: 9781319498573

Pages: 704

The signature storytelling approach helps students taking the one semester Principles of Economics course understand how economic concepts play out in our world.

Paul Krugman and Robin Wells’ signature story style helps one-semester students taking the Principles of Economics course, understand how economic concepts play out in our world. The fifth edition of Essentials of Economics, revised and enhanced throughout, now offers holistic digital...

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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

Compelling chapter-opening stories, which are often revisited throughout the chapter, are included and designed to engage students.
‘Economics in Action’ applications are in virtually every major section of the text, so students can immediately see economic concepts applied in real contexts.
‘Global Comparison’ features that use data and graphs to illustrate why countries reach different economic outcomes are included throughout.
‘Pitfalls’ boxes teach students to identify and avoid common misconceptions about economic concepts.
‘Business Cases’ available in each section, spanning a wide range of global and American companies, showing students how key economic principles apply to real-life business situations.

Achieve is Macmillan Learning’s complete online learning system. It houses instructor resources to support teaching and a range of interactive resources and the full eBook to help students succeed in their course. Access to Achieve for instructors is available on this page. Student access to Achieve could be through their institution if the institution has signed a license or as a separate student purchase. The instructor must set up a course for students to benefit from this product.

Now supported by Achieve to offer technology that provides the best value and price.
New ‘Discovering Data’ activities help students interpret, analyze, share, and report on data. Students develop data literacy by completing these new Interactive Activities, step-by-step problems that have students use up-to-the-minute FRED data.
References to current events are framed by the world’s best communicators of economics.
A richer commitment to broadening students’ understanding of the global economy is provided in this edition. With unparalleled insight and clarity, the authors use their hallmark narrative approach to take students outside of the classroom and into our global world. Starting with a new opening story on the economic transformation in China’s Pearl River Delta, the global focus is carried throughout with more on the ascendance of China’s economy, the Euro and events in Europe (including Brexit), and post-recession economies around the globe.
The fifth edition has been thoroughly updated throughout to reflect our always changing world. Along with updated graphs and changes in every chapter in the text, the new edition features new chapter-opening stories, new Business cases and new Economics in Action applications.

"The text does an excellent job meeting my course needs! I used another introductory microeconomics book at a different university and the Krugman text is MUCH better - the examples are clear and easy for students to relate to, and the topical events in the chapter
introductions provide context for the economics that follows.”
- Meredith Crane, Cincinnati State Technical & Community College

"Extremely well written. I think a policy focused approach is what initially drew me to the text. I have continued to use the text as the homework management system saw increased value to the students."
- Michael Polcen, Northern Virginia Community College

"I think the coverage [of Economic Principles in Chapter 1] is better than my current text because it gives a very broad picture of what economics is about. The Principles are really what we are about to embark on in the remaining chapters, which I like. In lecture I would be able to give them examples of ‘when we will see this again’ which I like to do because it piques their interest in the remainder of the course.”
- Julie Gonzalez, University of California - Santa Cruz

“I am happy with the online homework system. The text has very nice lecture presentations for the chapters and a very strong test bank with lots of good questions. It is important to me that the test bank questions include tables and images as well as problems that require the students to complete calculations using formulas from the textbook chapters."
- Cynthia Foreman, Clark College

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.

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.

Achieve for Essentials of Economics 5e is an online learning system backed by extensive development and research. Proven to increase student engagement and boost performance. Achieve offers:

Access to the ebook to download, read and virtually annotate for a completely flexible experience.
Course and book-specific resources including adaptive quizzing to personalize the experience for students.
A grade book, assignable assessments with targeted feedback, insights and reporting, instructor resources - all with seamless integration options.
Integrated with iClicker so that instructors and students can benefit in class and remotely from an industry leading student response system.
‘Work it Out’ skill-building interactive activities in Achieve help students understand concepts and practice for exams by guiding them through representative problems step-by-step.

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Achieve is our online learning system backed by extensive development and research, proven to increase student engagement and boost performance. Achieve offers:

Access to the ebook to download, read and virtually annotate for a completely flexible experience.
Course and book-specific resources. Most Achieve courses come our LearningCurve, our adaptive quizzing engine with personalized question sets and clear feedback based on each student’s correct and incorrect answers.
A grade book, assignable assessments with targeted feedback, insights and reporting, instructor resources - all with seamless integration options.

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