Principles of Economics

Second Edition

Publication Date: April 15, 2023

Paperback ISBN: 9781319498610

Pages: 1056

Every decision is an economic decision.

Principles of Economics by Betsey Stevenson (University of Michigan), and Justin Wolfers (University of Michigan) emphasises that every decision is an economic decision. The authors’ focus on useful economics uses compelling explanations and real-life examples to help students develop...

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Preface
A Quick Review of Graphs

PART I Foundations of Economics
Chapter 1 The Four Core Principles of Economics
Chapter 2 Demand and Consumer Choice
Chapter 3 Supply and Producer Choice
Chapter 4 Equilibrium: Where Supply Meets Demand

PART II Analyzing Markets
Chapter 5 Elasticity: Measuring Responsiveness
Chapter 6 Taxes, Price Controls, and Quantity Regulations
Chapter 7 Welfare Economics: Evaluating Market Efficiency and Market Failure
Chapter 8 Comparative Advantage and Gains from Trade

PART III Applications and Policy Issues
Chapter 9 International Trade
Chapter 10 Externalities and Public Goods
Chapter 11 The Labor Market
Chapter 12 Why Wages Vary: Workers, Jobs, Institutions, and Discrimination
Chapter 13 Inequality, Poverty, and Social Insurance

PART IV Industrial Organization and Business Strategy
Chapter 14 Market Structure and Market Power
Chapter 15 Entry, Exit, and Long-Run Profitability
Chapter 16 Price Discrimination and Sophisticated Pricing Strategies
Chapter 17 Economics of Strategic Management

PART V Advanced Decisions
Chapter 18 Game Theory and Strategic Choices
Chapter 19 Decisions Involving Uncertainty
Chapter 20 Decisions Involving Private Information

Part VI Macroeconomic Foundations and the Long Run
Chapter 21 Sizing Up the Economy Using GDP
Chapter 22 Economic Growth
Chapter 23 Unemployment
Chapter 24 Inflation and Money

Part VII Micro Foundations of Macroeconomics
Chapter 25 Consumption and Saving
Chapter 26 Investment
Chapter 27 The Financial Sector: Banks, Bonds, and Stocks
Chapter 28 International Finance and the Exchange Rate

Part VIII The Business Cycle
Chapter 29 Tracking the Business Cycle
Chapter 30 Linking Interest Rates and Output Using IS-MP Analysis
Chapter 31 The Phillips Curve and Inflation
Chapter 32 The Fed Model: Putting it All Together
Chapter 33 Aggregate Demand and Aggregate Supply

Part IX Macroeconomic Policy
Chapter 34 Monetary Policy
Chapter 35 Government Spending, Taxes, and Fiscal Policy
Appendix: A Closer Look at Aggregate Expenditure and the Multiplier

Glossary
Index

An intuitive decision-making framework based on four key principles is referenced throughout the text and guides students to make better choices in all aspects of their lives.
With an unparalleled presentation of the basics, there are dedicated, full chapters on supply, demand, and equilibrium that walk students patiently through these topics. This aligns with how many instructors already teach – by working through these foundational concepts over several lectures.
A modern approach to Microeconomics integrates the current economic insights into the principles curriculum, with emphasis on empirical data and behavioral economics, labor and personnel economics, industrial organization, strategic decision making, and information asymmetries.
A cutting-edge presentation of the Macro economy emphasizes how microfoundations underpin macroeconomic theory, helps students apply their understanding of the macroeconomy in their professional and personal lives, and provides the most realistic and current presentation of monetary policy. To convey the understanding of macroeconomic fluctuations, Stevenson and Wolfers offer instructors a choice: 1) a modern framework including the IS curve to explain spending decisions, MP curve to describe monetary policy, and Phillips curve to explain inflation, and 2) a traditional AD-AS approach.

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 licence or as a separate student purchase. The instructor must set up a course for students to benefit from this product.

Thoroughly revised with extensive coverage of the Covid19 pandemic, numerous new stories and examples, and revised headings and chapter order to make concepts even clearer.
Features and content help students develop an intuitive understanding of fundamental economic concepts in their own lives. ‘Everyday Economics’ invites students to apply their economic toolkit to the sorts of situations they’ll face in real life. ‘Interpreting the Data’ shows students how to interpret real-world observations through an economic lens. ‘Do the Economics’ exercises confront students with real-life scenarios and challenge them to “do economics”
In Achieve, new interactive graphs help students improve data literacy and understand economic models by their own manipulation of data graphs. Instructors can include these interactive graphs in their in-person and online lectures using our new ‘Interactive Graphing Bank.’

“Im very excited about this text and plan to actively promote it to my colleagues. Stevenson/Wolfers has done a wonderful job relating to students. That is what I appreciate most about this text. I really appreciate how the test bank questions draw on real world data. It helps me to convince students that these concepts will matter outside of this class.”
- Karie Dornon, Bridgewater College

“The textbook has been very well thought out–the examples, the charts and figures, the organization. I like how the textbook does not try to do too much– it covers core principles without trying to cover more advanced material that belongs in an intermediate course. The decision point activity is designed to make economic concepts less abstract and more relatable to students.”
- Paul Pieper, University of Illinois at Chicago

“This is a progressive, student-oriented, engaging textbook and online companion. Students will find it intuitive and fun. Examples are explained clearly and in a compelling way. The faculty tools will help you with grading and teaching.”
- Amy Leung, Cosumnes River College

“The Stevenson/Wolfers textbook is as revolutionary as Greg Mankiws first edition and definitely surpasses Mankiws current edition. It will convince the students that microeconomics is fun and easy to learn.”
- Debashis Pal, University of Cincinnati

“[Stevenson/Wolfers] provides a more practical on-the-ground view of macro than other textbooks. Its more up-to-date in terms of the economic issues facing the US economy and current thinking about how to approach them. The integration of learning objectives and foundations throughout the text is a good innovation.”
- Susan Laury, Georgia State University

Betsey Stevenson

Betsey Stevenson is a professor of economics and public policy at the University of Michigan. Her research focuses on the impact of public policies on the labor market, and explores women’s labor market experiences, the economic forces shaping the modern family, and the role of subjective well-being data for public policy. She serves on the Executive Committee of the American Economic Association, and is also a research associate with the National Bureau of Economic Research, a fellow of the Institute for Economic Research in Munich, a visiting associate professor of economics at the University of Sydney, and a research Fellow with the Centre for Economic Policy Research in London. She served as a member of the Council of Economic Advisers from 2013 to 2015, where she advised President Obama on social policy, labor market, and trade issues. She also served as the chief economist of the U.S. Department of Labor from 2010 to 2011. Betsey is an occasional editorialist for Bloomberg, and a trusted presence in the public debate about economics and public policy. She earned a BA in economics and mathematics from Wellesley College and an AM and PhD in economics from Harvard University.

Justin Wolfers

Justin Wolfers is a professor of economics and public policy at the University of Michigan. He does research in both macroeconomics and applied microeconomics topics, and has explored unemployment and inflation, the power of prediction markets, the economic forces shaping the modern family, discrimination, and happiness. He is a research associate with the National Bureau for Economic Research, a fellow of the Brookings Institution, a fellow of the Peterson Institute for International Economics, a research fellow with the Centre for Economic Policy Research in London, a fellow of the Institute for Economic Research in Munich, a visiting professor of economics at the University of Sydney, and an international research fellow at the Kiel Institute for the World Economy in Germany. He has been an editor of the Brookings Papers on Economic Activity, a board member on the Committee on the Status of Women in Economics, a member of the Panel of Advisors of the U.S. Congressional Budget Office, among many other board and advisory positions. He is currently a contributing columnist for the New York Times , and has written about economic issues in numerous other outlets. He is frequently quoted in the media on economic policy and relied upon to provide unbiased assessments of the current state of the macroeconomy. Justin earned a BA in economics from the University of Sydney and an AM and PhD in economics from Harvard University.

Achieve for Principles of Economics 2e 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 personalise 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.
Interactive graphs allow students to engage with economic models to see how components of the graph change as market dynamics change with dynamic labels, shading, and more. Students can explore live visualizations and improve their data literacy.
The authors’ popular ‘Think Like an Economist’ podcast is integrated into Achieve. Aligned to every chapter, the fun and engaging podcast introduces students to the big ideas and shows them how to apply economic principles to make better decisions in their own lives. Each episode is paired with assignable assessments to ensure that students listen and understand.

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About Achieve

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 including adaptive quizzing (Learning Curve) to personalize the experience for students
A grade book, assignable assessments with targeted feedback, insights and reporting, instructor resources - all with seamless integration options.

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