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Modern Principles of Macroeconomics (5th Edition)

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23 February 2021

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Modern Principles means modern content and modern delivery and Tyler Cowen and Alex Tabarrok deliver with a knack for revealing the ‘invisible hand’ of economics at work and a unique combination of vivid writing, up-to-date...

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Modern Principles means modern content and modern delivery and Tyler Cowen and Alex Tabarrok deliver with a knack for revealing the ‘invisible hand’ of economics at work and a unique combination of vivid writing, up-to-date relevant examples and unparalleled online resources, perfect for your principles of economics course. 
Modern Principles of Macroeconomics places an emphasis on the power of incentives which underscores how economics helps us understand why we do what we do (in other words, the decisions we make in the face of incentives in the real world). These are brought to life via examples including a discussion of housing prices and the elasticity of supply, the declining labor force participation rate of young men, the platform economics of free goods like Facebook and Twitter, monetary policy in a pandemic and the politics and economics of trade in the Trump era. 
Modern Principles of Macroeconomics is supported by Achieve, our integrated, online learning system which allows you to engage every student with powerful multimedia resources, an integrated e-Book, robust homework, and a wealth of interactives, creating an extraordinary new learning resource for students. 
Key features include:

  • 170+ Marginal Revolution University videos have been deeply integrated into the text and pedagogy, providing valuable tools for both instructors and students
  • Animated pre-lecture tutorials reinforce in-class learning
  • Access to an eBook for easy reading and searching
  • LearningCurve adaptive quizzing offers practice questions and feedback - Step-by-Step graphs and Discovering data activities help students develop their economic thinking


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Streamlined and uncluttered presentation- the text is clean, to-the-point, and engaging, as the authors integrate examples throughout. Their writing style reflects the style of their popular blog, Marginal Revolution

The new edition offers more high-quality material designed for online teaching than any other principles of economics textbook

Supported by Achieve

A powerful, more realistic AD-AS model combines insights from New Keynesian and Real Business Cycle models

The authors have created a simple Solow model which for the first time makes the Solow model of economic growth accessible to principles of economics students

New, modern examples including a discussion of housing prices and the elasticity of supply, the declining labor force participation rate of young men, the platform economics of free goods like Facebook and Twitter, monetary policy in a pandemic and the politics and economics of trade in the Trump era

Preface
CHAPTER 1 The Big Ideas
CHAPTER 2 The Power of Trade and Comparative Advantage
PART 1: Supply and Demand
CHAPTER 3 Supply and Demand
CHAPTER 4 Equilibrium
CHAPTER 5 Price Ceilings and Floors
PART 2: 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 3: 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 4: Macroeconomic Policy and Institutions 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 5: International Economics
CHAPTER 19 International Trade
CHAPTER 20 International Finance
CHAPTER 21 Political Economy and Public Choice
APPENDIX A Reading Graphs and Making Graphs
APPENDIX B Solutions to Check Yourself Questions
Glossary G-1
References R-1
Index I-1.
Modern Principles of Macroeconomics is supported by Achieve, which includes:
  • 170+ Marginal Revolution University videos to support you along the learning pathway
  • Animated pre-lecture tutorials will help you to understand core economic topics before going to class
  • Access to an eBook for easy reading and searching - LearningCurve adaptive quizzing offers practice questions to check your understanding and provides feedback to ensure you have grasped the concepts
  • Step-by-Step graphs and Interactive Decision Point activities allow you to work step-by-step through scenarios so that you can see economic principles in action 
Contact your lecturer to find out if your university is adopting Achieve.
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Tyler Cowen is Holbert C. Harris Professor of Economics at George Mason University and Director of the Mercatus Center. He is published widely in economics journals, including the American Economic Review and Journal of Political Economy. With Alex Tabarrok he co-writes the Marginal Revolution blog, often ranked as the #1 economics blog. He is also the author of numerous books on economics and he writes regularly for the popular press on economics, including for Bloomberg Opinion, The New York Times, The Washington Post, Forbes, and The Wilson Quarterly. 


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...

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Tyler Cowen is Holbert C. Harris Professor of Economics at George Mason University and Director of the Mercatus Center. He is published widely in economics journals, including the American Economic Review and Journal of Political Economy. With Alex Tabarrok he co-writes the Marginal Revolution blog, often ranked as the #1 economics blog. He is also the author of numerous books on economics and he writes regularly for the popular press on economics, including for Bloomberg Opinion, The New York Times, The Washington Post, Forbes, and The Wilson Quarterly. 


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 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 numerous books, his papers have appeared in numerous academic journals and his popular articles have appeared in The New York Times, The Wall Street Journal, and many other magazines and newspapers.

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