Synopses & Reviews
Long a classic text for the teaching of principles of economics, the current economic crisis makes this book an even more essential resource for faculty who want a solid introduction that calls on policy based information for examples and applications. The authors have been on the forefront of advising policy makers and informing the public for years and Alan Blinder, in particular, has been highly visible through the discussions of the current economic situation. The update ensures that faculty who want to teach using the latest policy issues and data are able to do just that. Not only will ECONOMICS: PRINCIPLES AND POLICY, UPDATE 2010 EDITION, 11e have the absolute latest data through spring 2010, but will also include a new chapter 37 which focuses on the financial crisis and the great recession of 2007-2009.
ECONOMICS: PRINCIPLES AND POLICY, Twelfth Edition, teaches the principles of economics, including current economic situations, providing an essential resource for faculty and students who want a solid introduction that calls on policy-based information for examples and applications.
About the Author
William J. Baumol received his B.S.S. at the College of the City of New York and his Ph.D. at the University of London. He is professor of economics at New York University and senior research economist and professor emeritus at Princeton University. He is a frequent management consultant to major firms in a wide variety of industries in the United States and other countries as well as to a number of governmental agencies. He has been president of the American Economic Association, and three other professional societies. He is an elected member of the National Academy of Sciences, created by the U.S. Congress, and a member of the American Philosophical Society, founded by Benjamin Franklin. Dr. Baumol is the author of more than 35 books as well as hundreds of journal and newspaper articles that have been translated into more than a dozen languages. Alan S. Blinder earned his B.A. at Princeton University, his M.A. at the London School of Economics and Ph.D. at MIT. He teaches at Princeton University and is the author of the best seller, After the Music Stopped, about the financial crisis and its aftermath. Dr. Blinder served on President Clinton's first Council of Economic Advisers and then as vice chairman of the Federal Reserve Board, thereby playing a role in formulating both the fiscal and monetary policies of the 1990s. Dr. Blinder, now a regular columnist for THE WALL STREET JOURNAL, has written newspaper and magazine columns on economic policy for more than thirty years. He is a past Vice President and a Distinguished Fellow of the American Economic Association.
Table of Contents
Part I: GETTING ACQUAINTED WITH ECONOMICS. 1 What Is Economics? 2 The Economy: Myth and Reality. 3 The Fundamental Economic Problem: Scarcity and Choice. 4 Supply and Demand: An Initial Look. Part II THE BUILDING BLOCKS OF DEMAND AND SUPPLY. 5 Consumer Choice: Individual and Market Demand. 6 Demand and Elasticity. 7 Production, Inputs, and Cost: Building Blocks for Supply Analysis. 8 Output, Price, and Profit: The Importance of Marginal Analysis. 9 Securities: Business Finance and the Economy: The Tail that Wags the Dog? Part III MARKETS AND THE PRICE SYSTEM. 10 The Firm and the Industry under Perfect Competition. 11 Monopoly. 12 Between Competition and Monopoly. 13 Limiting Market Power: Regulation and Antitrust. Part IV THE VIRTUES AND LIMITATIONS OF MARKETS. 14 The Case for Free Markets: The Price System. 15 The Shortcomings of Free Markets. 16 The Market's Prime Achievement: Innovation and Growth. 17 Externalities, the Environment, and Natural Resources. 18 Taxation and Resource Allocation. Part V THE DISTRIBUTION OF INCOME. 19 Pricing the Factors of Production. 20 Labor and Entrepreneurship: The Human Inputs. 21 Poverty, Inequality, and Discrimination. Part VI THE MACROECONOMY: AGGREGATE SUPPLY AND DEMAND. 22 An Introduction to Macroeconomics. 23 The Goals of Macroeconomic Policy. 24 Economic Growth: Theory and Policy. 25 Aggregate Demand and the Powerful Consumer. 26 Demand-Side Equilibrium: Unemployment or Inflation? 27 Bringing in the Supply Side: Unemployment and Inflation? Part VII FISCAL AND MONETARY POLICY. 28 Managing Aggregate Demand: Fiscal Policy. 29 Money and the Banking System. 30 Monetary Policy: Conventional and Unconventional. 31 The Financial Crisis and the Great Recession 32 The Debate over Monetary and Fiscal Policy. 33 Budget Deficits in the Short and Long Run. 34 The Trade-Off between Inflation and Unemployment. Part VIII THE UNITED STATES IN THE WORLD ECONOMY. 35 International Trade and Comparative Advantage. 36 The International Monetary System: Order or Disorder? 37 Exchange Rates and the Macroeconomy.