Economics,
14th Edition

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
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. THE FINANCIAL MARKETS AND THE ECONOMY: THE TAIL THAT WAGS THE DOG?
III. The Virtues of Free Markets
10. THE FIRM AND THE INDUSTRY UNDER PERFECT COMPETITION
11. THE CASE FOR FREE MARKETS: THE PRICE SYSTEM
IV. The Limitations of Free Markets
12. MONOPOLY
13. BETWEEN COMPETITION AND MONOPOLY
14. LIMITING MARKET POWER: ANTITRUST AND REGULATION
15. THE SHORTCOMINGS OF FREE MARKETS
16. EXTERNALITIES, EXTERNALITEIS, THE ENVIRONMENT, AND NATURAL RESOURCES
17. TAXATION AND RESOURCE ALLOCATION
V. The Distribution of Income
18. PRICING THE FACTORS OF PRODUCTION
19. LABOR AND ENTREPRENEURSHIP: THE HUMAN INPUTS
20. POVERTY, INEQUALITY, AND DISCRIMINATION
VI. The Macroeconomy: Aggregate Supply and Demand
21. AN INTRODUCTION TO MACROECONOMICS
22. THE GOALS OF MACROECONOMIC POLICY
23. ECONOMIC GROWTH: THEORY AND POLICY
24. AGGREGATE DEMAND AND THE POWERFUL CONSUMER
25. DEMAND-SIDE EQUILIBRIUM: UNEMPLOYMENT OR INFLATION?
26. BRINGING IN THE SUPPLY SIDE: UNEMPLOYMENT AND INFLATION?
VII. Fiscal and Monetary Policy
27. MANAGING AGGREGATE DEMAND: FISCAL POLICY
28. MONEY AND THE BANKING SYSTEM
29. MONETARY POLICY: CONVENTIONAL AND UNCONVENTIONAL
30. THE FINANCIAL CRISIS AND THE GREAT RECESSION
31. THE DEBATE OVER MONETARY AND FISCAL POLICY
32. BUDGET DEFICITS IN THE SHORT AND LONG RUN
33. THE TRADE-OFF BETWEEN INFLATION AND UNEMPLOYMENT
VIII. The United States in the World Economy
34. INTERNATIONAL TRADE AND COMPARATIVE ADVANTAGE
35. THE INTERNATIONAL MONETARY SYSTEM: ORDER OR DISORDER?
36. EXCHANGE RATES AND THE MACROECONOMY
IX. The Economy Today
37. CONTEMPORARY ISSUES IN THE U.S. ECONOMY

• William J. Baumol

  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 was professor of economics at New York University and senior research economist and professor emeritus at Princeton University. He was 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 was former president of the American Economic Association and three other professional societies. Dr. Baumol served as an elected member of the National Academy of Sciences, created by the U.S. Congress, as well as a member of the American Philosophical Society, founded by Benjamin Franklin. Dr. Baumol authored 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

  Alan S. Blinder earned his B.A. at Princeton University, his M.A. at the London School of Economics and his Ph.D. at MIT. He teaches at Princeton University and most recently authored ADVICE AND DISSENT (Basic Books, 2018), which is about the very different worldviews of economists and politicians—and the consequences of that clash. 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.

• John L. Solow

  John L. Solow received his B.A. from Yale University and his M.A. and Ph.D. from Stanford University. He is Professor of Economics at the University of Iowa. Dr. Solow has published articles in the areas of industrial organization, sports economics and energy economics, and his research interests include antitrust law and economics sports economics and public policy. He has worked at the Federal Energy Administration and the Electric Power Research Institute. In addition, he has served as a consultant to the U.S. Departments of Energy and Justice, Mid-American Energy, Qwest Telecommunications and numerous law firms. Dr. Solow has also been a visiting scholar at Stanford University, the University of Auckland in New Zealand and Monash University in Australia.

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• *NEW* CLOSING CHAPTER Students finish this edition with a new chapter that emphasizes the relevance and impact of the principles students are studying. The chapter carefully examines today's most recent economic developments and issues within the United States.

• *NEW* “Issue” and “Policy Debate” boxes draw special attention to and discuss the December 2017 tax reform act and President Trump’s international trade policies.

• *NEW* Data as recent as 2018 was woven throughout the chapters to reflect the most recent developments even as this book went to press.

• *NEW* Updates throughout this new edition emphasize the latest information on the federal budget deficit and the political battles related to it, including the recent fight over the national debt ceiling.

• *NEW* material and revisions in this edition emphasize the recent behavior of today's U.S. dollar and how this behavior relates to economic principles and impacts economics today.

• UPDATED, This edition provides timely, intriguing "Policy Debate" boxes that bring chapter topics to life while opening the way for dynamic classroom discussion.

• Each chapter ends with a clear summary and provides key concepts and terms as well as questions and problems for review to help students complete homework and prepare for exams

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• The "Beyond the Final Exam" feature is introduced in Chapter 1 and is integrated throughout this edition to reinforce important concepts and help students prepare for exams. Engaging ideas capture students' attention and keep their interest as they review and study.

• Engaging Chapter Openers bring economics into students' everyday lives or reference current events they've read about in today's media. A chapter-opening economic problem is revisited within the body of the chapter, clearly illustrating how the professionals can address the challenge using the chapter's theoretical tools and concepts.

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