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Full Description
Avoiding excessive reliance on formal mathematical derivations, "Frank and Bernanke 2e" presents concepts intuitively through examples drawn from familiar contexts. The authors introduce a well-articulated short list of core principles and reinforce them by illustrating and applying each in numerous contexts. Students are periodically asked to apply these principles to answer related questions and exercises. The text also encourages students to become "Economic Naturalists," people who employ basic economic principles to understand and explain what they observe in the world around them. An economic naturalist understands, for example, that infant safety seats are required in cars but not in airplanes because the marginal cost of space to accommodate these seats is typically zero in cars but often hundreds of dollars in airplanes. Such examples engage student interest while teaching them to see each feature of their economic landscape as the reflection of an implicit or explicit cost-benefit calculation.
Contents
Part 1 Introduction 1. Thinking Like an Economist 2. Comparative Advantage: The Basis for Exchange 3. Supply and Demand: An Introduction Part 2 Competition and the Invisible Hand 4. Elasticity 5. Demand: The Benefit Side of the Market 6. Perfectly Competitive Supply: The Cost Side of the Market 7. Efficiency and Exchange 8. The Quest for Profit and the Invisible Hand 9. International Trade Part 3 Market Imperfections 10. Monopoly and Other Forms of Imperfect Competition 11. Thinking Strategically: A Further Look at Monopolistic Competition and Oligopoly 12. Externalities and Property Rights 13. The Economics of Information Part 4 Economics of Public Policy 14. Labor Markets, Poverty, and Income Distribution 15. The Environment, Health, and Safety 16. Public Goods and Tax Policy Part 5 Macroeconomics: Issues and Data 17. Macroeconomics: The Bird's-Eye View of the Economy 18. Measuring Economic Activity: GDP and Unemployment 19. Measuring the Price Level and Inflation Part 6 The Economy in the Long Run 20. Economic Growth, Productivity, and Living Standards 21. Workers, Wages, and Unemployment in the Modern Economy 22. Saving and Capital Formation 23. Money and the Federal Reserve 24. Financial Markets and International Capital Flow Part 7 The Economy in the Short Run 25. Short-term Economic Fluctuations: An Introduction 26. Spending Output in the Short Run 27. Stabilizing the Economy: The Role of the Fed 28. Inflation, Aggregate Supply, and Aggregate Demand 29. The Practice and Pitfalls of Macroeconomic Policy Part 8 The International Economy 30. Exchange Rates and the Open Economy
