Principles Of Economics, Global 14th Edition

Description

By (author) Case, Karl E.; By (author) Fair, Ray C.; By (author) Oster, Sharon E.

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All-time bestselling Principles of Economics is trusted for its clear, thorough and complete coverage of how market economies function. Covering both macro- and microeconomics perspectives, it balances economic theory, institutional material and real-world examples, with emphasis on the art and science of economic thinking.

The 14th Edition features streamlined chapters, revised problems and all-new macro data through 2023. It adds 23 new Economics in Practice boxes with recent research and analysis, such as the impact of the COVID-19 pandemic on supply chains. In MyLab, new Economics in Practice videos featuring Emily Oster make economics relevant and relatable, while equipping you for success.

Table of contents:
PART 1: INTRODUCTION TO ECONOMICS

1. The Scope and Method of Economics
2. The Economic Problem: Scarcity and Choice
3. Demand, Supply, and Market Equilibrium
4. Demand and Supply Applications
5. Elasticity

PART 2: THE MARKET SYSTEM

1. Household Behavior and Consumer Choice
2. The Production Process: The Behavior of Profit-Maximizing Firms
3. Short-Run Costs and Output Decisions
4. Long-Run Costs and Output Decisions
5. Input Demand: The Labor and Land Markets
6. Input Demand: The Capital Market and the Investment Decision
7. General Equilibrium and the Efficiency of Perfect Competition

PART 3: MARKET IMPERFECTIONS AND THE ROLE OF GOVERNMENT

1. Monopoly and Antitrust Policy
2. Oligopoly
3. Monopolistic Competition
4. Externalities, Public Goods, and Common Resources
5. Uncertainty and Asymmetric Information
6. Income Distribution and Poverty
7. Public Finance: The Economics of Taxation

PART 4: CONCEPTS AND PROBLEMS IN MACROECONOMICS

1. Introduction to Macroeconomics
2. Measuring National Output and National Income
3. Unemployment, Inflation, and Long-Run Growth

PART 5: THE CORE OF MACROECONOMIC THEORY

1. Aggregate Expenditure and Equilibrium Output
2. The Government and Fiscal Policy
3. Money, the Federal Reserve, and the Interest Rate
4. The Determination of Aggregate Output, the Price Level, and the Interest Rate
5. Policy Effects and Cost Shocks in the AS/AD Model
6. The Labor Market in the Macroeconomy

PART 6: FURTHER MACROECONOMICS ISSUES

1. Financial Crises, Stabilization, and Deficits
2. Household and Firm Behavior in the Macroeconomy: A Further Look
3. Long-Run Growth
4. Alternative Views in Macroeconomics

PART 7: THE WORLD ECONOMY

1. International Trade, Comparative Advantage, and Protectionism
2. Open-Economy Macroeconomics: The Balance of Payments and Exchange Rates
3. Economic Growth in Developing Economies

PART 8: METHODOLOGY

1. Critical Thinking about Research

Biographical note:
About our authors

Karl E. Case, who passed away in July 2016, was a Professor of Economics Emeritus at Wellesley College, where he taught for 34 years, serving several tours of duty as Department Chair. He was a Senior Fellow at the Joint Center for Housing Studies at Harvard University and a founding partner in the real estate research firm of Fiserv Case Shiller Weiss, which produces the S&P Case-Shiller Index of home prices. He served as a member of the Index Advisory Committee of Standard and Poor’s, and on the Academic Advisory Board of the Federal Reserve Bank of Boston.

Professor Case received his BA from Miami University in 1968, spent three years on active duty in the Army and received his PhD in Economics from Harvard University in 1976.

Professor Case’s research was in the areas of real estate, housing and public finance. He authored