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This thoroughly updated new edition of this title draws on a wealth of captivating applications to show readers how economics shed light on business, politics, world affairs, and everyday life.
Engaging authors, unbiased presentations of essential ideas, and a knack for revealing the 'invisible hand' of economics at work inform the thoroughly updated new edition of Modern Principles, drawing on a wealth of captivating applications to show readers how economics shed light on business, politics, world affairs, and everyday life.
From the authors: There's a common view that "all micro texts are the same," but we believe that innovation is possible! We offer a whole chapter on incentive design, with many business and real world applications from choosing salaries or piece rates to setting up an ideal tournament. Business applications are also extensive in our chapter on price discrimination, which covers tying and bundling as well as direct price discrimination. We cover political economy extensively and also have a whole chapter on normative judgments; it covers the assumptions behind cost-benefit analysis, the idea of a Pareto improvement, and the different ethical judgments that have been used to praise or condemn economic reasoning. We knew that our efforts to reflect modern microeconomics would be wasted if we reached only a small percentage of the students. We had to make the material simpler, more compelling, and more intuitive. We had to bring economic reasoning to life. We also knew that we were writing for a generation that doesn't always have the patience for slow delivery. We had to get to the point. Those are just some of the reasons why we call our text Modern Principles: Microeconomics. We have taken modern advances in economics and we have integrated them throughout the text. We are unabashedly enthusiastic about economics and we work hard to enthuse students with the economic way of thinking so that they too internalize it for the rest of their lives. We hope you will see that this text provides the best coverage of what it means to think like an economist.
Engaging and provocative writing, as well as a knack for revealing the “invisible hand” of economics at work have made Cowen and Tabarrok’s Modern Principles of Economics a singularly distinctive and effective textbook for the principles course. The thoroughly updated new edition of Modern Principles again draws on a wealth of captivating applications to show readers how economics shed light on business, politics, world affairs, and everyday life just as the authors do in their wildly successful blog, marginalrevolution.com.
In a world full of economics blogs, Cowen and Tabarrok’s Marginal Revolution (http://marginalrevolution.com/) is one of the Web’s most popular and respected. The same qualities that make the blog so distinctive are also behind the success of Modern Principles of Economics—engaging authors, unbiased presentations of essential ideas, and a knack for revealing the “invisible hand” of economics at work. The thoroughly updated new edition of Modern Principles again draws on a wealth of captivating applications to show readers how economics shed light on business, politics, world affairs, and everyday life. Changes to the second edition include: • New chapter on Consumer Choice, which uses indifference curves • New separate chapter on Taxes and Subsidies, with a new introduction and new coverage of wage subsidies • Coverage of Costs (Ch. 11) and Competition (Ch. 12) split into separate chapters • New separate chapter on The Economics of Network Goods (Ch. 16), including coverage of contestable markets • Increased coverage of oligopolies and new coverage of monopolistic competition (Ch. 15, Cartels, Oligopolies, and Monopolistic Competition) • New coverage of bubbles (Ch. 22, Stock Markets and Personal Finance) Stay connected: "Like" Modern Principles of Economics on Facebook: http://www.facebook.com/ModernPrinciples