Last edition Elsevier An evidence-based approach to economics. Throughout Economics, authors Daron Acemoglu, David Laibson, and John List use real economic questions and data to help students learn about the world around them. Taking a fresh approach, the authors use the themes of optimization, equilibrium and empiricism to illustrate the power of simple economic ideas, and their ability to explain, predict, and improve what happens in the world. Each chapter begins with an empirical question that is later answered using data in the Evidence-Based Economics feature. As a result of the text’s practical emphasis, students will learn to apply economic principles to guide the decisions they make in their own lives.
Previous Edition
ISBN 13: 9781292079202
Imprint: Pearson Education Limited
Language: English
Authors: Daron Acemoglu
Pub Date: 06/2015
Pages: 792
Illus: Illustrated
Weight: 1,536.00 grams
Size: h 216 x 276 mm
Product Type: Softcover
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- • A comprehensive treatment of Growth and Development. Chapter 7, Economic Growth, shows how economic growth has transformed many countries over the past 200 years. A simplified version of the Solow Model is in an optional appendix for instructors who want a more in-depth treatment. Chapter 8 explores why the whole world isn’t economically developed and considers fundamental causes of prosperity.
- • Three key markets that play a central role in macro analysis. Chapter 9 begins with the labor market, competitive equilibrium, and how imperfectly flexible wages lead to unemployment. Chapter 10 extends the analysis by incorporating the credit market, and Chapter 11 introduces the monetary system and the market for bank reserves.
- • A modern framework to analyze and explain short-run fluctuations. The authors’ approach is inclusive and integrative, utilizing the most relevant and useful insights from many different schools of economic thought. The labor market and unemployment are at the center of the analysis, as the authors believe that the labor market is the most informative lens through which beginning economics students can understand economic fluctuations. In this part of the book, the discussion extends to the role of financial markets and financial crises. Chapter 12 lays the foundation of the approach, showing how a wide range of economic shocks causes short-run fluctuations and how a model of fluctuations can be constructed using the labor market. Chapter 13 discusses the monetary and fiscal policies utilized to partially offset aggregate fluctuations.
- • A view of the global economy. Chapter 14 shows how international trade works using the concepts of specialization, comparative advantage, and opportunity cost. Chapter 15 studies how exchange rates are determined, how the foreign exchange market operates, and how changes in the real exchange rate impact the macroeconomy.
- Daron Acemoglu is best known for his work on political economy. He has authored hundreds of papers, many of which are co-authored with his long-time collaborators Simon Johnson and James A. Robinson. With Robinson, he authored Economic Origins of Dictatorship and Democracy (2006) and Why Nations Fail (2012).
- I. Introduction to Economics
- 1. The Principles and Practice of Economics 2. Economic Methods and Economic Questions 3. Optimization: Doing the Best You Can 4. Demand, Supply, and Equilibrium
- II. Foundations of Microeconomics
- 5. Consumers and Incentives 6. Sellers and Incentives 7. Perfect Competition and the Invisible Hand 8. Trade 9. Externalities and Public Goods 10. The Government in the Economy: Taxation and Regulation 11. Markets for Factors of Production
- III. Market Structure
- 12. Monopoly 13. Game Theory and Strategic Play 14. Oligopoly and Monopolistic Competition
- IV. Extending the Microeconomic Toolbox
- 15. Trade-offs Involving Time and Risk 16. The Economics of Information 17. Auctions and Bargaining 18. Social Economics
- V. Introduction to Macroeconomics
- 19. The Wealth of Nations: Defining and Measuring Macroeconomic Aggregates 20. Aggregate Incomes
- VI. Long-Run Growth and Development
- 21. Economic Growth 22. Why Isn't the Whole World Developed?
- VII. Equilibrium in the Macroeconomy
- 23. Employment and Unemployment 24. Credit Markets 25. The Monetary System
- VIII. Short-Run Fluctuations and Macroeconomic Policy
- 26. Short-run Fluctuations 27. Countercyclical Macroeconomic Policy
- IX. Macroeconomics in a Global Economy
- 28. Macroeconomics and International Trade 29. Open Economy Macroeconomics
- Web Chapter 1. Financial Decision Making Web Chapter 2. Economics of Life, Health, and the Environment Web Chapter 3. Political Economy
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