Economics, 1e
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. Three key principles — optimization, equilibrium and empiricism — lie at the heart of the authors’ approach. Chapters 1–4 introduce these key themes and lay the groundwork for understanding the economic way of thinking about the world.
- Optimization. The first principle — that people try to choose the best available option — is optimization. Economists believe that optimization explains most choices people make, including minor decisions like deciding whether to eat a cheeseburger and major decisions like deciding whom to date or marry. When people fail to optimize perfectly, economic reasoning can be used to analyse the mistake and to suggest a better course of action.
- Equilibrium. Economic systems tend toward equilibrium, wherein each economic actor feels that he or she cannot do any better by picking another course of action. This principle highlights the connections among economic actors and their choices. In a state of equilibrium, consumers and purveyors of goods and services are simultaneously optimizing and their behaviours are consequently intertwined.
- Empiricism. While the first two key principles are conceptual, the third is methodological. Economists use data to test economic theories, learn about the world and speak to policymakers. The emphasis on matching theories with real-world data to answer specific questions helps to show students the evidence behind the theory, making economics concrete, interesting and fun.
I. Introduction to Economics
- The Principles and Practice of Economics
- Economic Methods and Economic Questions
- Optimization: Doing the Best You Can
- Demand, Supply and Equilibrium II. Foundations of Microeconomics
- Consumers and Incentives
- Sellers and Incentives
- Perfect Competition and the Invisible Hand
- Trade
- Externalities and Public Goods
- The Government in the Economy: Taxation and Regulation
- Markets for Factors of Production III. Market Structure
- Monopoly
- Game Theory and Strategic Play
- Oligopoly and Monopolistic Competition IV. Extending the Microeconomic Toolbox
- Trade-offs Involving Time and Risk
- The Economics of Information
- Auctions and Bargaining
- Social Economics V. Introduction to Macroeconomics
- The Wealth of Nations: Defining and Measuring Macroeconomic Aggregates
- Aggregate Incomes VI. Long-Run Growth and Development
- Economic Growth
- Why Isn't the Whole World Developed? VII. Equilibrium in the Macro economy
- Employment and Unemployment
- Credit Markets
- The Monetary System VIII. Short-Run Fluctuations and Macroeconomic Policy
- Short-run Fluctuations
- Countercyclical Macroeconomic Policy IX. Macroeconomics in a Global Economy
- Macroeconomics and International Trade
- Open Economy Macroeconomics.
| Book | |
|---|---|
| Author | Acemoglu |
| Pages | 792 |
| Year | 2019 |
| ISBN | 9789353439927 |
| Publisher | Pearson |
| Language | English |
| Uncategorized | |
| Edition | 1/e |
| Weight | 1 kg |
| Dimensions | 20.3 x 25.4 x 4.7 cm |
| Binding | Paperback |