E-Book Overview
In recent years, innovative texts in mathematics, science, foreign languages, and other fields have achieved dramatic pedagogical gains by abandoning the traditional encyclopedic approach in favor of attempting to teach a short list of core principles in depth. Two well-respected writers and researchers, Bob Frank and Ben Bernanke, have shown that the less-is-more approach affords similar gains in introductory economics. Although a few other texts have paid lip service to this new approach, Frank/Bernanke is by far the best throughout, and the best executed principles text in this mold. Avoiding excessive reliance on formal mathematical derivations, it presents concepts intuitively through examples drawn from familiar contexts. The authors introduce a coherent short list of core principles and reinforce them by illustrating and applying each in numerous contexts. Students are periodically asked to apply these principles and to answer related questions and exercises. Frank/Bernanke also encourages students to become “Economic Naturalists,” by employing 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.
E-Book Content
The Seven Core Principles Scarcity: Having more of one good thing usually means having less of another. Incentives Matter: Comparing cost-benefit analyses enables us to predict actual decisions people make. Increasing Opportunity Cost: Resources with the lowest opportunity cost should be used before turning to those with higher opportunity costs. Equilibrium: A market in equilibrium leaves no unexploited opportunities for individuals but may not exploit all gains achievable through collective action. www.mhhe.com/fb4e.com ISBN 978-0-07-336266-3 MHID 0-07-336266-2 90000 9 780073 362663 www.mhhe.com ECONOMICS Fourth Edition Frank Bernanke Efficiency: When the economic pie grows larger through efficiency, everyone can have a larger slice. PRINCIPLES OF MICRO MD DALIM #974702 7/21/08 CYAN MAG YELO BLK Comparative Advantage: Everyone does best if they concentrate on their relatively most productive activity. Fourth Edition MICRO ECONOMICS Cost-Benefit Analysis: No action should be taken unless the marginal benefit is as great as the marginal cost. Media Integrated iPod® Content Available PRINCIPLES OF Students need the ability to understand and evaluate our changing economy. Principles of Microeconomics, by Robert H. Frank and Ben S. Bernanke, provides students with the tools necessary to analyze current economic problems. By eliminating overwhelming detail and focusing on Seven Core Principles, the Fourth Edition helps students achieve a deep mastery of what is essential to understanding economics. Robert H. Frank Ben S. Bernanke fra62662_fm_i-xxxii 7/12/08 8:55PM Page i ntt 204:MHBR030:mhfra4_Main(Micro):fra4fm: PRINCIPLES OF MICROECONOMICS Fourth Edition fra62662_fm_i-xxxii 18/7/08 1:05 PM Page ii VK TeamA:Desktop Folder:TEMPWORK:July:18/07/08:MHBR030: THE MCGRAW-HILL SERIES IN ECONOMICS ESSENTIALS OF ECONOMICS ECONOMICS OF SOCIAL ISSUES MONEY AND BANKING Brue, McConnell, and Flynn Essentials of Economics Second Edition Guell Issues in Economics Today Fourth Edition Mandel Economics: The Basics First Edi