E-Book Overview
Popular for its coverage of modern policy issues, this clearly written text was the first to discuss long-run (macro) fundamentals before exploring short-term economic fluctuations. The Sixth Edition maintains the text's modern approach with concise yet thorough coverage of current economic theories. New co-author Akila Weerapana brings attention to the needs of today's students by thoroughly refreshing examples, applications, and end-of-chapter problems throughout the text. Streamlined content and pedagogy and the simplification of advanced topics make the material more accessible. Chapter 3, for example, now focuses solely on supply, demand, and market equilibrium, and boxed features have been realigned to maximize accessibility. John B. Taylor's recent service as Undersecretary of the Treasury for International Affairs strengthens the text's focus on policy issues and the international sector. Proven pedagogy includes Taylor/Weerapana's trademark Conversation boxes, providing students with succinct, step-by-step guidance through particularly difficult concepts.
E-Book Content
PRINCIPLES OF Microeconomics About the Authors John B. Taylor is one of the field’s most inspiring teachers. As the Raymond Professor of Economics at Stanford University, his distinctive instructional methods have made him a legend among introductory economics students and have won him both the Hoagland and Rhodes prizes for teaching excellence. As described by the Wall Street Journal, Taylor’s “sober appearance . . . belies a somewhat zany teaching style.” Few of his students forget how he first illustrated a shift of the demand curve (by dressing up as a California raisin and dancing to “Heard It Through the Grapevine”), or how he proved that the supply and demand model actually works (by having student buyers and sellers call out live bids to him in the classroom). It is this gift for clear explanations and memorable illustrations that makes his textbook so useful to students around the country. Professor Taylor is also widely recognized for his research on the foundations of modern monetary theory and policy. One of his well-known research contributions is a rule—now widely called the Taylor Rule—used at central banks around the world. U.S. News and World Report wrote about his rule, “Amaze Your Friends! Predict the Fed’s Next Move!” His latest research focuses on international monetary policy. Taylor has had an active career in public service, recently completing a four-year stint as the head of the International Affairs division at the United States Treasury, where he had responsibility for currency policy, international debt, and oversight of the International Monetary Fund and the World Bank and worked closely with leaders and policymakers from countries throughout the world. He has also served as economic adviser to the governor of his state (California), to the U.S. Congressional Budget Office, and to the President of the United States and has served on several boards and as a consultant to private industry. Professor Taylor began his career at Princeton, where he graduated with highest honors in economics. He then received his Ph.D. from Stanford and taught at Columbia, Yale, and Princeton before returning to Stanford. Akila Weerapana is an Associate Professor of Economics at Wellesley College. He was born and raised in Sri Lanka and came to the United States to do his undergraduate work at Oberlin College, where he earned a B.A. with highest honors in Economics and Computer Science in 1994. Inspired by his professors at Oberlin, he went on to graduate school at Stanford University. He received his Ph.D. in Economics from Stanford in 1999, writing his dissertation on monetary economics under the mentorship of John Taylor. Having taught several classes at Stanford while he was a graduate student, Akila was determined to