Economics

Preparing link to download Please wait... Download

E-Book Overview

When it comes to explaining current economic conditions, there is no economist readers trust more than New York Times columnist and Nobel laureate Paul Krugman. Term after term, Krugman is earning that same level of trust in the classroom, with more and more instructors introducing students to the fundamental principles of economics via Krugman’s signature storytelling style. The new Third Edition of Paul Krugman and Robin Wells’s Economics is their most accomplished yet—extensively updated to offer new examples and stories, new case studies from the business world, and expert coverage of the ongoing financial crisis.

E-Book Information

  • Year: 2,012

  • Edition: 3rd

  • Pages: 1,200

  • Pages In File: 1,158

  • Language: English

  • Topic: 305

  • Library: Avaxhome

  • Identifier: 1429251638,9781429251631

  • Org File Size: 37,121,085

  • Extension: pdf

  • Tags: Финансово-экономические дисциплины Экономика

  • Toc: Cover Page......Page 1Title Page......Page 5Copyright......Page 6Dedication......Page 7ABOUT THE AUTHORS......Page 9BRIEF CONTENTS......Page 11CONTENTS......Page 13Preface......Page 27ANY GIVEN SUNDAY......Page 51The Invisible Hand......Page 52Good Times, Bad Times......Page 53In Engine for Discovery......Page 54COMMON GROUND......Page 55Principle #1: Choices are necessary because resources are scarce......Page 56Principle #2: The true cost of something is its opportunity cost......Page 57Principle #3: “How much” is a decision at the margin......Page 58Principle #4: People usually respond to incentives, exploiting opportunities to make themselves better off......Page 59ECONOMICS IN ACTION Boy or Girl? It Depends on the Cost......Page 60Interaction: How Economies Work......Page 61Principle #5: There are gains from trade......Page 62Principle #6: Markets move toward equilibrium......Page 63Principle #7: Resources should be used efficiently to achieve society’s goals......Page 64Principle #8: Markets usually lead to efficiency......Page 65Principle #9: When markets don’t achieve efficiency, government intervention can improve society’s welfare......Page 66ECONOMICS IN ACTION Restoring Equilibrium on the Freeways......Page 67Principle #11: Overall spending sometimes gets out of line with the economy’s productive capacity......Page 68ECONOMICS IN ACTION Adventures in Babysitting......Page 69BUSINESS CASE: How Priceline.com Revolutionized the Travel Industry......Page 71FROM KITTY HAWK TO DREAMLINER......Page 75Models in Economics: Some Important Examples......Page 76Trade-offs: The production possibility frontier......Page 77Comparative advantage and gains from trade......Page 83Comparative advantage and international trade, in reality......Page 86Transactions: The circular-flow diagram......Page 87ECONOMICS IN ACTION Rich Nation, Poor Nation......Page 89Positive versus normative economics......Page 90When and why economists disagree......Page 91ECONOMICS