ISBN 9780070618299,Principles Of Economics

Principles Of Economics



Tata Mcgraw Hill Education Private Limited

Publication Year 2005

ISBN 9780070618299

ISBN-10 0070618291


Edition 3rd
Number of Pages 984 Pages
Language (English)


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 recent editions of a few other texts have paid lip service to this new approach, Frank/Bernanke is by far the best thought out and 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 well-articulated short list of core principles and reinforcing them by illustrating and applying each in numerous contexts. Students are periodically asked to apply these principles to answer related questions and exercises. Salient Features: NEW Expanded Discussion of Macroeconomic Policy. NEW More Patient Presentation of Models: In Chapter 26 we explain the effects of tax cuts on planned aggregate expenditure more carefully. NEW Expanded Discussion of Supply-Side Economics: Most economists agree that changes in marginal tax rates can affect both aggregate demand and aggregate supply, but they disagree on the size of the effects NEW Greater Attention to Asset Prices: In Chapter 21 we provide a clearer explanation of the inverse relationship between bond prices and interest rates NEW Simpler Presentation of Exchange Rates: We use supply and demand curves to illustrate the determination of nominal exchange rates before we introduce the real exchange rate and purchasing-power-parity.