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Cover of Principles of Economics v10.0
Published: 
October 2023
Page Count: 
926
ISBN (Digital): 
978-1-4533-4129-2

Principles of Economics

Version 10.0
By John B. Taylor and Akila Weerapana

Key Features

  • Over 140 hyperlinks to brief streaming video lectures scripted and recorded by John Taylor. These videos align with the narrative to introduce, explain, and illustrate key economic concepts. They enrich online courses, engage students, and reinforce or augment many of the presented topics
  • Stimulating vignettes begin each chapter and resonate with readers
  • Crisp, clean, and conversational writing style holds students' interest
  • Quickly establishes clear understandings of fundamental topics such as competitive markets, equilibrium and market efficiency, and the policy implications of business cycles
  • Clear and well-crafted graphs, tables, and summaries make it easy to read and understand key data
  • Many graphs are hyperlinked to the underlying Federal Reserve Economic Data (FRED) source. Students can become familiar with manipulating data and easily link to the most updated data for each graph
  • Chapter-end reading assignments based on real-life cases are contemporary and compelling
  • Carefully selected, revised, and tested problems at the end of every chapter are grounded in real-world situations
  • Key Term definitions appear in the margins and are hyperlinked online
  • Customizable

Educators

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Students

Online Access Price:  $49.95 Color Printed Textbook with Online Access Price:  $84.95
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Principles of Economics is suitable for introductory economics courses usually called principles of economics, economics principles, introductory economics, or similar titles, taught primarily at the undergraduate level at two- and four-year colleges and universities. The course may also be taught at the MBA level. This full-length volume encompasses both microeconomics and macroeconomics and is typically used in a full-year sequence. Separate volumes of this book titled Principles of Microeconomics and Principles of Macroeconomics are available for semester- or quarter-long courses.

Principles of Economics is co-written by two master teachers, one of whom is a globally recognized policy expert and eminent scholar. This highly regarded textbook features a remarkably accessible presentation grounded in the central idea of economics: that people make purposeful choices with scarce resources and interact with others when they make these choices. The text provides engagingly simple and precise descriptions of why markets are efficient when the incentives are right and inefficient when the incentives are wrong. In addition to their impeccable credentials, both authors possess recent and extensive classroom-based experiences. Their many interactions with today’s learners give rise to authentic, real-world examples that enliven the book’s narrative and readily connect with students.

New in This Version

  • All macroeconomic data and charts have been updated to at least the end of 2022, and in some cases to the first quarter of 2023
  • Captures the ongoing resolution of uncertainty generated by the peak of the COVID-19 global pandemic. Places the pandemic into proper context of several other key macroeconomic disruptions to the U.S. and global economies over the past fifty years
  • New section with a double-auction simulation enables students to better understand how the interactions of firms and individuals can allocate goods and determine equilibrium prices (Chapter 7) 
  • New section on monopsony markets reflects recent scholarship on the real-world impact of minimum wage hikes. Presents an alternative view of the impact of minimum wages when the firms who demand labor have market power. Complements discussions of monopoly power in which the sellers of goods and services have market power. In both cases, a regulated price, such as a minimum wage, can have very different welfare effects than in a competitive market (Chapter 13)
  • The previous version’s Chapter 28 on global economic growth is now Chapter 22 to more logically follow Chapter 21 on productivity and economic growth
  • Fully revamped discussion of how the Federal Reserve conducts monetary policy. Instead of focusing on bank-by-bank deposit expansion, the chapter now discusses how the Fed uses the interest rate on reserve balances to move the federal funds rate to its desired target rate (Chapter 23)
  • Presents an analysis of the return of high inflation to the U.S. economy in 2021 and 2022 using the economic fluctuations model. Illustrates how policy responses to the pandemic, and the pandemic itself, could have contributed to the subsequent rise in inflation (Chapter 26)
  • Updated discussion of the different fiscal interventions that recent presidential administrations put in place to help the economy recover from the pandemic-related shutdowns and disruptions (Chapter 27)
  • De-emphasizes the discussion of money demand. Focuses instead on how the Fed used QE during the pandemic. Describes the challenges the Fed faced post-pandemic unwinding those interventions, reducing the size of its balance sheet, and raising the federal funds rate well above zero to address inflation (Chapter 28)
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Instructor’s Manual

Instructor’s Manual

The Instructor’s Manual guides you through the main concepts of each chapter and important elements such as learning objectives, key terms, and key takeaways. Can include answers to chapter exercises, group activity suggestions, and discussion questions.

Instructor’s Manual

PowerPoint Lecture Notes

PowerPoint Lecture Notes

A PowerPoint presentation highlighting key learning objectives and the main concepts for each chapter are available for you to use in your classroom. You can either cut and paste sections or use the presentation as a whole.

PowerPoint Lecture Notes

Test Generator - powered by Cognero

Test Generator - powered by Cognero

FlatWorld has partnered with Cognero, a leading online assessment system, that allows you to create printable tests from FlatWorld provided content.

Test Bank Files for Import to Learning Management Systems

Test Bank Files for Import to Learning Management Systems

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Test Item File

Test Item File

Need assistance in supplementing your quizzes and tests? Our test-item files (in Word format) contain many multiple-choice, fill-in-the-blank, and short-answer questions.

Sample Syllabi

Sample Syllabi

Sample syllabi provide useful templates to help new faculty adopters revise their teaching plans to match their assigned FlatWorld textbook or lend insights to existing adopters on how to organize their classes.

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John B. Taylor Stanford University

John B. Taylor (PhD Stanford University) 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. 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. Taylor has had an active career in public service, including 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 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 PhD from Stanford and taught at Columbia, Yale, and Princeton before returning to Stanford.

Akila Weerapana Wellesley College

Akila Weerapana (PhD Stanford) is a 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. He received his PhD in Economics from Stanford in 1999, writing his dissertation on monetary economics under the mentorship of John Taylor. Since then, Professor Weerapana has taught in the Economics Department at Wellesley College. His teaching interests span all levels of the department’s curriculum, including introductory and intermediate macroeconomics, international finance, monetary economics, and mathematical economics. He was awarded Wellesley’s Pinanski Prize for Excellence in Teaching in 2002. He also enjoys working with thesis students. In addition to teaching, Professor Weerapana has research interests in macroeconomics, specifically in the areas of monetary economics, international finance, and political economy.

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