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Principles of Economics

By: 
John B. Taylor and Akila Weerapana
Version: 
8.0
Published: 
July 2017
Page Count: 
728
Online Access Price: 
$39.95
Full Color Book + Online Access Price: 
$74.95
ISBN: 
978-1-4533-8450-3

This textbook is suitable for the following courses: Introductory Economics and Principles of Economics.

This market-leading textbook presents modern economics in a form that’s intuitive, relevant, and memorable to students with no prior exposure to the subject. Taylor and Weerapana have recent and extensive classroom-based experiences, which is seen through their engaging real-world examples. The textbook provides clear explanations of why markets are efficient when the incentives are right and inefficient when the incentives are wrong; and outlines examples of economics choices that students actually face. Version 8.0 gives special attention to key policy questions about the role of the government that are being debated today. This volume encompasses both macroeconomics and microeconomics.

New in This Version:
  • Now published by FlatWorld at an affordable price in print and digital formats suited to today’s students.
  • Incorporates discussion of new monetary developments since 2011, including QE3, taper, raising of interest rates and the move to negative interest rates in some countries.
  • Covers the debate about whether the Fed is unwinding its extraordinary policy measures at an appropriate pace, as well as whether the fiscal policy measures implemented in the 2008/9 recession worked, based on academic studies.
  • Discusses labor market developments, including the fall in unemployment rates, slow improvement in the employment to population ratios, and the falling labor force participation rate for men.
  • Expands the discussion of productivity slowdown, including Robert Gordon’s claim that economic headwinds will keep U.S. productivity growth low in the foreseeable future.
  • Stimulating vignettes at the beginning of each chapter.
  • Carefully selected, revised and tested problems at the end of every chapter and appendix for the reader to work out.
  • Questions for review appear at the end of every chapter. Definitions of key terms appear in the margins or hyperlinked online.
  • Customizable.
John b taylor

John B. Taylor Stanford University

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. 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 Ph.D. from Stanford and taught at Columbia, Yale, and Princeton before returning to Stanford.
Akila weerapana

Akila Weerapana Wellesley College

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. He received his Ph.D. 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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