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Principles of Economics, 3rd Edition
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2007.03.16
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■ Principles of Economics + DiscoverEcon code card, 3rd Edition ■ Authors : Frank(코넬대학),Bernanke(연방준비제도이사회 의장) 공저 ■ Copyright : 2007 / McGraw-Hill ■ 901Page ■ 정가 36,000원 ■ ISBN 9780071108157
■ Description 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. The text also encourages students to become “Economic Naturalists,” people who employ basic economic principles to understand and explain what they observe in the world around them. An economic naturalist understands, for example, that infant safety seats are required in cars but not in airplanes because the marginal cost of space to accommodate these seats is typically zero in cars but often hundreds of dollars in airplanes. Such examples engage student interest while teaching them to see each feature of their economic landscape as the reflection of an implicit or explicit cost-benefit calculation. ■ Table of Contents Part 1 Introduction 1. Thinking Like an Economist 2. Comparative Advantage: The Basis for Exchange 3. Supply and Demand: An Introduction Part 2 Competition and the Invisible Hand 4. Elasticity 5. Demand: The Benefit Side of the Market 6. Perfectly Competitive Supply: The Cost Side of the Market 7. Efficiency and Exchange 8. The Quest for Profit and the Invisible Hand 9. International Trade Part 3 Market Imperfections 10. Monopoly and Other Forms of Imperfect Competition 11. Thinking Strategically: A Further Look at Monopolistic Competition and Oligopoly 12. Externalities and Property Rights 13. The Economics of Information Part 4 Economics of Public Policy 14. Labor Markets, Poverty, and Income Distribution 15. The Environment, Health, and Safety 16. Public Goods and Tax Policy Part 5 Macroeconomics: Issues and Data 17. Macroeconomics: The Bird’s-Eye View of the Economy 18. Measuring Economic Activity: GDP and Unemployment 19. Measuring the Price Level and Inflation Part 6 The Economy in the Long Run 20. Economic Growth, Productivity, and Living Standards 21. Workers, Wages, and Unemployment in the Modern Economy 22. Saving and Capital Formation 23. Money and the Federal Reserve 24. Financial Markets and International Capital Flow Part 7 The Economy in the Short Run 25. Short-term Economic Fluctuations: An Introduction 26. Spending Output in the Short Run 27. Stabilizing the Economy: The Role of the Fed 28. Inflation, Aggregate Supply, and Aggregate Demand 29. The Practice and Pitfalls of Macroeconomic Policy Part 8 The International Economy 30. Exchange Rates and the Open Economy ■ About the Authors ● Robert H. Frank received his B.S. in mathematics from Georgia Tech in 1966, then taught math and science for two years as a Peace Corps Volunteer in rural Nepal. He received his M.A. in statistics from the University of California at Berkeley in 1971, and his Ph.D. in economics in 1972, also from U.C. Berkeley. He is the Goldwin Smith Professor of Economics at Cornell University, where he has taught since 1972 and where he currently holds a joint appointment in the department of economics and the Johnson Graduate School of Management. During leaves of absence from Cornell, he served as chief economist for the Civil Aeronautics Board from 1978 to 1980 and was a Fellow at the Center for Advanced Study in the Behavioral Sciences in 1992-93. He has published on a variety of subjects, including price and wage discrimination, public utility pricing, the measurement of unemployment spell lengths, and the distributional consequences of direct foreign investment. For the past several years, his research has focused on rivalry and cooperation in economic and social behavior. His books on these themes include Choosing the Right Pond: Human Behavior and the Quest for Status (Oxford University Press, 1985) and Passions Within Reason: The Strategic Role of the Emotions (W.W. Norton, 1988). He and Philip Cook are co-authors of The Winner-Take-All Society (The Free Press, 1995) , which received a Critic’s Choice Award and appeared on both the New York Times Notable Books list and Business Week Ten Best list for 1995. His most recent general interest publication is Luxury Fever (The Free Press, 1999). Professor Frank’s books have been translated into eight languages. He has been awarded an Andrew W. Mellon Professorship (1987 – 1990), a Kenan Enterprise Award (1993), and a Merrill Scholars Program Outstanding Educator Citation (1991). ● Professor Bernanke received his B.A. in Economics from Harvard University in 1975 and his Ph.D. in economics from MIT in 1979. He taught at the Stanford Graduate School of Business from 1979 to 1985 and moved to Princeton University in 1985, where he was named the Howard Harrison and Gabrielle Snyder Beck Professor of Economics and Public Affairs, where he served as Chairman of the Economics Department. He is a fellow of the American Academy of Arts and Sciences and the Econometrics Society. He was named a member of the Board of Governors of the Federal Reserve in 2002 and became the chairman of the President's council of Economic Advisers in 2005. In 2006 Ben Bernanke was selected to be the Chairman of the Federal Reserve Board. Professor Bernanke's intermediate textbook, with Andrew Abel, Macroeconomics, Fifth Edition (Addison-Wesley, 2004) is a best seller in its field. He has authored more than 50 scholarly publications in macroeconomics, macroeconomic history, and finance. He has done significant research on the causes of the Great Depression, the role of financial markets and institutions in the business cycle, and measuring the effects of monetary policy on the economy. His two most recent books, both published by Princeton University Press, include Inflation Targeting: Lessons from the International Experience (with coauthors) and Essays on the Great Depression. He has served as editor of the American Economic Review and was the founding editor of the International Journal of Central Banking. Professor Bernanke has taught principles of economics at both Stanford and Princeton. ■ New Features ● “Incentives matter” is a new core principle: If we asked a thousand economists to provide their own versions of the most important economic principles, we'd get a thousand different lists. Yet to dwell on their differences would be to miss their essential similarities. It is less important to have exactly the best short list of principles than it is to use some well-thought-out list of this sort. New to our short list is the “incentives matter” principle, which we added to emphasize that cost-benefit comparisons are relevant not only for identifying the decisions that rational people should make, but also for predicting the actual decisions they do make across numerous diverse domains. ● International trade chapter moved forward: Because the topic is so important, the chapter on international trade (Chapter 16 in our Second Edition) has been moved forward to appear at the end of the Part 2 (Competition and the Invisible Hand). This chapter (now Chapter 9) has been extensively rewritten to incorporate explicit analysis of how producer and consumer surplus are affected by trade and by policies such as tariffs and quotas. A new section addresses the question of which jobs are most vulnerable to outsourcing. ● More emphasis on monopolistic competition and oligopoly: In our Second Edition, the chapter on imperfect competition (Chapter 9 in that edition) briefly defined the three forms of imperfect competition and then focused exclusively on pure monopoly. In this edition, we have added more detailed descriptive accounts of monopolistic competition and oligopoly to this chapter (now Chapter 10). We have also added numerous additional examples involving these industry structures in the succeeding chapter on strategic choice (now Chapter 11). ● Added material on indifference curves: In our second edition, we offered an appendix on the indifference curve approach to the consumer choice problem on the text web site. But because a number of reviewers felt strongly that this material should me more accessible for those who want to use it, we’ve added it an extensively revised appendix to Chapter 5. This topic can be skipped at no compromise to the material in the succeeding chapters. ● Algebra appendixes added: To the basic review of the algebra and geometry of straight lines presented in the mathematical appendix to Chapter 1, we have added a basic primer on how to solve simple systems of two equations with two unknowns. In this edition, the treatment of supply and demand in the main text is carried out exclusively in verbal and graphical terms. But we have added an appendix to Chapter 3 that presents an algebraic treatment of supply and demand. We have also added a brief appendix to Chapter 10 showing how monopoly profit maximization can be treated in an algebraic framework. ● Additional Economic Naturalist drawings: For reasons best explained by educational psychologists, illustrations can be an enormously effective pedagogical tool, in part because of their ability to trigger rich networks of cognitive association. To exploit this tool more effectively, we commissioned line drawings by the renowned New Yorker cartoonist Mick Stevens and other artists to accompany many of the economic naturalist examples. For this edition, all of the economic naturalist examples are accompanied by such drawings. ● Expanded Discussion of Macroeconomic Policy: The revised monetary policy reaction function we introduce in Chapter 27 is a more realistic description of how the Fed actually conducts monetary policy and clarifies the Taylor rule. In Chapter 28 we use this policy reaction function to help students distinguish between a move along the aggregate demand curve and a shift in the aggregate demand curve resulting from a change in monetary policy. o In a new Chapter 29, we provide a more complete analysis of the interaction between fiscal and monetary policy, illustrating the crucial role of the central bank in any long-run inflation. We also discuss how enhanced credibility can help to anchor inflationary expectations and explain the contributions of central bank independence, inflation targeting, and central bank reputation. In the last section of Chapter 29 we expand our discussion of the real-world difficulties in conducting macroeconomic policy. ● More Patient Presentation of Models: In Chapter 26 we explain the effects of tax cuts on planned aggregate expenditure more carefully. In an optional box we also solve a simple Keynesian model, leaving the full model in the appendix, as in the second edition. In the diagrams in Chapter 28 we include the transitional short-run aggregate supply lines to illustrate how the short-run aggregate supply line shifts when actual output deviates from potential output. ● 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. In Chapter 28 we describe this controversy in greater detail and present both the theoretical and empirical evidence of the effects of changes in marginal tax rates on aggregate supply. ● Greater Attention to Asset Prices: In Chapter 21 we provide a clearer explanation of the inverse relationship between bond prices and interest rates. We also discuss the effects of changes in asset prices (especially stocks and houses) on aggregate demand. ● 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. ● Additional Material on China: At its current rate of growth the Chinese economy may become the largest economy in the world within the next generation. In this edition we expand our discussion of China in the world economy. We discuss the determinants of its success and its management of its exchange rate. ● New Material on the Acceleration of Productivity Growth: The productivity slowdown of 1973-1995 has been followed by surprisingly strong productivity growth. We present and discuss the reasons for this acceleration. ● Updated Discussion of Saving and Investment: In addition to emphasizing the importance of public and private saving and the relationship between the budget deficit, national saving, and capital flows, we discuss the recently divergent trends in business and household saving. ● Modern Macroeconomics: Recent developments have renewed interest in cyclical fluctuations while still paying attention to such long-run issues as growth, productivity, the evolution of real wages, and capital formation. Thus, we offer the following organization: A 5-chapter treatment of long-run issues prior to an analysis of short-run fluctuations followed by a modern treatment of short-term fluctuations and stabilization policy, emphasizing the important distinction between short- and long-run behavior of the economy. Consistent with both media reporting and recent research on the central bank reaction function, we treat the interest rate rather than the money supply as the instrument of Fed policy. The analysis of aggregate demand and aggregate supply relates output to inflation, rather than to the price level, sidestepping the necessity of a separate derivation of the link between the output gap and inflation. This book places a heavy emphasis on globalization, starting with an analysis of its effects on real wage inequality and progressing to such issues as the benefits of trade, the causes and effects of protectionism, the role of capital flows in domestic capital formation, the link between exchange rates and monetary policy, and the sources of speculative attacks on currencies.

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