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Principles of Economics, Brief edition, 2nd edition
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2013.04.03
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■ Principles of Economics, Brief edition, 2nd Edition

■ Authors : 
   
   Robert H Frank, Cornell University
   Ben Bernanke, Princeton University

■ Pub Date : 2010. 10. 1 / Copyright : 2011
 
■ 704 Page / McGraw-Hill International Edition

■ 정가 40,000 원

■ ISBN 978-007-122077-4

 

■ 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 teaching a shorter 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. The authors introduce a coherent short list of core principles and reinforce them by illustrating and applying each in numerous contexts. Students are periodically asked to apply these principles and to answer related questions and exercises. The BRIEF editions were developed for instructors who appreciate core principles approach, and desire a more manageable amount of content and slightly less rigor. In the brief editions, the authors made careful choices of material to eliminate and condense, in order to produce of more concise coverage.



■ Table of Contents

Part I Introduction
Chapter 1 Thinking Like an Economist
Chapter 2 Comparative Advantage
Chapter 3 Supply and Demand

 

Part II Competition and the Invisible Hand
Chapter 4 Demand and Elasticity
Chapter 5 Perfectly Competitive Supply
Chapter 6 Efficiency, Exchange, and the Invisible Hand in Action

 

Part III Market Imperfections
Chapter 7 Monopoly, Oligopoly, and Monopolistic Competition
Chapter 8 Games and Strategic Behavior
Chapter 9 Externalities and Property Rights

 

Part IV Economics of Public Policy
Chapter 10 Using Economics to Make Better Policy Decisions

 

Part V Macroeconomics: Data and Issues
Chapter 11 Spending, Income and GDP
Chapter 12 Inflation and the Price Level
Chapter 13 Wages and Unemployment

 

Part VI The Economy in the Long Run
Chapter 14 Economic Growth
Chapter 15 Saving, Capital Formation, and Financial Markets
Chapter 16 Money, Prices, and the Financial System

 

Part VII The Economy in the Short Run
Chapter 17 Short-Term Economic Fluctuations
Chapter 18 Spending, Output, and Fiscal Policy
Chapter 19 Monetary Policy and The Federal Reserve
Chapter 20 Aggregate Demand, Aggregate Supply, and Stabilization Policy

 

Part VIII The International Economy
Chapter 21 Exchange Rates, International Trade, and Capital Flows




■ New Features

  • Simplified Macro Chapters and Figures. A listing of the most significant changes is included below. Please see the book preface for a complete listing of chapter-by-chapter changes.
  • Chapter 17 Short-Term Economic Fluctuations: The entire chapter is now focused on the recent recessions, (2001 and 2007-2009). The formulas for calculating the output gap and Okun's Law are now written out explicitly.
  • Chapter 18 Spending, Output, and Fiscal Policy: Examples focus on recent recessions, (2001 and 2007-2009), so students can make connections between abstract concepts and current events. New material has been written that place fiscal policy in the larger context of stabilization policy.
  • Chapter 20 Aggregate Demand, Aggregate Supply, and Stabilization: This chapter has been largely rewritten to incorporate the standard AD/AS model with the price level on the vertical axis. Applications of fiscal and monetary policy during the 2007-2009 recessions are integrated throughout the chapter.
  • Called-out Examples: Throughout the text, numbered and titled examples are referenced and are now called out for easier identification, and to help further illustrate concepts. Many of the examples have been updated with a focus on current events such as the financial crisis of 2008 and the Great Recession of 2007-2009.
  • Concept Checks: Previously named Exercises, these self-test questions in the body of the chapter enable students to determine whether the preceding material has been understood and reinforce understanding before students read further.
  • New Chapter 4 on Demand and Elasticity: Based on reviewer feedback, content from Chapters 4 and 5 of the previous edition has been combined to form the new Chapter 4, Demand and Elasticity. The section on Elasticity of Supply has been moved to Chapter 5, and the material on the National Spending Rule has been deleted entirely.
  • New Emphasis on Marginal Cost: By far the most important cost concept, Marginal Cost is now included in Chapter 5 as a result of the substantial revision to the material on cost curves.
  • Increased Readability and Accessibility: Sections of content have been reviewed and revised to increase readability and accessibility for the student. As a result, the narrative has been tightened and shortened.
  • An Emphasis on Core Principles: A few core principles do most of the work in economics. By focusing on these principles, the text assures that students leave the course with a deep mastery of them. In contrast, traditional encyclopedic texts so overwhelm students with detail that they often leave the course with little useful working knowledge at all.
  • Core principles icons: Throughout the book, core principles icons flag areas in the text where a core principle is discussed. The core principle being covered will also be listed next to the icon. This will help instructor and student clearly identify to which core principles chapter content relates throughout the text.
  • Understandable Examples/Economic Naturalism: Throughout the text, Everyday Examples are referenced and called-out in the margin. The authors' ultimate goal is to produce students who see economics in the world around them, and see each human action as the result of an implicit or explicit cost-benefit calculation. Using engaging questions and examples from everyday life, the authors actively engage students in the attempt to understand them.
  • Why don't auto manufacturers make cars without heaters'
  • Why do movie theaters offer discount tickets to students'
  • Why do we often see convenient stores located on adjacent street corners'
  • Active Learning Stressed: The only way to lean to hit an overhead smash in tennis or to speak a foreign language is through repeated practice. The same is true for learning economics. Thus, the authors consistently introduce new ideas in the context of simple examples and then follow them with applications in familiar settings. Frequently, the text poses concept checks to test and reinforce the understanding of these ideas, and end-of-chapter questions and problems are carefully crafted to help students internalize and extend core concepts. Students are prepared to apply the important concepts to solve 'economic riddles' drawn from the real world.
  • Well-Known Authors: Robert Frank and Ben Bernanke are renowned experts in their fields (micro and macro, respectively). Frank's research has looked at rivalry and cooperation in economic and social behavior. He is the author of a best-selling intermediate economics text, Microeconomics and Behavior, (McGraw-Hill/Irwin), and has published such award-winning books as The Winner-Take-All-Society and Luxury Fever. Bernanke is the co-author of a best-selling intermediate macroeconomics text and 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. He was named a member of the Federal Reserve Board of Governors in 2002 and became Chairman of the President's Council of Economic Advisers in 2005.
  • 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 3-chapter treatment of long-run issues 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.
  • Designed to allow for flexible treatment of topics, these chapters are written so that short-run material (Chapters 17-20) can be used before long-run material (Chapters 14-16) with no loss of continuity.
  • 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, and the link between exchange rates and monetary policy.
  • Modern Microeconomics: Economic surplus, introduced in Chapter 1 and applied repeatedly thereafter, is more fully developed here than in any other text. This concept underlies the argument for economic efficiency as an important social goal. Rather than speak of tradeoffs between efficiency and other goals, the authors stress that maximizing economic surplus facilitates the achievement of all goals. The tendency to ignore opportunity costs, the tendency not to ignore sunk costs, and the tendency to confuse average and marginal costs and benefits'common decision pitfalls identified by 2002 Nobel Laureate Daniel Kahneman and others'are introduced early in Chapter 1.
  • Learning Objectives open every chapter, clearly identifying for the instructor and student the concepts that will be covered in each chapter. This aids the instructor in course organization and assessment, and helps students identify what concepts they should understand at the completion of each chapter.
  • All end-of-chapter problems, Test Bank questions and other ancillary materials are also labeled with the same Chapter Learning Objectives to create consistency and cohesive ease-of-use throughout the package.
  • Algebra appendixes: A the basic review of the algebra and geometry of straight lines presented in the mathematical appendix to Chapter 1as well as a basic primer on how to solve simple systems of two equations with two unknowns. The treatment of supply and demand in the main text is carried out exclusively in verbal and graphical terms. Chapter 3 includes an appendix that presents an algebraic treatment of supply and demand. Chapter 7 includes a brief appendix showing how monopoly profit maximization can be treated in an algebraic framework.
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    ■ 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.

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