Principles of Economics (Asia Global Edition,1e)

■ Principles of Economics (Asia Global Edition,1e)


■ Authors :  Robert H. Frank, Cornell University
                  Ben S. Bernanke, Princeton University (formerly)
                  Hon-Kwong Lui, Lingnan University


■ Pub Date : MAR-14
   Copyright :  2015  McGraw-Hill Higher Education


■ 848 Page


■ 정가 40,000원


■ ISBN :  9781259011849 / 1259011844



■ About the Authors



Professor Frank is the Henrietta Johnson Louis Professor of Management and Professor of Economics at the Johnson Graduate School of Management at Cornell University, where he has taught since 1972. His “Economic View” column appears regularly in The New York Times. After receiving his B.S. from Georgia Tech in 1966, he taught math and science for two years as a Peace Corps Volunteer in rural Nepal. He received his M.A. in statistics in 1971 and his Ph.D. in economics in 1972 from The University of California at Berkeley. During leaves of absence from Cornell, he has served as chief economist for the Civil Aeronautics Board (1978?1980), a Fellow at the Center for Advanced Study in the Behavioral Sciences (1992?93), and Professor of American Civilization at l’Ecole des Hautes Etudes en Sciences Sociales in Paris (2000?01) and the Peter and Charlotte Schoenfield Visiting Faculty Fellow at the NYU Stern School of Business in 2008-09.

Professor Frank is the author of a best-selling intermediate economics textbook? Microeconomics and Behavior, Eighth Edition (Irwin/McGraw-Hill, 2010). His research has focused on rivalry and cooperation in economic and social behavior. His books on these themes, which include Choosing the Right Pond (Oxford, 1995), Passions Within Reason (W. W. Norton, 1988), What Price the Moral High Ground? (Princeton, 2004), Falling Behind (University of California Press, 2007), The Economic Naturalist (Basic Books, 2007), The Economic Naturalist’s Field Guide (Basic Books, 2009), and The Darwin Economy (Princeton, 2011), which have been translated into 22 languages. The Winner-Take-All Society (The Free Press, 1995), coauthored with Philip Cook, received a Critic’s Choice Award, was named a Notable Book of the Year by The New York Times, and was included in BusinessWeek’s list of the 10 best books of 1995. Luxury Fever (The Free Press, 1999) was named to the Knight-Ridder Best Books list for 1999.

Professor Frank has been awarded an Andrew W. Mellon Professorship (1987?1990), a Kenan Enterprise Award (1993), and a Merrill Scholars Program Outstanding Educator Citation (1991). He is a co-recipient of the 2004 Leontief Prize for Advancing the Frontiers of Economic Thought. He was awarded the Johnson School’s Stephen Russell Distinguished Teaching Award in 2004 and 2010 and the School’s Apple Distinguished Teaching Award in 2005. His introductory microeconomics course has graduated more than 7,000 enthusiastic economic naturalists over the years.


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, and where he served as Chairman of the Economics Department.

Professor Bernanke was sworn in on February 1, 2006, as Chairman and a member of the Board of Governors of the Federal Reserve System?his second term expires January 31, 2014. Professor Bernanke also serves as Chairman of the Federal Open Market Committee, the System’s principal monetary policymaking body. He was appointed as a member of the Board to a full 14-year term, which expires January 31, 2020, and to a four-year term as Chairman, which expired January 31, 2010. Before his appointment as Chairman, Professor Bernanke was Chairman of the President’s Council of Economic Advisers, from June 2005 to January 2006.

Professor Bernanke’s intermediate textbook, with Andrew Abel, Macroeconomics, Seventh Edition (Addison-Wesley, 2010), 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.
Professor Bernanke has held a Guggenheim Fellowship and a Sloan Fellowship, and he is a Fellow of the Econometric Society and of the American Academy of Arts and Sciences. He served as the Director of the Monetary Economics Program of the National Bureau of Economic Research (NBER) and as a member of the NBER’s Business Cycle Dating Committee. In July 2001, he was appointed editor of the American Economic Review. Professor Bernanke’s work with civic and professional groups includes having served two terms as a member of the Montgomery Township (N.J.) Board of Education.



Dr. Lui received his Ph.D. in economics from The University of Hong Kong and is an Associate Professor at the Department of Marketing and International Business, Lingnan University. His current teaching assignments include Marketing Research and Microeconomics for Business. He worked for a few years as marketing executive in the retail industry and as Statistician in the civil service. His consulting experience is mainly in the area of market research and analysis.

Most of Dr. Lui’s research in economics centers around the Hong Kong economy. He is the author of five books and has published articles in leading and highly respected journals, including Management Science, Urban Studies, Human Relations, Economic Inquiry,and Journal of International Marketing, among many others. The hallmark of his work is the application of statistical methods to large data sets that produce quantitative answers to questions that are relevant to public policy.

Dr. Lui is best known for his work on income inequality which lays out the key facts and conceptual issues surrounding income inequality in Hong Kong. His latest publication in this area is the research monograph?Widening Income Distribution in Post-Handover Hong Kong (Routledge, 2013). The research uses Census dataset from the period 1981?2011 to examine the individual effects of industry composition shifts, occupation composition shifts, expansion of tertiary education, public housing program, and the arrival of recent immigrants on income distribution.

Other than academic research, Dr. Lui is very active in academic exchange and community services with membership in many consultative committees and has frequent media exposure. He has published numerous commentaries in major newspapers in Hong Kong. At Lingnan University, he was the Head of Department, Associate Director of Business Programs and Chairman of Catering Committee.




■ Table of contents


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


Part 2 Competition and the Invisible Hand
Chapter 4: Elasticity
Chapter 5: Demand
Chapter 6: Perfectly Competitive Supply
Chapter 7: Efficiency, Exchange, and the Invisible Hand in Action


Part 3 Market Imperfections
Chapter 8: Monopoly, Oligopoly, and Monopolistic Competition
Chapter 9: Games and Strategic Behavior
Chapter 10: Externalities and Property Rights
Chapter 11: The Economics of Information


Part 4 Economics of Public Policy
Chapter 12: Labor Markets, Poverty, and Income Distribution
Chapter 13: The Environment, Health, and Safety
Chapter 14: Public Goods and Tax Policy


Part 5 Macroeconomics: Data and Issues
Chapter 15: Spending, Income, and GDP
Chapter 16: Inflation and the Price Level
Chapter 17: Wages and Unemployment


Part 6 The Economy in the Long Run
Chapter 18: Economic Growth
Chapter 19: Saving, Capital Formation, and Financial Markets
Chapter 20: Money, Prices, and the Financial System


Part 7 The Economy in the Short Run
Chapter 21: Short-Term Economic Fluctuations
Chapter 22: Spending, Output, and Fiscal Policy
Chapter 23: Monetary Policy and the Central Bank
Chapter 24: Aggregate Demand, Aggregate Supply, and Business Cycles
Chapter 25: Macroeconomic Policy


Part 8 The International Economy
Chapter 26: Exchange Rates, International Trade, and Capital Flows



■ New to this Edition

In Asia and many parts of the world, students taking introductory economics usually read principles of economics textbooks written by American professors. Naturally, these professors used cases and examples that their students are most familiar with to illustrate core economics concepts. In general, Asian readers have little knowledge about American cases and examples, which in turn hinders their ability to apprehend the applications of core economics principles to real life examples. For example, baseball is a popular sport in North America but not so in Asia. While Americans often eat pizza, Asians do not have a strong preference for pizza. However, as the United States is one of the most important economic powers in the world, it is instrumental for all economics students, Americans and Asians alike, to understand its market structure and financial system. Moreover, famous U.S. television programs are broadcasted through television stations around the world with or without translation.

With the advancement in information technology and the high penetration of smartphone with internet access, people around the world are becoming closer to one another. Local news may spread across the globe within hours and a trendy product originated from a city may become a worldwide hit in weeks. For example, pearl milk tea, which used to be a popular local drink in Taiwan, is widely available in many parts of the world today. Therefore, students taking introductory economics in any country should take a global perspective and can benefit from studying real life examples selected from different parts of the globe.


Cases and examples included in this book are carefully selected to arouse the interest of target readers. All products and services discussed, such as donuts and smartphones, are familiar to youngsters worldwide. Celebrities chosen to illustrate core concepts, such as Lebron James, are household names around the world. Although this book is targeted at economics students in Asia, it is also equally appealing to youngsters around the globe. In short, Principles of Economics: Asia Global Edition, 1/e provides students with a lens through which to view, understand, and analyze current economic scenarios by eliminating overwhelming detail. It makes extensive use of examples from Asia and North America to explain the Seven Core Principles.



■ Feature Summary

Distinguishing Features:

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.  Throughout the book, core principles icons flag areas in the text where a core principle is discussed.

Understandable Examples/Economic Naturalism: Throughout the text, Economic Naturalist examples pose “economic riddles” in the form of questions to spark the students’ interest in learning the answer.  These examples fuel interest while teaching students to see economics in the world around 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?

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 21-25) can be used before long-run material (Chapters 18-20) 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.

Active Learning Stressed: 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.


Assurance of Learning Ready: Each chapter in the book begins with a list of numbered learning objectives, which appear throughout the chapter as well as in the end-of-chapter assignments.  All end of chapter material, test bank material, and assignable content within Connect maps to a specific chapter learning objective in the textbook, as well as topic area, Bloom’s Taxonomy level, and AACSB skill area.  The reporting features within Connect allow student results to be aggregated, making the collection and presentation of Assurance of Learning data simple and easy.


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