Economics 13 9780073511498


Grade Levels: 13
By Dean Karlan and Jonathan Morduch
Copyright: 2014
Publication Date: September 6, 2013
MHID: 0073511498
ISBN 13: 9780073511498

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New Features

SmartBook: SmartBook is the first and only adaptive reading experience available. SmartBook changes reading from a passive and linear experience, to an engaging and dynamic one, in which students are more likely to master and retain important concepts, coming to class better prepared. Reports provide insight as to how students are progressing through textbook content, and are useful for shaping in-class time or assessment.

Connect Economics: McGraw-Hill's online assignment and assessment tool Connect Economics is available with Karlan/Morduch. Connect provides assignable, autogradable versions of end-of-chapter problems in static and algorithmic format, as well as test bank content and graphing problems. Students receive detailed step-by-step feedback on assignments. All assignable content is fully integrated with an eBook where students can search, highlight, and take notes. Connect provides instructors with powerful reporting tools allowing them to plan, track, and analyse student performance across learning outcomes.

Interactive Graphs - New interactive graphs within Connect help students see the relevance of the subject matter by providing visual displays of real data for students to manipulate. All graphs are accompanied by assignable assessment questions and feedback to guide students through the experience of learning to read and interpret graphs and data.

Connect the Dots Videos - A new video series in Connect provides additional support for the most difficult topics in the principles course. Accessible through SmartBook, the videos provide short, engaging explanations at the moment a student is struggling to help them connect the dots and grasp challenging concepts.

Key Features

Show how economics can solve problems: Karlan/Morduch engages students by approaching economics as a way of explaining real people and decisions, and by providing a set of questions as a method for working through the problems students will face as consumers, employees, entrepreneurs, and voters.

Teach principles as a set of analytic tools for dealing with real situations: Centered on concrete examples, issues, and decisions, Karlan/Morduch presents applications first, often in the form of engaging puzzles, anomalies, and possibilities that basic economic principles help explain.

Focus on what matters to students: While remaining faithful to the core principles of economics, the authors share some of the newest ideas and empirical approaches, in ways that matter to students in today's high-tech, globalised world.

Digital from the Ground-up: Karlan/Morduch has been built from the ground up to integrate completely with McGraw-Hill's online assessment tools like Connect Economics and the LearnSmart Advantage Suite. All content is organized around learning objectives so that students can easily navigate between their reading, study, and assessment materials in a seamless workflow.

Modern Topics: Karlan/Morduch offers several standalone chapters focused on new ideas that are on the frontier of economic theory. Chapters on Behavioral Economics, Game Theory and Strategic Thinking, Information, Time and Uncertainty, Political Choices, Public Policy and Choice Architecture, and Development Economics add nuance and depth to the core principles curriculum.

Chapter Opening Stories: Interesting examples open each chapter featuring issues that consumers, voters, business people, and family members face, and are presented in an engaging, journalistic style. Examples throughout each chapter take students through relevant principles, often with a global perspective, that can help frame and solve the economic problem at hand.

Global Perspective: Economics recognises that today's students care about local and international issues, and takes a global perspective, with the United States as a leading example. The authors draw from significant time spent abroad to integrate diverse and engaging “naturally international” applications, such as story of Muhammad Yunus and the Grameen Bank used to introduce Chapter 1.

Special Features: Special chapter features build interest and include Real Life, introducing short cases, policy questions, anecdotes from the field; What Do You Think? offering a longer case study with implications for public policy and student related issues; From Another Angle, showing a different way of looking at an economic concept; Where Can it Take You? directing students to further classes, resources, or jobs related to the topic at hand; and Potentially Confusing, offering an in-depth explanation of a concept of use of terminology that students may find confusing.

Concept Check: Concept Checks provide opportunities at the end of each chapter section for students to quiz themselves on the preceding material before moving on in the chapter.

High-quality problem sets: To complement their problem-solving approach, the authors have taken special care to offer high-quality end of chapter problem sets that engage students with realistic questions. There are least two review questions and two problems for each learning objective, smoothly integrated with the chapter text and available (often with algorithmic variations) for online assignments via Connect.

Quick-scan Barcodes: Barcodes throughout the text provide quick, mobile connections to online resources, relevant articles, videos, and other useful student materials. Readers can scan the QR code included at the end of the chapter with their smartphone, or access the materials via the Online Learning Center at and within Connect.

Math Appendices: Dedicated to making sure students understand the basic analytical and quantitative tools of economics, Karlan/Morduch presents six unique math appendices that explain the math topics essential to economics including Understanding Graphs and Slope, Working with Linear Equations, Calculating a Percentage Change, Slope, and Elasticity, The Area Under a Linear Curve, Using Indifference Curves, and Compounding.

Online Graphing for Economics Tutorial: An Online Graphing Tutorial within Connect presents interactive graphing activities intended to help students develop their graphing and math skills in tandem with relevant economic concepts. Margin call-outs in the text indicate where tutorial exercises are available to support chapter concepts.


Thinking Like an Economist

    Part 1: The Power of Economics

    Chapter 1 Economics and Life

    Chapter 2 Specialization and Exchange

    Appendix A Math Essentials: Understanding Graphs and Slope

    Part 2: Supply and Demand

    Chapter 3 Markets

    Appendix B Math Essentials: Working with Linear Equations

    Chapter 4 Elasticity

    Appendix C Math Essentials: Calculating Percentage Change, Slope, and Elasticity

    Chapter 5 Efficiency

    Appendix D Math Essentials: The Area Under a Linear Curve

    Chapter 6 Government Intervention

Microeconomics: Thinking Like a Microeconomist

    Part 3: Individual Decisions

    Chapter 7 Consumer Behavior

    Appendix E Using Indifference Curves

    Chapter 8 Behavioral Economics: A Closer Look at Decision Making

    Chapter 9 Game Theory and Strategic Thinking

    Chapter 10 Information

    Chapter 11 Time and Uncertainty

    Appendix F Math Essentials: Compounding

    Part 4: Firm Decisions

    Chapter 12 The Costs of Production

    Chapter 13 Perfect Competition

    Chapter 14 Monopoly

    Chapter 15 Monopolistic Competition and Oligopoly

    Chapter 16 The Factors of Production

    Chapter 17 International Trade

    Part 5: Public Economics

    Chapter 18 Externalities

    Chapter 19 Public Goods and Common Resources

    Chapter 20 Taxation and the Public Budget

    Chapter 21 Poverty, Inequality, and Discrimination

    Chapter 22 Political Choices

    Chapter 23 Public Policy and Choice Architecture

Macroeconomics: Thinking Like a Macroeconomist

    Part 6: The Data of Macroeconomics

    Chapter 24 Measuring the Wealth of Nations

    Chapter 25 The Cost of Living

    Part 7: Economic Growth and Unemployment

    Chapter 26 Economic Growth

    Chapter 27 Unemployment and the Demand for Labor

    Part 8: The Economy in the Short Run

    Chapter 28 Aggregate Demand and Aggregate Supply

    Chapter 29 Fiscal Policy and Public Finance

    Part 9: The Financial System and Institutions

    Chapter 30 The Basics of Finance

    Appendix G Personal Finance (online)

    Chapter 31 Money and the Monetary System

    Chapter 32 Inflation

    Chapter 33 Financial Crisis

    Part 10: International Policy Issues

    Chapter 34 Open-Market Macroeconomics

    Chapter 35 Development Economics

Data Guide for Economists (online)

About the Author

Dean Karlan

Dean Karlan is Professor of Economics and Finance at Northwestern Universityand President and Founder of Innovations for Poverty Action (IPA). Dean startedIPA in 2002 with two aims: to help learn what works and what does not in thefight against poverty and other social problems around the world, and then toimplement successful ideas at scale. IPA has worked in over 50 countries, with1,000 employees around the world. Dean’s personal research focuses on usingfield experiments to learn more about the effectiveness of financial servicesfor low-income households, with a focus on using behavioral economicsapproaches to improve financial prod­ucts and services. His research includesrelated areas, such as building income for those in extreme poverty, charitablefund-raising, voting, health, and education. Dean is also cofounder, a start-up that helps people use commitment contracts to achievepersonal goals, such as losing weight or completing a problem set on time, andin 2015 he founded ImpactMatters, an organization that helps assess whetherchari­table organizations are using and producing appropriate evi­dence ofimpact. Dean is a Sloan Foundation Research Fellow, a Guggenheim Fellow, and anExecutive Committee member of the Board of the M.I.T. Jameel Poverty ActionLab. In 2007 he was awarded a Presidential Early Career Award for Scientistsand Engineers. He is coeditor of the Journal of Development Economics andon the editorial board of American Economic Journal: Applied Economics. Heholds a BA from University of Virginia, an MPP and MBA from University ofChicago, and a PhD in Economics from MIT. In 2016 he coauthored Fail­ing inthe Field, and in 2011 he coauthored More Than Good Intentions:Improving the Ways the World’s Poor Borrow, Save, Farm, Learn, and StayHealthy.

Jonathan Morduch

Jonathan Morduch is Professor of Public Policy and Economics at New York University’s Wagner Graduate School of Public Service. Jonathan focuses on innovations that expand the frontiers of finance and how financial markets shape economic growth and inequality. Jonathan has lived and worked in Asia, but his newest book, The Financial Diaries: How American Families Cope in a World of Uncertainty (written with Rachel Schneider and published by Princeton University Press, 2017), follows families in California, Mississippi, Ohio, Kentucky, and New York as they cope with economic ups and downs over a year. The new work jumps off from ideas in Portfolios of the Poor: How the World’s Poor Live on $2 a Day (Princeton University Press, 2009), which Jonathan coauthored and which describes how families in Bangladesh, India, and South Africa devise ways to make it through a year living on $2 a day or less. Jonathan’s research on financial markets is collected in The Economics of Micro-finance and Banking the World, both published by MIT Press. At NYU, Jonathan is executive director of the Financial Access Initiative, a center that supports research on extending access to finance in low-income communities. Jonathan’s ideas have also shaped policy through work with the United Nations, World Bank, and other international organizations. In 2009, the Free University of Brussels awarded Jonathan an honorary doctorate to recognize his work on micro-finance. He holds a BA from Brown and a PhD from Harvard, both in Economics.