Principles of Economics 13 9780078021855
Principles of Economics

Principles of Economics

Grade Levels: 13
By Robert Frank and Ben Bernanke and Kate Antonovics and Ori Heffetz
Copyright: 2016
Publication Date: March 17, 2015
MHID: 0078021855
ISBN 13: 9780078021855

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New Features

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.

Learning Glass Videos - A new series of lecture videos featuring the authors Kate Antonovics and Ori Heffetz, utilizes learning glass technology to provide students with an overview of core economic concepts in short, engaging segments. Accessible through SmartBook, the videos are offered at the moment a student is struggling to help them gain an understanding of foundational material.

Economic Naturalist Videos - A hallmark of the Frank/Bernanke franchise, the Economic Naturalist examples pose interesting questions that help students see the economics in everyday life. A selection of these examples are now available as video vignettes in Connect to further encourage students to think like economists and observe the economic principles that shape the world around them.

New Co-Author Kate Antonovics, on the faculty at the University of California-San Diego, is a labor economist with research interests in race and gender discrimination, income inequality, wage growth and employer learning. In addition to teaching labor economics at both the graduate and undergraduate level, she also teaches UCSD's large principles of microeconomics course (800+ students). Antonovics integrates the use of technology throughout her teaching—she is a devoted user of Connect Economics, uses tablet technology in-class, and has experience in "flipping" her principles course. Her contributions to the 6th edition include: revising and updating Connect questions, authoring every question found in LearnSmart, and developing the learning resources that accompany SmartBook Achieve.

New! Connect Insight is a new analytics tool that uses the data in Connect to produce a series of visual displays, each framed by an intuitive question, providing at-a-glance information regarding class performance and assignment effectiveness.

Key Features

An Emphasis on Core Principles: A few core principles do most of the work in economics. By focusing on these principles, Frank/Bernanke/Antonovics assures that students leave the course with a deep mastery of them.

Understandable Examples/Economic Naturalism: 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. Frank/Bernanke/Antonovics features:

  • 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).
  • A emphasis on globalization, starting with an analysis of its effects on real wage inequality and progressing to 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 is introduced in Chapter 1 and applied repeatedly thereafter. 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.

Assurance of Learning Ready: Each chapter 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.

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), 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 a member of the Board of Governors of the Federal Reserve System from 2002-2005 and served as Chairman of the Council of Economic Advisers from 2005-2006. Bernanke served two terms as Chairman of the Federal Reserve from 2006-2014.

Principles of Economics

Part 1 Introduction

1. Thinking Like an Economist

2. Comparative Advantage

3. Supply and Demand

Part 2 Competition and the Invisible Hand

4. Elasticity

5. Demand

6. Perfectly Competitive Supply

7. Efficiency, Exchange, and the Invisible Hand in Action

Part 3 Market Imperfections

8. Monopoly, Oligopoly, and Monopolistic Competition

9. Games and Strategic Behavior

10. Externalities and Property Rights

11. The Economics of Information

Part 4 Economics of Public Policy

12. Labor Markets, Poverty, and Income Distribution

13. The Environment, Health, and Safety

14. Public Goods and Tax Policy

Part 5 Macroeconomics: Data and Issues

15. Spending, Income, and GDP

16. Inflation and the Price Level

17. Wages and Unemployment

Part 6 The Economy in the Long Run

18. Economic Growth

19. Saving, Capital Formation, and Financial Markets

20. Money, Prices, and the Financial System

Part 7 The Economy in the Short Run

21. Short-Term Economic Fluctuations

22. Spending, Output, and Fiscal Policy

23. Monetary Policy and the Federal Reserve

24. Aggregate Demand, Aggregate Supply, and Business Cycles

25. Macroeconomic Policy

Part 8 The International Economy

26. Exchange Rates, International Trade, and Capital Flows

About the Author

Robert Frank

Robert H. Frank 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. 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 behaviour.

Ben Bernanke

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.

Kate Antonovics

Professor Antonovics received her B.A. from Brown University in 1993 and her Ph.D. in economics from the University of Wisconsin in 2000. Shortly thereafter, she joined the faculty in the Economics Department at the University of California, San Diego, where she has been ever since. Professor Antonovics is known for her superb teaching and her innovative use of technology in the classroom. Her highly popular introductory-level microeconomics course regularly enrolls over 450 students each fall. She also teaches labor economics at both the undergraduate and graduate level. In 2012, she received the UCSD Department of Economics award for best undergraduate teaching. Professor Antonovics’s research has focused on racial discrimination, gender discrimination, affirmative action, intergenerational income mobility, learning, and wage dynamics. Her papers have appeared in the American Economic Review, the Review of Economics and Statistics, the Journal of Labor Economics, and the Journal of Human Resources. She is a member of both the American Economic Association and the Society of Labor Economists.

Ori Heffetz

Professor Heffetz received his B.A. in physics and philosophy from Tel Aviv University in 1999 and his Ph.D. in economics from Princeton University in 2005. He is an Associate Professor of Economics at the Samuel Curtis Johnson Graduate School of Management at Cornell University, where he has taught since 2005. Bringing the real world into the classroom, Professor Heffetz has created a unique macroeconomics course that introduces basic concepts and tools from economic theory and applies them to current news and global events. His popular classes are taken by hundreds of students every year, on the Cornell Ithaca campus and, via live videoconferencing, in dozens of cities across the U.S., Canada, and beyond. Professor Heffetz’s research studies the social and cultural aspects of economic behavior, focusing on the mechanisms that drive consumers’ choices and on the links between economic choices, individual well-being, and policymaking. He has published scholarly work on household consumption patterns, individual economic decision making, and survey methodology and measurement. He was a visiting researcher at the Bank of Israel during 2011, is currently a Faculty Research Fellow at the National Bureau of Economic Research (NBER), and serves on the editorial board of Social Choice and Welfare.