Economics: Principles and Applications is about economic principles and how economists use them to understand the world. It was conceived, written, and for the third edition, substantially revised to help your students focus on those basic principles and applications
We originally decided to write this book because we thought that existing books often confused students about economics and what it is all about. In our view, the leading texts can be divided into three categories. In the first category are the encyclopedias--the heavy tomes with a section or a paragraph on every topic or subtopic you might possibly want to present to your students. These books are often useful as reference tools. But because they cover too many topics--many of them superficially--the central themes and ideas are lost in the shuffle.
The second type of text we call the "scrapbook." In an effort to elevate student interest, these books insert multicolored boxes, news clippings, interviews, cartoons, and whatever else they can find to jolt the reader on each page. While these special features are often entertaining, there is a trade-off: these books sacrifice a logical, focused presentation of the material. Once again, the central themes and ideas are lost.
Finally, the third type of text, perhaps in response to the first two, tries to do less in every area--a lot less. But instead of just omitting the extraneous or inessential details, these texts attempt to redefine introductory economics by throwing out key ideas, models and concepts. Students who use these books may think that economics is overly simplified and unrealistic. After the course, they may be unprepared to go on in the field, or to think about the economy on their own.
Part 1 Preliminaries
Part 2 Microeconomic Decision Makers
Part 3 Product Markets
Part 4 Labor, Capital, and Financial Markets
Part 5 Efficincy, Government, and the Global Economy
Part 6 Macroecconomics: Basic Concepts
Part 7 Long-Run Macroeconomics
Part 8 Short-Run Macroeconomics
Part 9 Money, Prices, and the Macroeconomy
part 10 Macroeconomic Policy