Title
Modern Principles Of Economics
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From The Authors:See The Invisible Hand. Understand Your World. That'S The Tagline Of Modern Principles And Our Teaching Philosophy. Nobel Laureate Vernon Smith Put It This Way:At The Heart Of Economics Is A Scientific Mystery A Scientific Mystery As Deep, Fundamental And Inspiring As That Of The Expanding Universe Or The Forces That Bind Matter How Is Order Produced From Freedom Of Choice? We Want Students To Be Inspired By This Mystery And By How Economists Have Begun To Solve It. Thus, We Show How Markets Interconnect And Respond In Surprising Ways To Changes In Resources And Preferences. Consider, For Example, How Markets Respond To A Reduction In The Supply Of Oil. Of Course, The Price Of Oil Increases Giving Consumers An Incentive To Use Less And Suppliers An Incentive To Discover More. But An Increase In The Price Of Oil Also Encourages Brazilian Sugar Cane Farmers To Devote More Of Their Production To Ethanol And Less To Sugar Thereby Driving Up The Price Of Sugar. An Increase In The Price Of Sugar Means A Reduction In The Quantity Of Candy Demanded. So One Way The Market Responds To A Reduction In The Supply Of Oil Is By Encouraging Consumers To Eat Less Candy! In Analyses Like This, We Teach Students To See The Invisible Hand And In So Doing To Understand Their World. Similarly, We Offer A Unique And Simple Proof Of The Amazing Invisible Hand Theorem That Without Any Central Direction Competitive Markets Allocate Production Across Firms In A Way That Minimizes Aggregate Costs! To Understand Their World Students Must Understand When Selfinterest Promotes The Social Interest And When It Does Not. Thus, Modern Principles Has Indepth Analyses Of Externalities, Public Goods, And Ethical Issues With Market Incomes And Trade. Moreover, We Always Discuss Economic Theory In The Context Of Real World Problems Such As The Decline Of The Ocean Fisheries, Climate Change, And The Shortage Of Human Organs For Transplant.
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- Q: What is the main focus of 'Modern Principles of Economics'? A: 'Modern Principles of Economics' emphasizes understanding the fundamental principles of economics through the lens of real-world scenarios, exploring how markets respond to changes in resources and preferences.
- Q: Who are the authors of this book? A: The book is authored by Tyler Cowen and Alex Tabarrok, both of whom are recognized economists.
- Q: What is the publication date of this book? A: 'Modern Principles of Economics' was published on October 9, 2009.
- Q: How many pages does this book contain? A: The book contains a total of 900 pages, providing an in-depth exploration of economic concepts.
- Q: What condition is the book in? A: This listing is for a new copy of 'Modern Principles of Economics', ensuring that you receive the book in pristine condition.
- Q: What edition of the book is available? A: This is the First Edition of 'Modern Principles of Economics', which includes the latest updates and insights from the authors.
- Q: Is this book suitable for beginners in economics? A: Yes, 'Modern Principles of Economics' is designed to be accessible to beginners while also providing valuable insights for more advanced readers.
- Q: What are some key topics covered in this book? A: Key topics include market dynamics, externalities, public goods, and the relationship between self-interest and social interest.
- Q: Does this book include examples from real-world issues? A: Yes, the authors incorporate real-world issues such as climate change and economic challenges to illustrate economic principles.
- Q: What type of binding does this book have? A: 'Modern Principles of Economics' is available in hardcover binding, offering durability and a professional appearance.