Principles of Economics - Hardcover

In Economics, noted economist and teacher John Taylor unravels sophisticated material by combining clear, straightforward writing with annotated graphs and real-life examples that drive students' interest in modern economic theory. The first to cover long-run fundamentals before short-term economic fluctuations, Taylor's modern approach helps students understand the basic determinants of growth (labor, capital, and technology) before introducing fluctuations (inflation, output, and employment) that can occur even during periods of steady growth. His intuitive explanations of microeconomic principles and keen observations of the economy and daily life have been enthusiastically received by instructors across the country.

Taylor's experience in international policymaking has always informed the narrative; his most recent service as Undersecretary of the Treasury for International Affairs brings even more real-world relevance to the Fifth Edition. New "Point-Counterpoint" essays prompt students to consider opposing viewpoints on issues in economic policy, while updated examples and data reflect current trends in the world economy. The author's trademark "Conversation Boxes" throughout the margins and graphs offer students a step-by-step illustration of the economic models and theories under review.

• New! The Eduspace online learning tool pairs the widely recognized resources of Blackboard with quality, text-specific content from Houghton Mifflin. Eduspace makes it easy for instructors to create all or part of a course online. Tutorials, Math Review, auto-graded online homework (based on end-of-chapter problems), and supplemental study materials such as chapter summaries (in MP3 format) all come ready-to-use.
• New! Updated content and data reflect changes in the world economy. Many new and concise, real-world examples of economic theory have been incorporated to more effectively help students understand and apply what they read.
• New! Developed to promote critical thinking, new "Point-Counterpoint" features allow students to examine the pros and cons of current controversies and initiatives in economic policy. Appearing at the end of each Part, these essays present two or more perspectives on issues such as trade policy, health care coverage, and globalization.
• New and Updated! In-text case studies?streamlined for length and clarity?continue to bring economic ideas and models to life through real-world application. New examples include "Exploring the Gas Crisis in the Summer of 2004" and "Finding Average Cost at an Individual Firm."
• New and Updated! Reading the News About boxes, which help students decipher news stories about economic policy, have been updated to reflect recent events. New topics include "The Network Effects of Money" (regarding the new Iraqi currency), differentiation in the sneaker market, and the economic effects of the terrorist attacks of September 11.
• Taylor's breakthrough discussion of economic fluctuations includes a re-examination of the classic AD/AS diagram, taking into account price adjustments and inflation. This constitutes a more realistic approach for students who have already explored topics in long-run growth.
• Chapters 5, 6, and 7 discuss the efficiency of competitive markets, setting the stage for examination of market failure and government policy. Through an experimental double-oral auction, Chapter 7 provides a unique look at the economic interactions of people in markets and the coordinating functions of those markets.
• New! Economics in Action boxes illustrate the myriad ways in which economic principles are enacted in everyday life. New topics include "Green Pricing and Incentives," "Digital Cameras and the Future of Film," and "How Policymakers Use Price Elasticity of Demand to Discourage Underage Drinking."