Economics

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Economics

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SKU: 9780134515625
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Personalize learning with MyLab Economics

MyLab™ Economics is an online homework, tutorial, and assessment program designed to work with this text to engage students and improve results. Within its structured environment, students practice what they learn, test their understanding, and pursue a personalized study plan that helps them better absorb course material and understand difficult concepts.

  • Learning Aids. Tied to the textbook, MyLab Economics homework and practice questions regenerate algorithmically to give students unlimited opportunity for practice and mastery. Additionally, Learning Aids such as Help me Solve This offer helpful feedback at the point-of-use when students enter incorrect answers.
  • Digital Interactives. Economic principles are not static ideas, and learning them shouldn’t be either! Digital Interactives are dynamic and engaging assessment activities that promote critical thinking and application of key economic principles. Each Digital Interactive has 3 to 5 progressive levels and requires approximately 20 minutes to explore, apply, compare, and analyze each topic. Many Digital Interactives include real-time data from FRED™ allowing professors and students to display, in graph and table form, up-to-the-minute data on key macro variables. Digital Interactives can be assigned and graded within MyLab Economics, or used as a lecture tool to encourage engagement, classroom conversation, and group work.
  • Interactive Graphs in MyLab Economics enhance the student learning experience. Students can manipulate the coordinates and parameters of these graphs and watch the graphs change in real time, thereby deepening their conceptual understanding of the material.
  • Personalized Learning. Not every student learns the same way or at the same rate. With the growing need for acceleration through many courses, it’s more important than ever to meet students where they learn. Personalized learning in MyLab Economics gives you the flexibility to incorporate the approach that best suits of your course and your students.
    • The Study Plan acts as a tutor, providing personalized recommendations for each of your students based on his or her ability to master the learning objectives in your course. This allows students to focus their study time by pinpointing the precise areas they need to review, and allowing them to use customized practice and learning aids–such as videos, eText, tutorials, and more–to get them back on track. Using the report available in the Gradebook, you can then tailor course lectures to prioritize the content where students need the most support–offering you better insight into classroom and individual performance.
    • Dynamic Study Modules help students study effectively on their own by continuously assessing their activity and performance in real time. Here’s how it works: students complete a set of questions with a unique answer format that also asks them to indicate their confidence level. Questions repeat until the student can answer them all correctly and confidently. Once completed, Dynamic Study Modules explain the concept using materials from the text. These are available as graded assignments prior to class, and accessible on smartphones, tablets, and computers. NEW! Instructors can now remove questions from Dynamic Study Modules to better fit their course. Available for select titles.
  • The Enhanced eText keeps students engaged in learning on their own time, while helping them achieve greater conceptual understanding of course material.
  • Experiments are a fun and engaging way to promote active learning and mastery of important economic concepts. Pearson’s Experiments program is flexible and easy for instructors and students to use. Single-player experiments allow your students to play against virtual players from anywhere at any time so long as they have an Internet connection. Multiplayer experiments allow you to assign and manage a real-time experiment with your class. Pre- and post-questions for each experiment are available for assignment in MyLab Economics.
  • Economics Exercise Builder allows you to build customized exercises, including multiple-choice, graph drawing, and free-response items–many of which are generated algorithmically so that each time a student works them, a different variation is presented.
  • Reporting Dashboard. View, analyze, and report learning outcomes clearly and easily, and get the information you need to keep your students on track throughout the course, with the new Reporting Dashboard. Available via the MyLab Economics Gradebook and fully mobile-ready, the Reporting Dashboard presents student performance data at the class, section, and program levels in an accessible, visual manner.
  • Learning Catalytics™ helps you generate class discussion, customize your lecture, and promote peer-to-peer learning with real-time analytics. As a student response tool, Learning Catalytics uses students’ smartphones, tablets, or laptops to engage them in more interactive tasks and thinking.
    • NEW! Upload a full PowerPoint® deck for easy creation of slide questions.
    • NEW! Team names are no longer case sensitive.
    • Help your students develop critical thinking skills.
    • Monitor responses to find out where your students are struggling.
    • Rely on real-time data to adjust your teaching strategy.
    • Automatically group students for discussion, teamwork, and peer-to-peer learning.
  • LMS Integration. You can now link from Blackboard Learn, Brightspace by D2L, Canvas, or Moodle to MyLab Economics. Access assignments, rosters, and resources, and synchronize grades with your LMS Gradebook. For students, single sign-on provides access to all the personalized learning resources that make studying more efficient and effective.

 

About the book

 

Teach economics through three unified themes

Three key principles–optimization, equilibrium, and empiricism–lie at the heart of the authors’ approach. Chapters 1–4 introduce these key themes, and lay the groundwork for understanding the economic way of thinking about the world.

  1. Optimization. The first principle–that people try to choose the best available option–is optimization. Economists believe that optimization explains most choices people make, including minor decisions like deciding whether to eat a cheeseburger, and major decisions like deciding whom to date or marry. When people fail to optimize perfectly, economic reasoning can be used to analyze the mistake and to suggest a better course of action.
  2. Equilibrium. Economic systems tend toward equilibrium, wherein each economic actor feels that he or she cannot do any better by picking another course of action. This principle highlights the connections among economic actors and their choices. In a state of equilibrium, consumers and purveyors of goods and services are simultaneously optimizing, and their behaviors are consequently intertwined.
  3. Empiricism. While the first two key principles are conceptual, the third is methodological. Economists use data to test economic theories, learn about the world, and speak to policymakers. The emphasis on matching theories with real-world data to answer specific questions helps to show students the evidence behind the theory, making economics concrete, interesting, and fun.

 

Real issues engage students with the content

  • NEW! Examination of causality. By studying recent research that reports a positive correlation between expensive weddings and high rates of divorce, students will learn to determine the difference between correlation and causality, and better understand the role of omitted variables (Chapter 2).
  • REVISED! Coverage of the fracking revolution and its impact on oil and gas prices. Supply and demand come alive when students can see how the recent rightward shift in the oil supply curve–due to the development of fracking technologies–has played a role in halving the equilibrium price of oil (Chapter 4).   
  • NEW! Focus on the shared economy. The role of surge pricing in equilibrating Uber driver supply and rider demand is discussed, helping students to more deeply understand the markets that they personally use (Chapter 7).
  • NEW! Emphasis on the role of microeconomics in examining prominent social issues. From natural disaster management to global inequality, students examine important social issues–such as how to reduce fracking-generated earthquakes by applying the concept of externalities, inequality in Scandinavia, broadband access, and more.
  • NEW! Coverage of the recent election to teach topics like probability. Students use analytic tools to understand how to interpret forecasts on the eve of the election (Chapter 15).
  • NEW! Coverage describing the growth of economic inequality, and emphasizing that inequality is not measured in economic aggregates, such as GDP (Chapter 19).

 

An evidence based approach using real issues and data

  • Evidence-Based Economics (EBE) features show how economists use data to answer the question posed in the opening paragraph of each chapter. EBEs use actual data from field experiments, lab experiments, and the government or naturally occurring data, while highlighting major concepts in the chapter. These features let students get a real look at economics as it plays out in the world around them, and gives them the skills to question systematically and evaluate what they read. Examples include:
    • NEW! Uber and the invisible hand?
    • NEW! What can the government do to lower earthquakes in Oklahoma?
  • Letting the Data Speak features reinforce the theme of evidence behind the theory. These short, targeted explorations analyze an economic question by using real data as the foundation of the discussion. Among the many issues explored:
    • NEW! Forecasts on the eve of the election
    • NEW! The great productivity puzzle–discussing how we may be experiencing a slow-down of aggregate productivity despite the rapid introduction of a range of new technologies in the economy (Chapter 21)
    • NEW! Democracy and growth, showing the positive impact of democratic political institutions on economic growth (Chapter 22)
    • NEW! Financing start-ups (Chapter 24)
    • NEW! The response of consumption to tax cuts (Chapter 27)
  • Choice and Consequence features emphasize optimization–one of the key themes in the book–by focusing on making the best decision. These features ask students to make an economic decision, or evaluate the consequences of past real decisions. The authors then explain how an economist might analyze the same decision. Examples of choices investigated include:
    • NEW! The societal consequences of the expulsion of Jewish faculty from universities in Nazi Germany (Chapter 20)
    • NEW! Minimum wage laws and employment (Chapter 23)
    • EXPANDED! Luddite resistance to new technology and what this can teach us about the disruption that new and more productive robots are bringing to the economy today (Chapter 23)
    • NEW! Obtaining reserves outside of the federal funds market (Chapter 25)
    • NEW! The new administration’s fiscal policy proposals (Chapter 27)
    • NEW! The political forces that influence trade policy (Chapter 28)
  • NEW! Graphical Exhibit describing the relationship between interest rates and net capital outflows, unifying material from several chapters for the analysis of open economy macroeconomics (Chapter 29)

 

Show the importance of macroeconomic concepts in everyday life

Practical coverage of macroeconomics helps students see how they can apply course content in their own decision-making.

  • UPDATED! Examination of the labour market in terms of the downward nominal wage rigidity (Chapters 23, 26, and 27).
  • UPDATED! Simplified presentation of the two-part labour supply curve for easier student comprehension (Chapters 26 and 27).
  • An integrated approach to consumption and production. Chapters 5 and 6 show students that consumption and production are really two sides of the same coin, glued together by the idea of incentives. Upon grasping the commonalities and linkages between the processes of consumer and producer decisions, the student is able to view the whole picture and better understand how these concepts tie together.
  • In-depth coverage of game theory that yields powerful insights. Chapter 13 is devoted entirely to game theory, which is a source of some very powerful economic insights. This chapter emphasizes that it helps us better understand the world when we place ourselves in the shoes of someone else. In so doing, each student may develop a deeper understanding of how to choose a strategy that is a best response to the strategies of others. In this chapter, game theory is applied to many situations, including pollution, soccer, and advertising, to name a few.
  • An innovative suite that extends the microeconomic toolbox. Chapters 15 to 17 help students see the relevance of the study of microeconomics, which is applicable to real-life topics such as how compound interest causes an investment’s value to grow over time, adverse selection in the health insurance market, and the bargaining that takes place in auctions every day–from eBay to estate auctions to charity auctions. And the book comes to a close in an innovative fashion with Chapter 18 on social economics. Exploring the economics of charity and fairness and the economics of revenge, this final chapter drives home the fact that economic principles can be extended to every corner of our world.

 

About the book

 

Real issues engage students with the content

  • Examination of causality. By studyingrecent research that reports a positive correlation between expensive weddings and high rates of divorce, students will learn to determine the difference between correlation and causality, and better understand the role of omitted variables (Chapter 2).
  • Coverage of the fracking revolution and its impact on oil and gas prices. Supply and demand come alive when students can see how the recent rightward shift in the oil supply curve–due to the development of fracking technologies–has played a role in halving the equilibrium price of oil (Chapter 4).   
  • Focus on the shared economy. The role of surge pricing in equilibrating Uber driver supply and rider demand is discussed, helping students to more deeply understand the markets that they personally use (Chapter 7).
  • Emphasis on the role of microeconomics in examining prominent social issues. From natural disaster management to global inequality, students examine important social issues–such as how to reduce fracking-generated earthquakes by applying the concept of externalities, inequality in Scandinavia, broadband access, and more.
  • Coverage of the recent election to teach topics like probability. Students use analytic tools to understand how to interpret forecasts on the eve of the election (Chapter 15).
  • Coverage describing the growth of economic inequality, and emphasizing that inequality is not measured in economic aggregates, such as GDP (Chapter 19).

 

An evidence based approach using real issues and data

  • Evidence-Based Economics (EBE) features show how economists use data to answer the question posed in the opening paragraph of each chapter. EBEs use actual data from field experiments, lab experiments, and the government or naturally occurring data, while highlighting major concepts in the chapter. These features let students get a real look at economics as it plays out in the world around them, and gives them the skills to question systematically and evaluate what they read. Examples include:
    • Uber and the invisible hand?
    • What can the government do to lower earthquakes in Oklahoma?
  • Letting the Data Speak features reinforce the theme of evidence behind the theory. These short, targeted explorations analyze an economic question by using real data as the foundation of the discussion. Among the many issues explored:
    • Forecasts on the eve of the election
    • The great productivity puzzle–discussing how we may be experiencing a slow-down of aggregate productivity despite the rapid introduction of a range of new technologies in the economy (Chapter 21)
    • Democracy and growth, showing the positive impact of democratic political institutions on economic growth (Chapter 22)
    • Financing start-ups (Chapter 24)
    • The response of consumption to tax cuts (Chapter 27)
  • Choice and Consequence features emphasize optimization–one of the key themes in the book–by focusing on making the best decision. These features ask students to make an economic decision, or evaluate the consequences of past real decisions. The authors then explain how an economist might analyze the same decision. Examples of choices investigated include:
    • The societal consequences of the expulsion of Jewish faculty from universities in Nazi Germany (Chapter 20)
    • Minimum wage laws and employment (Chapter 23)
    • Luddite resistance to new technology and what this can teach us about the disruption that new and more productive robots are bringing to the economy today (Chapter 23)
    • Obtaining reserves outside of the federal funds market (Chapter 25)
    • The new administration’s fiscal policy proposals (Chapter 27)
    • The political forces that influence trade policy (Chapter 28)
  • Graphical Exhibit describing the relationship between interest rates and net capital outflows, unifying material from several chapters for the analysis of open economy macroeconomics (Chapter 29)

 

Show the importance of macroeconomic concepts in everyday life

Practical coverage of macroeconomics helps students see how they can apply course content in their own decision-making.

  • Examination of the labour market in terms of the downward nominal wage rigidity (Chapters 23, 26, and 27).
  • Simplified presentation of the two-part labour supply curve for easier student comprehension (Chapters 26 and 27).

 

Details

  • Loose-leaf, 3-hole-punched pages
  • Free shipping

NOTE: This edition features the same content as the traditional text in a convenient, three-hole-punched, loose-leaf version. Student Value Editions also offer a great value; this format costs significantly less than a new textbook. Before purchasing, check with your instructor or review your course syllabus to ensure that you select the correct ISBN. Several versions of MyLab™ and Mastering™ platforms exist for each title, including customized versions for individual schools, and registrations are not transferable. In addition, you may need a Course ID, provided by your instructor, to register for and use MyLab and Mastering platforms.

For courses in Principles of Economics.


Acemoglu, Laibson, List: An evidence-based approach to economics

Throughout Economics, 2nd Edition, authors Daron Acemoglu, David Laibson, and John List use real economic questions and data to help readers learn about the world around them.

 

Taking a fresh approach, the authors use the themes of optimization, equilibrium, and empiricism to illustrate the power of simple economic ideas, and their ability to explain, predict, and improve what happens in the world. Each chapter begins with an empirical question that is later answered using data in the Evidence-Based Economics feature. As a result of the text’s practical emphasis, readers will learn to apply economic principles to guide the decisions they make in their own lives.

 

Also available with MyLab Economics

MyLab™ Economics is an online homework, tutorial, and assessment program designed to work with this text to engage students and improve results. Within its structured environment, students practice what they learn, test their understanding, and pursue a personalized study plan that helps them better absorb course material and understand difficult concepts.

If you would like to purchase both the loose-leaf version of the text and MyLab Economics, search for:

0134641892 / 9780134641898 Economics, Student Value Edition Plus MyLab Economics with Pearson eText — Access Card Package 

 

Package consists of:

  • 0134515625 / 9780134515625 Economics, Student Value Edition
  • 0134519442 / 9780134519449 MyLab Economics with Pearson eText — Access Card — for Economics

 

Daron Acemoglu is Elizabeth and James Killian Professor of Economics in the Department of Economics at the Massachusetts Institute of Technology. He received a BA in economics from the University of York, an MSc in mathematical economics and econometrics from the London School of Economics, and a PhD in economics from the London School of Economics.

 

He is an elected fellow of the National Academy of Sciences, the American Academy of Arts and Sciences, the Econometric Society, the European Economic Association, and the Society of Labor Economists. Acemoglu has received numerous awards and fellowships, including the inaugural T. W. Schultz Prize from the University of Chicago in 2004, the inaugural Sherwin Rosen Award for outstanding contribution to labor economics in 2004, the Distinguished Science Award from the Turkish Sciences Association in 2006, and the John von Neumann Award, Rajk College, Budapest, in 2007.

 

He was also the recipient of the John Bates Clark Medal in 2005, awarded every two years to the best economist in the US under the age of 40 by the American Economic Association, and the Erwin Plein Nemmers Prize awarded every two years for work of lasting significance in economics. He holds honorary doctorates from the University of Utrecht and Bosporus University.

 

His research interests include political economy, economic development and growth, human capital theory, growth theory, innovation, search theory, network economics, and learning.

 

His books include Economic Origins of Dictatorship and Democracy (jointly with James A. Robinson), which was awarded the Woodrow Wilson and the William Riker prizes, Introduction to Modern Economic Growth, and Why Nations Fail: The Origins of Power, Prosperity, and Poverty (jointly with James A. Robinson), which has become a New York Times bestseller.

 


David Laibson is the Chair of the Harvard Economics Department and the Robert I. Goldman Professor of Economics at Harvard University. He is also a member of the National Bureau of Economic Research, where he is Research Associate in the Asset Pricing, Economic Fluctuations, and Aging Working Groups.

 

His research focuses on the topics of behavioral economics, intertemopral choice, macroeconomics, and household finance, and he leads Harvard University’s Foundations of Human Behavior Initiative. He serves on several editorial boards, as well as the Pension Research Council (Wharton) and Harvard’s Pension Investment Committee, and the Board of the Russell Sage Foundation. He has previously served on the boards of the Health and Retirement Study (National Institutes of Health) and the Academic Research Council of the Consumer Financial Protection Bureau.

 

He is a recipient of a Marshall Scholarship and a Fellow of the Econometric Society and the American Academy of Arts and Sciences. He is also a recipient of the T. W. Schultz Prize from the University of Chicago and the TIAA-CREF Paul A. Samuelson Award for Outstanding Scholarly Writing on Lifelong Financial Security.

 

Laibson holds degrees from Harvard University (AB in economics), the London School of Economics (MSc in econometrics and mathematical economics), and the Massachusetts Institute of Technology (PhD in economics). He received his PhD in 1994 and has taught at Harvard since then. In recognition of his teaching excellence, he has been awarded Harvard’s Phi Beta Kappa Prize and a Harvard College Professorship.

 


John A. List is the Kenneth C. Griffin Distinguished Service Professor in Economics at the University of Chicago, and Chairman of the Department of Economics. He received his BS in economics from the University of Wisconsin–Stevens Point and his PhD in economics from the University of Wyoming. Before joining the University of Chicago in 2005, he was a professor at the University of Central Florida, University of Arizona, and University of Maryland. He also served in the White House on the Council of Economic Advisers from 2002–2003, and is a Research Associate at the NBER.

 

List was elected a Member of the American Academy of Arts and Sciences in 2011, and a Fellow of the Econometric Society in 2015. He also received the Arrow Prize for Senior Economists in 2008, the Kenneth Galbraith Award in 2010, the Yrjo Jahnsson Lecture Prize in 2012, and the Klein Lecture Prize in 2016. He received an honorary doctorate from Tilburg University in 2014, and was named a Top 50 Innovator in the Non-Profit Times for 2015 and 2016 for his work on charitable giving.

 

His research focuses on questions in microeconomics, with a particular emphasis on using field experiments to address both positive and normative issues. For decades his field experimental research has focused on issues related to the inner workings of markets, the effects of various incentive schemes on market equilibria and allocations, and how behavioral economics can augment the standard economic model. This includes research into why inner city schools fail, why people discriminate, why people give to charity, why firms fail, why women make less money than men in labor markets, and why people generally do what they do.

 

His research includes over 200 peer-reviewed journal articles and several published books, including the 2013 international best-seller, The Why Axis: Hidden Motives and the Undiscovered Economics of Everyday Life (with Uri Gneezy).

 

 

NOTE: This edition features the same content as the traditional text in a convenient, three-hole-punched, loose-leaf version. Student Value Editions also offer a great value; this format costs significantly less than a new textbook. Before purchasing, check with your instructor or review your course syllabus to ensure that you select the correct ISBN. Several versions of MyLab™ and Mastering™ platforms exist for each title, including customized versions for individual schools, and registrations are not transferable. In addition, you may need a Course ID, provided by your instructor, to register for and use MyLab and Mastering platforms.


For courses in Principles of Economics.


Acemoglu, Laibson, List: An evidence-based approach to economics

Throughout Economics, 2nd Edition, authors Daron Acemoglu, David Laibson, and John List use real economic questions and data to help students learn about the world around them.

 

Taking a fresh approach, the authors use the themes of optimization, equilibrium, and empiricism to illustrate the power of simple economic ideas, and their ability to explain, predict, and improve what happens in the world. Each chapter begins with an empirical question that is later answered using data in the Evidence-Based Economics feature. As a result of the text’s practical emphasis, students learn to apply economic principles to guide the decisions they make in their own lives.

 

Also available with MyLab Economics

MyLab™ Economics is an online homework, tutorial, and assessment program designed to work with this text to engage students and improve results. Within its structured environment, students practice what they learn, test their understanding, and pursue a personalized study plan that helps them better absorb course material and understand difficult concepts.

Students, if interested in purchasing this title with MyLab Economics, ask your instructor for the correct package ISBN and Course ID. Instructors, contact your Pearson representative for more information.

PART I: INTRODUCTION TO ECONOMICS

1. The Principles and Practice of Economics

2. Economic Methods and Economic Questions

3. Optimization: Doing the Best You Can

4. Demand, Supply, and Equilibrium

 

PART II: FOUNDATIONS OF MICROECONOMICS

5. Consumers and Incentives

6. Sellers and Incentives

7. Perfect Competition and the Invisible Hand

8. Trade

9. Externalities and Public Goods

10. The Government in the Economy: Taxation and Regulation

11. Markets for Factors of Production

 

PART III: MARKET STRUCTURE

12. Monopoly

13. Game Theory and Strategic Play

14. Oligopoly and Monopolistic Competition

 

PART IV: EXTENDING THE MICROECONOMIC TOOLBOX

15. Trade-offs Involving Time and Risk

16. The Economics of Information

17. Auctions and Bargaining

18. Social Economics

 

PART V: INTRODUCTION TO MACROECONOMICS

19. The Wealth of Nations: Defining and Measuring Macroeconomic Aggregates

20. Aggregate Incomes

 

PART VI: LONG-RUN GROWTH AND DEVELOPMENT

21. Economic Growth

22. Why Isn’t the Whole World Developed?

 

PART VII: EQUILIBRIUM IN THE MACROECONOMY

23. Employment and Unemployment

24. Credit Markets

25. The Monetary System

 

PART VIII: SHORT-RUN FLUCTUATIONS AND MACROECONOMIC POLICY

26. Short-Run Fluctuations

27. Countercyclical Macroeconomic Policy

 

PART IX: MACROECONOMICS IN A GLOBAL ECONOMY

28. Macroeconomics and International Trade

29. Open Economy Macroeconomics

 

CHAPTERS ON THE WEB

1. Financial Decision Making

2. Economics of Life, Health, and the Environment

3. Political Economy

 

 

Additional information

Dimensions 1.10 × 8.40 × 10.80 in
Imprint

Format

ISBN-13

ISBN-10

Author

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Subjects

economics, higher education, business and economics, Quantitative Business, POE Two Semester