Principles of Economics in Context

Principles of Economics in Context lays out the principles of micro- and macroeconomics in a manner that is thorough, up to date, and relevant to students, attuned to the economic realities of the world around them. It offers engaging treatment of important current topics such as new thinking in behavioral economics, financial instability and market bubbles, debt and deficits, and policy responses to the problems of unemployment, inequality, and environmental sustainability. This new, affordable edition combines the just-released new editions of Microeconomics in Context and Macroeconomics in Context to provide an integrated full-year text covering all aspects of both micro and macro analysis and application, with many up-to-date examples and extensive supporting web resources for instructors and students.

Key features include:

An eye-opening statistical portrait of the United States;

• Clear explanation of basic concepts and analytical tools, with advanced models presented in optional chapter appendices;
• Presentation of policy issues in historical, institutional, social, political, and ethical context–an approach that fosters critical evaluation of the standard microeconomic models, such as welfare analysis, labor markets, and market competition;
• Issues of human well-being, both domestic and global, are given central importance, enriching the topics and analytical tools to which students are introduced;
• The theme of sustainability–financial, social, and ecological–is thoroughly integrated in the book, with chapters on alternatives to standard GDP measurement, the environment, common property, public goods, and growth and sustainability in the twenty-first century;
• Full complement of instructor and student support materials online, including test banks and grading through Canvas.

Table of Contents

Part I The Context for Economic Analysis
Chapter 0. Economics and Well-Being
Chapter 1. Economic Activity in Context
Chapter 2. Useful Tools and Concepts
Chapter 3. Markets and Society

Part II Basic Economic Analysis
Chapter 4. Supply and Demand
Chapter 5. Elasticity
Chapter 6. Welfare Analysis
Chapter 7. International Trade and Trade Policy

Part III Economics and Society
Chapter 8. Economic Behavior and Rationality
Chapter 9. Consumption and the Consumer Society
Chapter 10. Markets for Labor

Part IV Essential Topics for Contemporary Economics
Chapter 11. Economic and Social Inequality
Chapter 12. Taxes and Tax Policy
Chapter 13. The Economics of the Environment
Chapter 14. Common Property Resources and Public Goods

Part V Resources, Production, and Market Organization
Chapter 15. Capital Stocks and Resource Maintenance
Chapter 16. Production Costs
Chapter 17. Markets Without Power
Chapter 18. Markets with Market Power

Part VI Macroeconomic Basics
Chapter 19. Introduction to Macroeconomics
Chapter 20. Macroeconomic Measurement: The Current Approach6
Chapter 21. Macroeconomic Measurement: Environmental and Social Dimensions
Chapter 22. The Structure of the U.S. Economy
Chapter 23. Employment, Unemployment, and Wages

Part VII Macroeconomic Theory and Policy
Chapter 24. Aggregate Demand and Economic Fluctuations
Chapter 25. Fiscal Policy
Chapter 26. Money, Banking, and Finance
Chapter 27. The Federal Reserve and Monetary Policy
Chapter 28. Aggregate Supply, Aggregate Demand, and Inflation: Putting It All Together
Chapter 29. The Global Economy and Policy

Part VIII Macroeconomic Issues and Applications
Chapter 30. The Financial Crisis and the Great Recession
Chapter 31. Deficits and Debt
Chapter 32. How Economies Grow and Develop
Chapter 33. Growth and Sustainability in the Twenty-First Century