Betsey Stevenson - Principles of Economics 1/e, First Edition

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(bold) Brief Contents (end bold)

Preface

A Quick Review of Graphs

(bold) PART I: Foundations of Economics (end bold)

Chapter 1: The Core Principles of Economics

Chapter 2: Demand: Thinking Like a Buyer

Chapter 3: Supply: Thinking Like a Seller

Chapter 4: Equilibrium: Where Supply Meets Demand

(bold) PART II: Analyzing Markets (end bold)

Chapter 5: Elasticity: Measuring Responsiveness

Chapter 6: When Governments Intervene in Markets

Chapter 7: Welfare and Efficiency

Chapter 8: Gains from Trade

(bold) PART III: Applications and Policy Issues (end bold)

Chapter 9: International Trade

Chapter 10: Externalities and Public Goods

Chapter 11: The Labor Market

Chapter 12: Wages, Workers, and Management

Chapter 13: Inequality, Social Insurance, and Redistribution

(bold) PART IV: Market Structure and Business Strategy (end bold)

Chapter 14: Market Structure and Market Power

Chapter 15: Entry, Exit, and Long-Run Profitability

Chapter 16: Business Strategy

Chapter 17: Sophisticated Pricing Strategies

Chapter 18: Game Theory and Strategic Choices

(bold) PART V: Advanced Decisions (end bold)

Chapter 19: Decisions Involving Uncertainty

Chapter 20: Decisions Involving Private Information

Glossary

Index

• Betsey Stevenson
• University of Michigan
• Justin Wolfers
• University of Michigan

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ISBN 978-1-319-25218-2 (epub)

Library of Congress Control Number: 2019948826

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With thanks to those in previous generations who inspired, educated, and raised us.

In awe of those in the next generationyou are better, faster, and smarter.

And with inspiration from introductory students who are about to learn that economics will give you superpowersour hope is that youll use those superpowers to create a more joyful world.

Betsey Stevenson is a professor of economics and public policy at the University of Michigan. Her research focuses on the impact of public policies on the labor market and explores womens labor market experiences, the economic forces shaping the modern family, and the role of subjective well-being data for public policy. She serves on the Executive Committee of the American Economic Association and is also a research associate with the National Bureau of Economic Research, a fellow of the Institute for Economic Research in Munich, a visiting associate professor of economics at the University of Sydney, and a research Fellow with the Centre for Economic Policy Research in London. She served as a member of the Council of Economic Advisers from 2013 to 2015, where she advised President Obama on social policy, labor market, and trade issues. She also served as the chief economist of the U.S. Department of Labor from 2010 to 2011. Betsey is an occasional editorialist for Bloomberg, and a trusted presence in the public debate about economics and public policy. She earned a BA in economics and mathematics from Wellesley College and an AM and PhD in economics from Harvard University.

Justin Wolfers is a professor of economics and public policy at the University of Michigan. He has research in both macroeconomics and applied microeconomics topics, having explored unemployment and inflation, the power of prediction markets, the economic forces shaping the modern family, discrimination, and happiness. He is a research associate with the National Bureau for Economic Research, a fellow of the Brookings Institution, a fellow of the Peterson Institute for International Economics, a research fellow with the Centre for Economic Policy Research in London, a fellow of the Institute for Economic Research in Munich, a visiting professor of economics at the University of Sydney, and an international research fellow at the Kiel Institute for the World Economy in Germany. He has been an editor of the Brookings Papers on Economic Activity, a board member on the Committee on the Status of Women in Economics, a member of the Panel of Advisors of the U.S. Congressional Budget Office, among many other board and advisory positions. He is currently a contributing columnist for the New York Times and has written about economic issues in numerous other outlets. He is frequently quoted in the media on economic policy and relied upon to provide unbiased assessments of the current state of the macroeconomy. Justin earned a BA in economics from the University of Sydney and an AM and PhD in economics from Harvard University.

One of them was once described by Jezebel.com as the hippest-economist-ever. The other was not.

Betsey and Justin live in Ann Arbor, Michigan, with their children Matilda and Oliver and their lovable mutt, Max. Theyre thinking of getting a cat.

A slow-motion revolution has transformed economics. Weve moved beyond the widget factorythe standardized set of business interactions involving inputs, outputs, and pricing decisionstoward a social science that can speak to the decisions we make in every aspect of our lives. Successive cohorts of economists have transformed the field so that it has greater relevance and a closer relationship to actual human behavior, making it more meaningful to more people. This is no longer your parents economics.