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Principles of Economics By Moore McDowell

Principles of Economics
by Moore McDowell

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Reflects the issues and context of economics in Europe. This book relies throughout on a shortlist of 12 core principles which are reinforced by real-world examples. It features review questions, exercises and problems to encourage students to apply these principles in a variety of contexts.
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Principles of Economics Summary

Principles of Economics by Moore McDowell

Principles of Economics, European Edition, develops the well regarded US textbook by Frank and Bernanke to reflect the issues and context of economics in Europe.

The book presents concepts intuitively using examples drawn from familiar contexts. It relies throughout on a well articulated shortlist of 12 core principles which are reinforced by real-world examples. Review questions, exercises and problems encourage students to apply these principles in a variety of contexts.

The text encourages students to become "economic naturalists", people who employ basic economic principles to understand and explain what they observe in the world around them. The "economic naturalist" approach helps students develop concepts and illustrates their applications in a real world setting.

Features of this edition:

  • Including an extended chapter on oligopoly theory within the microeconomics section
  • Core Principles emphasised throughout the text to reinforce key ideas
  • An Active Learning Approach, with exercises, review questions and problems in every chapter, encourage students to apply their knowledge as they work through the topics

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About Moore McDowell

Moore McDowell teaches at the University College Dublin. Rodney Thom teaches at the University College Dublin. Robert H. Frank received his M.A. in statistics from the University of California at Berkeley in 1971, and his Ph.D. in economics in 1972, also from U.C. Berkeley. He is the Goldwin Smith Professor of Economics at Cornell University, where he has taught since 1972 and where he currently holds a joint appointment in the department of economics and the Johnson Graduate School of Management. He has published on a variety of subjects, including price and wage discrimination, public utility pricing, the measurement of unemployment spell lengths, and the distributional consequences of direct foreign investment. For the past several years, his research has focused on rivalry and cooperation in economic and social behaviour. Professor Bernanke received his B.A. in Economics from Harvard University in 1975 and his Ph.D. in economics from MIT in 1979. He taught at the Stanford Graduate School of Business from 1979 to 1985 and moved to Princeton University in 1985, where he was named the Howard Harrison and Gabrielle Snyder Beck Professor of Economics and Public Affairs, where he served as Chairman of the Economics Department. He is a fellow of the American Academy of Arts and Sciences and the Econometrics Society. He was named a member of the Board of Governors of the Federal Reserve in 2002 and became the chairman of the President's council of Economic Advisers in 2005. In 2006 Ben Bernanke was selected to be the Chairman of the Federal Reserve Board.Professor Bernanke's intermediate textbook, with Andrew Abel, Macroeconomics, Fifth Edition (Addison-Wesley, 2004) is a best seller in its field. He has authored more than 50 scholarly publications in macroeconomics, macroeconomic history, and finance. He has done significant research on the causes of the Great Depression, the role of financial markets and institutions in the business cycle, and measuring the effects of monetary policy on the economy. His two most recent books, both published by Princeton University Press, include Inflation Targeting: Lessons from the International Experience (with coauthors) and Essays on the Great Depression. He has served as editor of the American Economic Review and was the founding editor of the International Journal of Central Banking. Professor Bernanke has taught principles of economics at both Stanford and Princeton.

Table of Contents


PART 1: Introduction

1 Thinking Like an Economist
Appendix A: Working with Equations, Graphs and Tables
Appendix B: Elements of Calculus for use in Economics
2 Comparative Advantage: The Basis for Exchange
3 Supply and Demand: An Introduction

PART 2: Competition and the Invisible Hand

4 Elasticity
5 Demand: The Benefit Side of the Market
6 Perfectly Competitive Supply: The Cost Side of the Market
Appendix: Supply
7 Efficiency and Exchange
8 The Quest for Profit and the Invisible Hand

PART 3: Market Imperfections

9 Imperfect Competition and Consequences of Market Power
10 Thinking Strategically: Competition among the Few
11 Externalities and Property Rights: External Costs and Benefits
12 The Economics of Information

PART 4: Government in the Economy: Distribution, Regulation and the Provision of Public Goods

13 Labour Markets, Income Distribution, Wealth and Poverty
14 Government in the Market Economy: Regulation and Production of Public Goods and Other Services

PART 5: Trade and Integration

16 Trade, Factor Flows and Economic Integration: The Basic Economics of the European Union

PART 6: Macroeconomics: Issues and Data

17 Macroeconomics: The Bird's-Eye View of the Economy
18 Measuring Economic Activity: GDP and Unemployment
19 Measuring the Price Level and Inflation

PART 7: The Economy in the Long Run

20 Economic Growth, Productivity, and Living Standards
21 Workers, Wages, and Unemployment in the Modern Economy
22 Saving and Capital Formation
23 Money, Prices, and the European Central Bank
24 Financial Markets and International Capital Flows

PART 8: The Economy in the Short Run

25 Short-Term Economic Fluctuations
Appendix: The Multiplier in the Basic Keynesian Model
26 Stabilising the Economy: The Role of Fiscal Policy
27 Stabilizing the Economy: The Role of Monetary Policy
Appendix: Monetary Policy in the Basic Keynesian Model
28 Inflation and Aggregate Supply
Appendix: The Algebra of Aggregate Demand and Aggregate Supply

PART 9: The International Economy

29 Exchange Rates and the Open Economy
30 Monetary Union: The Theory of Optimum Currency Areas

Additional information

Principles of Economics by Moore McDowell
Moore McDowell
Used - Very Good
McGraw-Hill Education - Europe
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