Principles of Economics

By: Richard Holden, Betsey Stevenson, Justin Wolfers

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Paperback | 15 June 2023 | Edition Number 1

At a Glance

Paperback
1008 Pages

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28 x 22.5 x 4.5

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Principles of Economics by Richard Holden (University of New South Wales), Betsey Stevenson (University of Michigan), and Justin Wolfers (University of Michigan) emphasises that every decision is an economic decision. The authors' focus on useful economics uses compelling explanations and real-life examples to help students develop and apply economic intuition to their everyday decisions.

The authors provide a fresh take on a wide range of principles topics across the Microeconomics, Macroeconomics version and the full Principles version. They develop macroeconomics from its microfoundations in an engaging presentation that has drawn enthusiastic reviews from hundreds of instructors and thousands of students in pre-publication class-tests.

A modern approach to Microeconomics integrates current developments in the discipline into the Principles curriculum, with emphasis on empirical data and behavioural economics, labour and personnel economics, industrial organisation, strategic decision making and information asymmetries.

A cutting-edge presentation of the macroeconomy emphasises how microfoundations underpin macroeconomic theory, helps students apply their understanding of the macroeconomy in their professional and personal lives, and provides the most realistic and current presentation of monetary policy. To convey the understanding of macroeconomic fluctuations, Stevenson and Wolfers offer instructors a choice: 1) a modern framework including the IS curve to explain spending decisions, MP curve to describe monetary policy, and Phillips curve to explain inflation, and 2) a traditional AD-AS approach.

This text is available in Achieve, an integrated online learning system that features powerful tools for each step of the Learning Path: pre-class, in-class, and post-class.

About the Authors

Richard Holden is Professor of Economics at UNSW Business School, director of the Economics of Education Knowledge Hub @UNSWBusiness, co-director of the New Economic Policy Initiative, and President of the Academy of the Social Sciences in Australia. Prior to that he was on the faculty at the University of Chicago and the Massachusetts Institute of Technology.

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 women’s labor market experiences, the economic forces shaping the modern family, and the role of subjective well-being data for public policy.

Justin Wolfers is a professor of economics and public policy at the University of Michigan. He does research in both macroeconomics and applied microeconomics topics, and has explored unemployment and inflation, the power of prediction markets, the economic forces shaping the modern family, discrimination, and happiness.

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