Contemporary Economics: Principles

Book Summary of Contemporary Economics: Principles and Policy
This text is well-known for using the Keynesian model in the teaching of economics; yet, in recent editions, the authors expanded coverage of the growth model considerably to achieve more balanced coverage. The text uses the aggregate supply/aggregate demand model as a fundamental tool for learning macroeconomics. It achieves the right level of rigor and detail, presenting complicated concepts in a relatively straightforward manner and using timely economic data. Using puzzles, issues, and well-developed examples, the authors provide a good balance of theory to application, allowing you to relate the materials to your everyday life.

Key Feature
• There is expanded coverage on developing economies (China and India), as well as coverage on outsourcing
• The book provides analysis of human capital's impact on economic growth, including a discussion on minimum wage and household protection
• More developed discussion of consumer choice has been added, including expanded coverage on budget limitations and constraints when discussing consumer theory
• The authors include new material on banking, energy and the history of economics, as well as new analysis of the mortgage crisis of 2007

Table of Contents
Part I: Getting Acquainted with Economics 1. What Is Economics?
2. The Economy: Myth and Reality
3. The Fundamental Economic Problem: Scarcity and Choice
4. Supply and Demand: An Initial Look