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1416 Krugman Essentials of Economics 4E Essentials of ECONOMICS Copyright ©2016 Worth Publishers. Distributed by Worth Publishers. Not for redistribution. KrugESS4e_FM_pp_i_xxviii.indd i 15/07/16 2:05 PM Copyright ©2016 Worth Publishers. Distributed by Worth Publishers. Not for redistribution. KrugESS4e_FM_pp_i_xxviii.indd ii 15/07/16 2:05 PM Essentials of ECONOMICS FOURTH EDITION Paul Krugman Graduate Center of the City University of New York Robin Wells New York Copyright ©2016 Worth Publishers. Distributed by Worth Publishers. Not for redistribution. KrugESS4e_FM_pp_i_xxviii.indd iii 15/07/16 2:05 PM To beginning students everywhere, which we all were at one time. Vice President, Social Science: Charles Linsmeier Publisher: Shani Fisher Marketing Manager: Tom Digiano Marketing Assistant: Morgan Ratner Executive Development Editor: Sharon Balbos Consultant: Ryan Herzog Senior Media Editor: Lukia Kliossis Editorial Assistant: Courtney Lindwall Director, Content Management Enhancement: Tracey Kuehn Managing Editor: Lisa Kinne Project Editor: Martha Emry Director of Design, Content Management: Diana Blume Interior and Cover Designer: Vicki Tomaselli Photo Editor: Cecilia Varas Photo Researchers: Elyse Rieder and Cecilia Varas Senior Production Supervisor: Stacey B. Alexander Senior Media Producer: Chris Efstratiou Media Producers: Andrew Vaccaro and Daniel Comstock Composition and Illustrations: MPS Ltd. Printing and Binding: RR Donnelley See page xxv for cover credits information. Page xxv is an extension of this copyright page. ISBN-13: 978-1-4641-8665-3 ISBN-10: 1-4641-8665-0 Library of Congress Control Number: 2016936479 © 2017, 2014, 2011, 2007 by Worth Publishers All rights reserved. Printed in the United States of America First printing Worth Publishers One New York Plaza Suite 4500 New York, NY 10004-1562 www.macmillanhighered.com Copyright ©2016 Worth Publishers. Distributed by Worth Publishers. Not for redistribution. KrugESS4e_FM_pp_i_xxviii.indd iv 15/07/16 2:05 PM About the Authors PAUL KRUGMAN, recipient of the 2008 Nobel Memorial Prize in Economic Sciences, taught at Princeton University for 14 years. In 2015, he joined the faculty of the Graduate Center of the City University of New York, associated with the Luxembourg Income Study, which tracks and analyzes income inequality around the world. He received his BA from Yale and his PhD from MIT. Before Princeton, he taught at Yale, Stanford, and MIT. He also spent a year on the staff of the Council of Economic Advisers in 1982–1983. His research has included pathbreaking work on international trade, economic geography, and currency crises. In 1991, Krugman received the American Economic Association’s John Bates Clark medal. In addition to his teaching and academic research, Krugman writes extensively for nontechnical audiences. He is a regular op-ed columnist for the New York Times. His best-selling trade books include End This Depression Now!, The Return of Depression Economics and the Crisis of 2008, a history of recent economic troubles and their implications for economic policy, and The Conscience of a Liberal, a study of the political economy of economic inequality and its relationship with political polarization from the Gilded Age to the present. His earlier books, Ligaya Franklin Peddling Prosperity and The Age of Diminished Expectations, have become modern classics. ROBIN WELLS was a Lecturer and Researcher in Economics at Princeton University. She received her BA from the University of Chicago and her PhD from the University of California at Berkeley; she then did postdoctoral work at MIT. She has taught at the University of Michigan, the University of Southampton (United Kingdom), Stanford, and MIT. Copyright ©2016 Worth Publishers. Distributed by Worth Publishers. Not for redistribution. KrugESS4e_FM_pp_i_xxviii.indd v 15/07/16 2:05 PM Vision and Story of Essentials of Economics This is a book about economics as the study of what people do and how they interact, a study very much informed by real-world experience. Dear Students and Instructors, These words, this spirit, have served as a guiding We also include pedagogical features that reinforce principle for us in every edition. While we were learning. For example, each major section ends driven to write this book by many small ideas about with three related elements devised with the student particular aspects of economics, we also had one big in mind: (1) the Economics in Action: a real- idea: an economics textbook should be built around world application to help students achieve a fuller narratives, many of them pulled from real life, and it understanding of concepts they just read about; (2) a should never lose sight of the fact that economics is, in Quick Review of key ideas in list form; and (3) Check the end, a set of stories about what people do. Your Understanding self-test questions with answers at back of book. Our thought-provoking end-of-chapter Many of the stories economists tell take the form of problems are another strong feature. And we are pleased models—for whatever else they are, economic models to introduce the new Work It Out feature: one end-of- are stories about how the world works. But we believe chapter problem in each chapter that students solve that student understanding of and appreciation for with the help of an interactive tutorial. An overview of models are greatly enhanced if they are presented, as the text’s tools for learning are on p. ix. much as possible, in the context of stories about the real world that both illustrate economic concepts and Students also benefit from the impressive set of online touch on the concerns we all face living in a world resources in that are linked to specific shaped by economic forces. chapter content. These include adaptive quizzing, tutorials, interactive activities, and much more. You’ll find a rich array of stories in every chapter, All have been devised with the goal of supporting in the chapter openers, Economics in Actions, For instructor teaching and student learning in the one- Inquiring Minds, Global Comparisons, and the end-of- semester introductory course. part Business Cases. As always, we include many new stories and update others. We also integrate an We hope that your experience with this text is a international perspective throughout, and most visibly, good one. Thank you for introducing Essentials of in our Global Comparison feature. An overview of the Economics into your classroom. narrative-based features in the text is on p. viii. Paul Krugman Robin Wells vi Copyright ©2016 Worth Publishers. Distributed by Worth Publishers. Not for redistribution. KrugESS4e_FM_pp_i_xxviii.indd vi 15/07/16 2:05 PM Engaging Students in the Study of Economics We are committed to the belief that students learn best from a textbook built around narratives, steeped in real life and current events, with a strong emphasis on global matters, and accompanied by proven technology that supports student success. Narrative Approach Technology That Builds Success This is a book built around narratives and stories, many Developed alongside chapters and designed for seamless pulled from real life. In every chapter, stories are used to integration with the book, for Essentials of teach core concepts and motivate learning. We believe Economics, Fourth Edition, provides students access to that the best way to introduce concepts and reinforce an extensive collection of proven learning tools: adaptive them is through memorable, real-world stories; students quizzing, tutorials, videos, activities, and a comprehen- simply relate more easily to them. sive review of math and graphing. The goals for these LD V R IE O W resources are the same as the text’s: student engagement, W Global Focus mastery of the material, and success in the course. We have thoroughly integrated an international per- spective into the text, in the many applications, cases, To find activities that correspond to the interactive activity and stories, and, of course, in the data-based Global text, look for this icon: Comparison feature. This book is unrivaled in the atten- tion paid to global matters. What’s New in the Fourth Edition? An important and timely new chapter on poverty Many new and updated stories, applications, and inequality New Chapter 11 looks at the problem and cases keep the text fresh and engaging. of poverty, the issue of income inequality, and the U.S. The new stories cover a broad range of topics, many welfare state and its philosophical foundations. Health reflecting current events—for example, sustainability, care economics is also covered, along with a detailed the impact of technology, the economic situation in examination of the Affordable Care Act. Europe, and today’s policy debates. A listing of new examples appears on p. xiii. New coverage of price discrimination and game theory, and a newly separate Chapter 8 on Expanded and updated offerings in monopoly In response to feedback from users, we’ve These include a new math and graphing review, an carved out a separate chapter on monopoly and array of new activities designed to motivate learning added coverage of price discrimination to it. We also and encourage success in the course, and enhanced added a full section on game theory to Chapter 9, on integration between and in-text content. oligopoly and monopolistic competition. Our hope is that these additions will resonate with students and make teaching these topics more meaningful and fun. vii Copyright ©2016 Worth Publishers. Distributed by Worth Publishers. Not for redistribution. KrugESS4e_FM_pp_i_xxviii.indd vii 15/07/16 2:05 PM Engaging Students with a Narrative Approach b To engage students, every chapter begins with CHAPTER 3 Supply and Demand a compelling story. LD V R IE O W ▲ W ECONOMICS in Action ▲ What You Will Learn A NATURAL GAS BOOM in This Chapter interactive activity Smart Grid Economics • What a competitive market is and how it is described by the f you are a night owl who likes to listen to music, write term papers, or do laun- supply and demand model dry in the middle of the night, your local electricity grid would like to thank you.
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