Economics

In "Economics, noted economist and teacher John Taylor unravels sophisticated material by combining clear, straightforward writing with annotated graphs and real-life examples that drive students' interest in modern economic theory.The first to cover long-run fundamentals before short-term economic fluctuations, Taylor' s modern approach helps students to understand the basic determinants of growth (labor, capital, and technology) before introducing fluctuations (inflation, output, and employment) that can occur even during periods of steady growth. In addition, he offers a breakthrough discussion of economic fluctuations--modifying the classic AD/AS model to include inflation so that students gain a realistic viewpoint on long-run growth. Chapters 5-7 address the efficiency of competitive markets, setting the stage for later discussion of market failure and government policy. An in-depth description of an experimental double-oral auction in Chapter 7 provides a unique perspectiveon people' s economic interactions with the market."New! Expanded applications and case studies appear throughout the text, providing more