John B. Taylor Economics, Fourth Edition

ISBN 13: 9780618230013

Economics, Fourth Edition

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9780618230013: Economics, Fourth Edition
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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 perspective on people's economic interactions with the market.

  • New! Expanded applications and case studies appear throughout the text, providing more opportunities for students to connect the material with the real world.
  • New! New! Updated discussions of the latest economic developments in the U.S. and around the world—including the 2001 recession—illustrate practical, contemporary applications for concepts covered in the text.
  • New! A significantly enhanced support package features extensive study aids for students, including online tutoring through SMARTHINKING and a reduced subscription price to WSJ.com and The Wall Street Journal. In addition, classroom management tools help instructors cut down on the time spent preparing for lectures.
  • Numerous graphs feature Taylor's trademark "conversation boxes" and offer students a step-by-step illustration of the economic models and theories under review.
  • Economics in Action boxes highlight how economic principles shape everyday life, including "Green Pricing and Incentives," and "Digital Cameras and the Future of Film." Likewise, Reading the News boxes help students decipher recent news stories about economic policy, including the impact of 9/11 and the downsizing of the dot-com business sector.

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About the Author:

John B. Taylor, a highly regarded and widely honored figure, has earned numerous awards for both teaching and leadership in International Finance. Dr. Taylor is currently the Raymond Professor of Economics at Stanford University, where he has received the Hoagland Prize for excellence in undergraduate teaching and Rhodes Prize for teaching introductory economics. Dr. Taylor was founding Director of the innovative Stanford Introductory Economics Center and has served as Director of the Stanford Institute for Economic Policy Research. Since 1976, Dr. Taylor has worked in numerous government economic advisory roles. From 2001 to 2005, Dr. Taylor served as Undersecretary of Treasury for International Affairs, where he developed and implemented U.S. international financial policy, including currencies; trade in financial services; foreign investment, international debt; and reform of the International Monetary Fund, the World Bank, and other international financial institutions. Dr. Taylor was awarded the Medal of the Republic of Uruguay for his work in resolving the 2002 financial crisis. He was awarded the Treasury Distinguished Service Award for designing and implementing the financial reconstruction plan in Iraq and was awarded the Alexander Hamilton Award for his leadership in international finance. His accomplishments include helping to assemble an international coalition to freeze terrorist assets, expediting Afghanistan's economic reconstruction, creating a new currency and central bank in Iraq, forging an international agreement to reduce Iraq's debt by 80 percent, and creating a new economic engagement with Broader Middle East and North African countries. Taylor received his B.A. in Economics summa cum laude from Princeton University and Ph.D. in Economics from Stanford University.

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