Principles of Microeconomics PDF
Preview Principles of Microeconomics
Principles of Microeconomics Betsey Stevenson University of Michigan Justin Wolfers University of Michigan Senior Vice President, Content Strategy: Charles Linsmeier Program Director: Shani Fisher Senior Executive Program Manager: Simon Glick Senior Development Editors: Ann Kirby-Payne and Lukia Kliossis Marketing Manager: Andrew Zierman Market Development Manager: Stephanie Ellis Director of Media Editorial and Assessment: Noel Hohnstine Assessment Manager: Kristyn Brown Senior Assessment Editor: Joshua Hill Senior Media Editor: Lindsay Neff Assistant Editor: Amanda Gaglione Director, Content Management Enhancement: Tracey Kuehn Senior Managing Editor: Lisa Kinne Senior Content Project Manager: Martha Emry Director of Design, Content Management: Diana Blume Design Services Manager: Natasha A. S. Wolfe Interior Design: Kevin Kall and Dirk Kaufman Cover Design: Dirk Kaufman Illustrations: Network Graphics Art Manager: Matthew McAdams Illustration Coordinator: Janice Donnola Executive Permissions Editor: Robin Fadool Photo Researcher: Richard Fox, Lumina Datamatics, Inc. Senior Workflow Project Supervisor: Susan Wein Production Supervisor: Lawrence Guerra Media Project Manager: Andrew Vaccaro Composition: Lumina Datamatics, Inc. Cover Images: Shutterstock ISBN 978-1-319-25289-2 (ePub) Library of Congress Control Number: 2019938339 © 2020 by Worth Publishers All rights reserved. 1 2 3 4 5 6 23 22 21 20 19 Worth Publishers One New York Plaza Suite 4600 New York, NY 10004-1562 www.macmillanlearning.com Dedication With thanks to those in previous generations who inspired, educated, and raised us. In awe of those in the next generation—you are better, faster, and smarter. And with inspiration from introductory students who are about to learn that economics will give you superpowers—our hope is that you’ll use those superpowers to create a more joyful world. About the Authors 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. She serves on the Executive Committee of the American Economic Association, and is also a research associate with the National Bureau of Economic Research, a fellow of the Institute for Economic Research in Munich, a visiting associate professor of economics at the University of Sydney, and a research Fellow with the Centre for Economic Policy Research in London. She served as a member of the Council of Economic Advisers from 2013 to 2015, where she advised President Obama on social policy, labor market, and trade issues. She also served as the chief economist of the U.S. Department of Labor from 2010 to 2011. Betsey is an occasional editorialist for Bloomberg, and a trusted presence in the public debate about economics and public policy. She earned a BA in economics and mathematics from Wellesley College and an AM and PhD in economics from Harvard University. Justin Wolfers is a professor of economics and public policy at the University of Michigan. He has research in both macroeconomics and applied microeconomics topics, having explored unemployment and inflation, the power of prediction markets, the economic forces shaping the modern family, discrimination, and happiness. He is a research associate with the National Bureau for Economic Research, a fellow of the Brookings Institution, a fellow of the Peterson Institute for International Economics, a research fellow with the Centre for Economic Policy Research in London, a fellow of the Institute for Economic Research in Munich, a visiting professor of economics at the University of Sydney, and an international research fellow at the Kiel Institute for the World Economy in Germany. He has been an editor of the Brookings Papers on Economic Activity, a board member on the Committee on the Status of Women in Economics, a member of the Panel of Advisors of the U.S. Congressional Budget Office, among many other board and advisory positions. He is currently a contributing columnist for the New York Times, and has written about economic issues in numerous other outlets. He is frequently quoted in the media on economic policy and relied upon to provide unbiased assessments of the current state of the macroeconomy. Justin earned a BA in economics from the University of Sydney and an AM and PhD in economics from Harvard University. One of them was once described by Jezebel.com as the “hippest-economist-ever.” The other was not. Betsey and Justin live in Ann Arbor, Michigan, with their children Matilda and Oliver and their lovable mutt, Max. They’re thinking of getting a cat. A Fresh Perspective on Economics A slow-motion revolution has transformed economics. We’ve moved beyond the widget factory—the standardized set of business interactions involving inputs, outputs, and pricing decisions—toward a social science that can speak to the decisions we make in every aspect of our lives. Successive cohorts of economists have transformed the field so that it has greater relevance and a closer relationship to actual human behavior, making it more meaningful to more people. This is no longer your parents’ economics. This transformation presents a once-in-a-generation teaching opportunity. More than ever before, we have the capacity to deliver a compelling introductory economics class that will deliver an extraordinary return on our students’ investment in the field. This opportunity requires a textbook that works with instructors to showcase how economics has become broader, and we show that it is more relevant to a larger, more diverse population of students. It has to show that economics has become more useful for the ordinary business of life, and our students delight in seeing the relevance of economic tools to the real-world decisions they face. We believe that by focusing on intuition, we can reorient students to seeing themselves as economic actors poised to apply the lessons they’re learning throughout their lives. Our fresh perspective gives us an opportunity to write in a voice that students actually want to read. If you’ve ever had the pleasure of reading one of those popular economics books that takes readers on a joyous romp through our field, you quickly understand why millions of people spend their weekends reading them. Podcast rankings and best-seller lists reveal a latent demand for an approach that supplies some of the same magic. We aim to bring that sense of delight and discovery to your introductory economics class. Economics can provide students with a toolkit of extraordinary breadth, usefulness, and insight. It’s a toolkit they can use to better understand and navigate their world, empowering them to make better decisions in the many different roles they’ll play in the economy, their communities, and their careers—indeed, in every aspect of their lives. For economics instructors, the opportunity is larger still, giving us the capacity to transform
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