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Second Edition   ©2012

Modern Principles of Economics

Tyler Cowen , Alex Tabarrok

  • ISBN-10: 1-4292-3997-2
  • ISBN-13: 978-1-4292-3997-4
  • Cloth Text , 900 pages

New edition available »

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  • Modern Principles of Economics (9781429239974)

    Cloth Text

  • Modern Principles of Economics & LaunchPad 12 month access card (9781464187087)

    LaunchPad + Cloth Text

  • Modern Principles of Economics (Loose Leaf) (9781429292924)

    Loose Leaf Sheets

  • Modern Principles of Economics (loose leaf) & LaunchPad 12 Month Access Card (9781464187070)

    LaunchPad + Loose Leaf Sheets

  • LaunchPad for Cowen's Modern Principles of Economics (12 month access) (9781464164736)


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First Day of Class »
New Chapter 2, The Power of Trade and Comparative Advantage appears before Supply and Demand.  It makes extensive use of production-possibilities frontiers and features an all-new set of questions and problems.
New Microeconomics Coverage
 • New chapter on Consumer Choice, which uses indifference curves
 • New separate chapter on Taxes and Subsidies, with a new introduction and new coverage of wage subsidies
 • Coverage of Costs (Ch. 11) and Competition (Ch. 12) split into separate chapters
 • New separate chapter on The Economics of Network Goods (Ch. 16), including coverage of contestable markets
 • Increased coverage of oligopolies and new coverage of monopolistic competition (Ch. 15, Cartels, Oligopolies, and Monopolistic Competition)
 • New coverage of bubbles (Ch. 22, Stock Markets and Personal Finance)
New Macroeconomics Coverage
 • New coverage of the Financial Crisis of 2007-2009 throughout, especially in chapters on Savings, Investment, and the Financial System; Unemployment; Transmission Mechanisms; Monetary Policy; and Fiscal Policy
 • New section on GDP Deflator
 • New coverage of the Industrial Revolution
 • More accessible coverage of business fluctuations and the Dynamic AD/AS model
 • Extensively updated chapter on the Federal budget