Paul Krugman Wins Economics Nobel
Paul Krugman
, a professor at Princeton University and an Op-Ed page columnist for The New York Times, has been awarded the Nobel Memorial Prize in Economic Sciences.
“It’s been an extremely weird day, but weird in a positive way,” Mr. Krugman said in an interview on his way to a Washington meeting for the Group of 30, an international body from the public and private sectors that discusses international economics. He said he was mostly “preoccupied with the hassles” of trying to make all his scheduled meetings today and answer a constantly ringing cell phone.
Mr. Krugman received the award for his work on international trade and economic geography. In particular, the prize committee lauded his work for “having shown the effects of economies of scale on trade patterns and on the location of economic activity.” He has developed models that explain observed patterns of trade between countries, as well as what goods are produced where and why. Traditional trade theory assumes that countries are different and will exchange different kinds of goods with each other; Mr. Krugman’s theories have explained why worldwide trade is dominated by a few countries that are similar to each other, and why some countries might import the same kinds of goods that it exports.
Paul Krugman
“There was something very beautiful about the old existing trade theory, and its ability to capture the world in a surprisingly simple conceptual framework,” Mr. Krugman said. “And then I realized that some of the new insights coming through in industrial organization could be applied to international trade.”
Mr. Krugman wrote his dissertation, however, on international finance, and credits the late MIT professor Rudiger Dornbusch for pushing him to study international trade.
Economics: European Edition by leading economist Paul Krugman is the ideal text for introductory economics, bringing together an international scope of real world examples and economic theory. The text is supported by a number of features to enhance student understanding as well as supplements to consolidate the learning process.
KEY FEATURES
* Paul Krugman is one of the leading economic thinkers, Wells and Graddy highly respected Researcher/Professor respectively.
* Story-telling approach - The authors' incredibly clear and student friendly writing teaches economics through a vivid, story-driven approach
* Extensively revised and re-written chapters - Stressing the real world relevance of the concepts and theories. 70% adapted, 30% of which are completely new examples. Chapters 21, 30, 31 are completely re-written
* Examples (European and International) -The authors are not only committed to helping students pass their exams but also to helping them understand the relevance of economics to their lives by using examples they can easily relate to and are familiar with.
* Additional Mathematics - A number of chapters contain extra mathematics, in boxes entitled 'Focus on Maths'. The U.S. version was written for students with basic numeracy skills – addition and subtraction. A more detailed explanation of the mathematics behind certain models, in some cases using basic differentiation, is presented in these boxes.
* Case studies - Demonstrate the application of principles, making them easier to absorb and remember. Real-world case histories, called Economics in Action, appear after each major section to illustrate the preceding concept (eg in Chapter 3, the analysis of demand is clarified through a discussion of London's congestion charging). For Inquiring Minds boxes offer additional examples to pique student interest.
STUDENT SUPPLEMENTS
* Companion website at www.worthpublishers.com/krugmanwellsgraddy offers a range of materials and study tools to support students in learning
LECTURER SUPPLEMENTS (Only available to confirmed adopters of the textbook – see below for details)
* Companion website available at www.worthpublishers.com/krugmanwellsgraddy offers a range of easy-to-use resources to support lecturers in teaching
* Lecturer CD ROM (978-0-7167-9986-3)
* Testbank CD ROM (978-0-7167-9986-6)
Lecturer Supplements are available to confirmed adopters of the textbook. To request, please email lecturerservices@palgrave.com with the title and ISBN of the required supplement together with you academic details:
Your name:
Your Job Title:
Your academic address:
Your academic email:
Module name:
Module start date:
Module student numbers:
'The European adaptation of Krugman provides an outstanding introduction to Economics. To a very high standard this text allows students to gain a firm understanding of economic ideas and principles. At the same time it brings the subject alive through topical and up-to-date examples and illustrations relevant to the contemporary European economy.' Andrew Healey, University of Swansea, UK
'The applications using real world examples and the clarity of exposition make this the most accessible introductory text in economics around at the moment.' Stephen Smith, London Metropolitan University, UK
WHAT IS ECONOMICS?
Introduction: The Ordinary Business of Life
First Principles
Economic Models: Trade-offs and Trade
Appendix: Graphs in Economics
SUPPLY AND DEMAND
Supply and Demand
Price and Quantity Controls
Elasticity
INDIVIDUALS AND MARKETS
Consumer and Producer Surplus
Making Decisions
THE PRODUCER
Behind the Supply Curve: Inputs and Costs
Perfect Competition and the Supply Curve
THE CONSUMER
The Rational Consumer
Consumer Preferences and Consumer Choice
MARKETS AND EFFICIENCY
Factor Markets and the Distribution of Income
Appendix: Indifference Curve Analysis of Labour Supply
Efficiency and Equity
MARKET STRUCTURE BEYOND PERFECT COMPETITION
Monopoly
Oligopoly
Monopolistic Competition and Product Differentiation
EXTENDING MARKET BOUNDARIES
International Trade
Uncertainty, Risk, and Private Information
MICROECONOMICS AND PUBLIC POLICY
Externalities
Public Goods and Common Resources
Taxes, Government Spending and Income Distribution
NEW DIRECTIONS FOR MARKETS
Technology, Information Goods and Network Externalities
INTRODUCTION TO MACROECONOMICS
Macroeconomics: The Big Picture
Tracking the Macroeconomy
THE ECONOMY IN THE LONG RUN
Long-Run Economic Growth
Savings, Investment Spending, and the Financial System
SHORT RUN ECONOMIC FLUCTUATIONS
Aggregate Supply and Aggregate Demand
Income and Expenditure
Appendix: Deriving the Multiplier Algebraically
Fiscal Policy
Appendix: Taxes and the Multiplier
Money and Banking
Monetary Policy
THE SUPPLY SIDE AND THE MEDIUM RUN
Labour markets, unemployment and inflation
Inflation, Disinflation, and Deflation
THE OPEN ECONOMY
Open -Economy Macroeconomics
EVENTS AND IDEAS
The Making of Modern Macroeconomics
PAUL KRUGMAN is Professor of Economics at Princeton University, where he regularly teaches the principles course. He received his BA from Yale and his PhD from MIT. Prior to his current position, 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 is mainly in the area of international trade, where he is one of the founders of the "new trade theory," which focuses on increasing returns and imperfect competition. He also works in international finance, with a concentration in 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. Krugman is a regular op-ed columnist for the New York Times. His latest trade book is a best-selling collection of his Times articles entitled The Great Unraveling: Losing Our Way in the New Century. His earlier books, Peddling Prosperity and The Age of Diminished Expectations, have become modern classics.
ROBIN WELLS is Researcher in Economics at Princeton University, where she regularly teaches undergraduate courses. 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. Her teaching and research focus on the theory of organizations and incentives. She writes regularly for academic journals.
KATHRYN GRADDY is Professor of Applied Economics at the University of Oxford and a Fellow of Exeter College, Oxford, where she regularly teaches introductory microeconomics and macroeconomics to undergraduate students. She received her BA from Tulane University, her MBA from Columbia University, and her PhD from Princeton University. She came to Oxford in 1993 as a Junior Research Fellow of Jesus College, Oxford, and from 1995 to 1998 taught Managerial Economics at the London Business School and has therefore lectured in the UK for over 10 years. Her current research focuses on the economics of art auctions.
Nobel Prize
Paul Krugman Wins Economics Nobel
Paul Krugman
, a professor at Princeton University and an Op-Ed page columnist for The New York Times, has been awarded the Nobel Memorial Prize in Economic Sciences.
“It’s been an extremely weird day, but weird in a positive way,” Mr. Krugman said in an interview on his way to a Washington meeting for the Group of 30, an international body from the public and private sectors that discusses international economics. He said he was mostly “preoccupied with the hassles” of trying to make all his scheduled meetings today and answer a constantly ringing cell phone.
Mr. Krugman received the award for his work on international trade and economic geography. In particular, the prize committee lauded his work for “having shown the effects of economies of scale on trade patterns and on the location of economic activity.” He has developed models that explain observed patterns of trade between countries, as well as what goods are produced where and why. Traditional trade theory assumes that countries are different and will exchange different kinds of goods with each other; Mr. Krugman’s theories have explained why worldwide trade is dominated by a few countries that are similar to each other, and why some countries might import the same kinds of goods that it exports.
Paul Krugman
“There was something very beautiful about the old existing trade theory, and its ability to capture the world in a surprisingly simple conceptual framework,” Mr. Krugman said. “And then I realized that some of the new insights coming through in industrial organization could be applied to international trade.”
Mr. Krugman wrote his dissertation, however, on international finance, and credits the late MIT professor Rudiger Dornbusch for pushing him to study international trade.
Description
Economics: European Edition by leading economist Paul Krugman is the ideal text for introductory economics, bringing together an international scope of real world examples and economic theory. The text is supported by a number of features to enhance student understanding as well as supplements to consolidate the learning process.
KEY FEATURES
* Paul Krugman is one of the leading economic thinkers, Wells and Graddy highly respected Researcher/Professor respectively.
* Story-telling approach - The authors' incredibly clear and student friendly writing teaches economics through a vivid, story-driven approach
* Extensively revised and re-written chapters - Stressing the real world relevance of the concepts and theories. 70% adapted, 30% of which are completely new examples. Chapters 21, 30, 31 are completely re-written
* Examples (European and International) -The authors are not only committed to helping students pass their exams but also to helping them understand the relevance of economics to their lives by using examples they can easily relate to and are familiar with.
* Additional Mathematics - A number of chapters contain extra mathematics, in boxes entitled 'Focus on Maths'. The U.S. version was written for students with basic numeracy skills – addition and subtraction. A more detailed explanation of the mathematics behind certain models, in some cases using basic differentiation, is presented in these boxes.
* Case studies - Demonstrate the application of principles, making them easier to absorb and remember. Real-world case histories, called Economics in Action, appear after each major section to illustrate the preceding concept (eg in Chapter 3, the analysis of demand is clarified through a discussion of London's congestion charging). For Inquiring Minds boxes offer additional examples to pique student interest.
STUDENT SUPPLEMENTS
* Companion website at www.worthpublishers.com/krugmanwellsgraddy offers a range of materials and study tools to support students in learning
LECTURER SUPPLEMENTS (Only available to confirmed adopters of the textbook – see below for details)
* Companion website available at www.worthpublishers.com/krugmanwellsgraddy offers a range of easy-to-use resources to support lecturers in teaching
* Lecturer CD ROM (978-0-7167-9986-3)
* Testbank CD ROM (978-0-7167-9986-6)
Lecturer Supplements are available to confirmed adopters of the textbook. To request, please email lecturerservices@palgrave.com with the title and ISBN of the required supplement together with you academic details:
Your name:
Your Job Title:
Your academic address:
Your academic email:
Module name:
Module start date:
Module student numbers:
Reviews
'The European adaptation of Krugman provides an outstanding introduction to Economics. To a very high standard this text allows students to gain a firm understanding of economic ideas and principles. At the same time it brings the subject alive through topical and up-to-date examples and illustrations relevant to the contemporary European economy.' Andrew Healey, University of Swansea, UK
'The applications using real world examples and the clarity of exposition make this the most accessible introductory text in economics around at the moment.' Stephen Smith, London Metropolitan University, UK
Contents
WHAT IS ECONOMICS?
Introduction: The Ordinary Business of Life
First Principles
Economic Models: Trade-offs and Trade
Appendix: Graphs in Economics
SUPPLY AND DEMAND
Supply and Demand
Price and Quantity Controls
Elasticity
INDIVIDUALS AND MARKETS
Consumer and Producer Surplus
Making Decisions
THE PRODUCER
Behind the Supply Curve: Inputs and Costs
Perfect Competition and the Supply Curve
THE CONSUMER
The Rational Consumer
Consumer Preferences and Consumer Choice
MARKETS AND EFFICIENCY
Factor Markets and the Distribution of Income
Appendix: Indifference Curve Analysis of Labour Supply
Efficiency and Equity
MARKET STRUCTURE BEYOND PERFECT COMPETITION
Monopoly
Oligopoly
Monopolistic Competition and Product Differentiation
EXTENDING MARKET BOUNDARIES
International Trade
Uncertainty, Risk, and Private Information
MICROECONOMICS AND PUBLIC POLICY
Externalities
Public Goods and Common Resources
Taxes, Government Spending and Income Distribution
NEW DIRECTIONS FOR MARKETS
Technology, Information Goods and Network Externalities
INTRODUCTION TO MACROECONOMICS
Macroeconomics: The Big Picture
Tracking the Macroeconomy
THE ECONOMY IN THE LONG RUN
Long-Run Economic Growth
Savings, Investment Spending, and the Financial System
SHORT RUN ECONOMIC FLUCTUATIONS
Aggregate Supply and Aggregate Demand
Income and Expenditure
Appendix: Deriving the Multiplier Algebraically
Fiscal Policy
Appendix: Taxes and the Multiplier
Money and Banking
Monetary Policy
THE SUPPLY SIDE AND THE MEDIUM RUN
Labour markets, unemployment and inflation
Inflation, Disinflation, and Deflation
THE OPEN ECONOMY
Open -Economy Macroeconomics
EVENTS AND IDEAS
The Making of Modern Macroeconomics
Authors
PAUL KRUGMAN is Professor of Economics at Princeton University, where he regularly teaches the principles course. He received his BA from Yale and his PhD from MIT. Prior to his current position, 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 is mainly in the area of international trade, where he is one of the founders of the "new trade theory," which focuses on increasing returns and imperfect competition. He also works in international finance, with a concentration in 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. Krugman is a regular op-ed columnist for the New York Times. His latest trade book is a best-selling collection of his Times articles entitled The Great Unraveling: Losing Our Way in the New Century. His earlier books, Peddling Prosperity and The Age of Diminished Expectations, have become modern classics.
ROBIN WELLS is Researcher in Economics at Princeton University, where she regularly teaches undergraduate courses. 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. Her teaching and research focus on the theory of organizations and incentives. She writes regularly for academic journals.
KATHRYN GRADDY is Professor of Applied Economics at the University of Oxford and a Fellow of Exeter College, Oxford, where she regularly teaches introductory microeconomics and macroeconomics to undergraduate students. She received her BA from Tulane University, her MBA from Columbia University, and her PhD from Princeton University. She came to Oxford in 1993 as a Junior Research Fellow of Jesus College, Oxford, and from 1995 to 1998 taught Managerial Economics at the London Business School and has therefore lectured in the UK for over 10 years. Her current research focuses on the economics of art auctions.
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