Modern Principles of Macroeconomics 3rd Edition By Tyler Cowen

Modern Principles of Macroeconomics 3rd Edition By Tyler Cowen

ISBN-13: 9781429278409

ISBN-10: 1429278404

What’s New in the Third Edition?

Every book must change with the time and ours has too. The new edition of

Modern Principles: Macroeconomics includes many additions and structural changes:

1. Strong coverage of economic growth is enhanced by a discussion of growth

and geography (Chapter 7).

2. We have made our presentations of the aggregate demand and aggregate

supply model, as well as the Solow growth model, even simpler in visual

terms and in exposition in the text. Furthermore, it is possible to teach the

aggregate demand and supply model without covering the Solow model at

all, for those who wish to consider that part of the book optional.

3. We have updated Chapters 11 and 18 on “Unemployment and Labor Force

Participation” and “Fiscal Policy” to reflect very recent experience with the

U.S. economy coming out of the Great Recession.

4. Quantitative easing is included in Chapter 15 on the Fed.

5. Our monetary policy chapter (Chapter 16) includes a new section on using

a nominal GDP rule.

6. We have created free, online videos for most chapters in this book. These

videos are short (five to seven minutes, usually), visually appealing, and easy

to use. We all know that videos can be a very effective medium for teaching

and a complement to the classroom and to the written text. We use videos

to show supply and demand, the economics of price controls, externalities,

trade and the division of labor, the history of economic growth, and many

other centrally useful economic concepts. These videos are lively and to

the point, in some cases using formal animation techniques, others with a

virtual blackboard, à la Khan Academy. Our videos are supplemented with

a personally curated list of other video material that wonderfully illustrates

economic concepts and history. If you wish to start with a video to see

how these work, just try the QR code in the margin to the left. What’s a

QR code? You just scan the code with a smartphone and it brings you to a

useful Web site or video for illustrating economic concepts. No more typing

in long or difficult to remember URLs. A book called Modern Principles

should be taking advantage of modern technology. Links to the videos are

also in our new coursespace, LaunchPad, along with assessment. The videos

can also be found online at MRUniversity.com. And don’t forget that a

video, unlike your lecture, can be rewound, rewatched, or taken on a trip

if a student misses class. It’s also a lot more portable than a heavy textbook.

Most importantly, we’ve kept all of the qualities and features that made the first

two editions so popular.