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Thinking like an economist -- The power of economics -- Economics and life -- Specialization and exchange -- Supply and demand -- Markets -- Elasticity -- Efficiency -- Government intervention -- Microeconomics : thinking like a microeconomist -- Individual decisions -- Consumer behavior -- Behavioral economics : a closer look at decision making -- Game theory and strategic thinking -- Information -- Time and uncertainty -- Firm decisions -- The costs of production -- Perfect competition -- Monopoly -- Monopolistic competition and oligopoly -- The factors of production -- International trade -- Public economics -- Externalities -- Public goods and common resources -- Taxation and the public budget -- Poverty, inequality, and discrimination -- Political choices -- Public policy and choice architecture -- Macroeconomics : thinking like a macroeconomist -- The data of macroeconomics -- Measuring the wealth of nations -- The cost of living -- Economic growth and unemployment -- Economic growth -- Unemployment and the demand for labor -- The economy in the short and long run -- Aggregate demand and aggregate supply -- Fiscal policy -- The financial system and institutions -- The basics of finance -- Money and the monetary system -- Inflation -- Financial crisis -- International policy issues -- Open-market macroeconomics -- Development economics

"Welcome to the 23rd edition of Economics, America's most innovative-and popular-economics textbook. The financial crisis and the subsequent slow recovery increased both student and faculty demand for principles-level content geared toward explaining directly and intuitively why markets and governments fail-sometimes spectacularly-in delivering optimal social outcomes. To satisfy that demand, our presentation of market failures, government failure, and public choice theory has been significantly restructured in Chapters 4 and 5 to allow students to quickly absorb the key lessons regarding externalities, public goods provision, voting paradoxes, the special interest effect, and other problems that hinder either markets or governments from achieving optimal social outcomes."

This volume deals with both a new theoretical framework and the capability of new economics to tackle a number of economic problems. It offers detailed analysis and informed comment on the type of new economics emerging in the aftermath of the financial crisis and the 'great recession'.

Cover -- Table of Contents -- Banking System -- Behavioral Economics -- Capitalism -- Central Banking -- Classical Economics -- Commerce Department -- Computational Economics -- Consumer Price Index -- Consumer Spending -- Disposable Income -- Economic Modeling -- Economic Policy -- Economic Theories -- Energy Economics -- Environmental Economics -- Evolutionary Economics -- Experimental Economics -- Fair Trade -- Federal Reserve -- Federal Trade Commmission -- Fiscal Policies -- Free Trade -- Free Trade Agreements -- Global Economy -- Gross Domestic Product -- Gross National Product -- Hyperinflation -- Income Taxes -- Industrialisation -- Information Economics -- International Economics -- International Monetary Fund -- International Trade -- Investment Policy -- Keynesian Economics -- Labor Economics -- Laissez-Faire Economics -- Law And Economics -- Macroeconomics -- Mathematical Economics -- Microeconomics -- Monetary Policy -- Offshoring -- Poverty Level -- Price Indices -- Public Debt -- Quasi-Markets -- Real Estate Economics -- Recession -- Resource Economics -- Socialism -- Socioeconomics -- Standard Of Living -- Tariffs -- Trade Barriers -- Transport Economics -- Unemployment Rates -- Wage Rates -- Welfare Economics -- World Bank -- World Trade Organzation -- Additional Research -- Index.