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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

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'.

"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."