Modern Principles of Economics

If you are teaching principles of economics next year do check out our textbook, Modern Principles of Economics.

Modern Principles means modern content and modern delivery. We cover material that many other textbooks ignore, such as how managers should choose between piece rates and tournaments and how firms can increase their profits using clever forms of price discrimination such as bundling and tying. In macroeconomics, we have created a simple yet powerful AD-AS model that combines insights from New Keynesian and Real Business Cycle models. We have also created the Super Simple Solow model which for the first time makes the Solow model of economic growth accessible to principles of economics students.

High-quality videos integrated directly into the textbook make Modern Principles a new kind of textbook, one born in the age of the internet. No other textbook has the quantity and quality of supplementary material available with Modern Principles. Whether you are looking to flip the classroom or just for the occasional video to grab the student’s attention before the lecture, you will find what you need in Modern Principles. The superb course management system also makes it easy to assign videos and grade questions.

Teachers can request a free examination copy here.

Here’s a video overview of Modern Principles of Economics:

Comments

Yes, it's time to revert to principles to help determine who has the better argument, Mr. Krugman or Ms. Kelton. Here's the latest entry, from Ms. Kelton, in their dust-up: https://www.bloomberg.com/opinion/articles/2019-03-04/krugman-s-macroeconomics-is-no-match-for-mmt

I hope President Captain Bolsonaro doesn't steal all the books. After all, we know everything bad in the world is his fault and his fault alone. He is even mobilizing his darkness army of TV-owning priests.

>a new kind of textbook

Egads.

I'm going to give you guys the benefit of the doubt, and assume you didn't come up with that. Still, I wouldn't cite it if I were you.

The sample chapters are pretty impressive; extremely readable and, true to the title, very modern-feeling. Wish I had this book during undergrad.

I would like to buy this book but $300 is more than I would like to spend. I have all of my textbooks going back decades and still use them for reference so renting is not an option. I am old fashioned so the digital editions are not appealing to me either.

Since AlexT is anti-copyright, I wonder how he would feel if the book was uploaded to PirateBay?

Dr. Tabarrok? Feel free to disclaim your ownership of copyright so it would be easier to legally upload this book to the net and empower the millions or thousands of people around the world who want to learn your version of economics without spending what is in parts of Africa a year's income.

Lol i think you just blackmailed him

The older used versions are very economically priced, and yet still informative: https://www.amazon.com/Modern-Principles-Macroeconomics-Tyler-Cowen/dp/1429278404

Why is it obscenely expensive and why do you have new editions every few years?

In the old days, they called this rent seeking.

But hey, when price is cost, and price must be close to zero when it comes to paying workers, and as close to infinity as possible when a corporation is delivering bits, because electricity is extremely expensive, but food, clothing, transportation, and housing costs are zero for workers, whhat do I know about modern free lunch economics.

You want a brutally cynical answer? The hint is in the 'Teachers can request a free examination copy here.' Lots of professors - at least in my experience 3 decades ago - would get as many examination copies as they could and then sell them to the university bookstore (admittedly, publishers were tightening up their largesse throughout the 80s).

Textbook publishers have (or at least had) reps that would regularly visit departments and bookstores, and they pretty much had the same morals and techniques as pharma reps. Though possibly with more money at stake, actually. Some departments, for example, will use a standardized text book for their introductory courses. GMU did not used to be run precisely along those lines, but Samuelson's econ book had hundreds of copies ordered each fall back in the early 1980s.

Now take an order of 1,000 books for an intro econ course, and multiply that by the cost of the book. Starts to actually look like real money, doesn't it? Particularly if you consider that the publisher might be happy to give the department 1 free copy for each 50 or 100 ordered - and that if someone just happened to get 10 or 20 free copies, they could easily turn around and sell them for more than $1,000 - and in a way that would not show up as taxable (though the publisher will undoubtedly claim a tax benefit for such examination copies). There is considerably more to academic publishing in terms of textbooks than meets most people's eyes. It isn't just university foundations that know how to hide various mundane quid pro quos from view.

And of course, the new editions are intended to drop the value of older copies to basically zero, so as to benefit those in a position to profit from such sales - who aren't just the publishers, by any means.

Examination copies have pretty much disappeared. I’m in the Arts Faculty and it may be different elsewhere.

Doesn't surprise me - there is not really all that much competition among publishers anymore. On the other hand, it is easy to imagine that the sales volume of a single major intro econ book is an order of magnitude higher than sales of all art textbooks combined (which if accurate, is a sad commentary on what has happened to American higher education).

Updates required to write periodic addenda titled: why we were wrong but are still right.

Oh, and to soak the captive mandatory market as much as possible while destroying the secondary market. You know, capitalism stuff.

@McMike - I highly recommend this book for you and for everybody, written by an economist in a "Freakonomics" style. Very well written and informative too, even for 1% me. For example, the existence of a above-normal profit means, by definition, something is 'uncapitalistic' about the profit (i.e., barriers to entry, collusion, monopoly, fraud, etc). And you learn about stuff like back in the Roman empire the top ten richest Romans had between $2B to $50B, each, after you adjust to present value. You learn exactly what Balzac said: "Behind every great fortune lies a great crime".

"Wealth Secrets of the One Percent: A Modern Manual to Getting Marvelously, Obscenely Rich" by Sam Wilkin, (c) 2015

We use the macro split of this textbook for all our Principles of Macroeconomics sections at Minnesota. It's very good.

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