Principles of Economics

PART 1 Introduction
1 Thinking Like an Economist
2 Comparative Advantage
3 Supply and Demand
PART 2 Competition and the Invisible Hand
4 Demand and Elasticity
5 Perfectly Competitive Supply
6 Efficiency, Exchange, and the Invisible Hand in Action

PART 3 Market Imperfections

7 Monopoly, Oligopoly, and Monopolistic Competition
8 Games and Strategic Behavior
9 Externalities and Property Rights

PART 4 Economics of Public Policy

10 Using Economics to Make Better Policy Decisions

PART 5 Macroeconomics: Data and Issues

11 Spending, Income, and GDP 12 Inflation and the Price Level
13 Wages and Unemployment

PART 6 The Economy in the Long Run

14 Economic Growth
15 Saving, Capital Formation, and Financial Markets
16 Money, Prices, and the Financial System

PART 7 The Economy in the Short Run

17 Short-Term Economic Fluctuations
18 Spending, Output, and Fiscal Policy
19 Monetary Policy and the Federal Reserve
20 Aggregate Demand, Aggregate Supply, and Stabilization Policy PART 8 The International Economy

21 Exchange Rates, International Trade, and Capital Flows

Robert H. Frank received his B.S. in mathematics from Georgia Tech in 1966, then taught math and science for two years as a Peace Corps Volunteer in rural Nepal. He received his M.A. in statistics from the University of California at Berkeley in 1971, and his Ph.D. in economics in 1972, also from U.C. Berkeley. He is the Goldwin Smith Professor of Economics at Cornell University, where he has taught since 1972 and where he currently holds a joint appointment in the department of economics and the Johnson Graduate School of Management. During leaves of absence from Cornell, he served as chief economist for the Civil Aeronautics Board from 1978 to 1980 and was a Fellow at the Center for Advanced Study in the Behavioral Sciences in 1992-93. He has published on a variety of subjects, including price and wage discrimination, public utility pricing, the measurement of unemployment spell lengths, and the distributional consequences of direct foreign investment. For the past several years, his research has focused on rivalry and cooperation in economic and social behavior. His books on these themes include Choosing the Right Pond: Human Behavior and the Quest for Status (Oxford University Press, 1985) and Passions Within Reason: The Strategic Role of the Emotions (W.W. Norton, 1988). He and Philip Cook are co-authors of The Winner-Take-All Society (The Free Press, 1995) , which received a Critic's Choice Award and appeared on both the New York Times Notable Books list and Business Week Ten Best list for 1995. His most recent general interest publication is Luxury Fever (The Free Press, 1999). Professor Frank's books have been translated into eight languages. He has been awarded an Andrew W. Mellon Professorship (1987 - 1990), a Kenan Enterprise Award (1993), and a Merrill Scholars Program Outstanding Educator Citation (1991).