By Tyler Cowen, Alex Tabarrok
Enticing and provocative writing, in addition to a knack for revealing the 'invisible hand' of economics at paintings have made Cowen and Tabarrok's smooth rules of Economics a singularly unique and potent textbook for the rules path.
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Once students understand price discrimination, their eyes will be open to a world of economics in practice every day. Chapter 15: Oligopoly and Game Theory Can OPEC nations really collude to force up the price of oil? Or is the price of oil set by normal competitive forces of supply and demand in world markets? Understanding when businesses “control price” and when they do not is one of the biggest gaps in understanding between someone with economics training and someone without such training. Cartels usually collapse because of cheating by cartel members, new entrants into the market, and legal prosecution from governments.
We knew that to reflect modern macroeconomics, we had to cover the Solow model and the economics of ideas, real business cycles, and New Keynesian economics. While most textbooks now cover the rudiments of economic growth, the importance of ideas as a driving factor is rarely even mentioned. Other textbooks do not offer a balanced treatment of real business cycle theory and New Keynesian theory, instead favoring one theory and relegating the other to a few pages that are poorly integrated with the overall macro model.
All of these points also will provide foundations for the later discussion of unemployment, wage stickiness, and aggregate demand. Chapter 31: Inflation and the Quantity Theory of Money We start with a vivid example, namely hyperinflation in Zimbabwe, and e xplain how the rate of inflation rose into the quadrillions. We then introduce the quantity of money as a central concept in macroeconomics that will be used to e xplain inflation and, in future chapters, aggregate demand. We define inflation and present various price indices, including CPI, PPI, and the GDP deflator.