Higher Education

Economics: Principles and Policy, 12th Edition

  • William J. Baumol New York University
  • Alan S. Blinder Princeton University
  • ISBN-10: 0538453672  |  ISBN-13: 9780538453677
  • 880 Pages
  • Previous Editions: 2011, 2009, 2008
  • © 2012 | Published
  • College Bookstore Wholesale Price = $277.50
  • Newer Edition Available
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About

Overview

ECONOMICS: PRINCIPLES AND POLICY, Twelfth Edition, takes a policy-based approach to the teaching of introductory economics. Written by two of the most respected economists in the world, this text is also one of the most current texts on the market that includes data through the spring of 2011. The text includes significant updates based on the current economic crisis, providing the right level of rigor and detail.

Features and Benefits

  • The comprehensive online, interactive problem sets, analyses, tutorials, experiments, and critical-thinking exercises give students hands-on application without adding to instructors’ workload. Aplia requires students to take an active role in the learning process--helping them improve their economic understanding and relate to the economic concepts presented. Instructors can assign homework that is automatically graded and recorded.
  • Each chapter opens with a real-life economic puzzle or issue to launch the material covered in the chapter bringing economics into students’ everyday lives. This chapter-opening economic problem is revisited within the body of the chapter to illustrate how it can be addressed with the theoretical tools and concepts being presented.
  • This text includes special “Policy Debate” boxes to enliven the chapters as well as open the way for classroom discussion.
  • The Ideas for “Beyond the Final Exam” feature is introduced in Chapter 1, and then integrated throughout the text to reinforce important concepts for students.
  • Each chapter ends with a summary; key concepts and terms; and questions and problems for review to help student’s complete homework and prepare for exams.

Table of Contents

Part I: GETTING ACQUAINTED WITH ECONOMICS.
1 What Is Economics?
2 The Economy: Myth and Reality.
3 The Fundamental Economic Problem: Scarcity and Choice.
4 Supply and Demand: An Initial Look.
Part II THE BUILDING BLOCKS OF DEMAND AND SUPPLY.
5 Consumer Choice: Individual and Market Demand.
6 Demand and Elasticity.
7 Production, Inputs, and Cost: Building Blocks for Supply Analysis.
8 Output, Price, and Profit: The Importance of Marginal Analysis.
9 Securities: Business Finance and the Economy: The Tail that Wags the Dog?
Part III MARKETS AND THE PRICE SYSTEM.
10 The Firm and the Industry under Perfect Competition.
11 Monopoly.
12 Between Competition and Monopoly.
13 Limiting Market Power: Regulation and Antitrust.
Part IV THE VIRTUES AND LIMITATIONS OF MARKETS.
14 The Case for Free Markets: The Price System.
15 The Shortcomings of Free Markets.
16 The Market’s Prime Achievement: Innovation and Growth.
17 Externalities, the Environment, and Natural Resources.
18 Taxation and Resource Allocation.
Part V THE DISTRIBUTION OF INCOME.
19 Pricing the Factors of Production.
20 Labor and Entrepreneurship: The Human Inputs.
21 Poverty, Inequality, and Discrimination.
Part VI THE MACROECONOMY: AGGREGATE SUPPLY AND DEMAND.
22 An Introduction to Macroeconomics.
23 The Goals of Macroeconomic Policy.
24 Economic Growth: Theory and Policy.
25 Aggregate Demand and the Powerful Consumer.
26 Demand-Side Equilibrium: Unemployment or Inflation?
27 Bringing in the Supply Side: Unemployment and Inflation?
Part VII FISCAL AND MONETARY POLICY.
28 Managing Aggregate Demand: Fiscal Policy.
29 Money and the Banking System.
30 Monetary Policy: Conventional and Unconventional.
31 The Financial Crisis and the Great Recession.
32 The Debate over Monetary and Fiscal Policy.
33 Budget Deficits in the Short and Long Run.
34 The Trade-Off between Inflation and Unemployment.
Part VIII THE UNITED STATES IN THE WORLD ECONOMY.
35 International Trade and Comparative Advantage.
36 The International Monetary System: Order or Disorder?
37 Exchange Rates and the Macroeconomy.

What's New

  • A discussion of behavioral economics has been added to the text.
  • More material on health care costs and the health care reform bill have been added.
  • The traditional one-interest-rate model is replaced with a more complex model that includes two interest rates. One would be the riskless rate (such as on T-bills); the other would be a risky, private-sector rate. Doing so requires teaching students about the effect of perceived default risk on interest rates (“risk premiums”).
  • The new edition is the only principles book to reflect 2010 year-end data.
  • New boxes are updated to reflect the changes in the economic environment that have occurred since the last edition.

Alternate Formats

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  • Microeconomics: Principles & Policy, Paperbound Edition

    ISBN-10: 0538453621  | ISBN-13: 9780538453622

    List Price = $280.95  | CengageBrain Price = $280.95  | College Bookstore Wholesale Price = $210.75

  • Macroeconomics: Principles & Policy, Paperbound Edition

    ISBN-10:  0538453656 | ISBN-13:  9780538453653

    List Price = $305.95  | CengageBrain Price = $305.95  | College Bookstore Wholesale Price = $229.50

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  • Economics: Principles and Policy
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ISBN-10:  1133320333  | ISBN-13:  9781133320333

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  • Economics: Principles and Policy
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  • Aplia™, 1 term (6 months) Printed Access Card
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Printed Text + CengageNOW with eBook Instant Access Code

ISBN-10:  1285260201  | ISBN-13:  9781285260204

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This Bundle Includes:

  • Economics: Principles and Policy
    List Price = $369.95  | CengageBrain Price = $369.95  | College Bookstore Wholesale Price = $277.50
  • CengageNOW with eBook, 2 terms (12 months) Instant Access
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ePack: Text + Economics CourseMate with eBook Instant Access Code

ISBN-10:  1285260228  | ISBN-13:  9781285260228

List Price = $381.95  | CengageBrain Price = $381.95  | College Bookstore Wholesale Price = $287.50

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  • Economics: Principles and Policy
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  • CourseMate Instant Access
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ePack: Text + Aplia™, 1 term Instant Access

ISBN-10:  1285260198  | ISBN-13:  9781285260198

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This Bundle Includes:

  • Economics: Principles and Policy
    List Price = $369.95  | CengageBrain Price = $369.95  | College Bookstore Wholesale Price = $277.50
  • Aplia™, 1 term Instant Access
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ePack: Printed Text + Aplia™, 2 terms Instant Access

ISBN-10:  1305595181 | ISBN-13:  9781305595187

List Price = $395.95  | CengageBrain Price = $395.95  | College Bookstore Wholesale Price = $297.50

This Bundle Includes:

  • Economics: Principles and Policy
    List Price = $369.95  | CengageBrain Price = $369.95  | College Bookstore Wholesale Price = $277.50
  • Aplia™, 2 terms Instant Access
    List Price = $139.00  | CengageBrain Price = $139.00  | College Bookstore Wholesale Price = $139.00


Efficacy and Outcomes

Reviews

“The text is very strong as is. It addresses topics at just the right level of depth/complexity for my students.”

— Andrew Pearlman, Bard College

“I continue to enjoy using the Baumol and Blinder text. My students find it clear, relevant and accessible.”

— Kolleen Rask, College of the Holy Cross

Supplements

All supplements have been updated in coordination with the main title. Select the main title's "About" tab, then select "What's New" for updates specific to title's edition.

For more information about these supplements, or to obtain them, contact your Learning Consultant.

Instructor Supplements

Microeconomics: Principles and Policy  (ISBN-10: 0538453621 | ISBN-13: 9780538453622)

MICROECONOMICS: PRINCIPLES AND POLICY, Twelfth Edition, takes a policy-based approach to the teaching of introductory microeconomics. Written by two of the most respected economists in the world, this text is also one of the most current texts on the market that includes data through the spring of 2011. The text includes significant updates based on the current economic crisis, providing the right level of rigor and detail.

List Price = $280.95  | CengageBrain Price = $280.95  | College Bookstore Wholesale Price = $210.75

Macroeconomics: Principles and Policy  (ISBN-10: 0538453656 | ISBN-13: 9780538453653)

MACROECONOMICS: PRINCIPLES AND POLICY, Twelfth Edition, takes a policy-based approach to the teaching of introductory macroeconomics. Written by two of the most respected economists in the world, this text is also one of the most current texts on the market that includes data through the spring of 2011. The text includes significant updates based on the current economic crisis, providing the right level of rigor and detail.

List Price = $305.95  | CengageBrain Price = $305.95  | College Bookstore Wholesale Price = $229.50

Aplia™, 1 term Instant Access  (ISBN-10: 1111669228 | ISBN-13: 9781111669225)

Aplia saves instructors valuable time they would otherwise spend on routine grading while giving students an easy way to stay on top of coursework with regularly scheduled assignments. These assignments have been developed for a range of textbooks and are easily customized for individual teaching schedules. Currently, Aplia supports college-level courses and has been used by more than 1,000,000 students at over 1,300 institutions. Aplia’s economics students use interactive chapter assignments, tutorials, news analyses, and experiments to make economics relevant and engaging. Students receive immediate, detailed explanations for every answer. Math and graphing tutorials help students overcome deficiencies in these crucial areas. Economics articles from top news sources challenge students to connect current events to course concepts.

List Price = $125.00  | CengageBrain Price = $125.00  | College Bookstore Wholesale Price = $125.00

Aplia™, 2 terms Instant Access  (ISBN-10: 1111962782 | ISBN-13: 9781111962784)

List Price = $139.00  | CengageBrain Price = $139.00  | College Bookstore Wholesale Price = $139.00

CourseMate Instant Access  (ISBN-10: 1111956901 | ISBN-13: 9781111956905)

Cengage Learning’s Economics CourseMate brings course concepts to life with interactive learning, study, and exam preparation tools that support the printed textbook. Included with CourseMate is the Global Economic Watch. This groundbreaking resource stimulates discussion and understanding of the global downturn with easy-to-integrate teaching solutions. It includes a content-rich blog, real-time database with hundreds of relevant and vetted articles, videos and podcasts, a timeline, and overview of events leading to today’s global economic crisis.

List Price = $295.00  | CengageBrain Price = $295.00  | College Bookstore Wholesale Price = $295.00

Instructor’s Resource CD-ROM  (ISBN-10: 1111824789 | ISBN-13: 9781111824785)

The Instructor’s Resource CD contains the key supplements designed to aid instructors, including the content from the instructor’s manual, test banks (ExamView® computerized test banks and Word format test banks), and PowerPoint® lecture and exhibit slides. All supplements on the Instructor’s Resource CD have been updated to match changes made to the text. All are available online as well.

Preview Guide for Baumol/Blinder's Economics: Principles and Policy, 12th  (ISBN-10: 1111824452 | ISBN-13: 9781111824457)

Student Supplements

Microeconomics: Principles and Policy  (ISBN-10: 0538453621 | ISBN-13: 9780538453622)

MICROECONOMICS: PRINCIPLES AND POLICY, Twelfth Edition, teaches the principles of economics, including current economic situations. The text includes significant updates based on the current economic situation, providing the right level of rigor and detail, presenting complicated concepts in a relatively straightforward manner, and using timely economic data. Students use puzzles, issues, and well-developed examples for a good balance of theory to application.

List Price = $280.95  | CengageBrain Price = $280.95  | College Bookstore Wholesale Price = $210.75

Macroeconomics: Principles and Policy  (ISBN-10: 0538453656 | ISBN-13: 9780538453653)

MACROECONOMICS: PRINCIPLES AND POLICY, Twelfth Edition, teaches the principles of economics, including current economic situations providing an essential resource for students by using policy based information for examples and applications. The text includes significant updates based on the current economic situation, providing the right level of rigor and detail, presenting complicated concepts in a relatively straightforward manner, and using timely economic data. Students apply economic theories using puzzles, issues, and well-developed examples.

List Price = $305.95  | CengageBrain Price = $305.95  | College Bookstore Wholesale Price = $229.50

Aplia™, 1 term Instant Access  (ISBN-10: 1111669228 | ISBN-13: 9781111669225)

Aplia provides students with an easy way to stay on top of coursework with regularly scheduled assignments. Aplia has been used by more than 1,000,000 students at over 1,300 institutions. Aplia’s economics students use interactive chapter assignments, tutorials, news analyses, and experiments to make economics relevant and engaging. Students receive immediate, detailed explanations for every answer. Math and graphing tutorials help students overcome deficiencies in these crucial areas. Economics articles from top news sources challenge students to connect current events to course concepts.

List Price = $125.00  | CengageBrain Price = $125.00  | College Bookstore Wholesale Price = $125.00

Aplia™, 2 terms Instant Access  (ISBN-10: 1111962782 | ISBN-13: 9781111962784)

Succeed in your course with 2 semesters of access to Aplia's interactive learning system--featuring practice problems with immediate feedback and tools developed specifically for ECONOMICS: PRINCIPLES AND POLICY, 12th Edition, including step-by-step explanations that help you improve your reasoning and skills, interactive assignments that help you understand difficult or counterintuitive concepts, and more. Aplia has already helped more than a million students succeed in college classes.

List Price = $139.00  | CengageBrain Price = $139.00  | College Bookstore Wholesale Price = $139.00

CourseMate Instant Access  (ISBN-10: 1111956901 | ISBN-13: 9781111956905)

Cengage Learning’s Economics CourseMate brings course concepts to life with interactive learning, study, and exam preparation tools that support the printed textbook. Included with CourseMate is the Global Economic Watch. This groundbreaking resource stimulates discussion and understanding of the global downturn with easy-to-integrate teaching solutions. It includes a content-rich blog, real-time database with hundreds of relevant and vetted articles, videos and podcasts, a timeline, and overview of events leading to today’s global economic crisis.

List Price = $295.00  | CengageBrain Price = $295.00  | College Bookstore Wholesale Price = $295.00

CengageNOW with eBook on Blackboard®, 2 terms (12 months) Instant Access  (ISBN-10: 1133612512 | ISBN-13: 9781133612513)

Have the tools you need to be successful A variety of tools are available in CengageNOW™, all combined in one easy-to-use resource designed to improve your grades. Some resources get you prepared for class and help you succeed on homework, and others show you specific areas where you can work to improve. Stay ahead of the course requirements CengageNOW shows you the path through your course—from first day through finals. Once you know what’s expected, it’s easier to complete your assignments. Gain understanding that stays with you Do well on tests as well as the assignments! Bridge the gap between homework and tests by using CengageNOW to truly understand the material. Self-study and review materials keep you on the right track, to make sure your understanding goes beyond memorization. Set yourself up for better grades Why wonder where you stand? CengageNOW includes trackable assignments and grades. It tells you what to do to improve your grade, and gives you the tools to accomplish it! Student Testimonials: “I love the check your work option. Really, when you’re having a hard time figuring out an answer, sometimes working backwards is the best way to understand conceptually what you’re doing wrong.” - Brad Duncan University of Utah “I liked the videos because they were short enough to teach me and because they were short, I was able to find time to watch them again and again if I did not understand the first time.” - Jennifer Wright Northeast Wisconsin Technical College CTA: Ask your instructor about CengageNOW for this course.

List Price = $139.00  | College Bookstore Wholesale Price = $139.00

CengageNOW with eBook on Blackboard®, 2 terms (12 months) Instant Access  (ISBN-10: 1133612571 | ISBN-13: 9781133612575)

Have the tools you need to be successful A variety of tools are available in CengageNOW™, all combined in one easy-to-use resource designed to improve your grades. Some resources get you prepared for class and help you succeed on homework, and others show you specific areas where you can work to improve. Stay ahead of the course requirements CengageNOW shows you the path through your course—from first day through finals. Once you know what’s expected, it’s easier to complete your assignments. Gain understanding that stays with you Do well on tests as well as the assignments! Bridge the gap between homework and tests by using CengageNOW to truly understand the material. Self-study and review materials keep you on the right track, to make sure your understanding goes beyond memorization. Set yourself up for better grades Why wonder where you stand? CengageNOW includes trackable assignments and grades. It tells you what to do to improve your grade, and gives you the tools to accomplish it! Student Testimonials: “I love the check your work option. Really, when you’re having a hard time figuring out an answer, sometimes working backwards is the best way to understand conceptually what you’re doing wrong.” - Brad Duncan University of Utah “I liked the videos because they were short enough to teach me and because they were short, I was able to find time to watch them again and again if I did not understand the first time.” - Jennifer Wright Northeast Wisconsin Technical College CTA: Ask your instructor about CengageNOW for this course.

List Price = $139.00  | College Bookstore Wholesale Price = $139.00

CengageNOW with eBook on Blackboard®, 2 terms (12 months) Instant Access  (ISBN-10: 1133612490 | ISBN-13: 9781133612490)

Have the tools you need to be successful A variety of tools are available in CengageNOW™, all combined in one easy-to-use resource designed to improve your grades. Some resources get you prepared for class and help you succeed on homework, and others show you specific areas where you can work to improve. Stay ahead of the course requirements CengageNOW shows you the path through your course—from first day through finals. Once you know what’s expected, it’s easier to complete your assignments. Gain understanding that stays with you Do well on tests as well as the assignments! Bridge the gap between homework and tests by using CengageNOW to truly understand the material. Self-study and review materials keep you on the right track, to make sure your understanding goes beyond memorization. Set yourself up for better grades Why wonder where you stand? CengageNOW includes trackable assignments and grades. It tells you what to do to improve your grade, and gives you the tools to accomplish it! Student Testimonials: “I love the check your work option. Really, when you’re having a hard time figuring out an answer, sometimes working backwards is the best way to understand conceptually what you’re doing wrong.” - Brad Duncan University of Utah “I liked the videos because they were short enough to teach me and because they were short, I was able to find time to watch them again and again if I did not understand the first time.” - Jennifer Wright Northeast Wisconsin Technical College CTA: Ask your instructor about CengageNOW for this course.

List Price = $139.00  | College Bookstore Wholesale Price = $139.00

LMS Integrated for Aplia™, 1 term Instant Access  (ISBN-10: 1305497813 | ISBN-13: 9781305497818)

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List Price = $125.00  | CengageBrain Price = $125.00  | College Bookstore Wholesale Price = $125.00

Meet the Author

Author Bio

William J. Baumol

William J. Baumol received his B.S.S. at the College of the City of New York and his Ph.D. at the University of London. He is professor of economics at New York University and senior research economist and professor emeritus at Princeton University. He is a frequent management consultant to major firms in a wide variety of industries in the United States and other countries as well as to a number of governmental agencies. He has been president of the American Economic Association, and three other professional societies. He is an elected member of the National Academy of Sciences, created by the U.S. Congress, and a member of the American Philosophical Society, founded by Benjamin Franklin. Dr. Baumol is the author of more than 35 books as well as hundreds of journal and newspaper articles that have been translated into more than a dozen languages.

Alan S. Blinder

Alan S. Blinder earned his B.A. at Princeton University, his M.A. at the London School of Economics and Ph.D. at MIT. He teaches at Princeton University and is the author of the best seller, After the Music Stopped, about the financial crisis and its aftermath. Dr. Blinder served on President Clinton's first Council of Economic Advisers and then as vice chairman of the Federal Reserve Board, thereby playing a role in formulating both the fiscal and monetary policies of the 1990s. Dr. Blinder, now a regular columnist for THE WALL STREET JOURNAL, has written newspaper and magazine columns on economic policy for more than thirty years. He is a past Vice President and a Distinguished Fellow of the American Economic Association.

Teaching the Macro Course


Alan Blinder believes that recent economic events should force everyone who teaches macroeconomics to reconsider their curriculums. View Alan Blinder talking about the 'Teaching Moment' the financial crisis created.



Play Video