Macroeconomics / Daron Acemoglu, Massachusetts Institute of Technology, David Laibson, Harvard University, John A. List, University of Chicago.

Revised edition of the authors' Macroeconomics, [2015]

Includes bibliographical references and index.

Cover; Title Page; Copyright Page; Dedication; About the Authors; Brief Contents; Contents; Preface; Acknowledgments; Global Edition Acknowledgments; Macroeconomics: Flexibility Chart; 1. The Principles and Practice of Economics; 1.1. The Scope of Economics; Economic Agents and Economic Resources; Definition of Economics; Positive Economics and Normative Economics; Microeconomics and Macroeconomics; 1.2. Three Principles of Economics; 1.3. The First Principle of Economics: Optimization; Trade-offs and Budget Constraints; Opportunity Cost; Cost-Benefit Analysis. Evidence-Based Economics: Is Facebook Free?1.4. The Second Principle of Economics: Equilibrium; The Free-Rider Problem; 1.5. The Third Principle of Economics: Empiricism; 1.6. Is Economics Good for You?; Summary; Key Terms; Questions; Problems; 2. Economic Methods and Economic Questions; 2.1. The Scientific Method; Models and Data; An Economic Model; Evidence-Based Economics: How Much More do Workers with a College Education Earn?; Means and Medians; Argument by Anecdote; 2.2. Causation and Correlation; The Red Ad Blues; Causation versus Correlation. Choice & Consequence: Spend Now and Pay Later?Experimental Economics and Natural Experiments; Evidence-Based Economics: How Much do Wages Increase when Mandatory Schooling Laws Force People to Get an Extra Year of Schooling?; 2.3. Economic Questions and Answers; Summary; Key Terms; Questions; Problems; Appendix: Constructing and Interpreting Charts and Graphs; A Study about Incentives; Experimental Design; Describing Variables; Cause and Effect; Appendix Key Terms; Appendix Problems; 3. Optimization: Doing the Best You Can; 3.1. Optimization: Choosing the Best Feasible Option. Choice & Consequence: Do People Really Optimize?3.2. Optimization Application: Renting the Optimal Apartment; Before and After Comparisons; 3.3. Optimization Using Marginal Analysis; Marginal Cost; Evidence-Based Economics: How Does Location Affect the Rental Cost of Housing?; Summary; Key Terms; Questions; Problems; 4. Demand, Supply, and Equilibrium; 4.1. Markets; Competitive Markets; 4.2. How Do Buyers Behave?; Demand Curves; Willingness to Pay; From Individual Demand Curves to Aggregated Demand Curves; Building the Market Demand Curve; Shifting the Demand Curve. Evidence-Based Economics: How Much More Gasoline would People Buy if its Price were Lower?4.3. How Do Sellers Behave?; Supply Curves; Willingness to Accept; From the Individual Supply Curve to the Market Supply Curve; Shifting the Supply Curve; 4.4. Supply and Demand in Equilibrium; Curve Shifting in Competitive Equilibrium; Letting the Data Speak: Technological Breakthroughs Drive Down the Equilibrium Price of Oil; 4.5. What Would Happen If the Government Tried to Dictate the Price of Gasoline?; Choice & Consequence: The Unintended Consequences of Fixing Market Prices; Summary; Key Terms.