This thoroughly updated new edition of this title draws on a wealth of captivating applications to show readers how economics shed light on business, politics, world affairs, and everyday life.

In a world full of economics blogs, Cowen and Tabarrok’s Marginal Revolution (http://marginalrevolution.com/) is one of the Web’s most popular and respected. The same qualities that make the blog so distinctive are also behind the success of Modern Principles of Economics—engaging authors, unbiased presentations of essential ideas, and a knack for revealing the “invisible hand” of economics at work. The thoroughly updated new edition of Modern Principles again draws on a wealth of captivating applications to show readers how economics shed light on business, politics, world affairs, and everyday life. Changes to the second edition include: • New chapter on Consumer Choice, which uses indifference curves • New separate chapter on Taxes and Subsidies, with a new introduction and new coverage of wage subsidies • Coverage of Costs (Ch. 11) and Competition (Ch. 12) split into separate chapters • New separate chapter on The Economics of Network Goods (Ch. 16), including coverage of contestable markets • Increased coverage of oligopolies and new coverage of monopolistic competition (Ch. 15, Cartels, Oligopolies, and Monopolistic Competition) • New coverage of bubbles (Ch. 22, Stock Markets and Personal Finance) Stay connected: "Like" Modern Principles of Economics on Facebook: http://www.facebook.com/ModernPrinciples

Available for the first time with Macmillan's new online learning platform, Achieve, Modern Principles is a tour-de-force with a unique combination of vivid writing, up-to-date relevant examples, and online resources unlike any other textbook for this market. Tyler Cowen and Alex Tabarrok have long demonstrated their mastery at communicating economic principles in a clear, captivating way through their blog, The Marginal Revolution. And they are pioneers in online education. Their fully updated new edition has more high-quality material designed for online teaching than any other principles of economics textbook. Videos from Marginal Revolution University (MRU), Discovering Data questions, live links to FRED data, an e-book, and assessment all live under Macmillan's new learning platform, Achieve and combine to provide an online learning product for all types of learners whether in face to face, hybrid or pure online classes.