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.

Engaging authors, unbiased presentations of essential ideas, and a knack for revealing the 'invisible hand' of economics at work inform the thoroughly updated new edition of Modern Principles, drawing on a wealth of captivating applications to show readers how economics shed light on business, politics, world affairs, and everyday life.

When it comes drawing on enduring economic principles to explain current economic realities, there is no one readers trust more than Paul Krugman. With his bestselling introductory textbook (now in a new edition) the Nobel laureate and New York Times columnist is proving to be equally effective in the classroom, with more and more instructors in all types of schools using Krugman’s signature storytelling style to help them introduce the fundamental principles of economics to all kinds of students.

"lthough many millions of dollars are spent each year on introductory economics instruction in American colleg-es and universities, the return on this investment has been disturbingly low. Studies have shown, for example, that several months after having taken a principles of economics course, former students are no better able to answer simple economics questions than others who never even took the course. Most students, it seems, leave our introductory courses without having learned even the most important basic economic principles"--