Foundations of Economics by Andrew B. Abel and Ben S. Bernanke
Foundations of Economics is a comprehensive and influential textbook written by Andrew B. Abel and Ben S. Bernanke, two of the most prominent economists in the field. The book covers all major topics in economics, including macro and microeconomics, international trade, finance, and monetary policy. It has been widely used in undergraduate and graduate courses, and has been praised for its clarity, depth of coverage, and practical insights.
Andrew B. Abel is a Professor of Economics at the Wharton School of the University of Pennsylvania. He has also served as the Vice Dean of the Wharton School and as a research associate for the National Bureau of Economic Research. Abel is known for his research in finance, macroeconomics, and econometrics. He has co-authored several textbooks, including Macroeconomics and Asset Pricing.
Ben S. Bernanke is an economist, scholar, and policymaker who served as the Chairman of the Federal Reserve from 2006 to 2014. He holds a Ph.D. in economics from MIT and has taught at several universities including Stanford, NYU, and Princeton. Before his role at the Federal Reserve, Bernanke was a member of the Board of Governors, Chairman of the President’s Council of Economic Advisors, and a professor at Princeton. He has authored and co-authored numerous books and scholarly articles, including Inflation Targeting.
Together, Abel and Bernanke bring a wealth of knowledge and experience to Foundations of Economics. Their approach to teaching economics is founded on the principle that economics is a practical and applicable discipline that can be applied to real-world issues and problems. They focus on the intuition and logic behind economic theories, rather than just mathematical derivations.
One of the key strengths of Foundations of Economics is its organization and structure. The book is divided into three parts: Introduction, Microeconomics, and Macroeconomics. In the Introduction, the authors provide an overview of the discipline of economics and its important concepts. They also introduce the tools and methods used in economic analysis.
The Microeconomics section covers the principles of individual decision-making and the economic behavior of households and firms. This section also explores market structures, market failures, and government interventions. The authors use real-world examples and case studies to help students apply economic principles to everyday situations.
The Macroeconomics section delves into the broader economy, including national output, unemployment, inflation, and economic growth. Topics such as monetary and fiscal policy, international trade, and exchange rates are also covered in this section. The authors use macroeconomic models to help students understand the causes and consequences of economic fluctuations and how policymakers can influence them.
Another distinctive feature of Foundations of Economics is the focus on current economic issues and debates. The authors regularly update the text to include relevant and timely examples, such as the recent financial crisis, the impact of globalization, and the rise of income inequality. This makes the book not only relevant but also engaging for students.
In conclusion, Foundations of Economics by Andrew B. Abel and Ben S. Bernanke is a highly acclaimed textbook that has been widely adopted in economics courses. With its clear and practical approach, relevant examples, and comprehensive coverage of topics, it is a valuable resource for anyone looking to understand the foundations of the discipline.
