This book is a well-written and clear introduction to modern economics, with annotated graphs and real-life examples that keep the reader engaged. It covers long-run fundamentals before focusing on short-term economic fluctuations, providing a realistic viewpoint on long-run growth. The book also features updated discussions of the latest economic developments in the U.S. and around the world, making it a good read for anyone interested in understanding the basic determinants of growth and how economics shapes everyday life.

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In Economics, noted economist and teacher John Taylor unravels sophisticated material by combining clear, straightforward writing with annotated graphs and real-life examples that drive students' interest in modern economic theory. The first to cover long-run fundamentals before short-term economic fluctuations, Taylor's modern approach helps students to understand the basic determinants of growth (labor, capital, and technology) before introducing fluctuations (inflation, output, and employment) that can occur even during periods of steady growth. In addition, he offers a breakthrough discussion of economic fluctuations—modifying the classic AD/AS model to include inflation so that students gain a realistic viewpoint on long-run growth. Chapters 5–7 address the efficiency of competitive markets, setting the stage for later discussion of market failure and government policy. An in-depth description of an experimental double-oral auction in Chapter 7 provides a unique perspective on people's economic interactions with the market.

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