She served as a member of the Council of Economic Advisers from 2013 to 2015, where she advised President Obama on social policy, labor market, and trade issues. Check your inbox, trash, and spam folders for an e-mail from InstructorResources@macmillan.com. Betsey Stevenson and Justin Wolfers Monday, April 29, 2013 Many scholars have argued that once “basic needs” have been met, higher income is … Unparalleled presentation of the basics. A clear roadmap lays out options for these alternative pathways. They begin with a discussion of why they chos… To convey the understanding of macroeconomic fluctuations that’s used by policy makers, Stevenson and Wolfers offer a stylized version of the framework that the Federal Reserve uses to interpret the business cycle including the IS curve to explain spending decisions, MP curve to describe monetary policy, and Phillips curve to explain inflation. A unique approach to topics that matter in the real world. Stevenson, and Wolfers, 2013). This text is available in Achieve, a new, integrated online learning system that features powerful tools for each step of the Learning Path: pre-class, in-class, and post-class. Schedule Betsey Stevenson and Justin Wolfers, economists at the Univesity of Pennsylvania’s Wharton School, “re-frame Coontz’s careful history of the family in the language of economics,” exploring the economic forces underlying changes in marriage. Justin earned a BA in economics from the University of Sydney and an AM and PhD in economics from Harvard University. Betsey Stevenson and Justin Wolfers present a new synthesis of economic principles for a new generation of students. A Modulated Media production. The authors invite students to apply their economic toolkit to the sorts of situations they’ll face—from salary negotiations to the division of labor in their home. We are processing your request. A good text which concentrates on narrative rather than math and graphs to apply economic analysis and concepts." There are many real-world applications throughout the text that are both explained and shown in economic modeling formats. Betsey Stevenson & Justin Wolfers, 2008. " Tools to Prepare and Engage Students. — Richard Kirk, Georgia State University Perimeter College "If you are looking for a text that is written primarily in a familiar way, directly reaching out to the student as in a conversation and incorporating a clear set of core principles outlining the "Economic Way of Thinking" to all aspects of the principles of micro- and macroeconomics, this might be the text for you. — Shelley Tapp, Wayland Baptist University "A bright and fresh take on the dismal science." Diener (2006, pp. Betsey Stevenson and Justin Wolfers, both professors at the University of Pennsylvania’s Wharton School, are Bloomberg View columnists. The authors provide a fresh take on a wide range of principles topics and develop macroeconomics from its microfoundations in an engaging presentation that has drawn enthusiastic reviews from hundreds of instructors and thousands of students in pre-publication class-tests. Go to Achieve. No widgets, no lemonade stands. Chapter-at-a-Glance. Students will learn how businesses, workers, and ideas compete across a range of market structures, how microfoundations underpin macroeconomic theory, how modern economists use models to understand the business cycle, and the implications for macroeconomic policy decisions. 399–400) suggests that “Subjective well-being refers to all of the various types of evaluations, both positive and negative, that people make of their lives. Boldfaced, full-sentence text headings provide a useful preview while rereading enables students to review and check their understanding. Achieve is a comprehensive set of interconnected teaching and assessment tools that incorporate the most effective elements from Macmillan Learning's market leading solutions in a single, easy-to-use platform. Posts by Justin Wolfers President Obama Appoints Betsey Stevenson to the CEA Some big news: the White House has recently announced that the newest member of the Council of Economic Advisers will be my favorite economist, and a long-time friend of this blog, Betsey Stevenson. Oct. 17, 2019, 10:02 AM. However this relationship need not reach a point of nirvana beyond which further gains in well-being are absent. To help students avoid getting lost in the economic woods, the text provides useful tools to help them see the road ahead: A clear graphic organizer for each part helps students see the big picture, chapter openers motivate the topic ahead and lay out the roadmap that follows, and learning objectives for every major heading. Betsey Stevenson is a professor of public policy and economics at the University of Michigan and was a member of President Barack Obama’s Council of Economic Advisers. We assess the validity of this claim in comparisons of both rich and poor countries, and also of rich and poor people within a country. It's more up-to-date in terms of the economic issues facing the US economy and current thinking about how to approach them. The goal is to help students build muscle memory as they see how to use economic theory to transform data into insight. Other formats/editions . — Anastasia Smith, Pfeiffer University. Many of these claims, of a critical level of GDP beyond which happiness and GDP are no longer linked, come from cursorily examining plots of well-being against the level of per capita GDP. The answer, economists Betsey Stevenson and Justin Wolfers found, was that Easterlin was just wrong. Betsey Stevenson and Justin Wolfers present a new synthesis of economic principles for a new generation of students. Achieve Demo. As an alternative, they also offers a full chapter on Aggregate Demand and Aggregate Supply giving instructors a range of options. Broadly applicable. Recent work by Sacks, Stevenson, and Wolfers (2013) provide evidence on the time series relationship that is consistent with the findings presented here. Yet, some researchers have argued for a modified version of Easterlin’s hypothesis, acknowledging the existence of a link between income and well-being among those whose basic needs have not been met, but claiming that beyond a certain income threshold, further income is unrelated to well-being. I also liked the "Check Yourself", "Learning Objectives" within the chapter, "Tying It Together" and the end-of-chapter "one page summaries". Step-by-step breakdowns crack open curves to show carefully formulated steps and add a time element in the online Achieve version, while unique casual graphs encourage students to embrace the process of graphing—to see themselves doodling in the margins—by sketching thumbnail graphs in the margin of the text. 39 (1 (Spring), pages 1-102. citation courtesy of 10174 December 2003 JEL No. Betsey and Justin live in Ann Arbor, Michigan, with their children, Matilda and Oliver, and their lovable mutt, Max. Such materials may include a digital watermark that is linked to your name and email address in your Macmillan Learning account to identify the source of any materials used in an unauthorised way and prevent online piracy. Betsey Stevenson and Justin Wolfers are the go-to pair on what some might call “lovenomics,” having produced much research on marriage, … The authors p... Betsey Stevenson and Justin Wolfers present a new synthesis of economic principles for a new generation of students. Save money with our loose, 3-hole punched pages. The first, a stronger version, is that beyond some level of basic needs, income is uncorrelated with subjective well-being; the second, a weaker version, is that the well-being–income link estimated among the poor differs from that found among the rich. — Matthew Friedman, University of Wisconsin - Madison "This book gives a thorough and insightful presentation of microeconomics foundation topics. Please note you could wait up to 30 to 60 minutes to receive your download e-mail depending on the number and size of the files. by Betsey Stevenson and Justin Wolfers. Access all your course tools in one place! A flexible presentation of Business Cycle Models. This package includes Achieve and Loose-Leaf. We are happy to offer free Achieve access in addition to the physical sample you have selected. University of Michigan at Ann Arbor - Department of Economics; University of Michigan at Ann Arbor - Gerald R. Ford School of Public Policy; The University of Sydney - Discipline of Economics; Brookings Institution - Economic Studies Program; Peter G. Peterson Institute for … — Robert Sonora, Fort Lewis College [Regarding the Supply, Demand, Equilibrium chapters] "I thought the treatment was very good and I particularly like the equilibrium chapter with the numerous examples and the inclusion of so many graphs. Their focus on useful economics employs compelling explanations and real-life examples to help students develop economic intuition and apply it to everyday decisions. Dedicated, full chapters on supply, demand, and equilibrium walk students patiently through these topics and align with how most instructors already teach – by working through these foundational concepts over several lectures. Brings solid economic concepts down from the ivory tower that many other economic texts put them in." Principles of Microeconomics by Betsey Stevenson; Justin Wolfers and Publisher Worth Publishers. Their focus on useful economics employs compelling explanations and real-life examples to help students develop economic intuition and apply it to everyday decisions. Refreshingly intuitive. Justin Wolfers Wharton, University of Pennsylvania, and CEPR, IZA, and NBER. Applications that keep it real. While Clark, Frijters and Shields (2008, p. 123) state more starkly that “greater economic prosperity at some point ceases to buy more happiness,” a similar claim is made by Di Tella and MacCulloch (2008, p. 17): “once basic needs have been satisfied, there is full adaptation to further economic growth.” The income level beyond which further income no longer yields greater well-being is typically said to be somewhere between $8,000 and $25,000. Everyday Economics. I found the Spousonomics interview with Betsey Stevenson and Justin Wolfers exceptionally intelligent and entertaining, and you might enjoy it as well. Do the Economics. See all articles by Betsey Stevenson Betsey Stevenson. — Susan Laury, Georgia State University "I think the text is more personal and user-friendly than most economics texts today. Schedule Betsey Stevenson and Justin Wolfers have launched a new podcast, called "Think Like an Economist." For graphing concepts, I found the extra explanation/flow chart on the derivation in the left-hand margins useful." Betsey Stevenson and Justin Wolfers NBER Working Paper No. 2020. First Edition| PRESS RELEASE PR Newswire . Justin Wolfers is a professor of economics and public policy at the University of Michigan. Studies by us and others have pointed to a robust positive relationship between well-being and income across countries and over time (Deaton, 2008; Stevenson and Wolfers, 2008; Sacks, Stevenson, and Wolfers, 2013). 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