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This is the third edition of “Modern Principles of Economics” by Tyler Cowen and Alex Tabarrok.  There is always room for improvement, so the third edition is published by evaluating and revising every single chapter carefully. This edition will be more beneficial to enhance economic knowledge.

Modern Principles of Economics, this book is divided into nine parts with thirty-eight chapters. The first and second chapters discussed the power of trade and comparative advantage. The first part is supply and demand, which discuss supply and demand, equilibrium, elasticity and its applications, and taxes and subsidies. The second part discusses the price system, where the price system, price ceilings and floors, international trade, and externalities are explained. Firms and factor markets are included in the third part of this book which discusses costs and profit maximization under competition, competition and the invisible hand, monopoly, price discrimination and pricing strategy, oligopoly and game theory, competing for monopoly, monopolistic competition and advertising, and labor markets. The fourth part covers government, where public goods and the tragedy of the commons, political economy and public choice, and economics, ethics, public policy are explained. The fifth part includes the decision making for businesses, inventors and consumers, where managing incentives, stock markets and personal finance, asymmetric information, and consumer choice are explained.

The sixth part economic growth, where GDP and the measurement of progress, the wealth of nation and economic growth, growth, capital accumulation, and the economics of ideas, and saving, investment, and the financial system are explained. The seventh part covers business fluctuations, where unemployment and labor force participation, inflation and the quantity theory of money, business fluctuations, and transmission amplification mechanisms are discussed. The eighth part includes macroeconomics policy and institutions, where the federal reserve system and open market operations, monetary policy, the federal budget, and fiscal policy are discussed. The ninth part includes international economies, where international finance is explained.