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Principles of Economics

ISBN: 9780073511405 | 0073511404
Edition: 5th
Format: Hardcover
Publisher: McGraw-Hill/Irwin
Pub. Date: 1/21/2012

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Frank/Bernanke also encourages students to become "Economic Naturalists," by employing basic economic principles to understand and explain what they observe in the world around them. An economic naturalist understands, for example, that infant safety seats are required in cars but not in airplanes because the marginal cost of space to accommodate these seats is typically zero in cars but often hundreds of dollars in airplanes. Such examples engage student interest while teaching them to see each feature of their economic landscape as the reflection of an implicit or explicit cost-benefit calculation.

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