Principles of Economics AGE
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Principles of Economics, Asia Global Edition

Robert H. Frank, Cornell University
Ben S. Bernanke, Princeton University (formerly)
Hon-Kwong Lui, Lingnan University

ISBN: 1259011844
Copyright year: 2015

About the Authors

Professor Frank is the Henrietta Johnson Louis Professor of Management and Professor of Economics at the Johnson Graduate School of Management at Cornell University, where he has taught since 1972. His “Economic View” column appears regularly in The New York Times. After receiving his B.S. from Georgia Tech in 1966, he taught math and science for two years as a Peace Corps Volunteer in rural Nepal. He received his M.A. in statistics in 1971 and his Ph.D. in economics in 1972 from The University of California at Berkeley. During leaves of absence from Cornell, he has served as chief economist for the Civil Aeronautics Board (1978–1980), a Fellow at the Center for Advanced Study in the Behavioral Sciences (1992–93), and Professor of American Civilization at l’École des Hautes Études en Sciences Sociales in Paris (2000–01) and the Peter and Charlotte Schoenfield Visiting Faculty Fellow at the NYU Stern School of Business in 2008-09.

Professor Frank is the author of a best-selling intermediate economics textbook— Microeconomics and Behavior, Eighth Edition (Irwin/McGraw-Hill, 2010). His research has focused on rivalry and cooperation in economic and social behavior. His books on these themes, which include Choosing the Right Pond (Oxford, 1995), Passions Within Reason (W. W. Norton, 1988), What Price the Moral High Ground? (Princeton, 2004), Falling Behind (University of California Press, 2007), The Economic Naturalist (Basic Books, 2007), The Economic Naturalist’s Field Guide (Basic Books, 2009), and The Darwin Economy (Princeton, 2011), which have been translated into 22 languages. The Winner-Take-All Society (The Free Press, 1995), coauthored with Philip Cook, received a Critic’s Choice Award, was named a Notable Book of the Year by The New York Times, and was included in BusinessWeek’s list of the 10 best books of 1995. Luxury Fever (The Free Press, 1999) was named to the Knight-Ridder Best Books list for 1999.

Professor Frank has been awarded an Andrew W. Mellon Professorship (1987–1990), a Kenan Enterprise Award (1993), and a Merrill Scholars Program Outstanding Educator Citation (1991). He is a co-recipient of the 2004 Leontief Prize for Advancing the Frontiers of Economic Thought. He was awarded the Johnson School’s Stephen Russell Distinguished Teaching Award in 2004 and 2010 and the School’s Apple Distinguished Teaching Award in 2005. His introductory microeconomics course has graduated more than 7,000 enthusiastic economic naturalists over the years.


Professor Bernanke received his B.A. in economics from Harvard University in 1975 and his Ph.D. in economics from MIT in 1979. He taught at the Stanford Graduate School of Business from 1979 to 1985 and moved to Princeton University in 1985, where he was named the Howard Harrison and Gabrielle Snyder Beck Professor of Economics and Public Affairs, and where he served as Chairman of the Economics Department.

Professor Bernanke was sworn in on February 1, 2006, as Chairman and a member of the Board of Governors of the Federal Reserve System—his second term expires January 31, 2014. Professor Bernanke also serves as Chairman of the Federal Open Market Committee, the System’s principal monetary policymaking body. He was appointed as a member of the Board to a full 14-year term, which expires January 31, 2020, and to a four-year term as Chairman, which expired January 31, 2010. Before his appointment as Chairman, Professor Bernanke was Chairman of the President’s Council of Economic Advisers, from June 2005 to January 2006.

Professor Bernanke’s intermediate textbook, with Andrew Abel, Macroeconomics, Seventh Edition (Addison-Wesley, 2010), is a best seller in its field. He has authored more than 50 scholarly publications in macroeconomics, macroeconomic history, and finance. He has done significant research on the causes of the Great Depression, the role of financial markets and institutions in the business cycle, and measuring the effects of monetary policy on the economy.
Professor Bernanke has held a Guggenheim Fellowship and a Sloan Fellowship, and he is a Fellow of the Econometric Society and of the American Academy of Arts and Sciences. He served as the Director of the Monetary Economics Program of the National Bureau of Economic Research (NBER) and as a member of the NBER’s Business Cycle Dating Committee. In July 2001, he was appointed editor of the American Economic Review. Professor Bernanke’s work with civic and professional groups includes having served two terms as a member of the Montgomery Township (N.J.) Board of Education.


Dr. Lui received his Ph.D. in economics from The University of Hong Kong and is an Associate Professor at the Department of Marketing and International Business, Lingnan University. His current teaching assignments include Marketing Research and Microeconomics for Business. He worked for a few years as marketing executive in the retail industry and as Statistician in the civil service. His consulting experience is mainly in the area of market research and analysis.

Most of Dr. Lui’s research in economics centers around the Hong Kong economy. He is the author of five books and has published articles in leading and highly respected journals, including Management Science, Urban Studies, Human Relations, Economic Inquiry,and Journal of International Marketing, among many others. The hallmark of his work is the application of statistical methods to large data sets that produce quantitative answers to questions that are relevant to public policy.

Dr. Lui is best known for his work on income inequality which lays out the key facts and conceptual issues surrounding income inequality in Hong Kong. His latest publication in this area is the research monograph—Widening Income Distribution in Post-Handover Hong Kong (Routledge, 2013). The research uses Census dataset from the period 1981–2011 to examine the individual effects of industry composition shifts, occupation composition shifts, expansion of tertiary education, public housing program, and the arrival of recent immigrants on income distribution.

Other than academic research, Dr. Lui is very active in academic exchange and community services with membership in many consultative committees and has frequent media exposure. He has published numerous commentaries in major newspapers in Hong Kong. At Lingnan University, he was the Head of Department, Associate Director of Business Programs and Chairman of Catering Committee.


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