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Master today's principles of microeconomics and gain an
understanding of current economic issues with the solid
introduction and policy-based examples and applications found in
Baumol/Blinder/Solow's MICROECONOMICS: PRINCIPLES AND POLICY, 14E.
Written by several of today's most respected economists, this book
is one of the most up-to-date microeconomics texts on the market --
incorporating data and issues as recent as 2018. The authors
combine the right level of rigor and detail to clarify even the
most complicated microeconomic concepts. An entirely new chapter
closes the book by delving into some of the most important issues
confronting the U.S. economy today. Throughout this edition,
well-developed examples, intriguing puzzles and meaningful
microeconomic issues provide an excellent balance of theory to
application while keeping you engaged and intrigued.
The original impetus for this research was provided several years
ago by a request to assist Counsel for Fidelity Management and
Research Corporation in analyzing the mutual fund industry, with
particular emphasis on money market mutual funds. We were asked to
focus our efforts on the mechanism by which the advisory fees of
mutual funds are determined. This request arose out of litigation
that challenged the level of advisory fees charged to the
shareholders of the Fidelity Cash Reserve Fund. Subsequently, we
were asked to provide similar assistance to Counsel for T. Rowe
Price Associates regarding the fees charged to shareholders of
their Prime Reserve Fund. 1940, advisers of Under the Investment
Company Act of mutual funds have a fiduciary duty with respect to
the level of fees they may charge a fund's shareholders. Since the
passage of the Investment Company Act, there have been numerous
lawsuits brought by shareholders alleging that advisory fees were
excessive. In these lawsuits, the courts have failed to provide a
set of standards for determining when such fees are excessive.
Instead, they have relied on arbitrary and frequently ill-defined
criteria for jUdging the reasonableness of fees. This failure to
apply economic-based tests for evaluating the fee structure of
mutual funds provided the motivation for the present book, which
undertakes a comprehensive analysis of the economics of the mutual
fund industry.
The original impetus for this research was provided several years
ago by a request to assist Counsel for Fidelity Management and
Research Corporation in analyzing the mutual fund industry, with
particular emphasis on money market mutual funds. We were asked to
focus our efforts on the mechanism by which the advisory fees of
mutual funds are determined. This request arose out of litigation
that challenged the level of advisory fees charged to the
shareholders of the Fidelity Cash Reserve Fund. Subsequently, we
were asked to provide similar assistance to Counsel for T. Rowe
Price Associates regarding the fees charged to shareholders of
their Prime Reserve Fund. 1940, advisers of Under the Investment
Company Act of mutual funds have a fiduciary duty with respect to
the level of fees they may charge a fund's shareholders. Since the
passage of the Investment Company Act, there have been numerous
lawsuits brought by shareholders alleging that advisory fees were
excessive. In these lawsuits, the courts have failed to provide a
set of standards for determining when such fees are excessive.
Instead, they have relied on arbitrary and frequently ill-defined
criteria for jUdging the reasonableness of fees. This failure to
apply economic-based tests for evaluating the fee structure of
mutual funds provided the motivation for the present book, which
undertakes a comprehensive analysis of the economics of the mutual
fund industry.
Master today's principles of macroeconomics and gain an
understanding of current economic issues with the solid
introduction and policy-based examples and applications found in
Baumol/Blinder/Solow's MACROECONOMICS: PRINCIPLES AND POLICY, 14E.
Written by three of today's most respected economists, this book is
one of the most up-to-date macroeconomics texts on the market --
incorporating data and issues as recent as 2018. The authors
combine the right level of rigor and detail to clarify even the
most complicated macroeconomic concepts. An entirely new chapter
closes the book by delving into some of the most important issues
confronting the U.S. economy today. Throughout this edition,
well-developed examples, intriguing puzzles and meaningful
macroeconomic issues provide an excellent balance of theory to
application while keeping you engaged and intrigued.
Master today's principles of economics and gain an understanding of
current economic issues with the solid introduction and
policy-based examples and applications found in
Baumol/Blinder/Solow's ECONOMICS: PRINCIPLES AND POLICY, 14E.
Written by several of today's most respected economists, this book
is one of the most up-to-date economics texts on the market --
incorporating data and issues as recent as 2018. The authors
combine the right level of rigor and detail to clarify even the
most complicated economic concepts. An entirely new chapter closes
the book by delving into some of the most important issues
confronting the U.S. economy today. Throughout this edition,
well-developed examples, intriguing puzzles and meaningful economic
issues provide an excellent balance of theory to application while
keeping you engaged and intrigued.
Master the principles of economics, and gain an understanding of
current economic situations with the solid introduction and
policy-based examples and applications found in ECONOMICS:
PRINCIPLES AND POLICY, 13E. Written by two of the most respected
economists in the world, this edition provides significant updates
that reflect the latest economic situations and timely economic
data. The authors combine the right level of rigor and detail to
clarify even the most complicated concepts. A new chapter
highlights U.S. economic leadership and assesses prospects for
future U.S. growth based on strengths and weaknesses in key areas,
such as productivity, innovation, entrepreneurship, health care,
education, inequality, trade, the budget deficit, and climate
change. Well-developed examples, intriguing puzzles and meaningful
economic issues provide a good balance of theory to application.
Master the principles of economics, and gain an understanding of
current economic situations with the solid introduction and
policy-based examples and applications found in MICROECONOMICS:
PRINCIPLES AND POLICY, 13E. Written by two of the most respected
economists in the world, this edition provides significant updates
that reflect the latest economic situations and timely economic
data. The authors combine the right level of rigor and detail to
clarify even the most complicated concepts. A new chapter
highlights U.S. economic leadership and assesses prospects for
future U.S. growth based on strengths and weaknesses in key areas,
such as productivity, innovation, entrepreneurship, health care,
education, inequality, trade, the budget deficit, and climate
change. Well-developed examples, intriguing puzzles and meaningful
economic issues provide a good balance of theory to application.
Master the principles of economics, and gain an understanding of
current economic situations with the solid introduction and
policy-based examples and applications found in MACROECONOMICS:
PRINCIPLES AND POLICY, 13E. Written by two of the most respected
economists in the world, this edition provides significant updates
that reflect the latest economic situations and timely economic
data. The authors combine the right level of rigor and detail to
clarify even the most complicated concepts. Well-developed
examples, intriguing puzzles and meaningful economic issues provide
a good balance of theory to application.
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