Now revised and updated - this is the acclaimed companion volume to the hugely successful Basic Economics , by one of America’s most revered economists. The application of economics to major contemporary real world problems - housing, medical care, discrimination, the economic development of nations - is the theme of this important book which tackles these and other issues head-on in plain language, as distinguished from the usual jargon of economists. It examines economic policies not simply in terms of their immediate effects but also in terms of their later repercussions, which are often very different and longer lasting.This revised edition includes new topics and comprehensive revisions while retaining the easy readability of the first edition, even for people with no prior knowledge of economics. With an added chapter on the economics of immigration and the updating of other chapters on such topics as the ‘creative’ financing of home-buying that led to the ‘subprime’ mortgage crisis and the economics of organ transplants, Applied Economics, Second Edition , is a vital tool for understanding the economy.