Economics: Principles, Applications and Tools / Edition 6

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Overview

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Product Details

  • ISBN-13: 9780136076445
  • Publisher: Prentice Hall
  • Publication date: 5/1/2009
  • Series: Pearson Custom Business Resources Series
  • Edition description: Older Edition
  • Edition number: 6
  • Pages: 800
  • Product dimensions: 8.70 (w) x 11.00 (h) x 1.20 (d)

Meet the Author

Arthur O'Sullivan is a professor of economics at Lewis and Clark College in Portland, Oregon. After receiving his B.S. in economics at the University of Oregon, he spent two years in the Peace Corps, working with city planners in the Philippines. He received his Ph.D. in economics from Princeton University in 1981 and has taught at the University of California, Davis, and Oregon State University, winning several teaching awards at both schools. He recently accepted an endowed professorship at Lewis and Clark College, where he teaches microeconomics and urban economics. He is the author of the best-selling textbook, Urban Economics, currently in its sixth edition. Professor O'Sullivan's research explores economic issues concerning urban land use, environmental protection, and public policy. His articles have appeared in many economics journals, including the Journal of Urban Economics, Journal of Environmental Economics and Management, National Tax Journal, Journal of Public Economics, and Journal of Law and Economics. Professor O'Sullivan lives with his family in Lake Oswego, Oregon. For recreation, he enjoys hiking, boogie-boarding, paragliding, and squash.

Steven M. Sheffrin is dean of the division of social sciences and professor of economics at the University of California, Davis. He has been a visiting professor at Princeton University,

Oxford University, and the London School of Economics and has served as a financial economist with the Office of Tax Analysis of the United States Department of Treasury. He has been on the faculty of the University of California, Davis, since 1976 and has served as the chairman of the department of economics. He received his B.A. from Wesleyan University and his Ph.D. in economics from the Massachusetts Institute of Technology. Professor Sheffrin is the author of 10 other books and monographs and over 100 articles in the fields of macroeconomics, public finance, and international economics. His most recent books include Rational Expectations (second edition) and Property Taxes and Tax Revolts: The Legacy of Proposition 13 (with Arthur O'Sullivan and Terri Sexton). Professor Sheffrin has taught macroeconomics at all levels, from large introduction to principles classes (enrollments of 400) to graduate classes for doctoral students. He is the recipient of the Thomas Mayer Distinguished Teaching Award in economics. He lives with his wife Anjali (also an economist) in Davis, California, and has two daughters who have studied economics. In addition to a passion for current affairs and travel, he plays a tough game of tennis.

Stephen Perez is chair of the economics department at California State University, Sacramento. After receiving his B.A. in economics at the University of California, San Diego, he received his Ph.D. in economics from the University of California, Davis, in 1994. He taught economics at Virginia Commonwealth University and Washington State University before coming to California State University, Sacramento, in 2001. He teaches macroeconomics at all levels as well as econometrics, sports economics, labor economics, and mathematics for economists.
Professor Perez's research explores most macroeconomic topics. In particular, he is interested in evaluating the ability of econometric techniques to discover the truth, issues of causality in macroeconomics, and sports economics. His articles have appeared in many economics journals, including the Journal of Monetary Economics, Econometrics Journal, Economics Letters, Journal of Economic Methodology, Public Finance and Management, Journal of Economics and Business, Oxford Bulletin of Economics and Statistics, Journal of Money, Credit, and Banking, Applied Economics, and Journal of Macroeconomics.

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Table of Contents

PART 1 Introduction and Key Principles

1 Introduction: What Is Economics? 2

2 The Key Principles of Economics 28

3 Exchange and Markets 48

4 Demand, Supply, and Market

Equilibrium 66

PART 2 The Basic Concepts in Macroeconomics

5 Measuring a Nation’s Production

and Income 98

6 Unemployment and Inflation 122

PART 3 The Economy in the Long Run

7 The Economy at Full Employment 142

8 Why Do Economies Grow? 162

PART 4 Economic Fluctuations

9 Aggregate Demand and Aggregate

Supply 190

10 Fiscal Policy 210

11 The Income-Expenditure Model 230

12 Investment and Financial Markets 262

PART 5 Money, Banking, and Monetary Policy

13 Money and the Banking System 280

14 The Federal Reserve and Monetary

Policy 300

PART 6 Inflation, Unemployment, and Economic Policy

15 Modern Macroeconomics:

From the Short Run to the Long Run 320

16 The Dynamics of Inflation and

Unemployment 338

17 Macroeconomic Policy Debates 358

PART 7 The International Economy

18 International Trade and Public Policy 376

19 The World of International Finance 396

PART 8 A Closer Look at Demand and Supply

20 Elasticity: A Measure of Responsiveness 418

21 Market Efficiency and Government

Intervention 448

22 Consumer Choice Using Utility

Theory 472

PART 9 Market Structures and Pricing

23 Production Technology and Cost 504

24 Perfect Competition 526

25 Monopoly and Price Discrimination 552

26 Market Entry and Monopolistic

Competition 574

27 Oligopoly and Strategic Behavior 590

28 Controlling Market Power: Antitrust

and Regulation 618

PART 10 Externalities and Information

29 Imperfect Information: Adverse

Selection and Moral Hazard 636

30 Public Goods and Public Choice 658

31 External Costs and Environmental

Policy 674

PART 11 The Labor Market and Income Distribution

32 The Labor Market, Income, and

Poverty 694

33 Unions, Monopsony, and Imperfect

Information 720

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