Economics, Updated Edition / Edition 2

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Hubbard & O'Brien motivate the study of economics through real business examples.

The updated edition offers insights into the exciting economic topics that are in the news and affecting all of us today—like the election, the housing market, the impact of the current oil situation, current challenges to airlines, debates over trade policy, and consequences of the “amazing shrinking dollar.”

The book motivates users by demonstrating how real business uses economics to make real decisions on a daily basis. Covers the different Market Structures in an intuitive fashion so that readers of all backgrounds and fields can grasp the importance and flow of these concepts. Chapter opening cases, examples and figures motivate the economic principles covered, while Solved Problems provide models of how to solve an economic problem — keeping readers focused on the main ideas of each chapter, and preventing them from getting bogged down due to a lack of basic math or "word problem" skills. 

In-depth coverage of economics with particular focus on Perfect Competition, Monopolistic Competition, Oligopoly and extensive coverage of game theory, Monopoly Economic Efficiency, Government Price Setting, and Taxes, Aggregate Demand and Aggregate Supply Analysis. 

MARKET: For anyone in business who wants to benefit from understanding the economic forces behind their work.

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Product Details

  • ISBN-13: 9780136092056
  • Publisher: Prentice Hall
  • Publication date: 12/29/2008
  • Series: MyEconLab Series
  • Edition description: Updated
  • Edition number: 2
  • Pages: 1168
  • Product dimensions: 8.80 (w) x 10.90 (h) x 1.70 (d)

Meet the Author

Glenn Hubbard policymaker, professor, and researcher.

R.Glenn Hubbard is the Dean and Russell L. Carson Professor of Finance and Economics in the Graduate School of Business at Columbia University and Professor of Economics in Columbia’s Faculty of Arts and Sciences. He is also a research associate of the National Bureau of Economic Research and a director of Automatic Data Processing, Black Rock Closed-End Funds, Dex Media, Duke Realty, KKR Financial Corporation, and Ripplewood Holdings. He received his Ph.D. in economics from Harvard University in 1983. From 2001–2003, he served as Chairman of the White House Council of Economic Advisers, and from 1991–1993, he was Deputy Assistant Secretary of the U.S. Treasury Department. Glenn Hubbard’s fields of specialization are public economics, financial markets and institutions, corporate finance, macroeconomics, industrial organization, and public policy. He is the author of more than 90 articles in leading journals, including the American Economic Review, Journal of Finance, Journal of Financial Economics, Journal of Political Economy, Journal of Public Economics, Quarterly Journal of Economics, RAND Journal of Economics, and Review of Economics and Statistics. His research has been supported by grants from the National Science Foundation, the National Bureau of Economic Research, and numerous private foundations.

Tony O’Brien award-winning professor and researcher.

Anthony Patrick O’Brien is a professor of economics at Lehigh University. He received his Ph.D. from the University of California, Berkeley, in 1987. He has taught principles of economics for more than 15 years, in both largesections and small honors classes. He received the Lehigh University Award for Distinguished Teaching. He was formerly the director of the Diamond Center for Economic Education and was named a Dana Foundation Faculty Fellow and Lehigh Class of 1961 Professor of Economics. He has been a visiting professor at the University of California, Santa Barbara, and the Graduate School of Industrial Administration at Carnegie Mellon University. Anthony O’Brien’s research has dealt with such issues as the evolution of the U.S. automobile industry, the sources of U.S. economic competitiveness, the development of U.S. trade policy, the causes of the Great Depression, and the causes of black–white income differences. His research has been published in leading journals, including the American Economic Review, the Quarterly Journal of Economics, the Journal of Money, Credit, and Banking, Industrial Relations, and the Journal of Economic History. His research has been supported by grants from government agencies and private foundations. In addition to teaching and writing, Anthony O’Brien also serves on the editorial board of the Journal of Socio-economics.

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Table of Contents

Part 1:  Introduction  
Ch. 1: Economics:  Foundations and Models
Appendix:  Using Graphs and Formulas
Ch. 2: Tradeoffs, Comparative Advantage, and the Market System 
Ch. 3: Where Prices Come From:  The Interaction of Demand & Supply
Ch. 4: Economic Efficiency, Government Price Setting, and Taxes
Appendix: Quantitative Demand and Supply Analysis
Part 2:  Markets in Action
Ch. 5: Externalities, Environmental Policy, and Public Goods
Ch. 6: Elasticity:  The Responsiveness of Demand and Supply
Part 3:  Firms in the Domestic & International Economies
Ch. 7: Firms, the Stock Market, and Corporate Governance
Appendix:  Tools to Analyze Firms' Financial Information
Ch. 8: Comparative Advantage and the Gains from International Trade
Appendix:  Multinational Firms
Part 4:  Microeconomic Foundations:  Consumers and Firms
Ch. 9: Consumer Choice & Behavioral Economics
Appendix:  Indifference Curves
Ch. 10: Production, Technology, and Costs
Appendix:  Isoquants and Isocosts
Part 5:  Market Structure and Firm Strategy
Ch. 11: Firms in Perfectly CompetitiveMarkets
Ch. 12: Monopolistic Competition:  The Competitive Model in a More Realistic Setting
Ch. 13: Oligopoly:  Firms in Less Competitive, Markets
Ch. 14: Monopoly and Antitrust Policy 
Ch. 15: Pricing Strategy
Part 6:  Markets for Factors of Production
Ch. 16: The Markets for Labor and Other Factors of Production 
Part 7:  Information, Taxes, and the Distribution of Income
Ch. 17: The Economics of Information
Ch. 18: Public Choice, Taxes, and the Distribution of Income
Part 8:  Macroeconomic Foundations and Long-Run Growth
Ch. 19: GDP: Measuring Total Production and Income 
Ch. 20: Unemployment & Inflation 
Ch. 21: Economic Growth, the Financial System, and Business Cycles 
Ch. 22: Long-Run Growth: Sources & Policies
Part 9:  Short-Run Fluctuations
Ch. 23: Output & Expenditure in the Short Run
Appendix:  The Algebra of Macroeconomic 
Ch. 24: AD/AS Analysis 
Appendix:  Macroeconomic Schools of Thought
Part 10:  Monetary and Fiscal Policy
Ch. 25: Money, Banks, and the Federal Reserve System
Ch. 26: Monetary Policy 
Ch. 27: Fiscal Policy
Appendix:  A Closer Look at the Multiplier
Ch. 28: Inflation,Unemployment, & Federal Reserve Policy
Part 11:  The International Economy
Ch. 29: Macroeconomics in an Open Economy
Ch. 30: The International Financial System
Appendix:  The Gold Standard and the Bretton Woods System

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