Economics

PART 1 Introduction and Key Principles 1 Introduction: What Is Economics? 2 The Key Principles of Economics 3 Exchange and Markets 4 Demand, Supply, and Market Equilibrium PART 2 The Basic Concepts in Macroeconomics 5 Measuring a Nation's Production and Income 6 Unemployment and Inflation PART 3 The Economy in the Long Run 7 The Economy at Full Employment 8 Why Do Economies Grow? PART 4 Economic Fluctuations and Fiscal Policy 9 Aggregate Demand and Aggregate Supply 10 Fiscal Policy 11 The Income-Expenditure Model 12 Investment and Financial Markets PART 5 Money, Banking, and Monetary Policy 13 Money and the Banking System 14 The Federal Reserve and Monetary Policy PART 6 Inflation, Unemployment, and Economic Policy 15 Modern Macroeconomics: From the Short Run to the Long Run 16 The Dynamics of Inflation and Unemployment 17 Macroeconomic Policy Debates PART 7 The International Economy 18 International Trade and Public Policy 19 The World of International Finance PART 8 A Closer Look at Demand and Supply 20 Elasticity: A Measure of Responsiveness 21 Market Efficiency and Government Intervention 22 Consumer Choice Using Utility Theory PART 9 Market Structures and Pricing 23 Production Technology and Cost 24 Perfect Competition 25 Monopoly and Price Discrimination 26 Market Entry and Monopolistic Competition 27 Oligopoly and Strategic Behavior 28 Controlling Market Power: Antitrust and Regulation PART 10 Externalities and Information 29 Imperfect Information: Adverse Selection and Moral Hazard 30 Public Goods and Public Choice 31 External Costs and Environmental Policy PART 11 The Labor Market and Income Distribution 32 The Labor Market, Income, and Poverty 33 Unions, Monopsony, and Imperfect Information

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 teaching awards at both schools. He is the author of the best-selling textbook Urban Economics, currently in its seventh 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 Portland, Oregon. For recreation, he enjoys hiking, kiteboarding, and squash. STEVEN M. SHEFFRIN is professor of economics and executive director of the Murphy Institute at Tulane University. Prior to joining Tulane in 2010, he was a faculty member at the University of California, Davis, and served as department chairman of economics and dean of social sciences. He has been a visiting professor at Princeton University, Oxford University, London School of Economics, and Nanyang Technological University, and he has served as a financial economist with the Office of Tax Analysis of the United States Department of the Treasury. 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