Economics, Updated Edition

by Hubbard, R. Glenn; O'Brien, Anthony P.

• ISBN13: 9780136092056
• ISBN10: 0136092055
• Edition: 2nd
• Format: Hardcover
• Copyright: 2008-12-02
• Publisher: Prentice Hall

Summary

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 todaylike 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.

Author Biography

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 large sections 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.

Table of Contents

Introduction

Economics

Tradeoffs, Comparative Advantage, and the Market System

Where Prices Come From: The Interaction of Demand & Supply

Economic Efficiency, Government Price Setting, and Taxes Appendix: Quantitative Demand and Supply Analysis

Markets in Action

Externalities, Environmental Policy, and Public Goods

Elasticity: The Responsiveness of Demand and Supply

Firms in the Domestic & International Economies

Firms, the Stock Market, and Corporate Governance Appendix: Tools to Analyze Firms' Financial Information

Comparative Advantage and the Gains from International Trade Appendix: Multinational Firms

Microeconomic Foundations: Consumers and Firms

Consumer Choice & Behavioral Economics Appendix: Indifference Curves

Production, Technology, and Costs Appendix: Isoquants and Isocosts

Market Structure and Firm Strategy

Firms in Perfectly Competitive Markets

Monopolistic Competition: The Competitive Model in a More Realistic Setting

Oligopoly: Firms in Less Competitive, Markets

Monopoly and Antitrust Policy

Pricing Strategy

Markets for Factors of Production

The Markets for Labor and Other Factors of Production

Information, Taxes, and the Distribution of Income

The Economics of Information

Public Choice, Taxes, and the Distribution of Income

Macroeconomic Foundations and Long-Run Growth

GDP: Measuring Total Production and Income

Unemployment & Inflation

Economic Growth, the Financial System, and Business Cycles

Long-Run Growth: Sources & Policies

Short-Run Fluctuations

Output & Expenditure in the Short Run Appendix: The Algebra of Macroeconomic Equilibrium

AD/AS Analysis Appendix: Macroeconomic Schools of Thought

Monetary and Fiscal Policy

Money, Banks, and the Federal Reserve System

Monetary Policy

Fiscal Policy Appendix: A Closer Look at the Multiplier

Inflation,Unemployment, & Federal Reserve Policy

The International Economy

Macroeconomics in an Open Economy

The International Financial System

Appendix: The Gold Standard and the Bretton Woods System

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