Ors"Sullivan/Sheffrin makes use of Active Learning Tools which get readers involved in role-playing, help them apply concepts, and offer reinforcement of the material. The books hallmark feature includes a focus on the 5 Key Principles of Economics: 1) Opportunity Cost, 2) The Marginal Principle (comparing marginal benefits and marginal costs), 3) Diminishing Returns, 4) The Spillover Principle (for externalities in production and consumption), and, 5) The Reality Principle (distinguishing real from nominal magnitudes). For economists, financial analysts and other finance professionals.
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.
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.
PART 1: Introduction and Key Principles
Ch 1: Introduction: What is Economics?
Appendix: Using Graphs & Percentages
Ch 2: Key Principles of Economics
Ch 3: Exchange and Markets
Ch 4: Demand, Supply, and Market Equilibrium
Part 2: The Basic Concepts in Macroeconomics
Ch 5: Measuring a Nation’s Production and Income
Ch 6: Unemployment and Inflation
Part 3: The Economy in the Long Run
Ch 7: The Economy at Full Employment
Ch 8: Why Do Economies Grow?
Appendix: A model of Capital Deepening Part 4: Economic Fluctuations and Fiscal Policy
Ch 9: AD/AS
Ch 10: Fiscal Policy
Ch 11: The Income Expenditure Model
Appendix: Formulas for Equilibrium Income & the Multiplier
Ch 12: Investment and Financial Markets
Part 5: Money, Banking, and Monetary Policy
Ch 13: Money and the Banking System
Appendix: Formula for Deposit Creation
Ch 14: The Federal Reserve and Monetary Policy
Part 6: Inflation, Unemployment, and Economic Policy
Ch 15: Modern Macroeconomics: From the Short Run to the Long Run.
Ch 16: The Dynamics of Inflation and Unemployment
Ch 17: Macroeconomic Policy Debates Part 7: The International Economy
Ch 18: International Trade and Public Policy
Ch 19: The World of International Finance