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The Relevance of Economics Through Real-world Business Examples
One of the challenges of teaching Principles of Economics is fostering interest in concepts that may not seem applicable to students’ lives. Economics with MyEconLab makes economics relevant by demonstrating how real businesses use economics to make decisions every day. And with an ever changing U.S. and world economy, the Sixth Edition has been updated with the latest developments using new real-world business and policy examples. Regardless of their future career path–opening an art studio, trading on Wall Street, or bartending at the local pub–students will benefit from understanding the economic forces behind their work.
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This title is available with MyEconLab–an online homework, tutorial, and assessment program designed to work with this text to engage students and improve results. Within its structured environment, students practice what they learn, test their understanding, and pursue a personalized study plan that helps them better absorb course material and understand difficult concepts.
0134417291 / 9780134417295Economics Plus MyEconLab with Pearson eText (2-semester Access) -- Access Card Package
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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, and MetLife. He received his Ph.D. in economics from Harvard University in 1983. From 2001 to 2003, he served as chairman of the White House Council of Economic Advisers and chairman of the OECD Economic Policy Committee, and from 1991 to 1993, he was deputy assistant secretary of the U.S. Treasury Department. He currently serves as co-chair of the nonpartisan Committee on Capital Markets Regulation. 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 100 articles in leading journals, including American Economic Review, Brookings Papers on Economic Activity, Journal of Finance, Journal of Financial Economics, Journal of Money, Credit, and Banking, 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 20 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. O’Brien’s research has dealt with issues such 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 American Economic Review, Quarterly Journal of Economics, Journal of Money, Credit, and Banking, Industrial Relations, Journal of Economic History, and Explorations in Economic History. His research has been supported by grants from government agencies and private foundations.
Part 1: Introduction
1. Economics: Foundations and Models
Appendix: Using Graphs and Formulas
2: Trade-offs, Comparative Advantage, and the Market System
3. Where Prices Come From: The Interaction of Demand and Supply
4. Economic Efficiency, Government Price Setting, and Taxes
Appendix: Quantitative Demand and Supply Analysis
Part 2: Markets in Action: Policy and Applications
5. Externalities, Environmental Policy, and Public Goods
6. Elasticity: The Responsiveness of Demand and Supply
7. The Economics of Health Care
Part 3: Firms in the Domestic and International Economies
8. Firms, the Stock Market, and Corporate Governance
Appendix: Tools to Analyze Firms’ Financial Information
9. Comparative Advantage and the Gains from International Trade
Part 4: Microeconomic Foundations: Consumers and Firms
10. Consumer Choice and Behavioral Economics
Appendix: Using Indifference Curves and Budget Lines to Understand Consumer Behavior
11: Technology, Production, and Costs
Appendix: Using Isoquants and Isocost Lines to Understand Production and Cost
Part 5: Market Structure and Firm Strategy
12. Firms in Perfectly Competitive Markets
13. Monopolistic Competition: The Competitive Model in a More Realistic Setting
14. Oligopoly: Firms in Less Competitive Markets
15. Monopoly and Antitrust Policy
16. Pricing Strategy
Part 6: Labor Markets, Public Choice, and the Distribution of Income
17. The Markets for Labor and Other Factors of Production
18. Public Choice, Taxes, and the Distribution of Income
Part 7: Macroeconomic Foundations and Long-Run Growth
19. GDP: Measuring Total Production and Income
20. Unemployment and Inflation
21. Economic Growth, the Financial System, and Business Cycles
22. Long-Run Economic Growth: Sources and Policies
Part 8: Short-Run Fluctuations
23. Aggregate Expenditure and Output in the Short Run
Appendix: The Algebra of Macroeconomic Equilibrium
24. Aggregate Demand and Aggregate Supply Analysis
Appendix: Macroeconomic Schools of Thought
Part 9: Monetary and Fiscal Policy
25: Money, Banks, and the Federal Reserve System
26: Monetary Policy
27: Fiscal Policy
Appendix: A Closer Look at the Multiplier
28: Inflation, Unemployment, and Federal Reserve Policy
Part 10: The International Economy
29: Macroeconomics in an Open Economy
30: The International Financial System
Appendix: The Gold Standard and the Bretton Woods System
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