Macroeconomics: Principles and Tools

by O'Sullivan, Arthur; Sheffrin, Steven M.

• ISBN13: 9780130358110
• ISBN10: 0130358118
• Edition: 3rd
• Format: Paperback
• Copyright: 2003-01-01
• Publisher: Pearson College Div

Summary

O'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.

Table of Contents

Preface	xxi
PART 1: Introduction and Key Principles	1	(94)
Introduction: What Is Economics?	1	(22)
Key Principles of Economics	23	(18)
Markets and Government in the Global Economy	41	(22)
Supply, Demand, and Market Equilibrium	63	(32)
PART 2: The Basic Concepts in Macroeconomics	95	(36)
Measuring a Nation's Production and Income	95	(20)
Unemployment and Inflation	115	(16)
PART 3: The Economy in the Long Run	131	(48)
Classical Economics: The Economy at Full Employment	131	(22)
Why Do Economies Grow?	153	(26)
PART 4: Economic Fluctuations	179	(70)
Aggregate Demand and Aggregate Supply	179	(20)
Keynesian Economics and Fiscal Policy	199	(32)
Investment and Financial Intermediation	231	(18)
PART 5: Money, Banking, and Monetary Policy	249	(40)
Money, the Banking System, and the Federal Reserve	249	(20)
Monetary Policy in the Short Run	269	(20)
PART 6: Inflation, Unemployment, and Economic Policy	289	(58)
From the Short Run to the Long Run	289	(18)
The Dynamics of Inflation and Unemployment	307	(22)
Current Issues in Macroeconomic Policy	329	(18)
PART 7: The International Economy	347
International Trade and Public Policy	347	(22)
The World of International Finance	369
Glossary	1	(1)
Answers to Odd-Numbered Problems and Discussion Questions	1	(1)
Index	1	(1)
Photo Credits	1