Economics : Principles and Tools

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For 2-semester, freshman/sophomore-level courses in principles of economics.This modern, Micro first text has a strong foundation in demand and supply. Its thoughtful coverage of change in demand vs. change in quantity demanded (also in supply coverage) enables students to better visualize and truly understand the difference between these 2 fundamental concepts. Early coverage of comparative advantage and externalities reflects a more modern approach to teaching and understanding the underpinnings of microeconomics. In macroeconomics, the long run first organization offers a balanced presentation between long run and short run topics and allows professors to cover the important issues of growth early, and gives them the flexibility to cover Keynesian material when they feel it is important. The AD/AS Model is covered early in the presentation.If you want to teach a modern, Micro-first principles course that brings out economic applications through active learning and experiments, and utilizes a streamlined framework emphasizing 5 key principles, examine O'Sullivan/Sheffrin's Economics: Principles and Tools 3/e.When covering Comparative Advantage, if you prefer early coverage and emphasis continuing throughout related topics, start by looking at Chapter 3 and continue through O'Sullivan/Sheffrin???s discussion of interdependence of economies.Microeconomics If you like to emphasize Consumer and Producer Surplus, take a look at Chapter 6, as well as, pages 121-137 in O'Sullivan/Sheffrin 3/e.If you believe it is important to cover Game Theory in-depth with your students, take a look at O'Sullivan/Sheffrin's strong but accessible coverage of Game Theory in Chapter 12.If Imperfect Information is a topic that you wish to explore in-depth, see Chapter 15 in O'Sullivan and Sheffrin's 3rd Edition.Macroeconomics If you prefer to introduce long run issues with subsequent, balanced coverage of AS/AD and the Keynesian Cross, examine Chapters 22-25.
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Product details

  • Hardback | 768 pages
  • 211.3 x 261.1 x 34.8mm | 1,583.05g
  • Pearson
  • United States
  • English
  • 3rd edition
  • 0130081515
  • 9780130081513

Table of contents

I. INTRODUCTION AND KEY PRINCIPLES. 1. Introduction: What Is Economics? 2. Key Principles of Economics. 3. Markets in the Global Economy. 4. Supply, Demand, and Market Equilibrium. II. A CLOSER LOOK AT SUPPLY AND DEMAND. 5. Elasticity: A Measure of Responsiveness. 6. Market Efficiency and Government Intervention. 7. Consumer Choice. III. MARKET STRUCTURES AND PRICING. 8. Production and Cost. 9. Perfect Competition: Short Run and Long Run. 10. Monopoly. 11. Entry and Monopolistic Competition. 12. Oligopoly and Strategic Behavior. 13. Using Market Power: Price Discrimination and Advertising. 14. Controlling Market Power: Antitrust Policy and Deregulation. IV. SPILLOVERS AND INFORMATION. 15. Imperfect Information and Disappearing Markets. 16. Public Goods, Taxes, and Public Choice. 17. Environmental Policy. V. THE LABOR MARKET AND ECONOMIC CHALLENGES. 18. The Labor Market. 19. Economic Challenges: Poverty, Aging, Health Care. VI. THE BASIC CONCEPTS IN MACROECONOMICS. 20. Measuring a Nation's Production and Income. 21. Unemployment and Inflation. VII. THE ECONOMY IN THE LONG RUN. 22. Classical Economics: The Economy at Full Employment. 23. Why Do Economies Grow? VIII. ECONOMIC FLUCTUATIONS. 24. Aggregate Demand and Aggregate Supply. 25. Keynesian Economics and Fiscal Policy. 26. Investment and Financial Intermediation. IX. MONEY, BANKING, AND MONETARY POLICY. 27. Money, the Banking System, and the Federal Reserve. 28. Monetary Policy in the Short Run. X. INFLATION, UNEMPLOYMENT, AND ECONOMIC POLICY. 29. From the Short Run to the Long Run. 30. The Dynamics of Inflation and Unemployment. 31. Current Issues in Macroeconomic Policy. XI. THE INTERNATIONAL ECONOMY. 32. International Trade and Public Policy. 33. The World of International Finance.
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About Arthur O'Sullivan

Arthur O'Sullivan is a professor of economics at Lewis and Clark College in Portland, Oregon. After receiving his B.S. Degree 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. degree 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 fifth edition. Professor O'Sullivan's research explores economic issues concerning urban land use, environmental protection, and public policy. His articles appear in many economics journals, including 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. He enjoys outdoor activities, including tennis, rafting, and hiking. Indoors, he plays chess, foosball, and ping-pong with his two kids, and is lucky to win one of five games. 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 served as a financial economist with the Office of Tax Analysis of the United States Department of Treasury. He has been on the faculty at Davis since 1976 and 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 eight 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), both from Cambridge University Press. Professor Sheffrin has taught macroeconomics at all levels, from large lectures of principles (classes 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) and his two children in Davis, California. In addition to a passion for current affairs and travel, he plays a tough game of tennis.
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19 ratings
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5 63% (12)
4 16% (3)
3 5% (1)
2 5% (1)
1 11% (2)
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