Economics Principles, Applications, and Tools

For courses in the Principles of Economics.

Introduces Readers to the Basic Concepts of Economics with Timely, Engaging Stories and Applications

Readers hoping to gain a better understanding of the world around them, often leave with their questions unanswered. Economics: Principles, Applications, and Tools is built upon the author’s philosophy of using basic concepts of economics to explain a wide variety of timely, engaging, real-world economic applications.

The Ninth Edition incorporates updated figures and data, while also emphasizing current topics of interest–including the severe economic downturn of recent years and the latest developments in economic thinking. It also includes newly refined Learning Objectives that introduce the concepts explored in each chapter, along with new applications and chapter-opening stories related to the most up-to-date developments in both macroeconomics and microeconomics.

Also available with MyEconLab^®

MyEconLab is 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.

NOTE: You are purchasing a standalone product; MyEconLab does not come packaged with this content. If you would like to purchase both the physical text and MyEconLab search for: 

0134303164 / 9780134303161 Economics: Principles, Applications, and Tools Plus MyEconLab with Pearson eText (2-semester access)-- Access Card Package

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• 0134290828 / 9780134290829 MyEconLab with Pearson eText -- Access Card -- for Economics: Principles, Applications and Tools

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 teaching awards at both schools. He is the author of the best-selling textbook Urban Economics, currently in its eighth edition, with translations into Russian, Chinese, Korean, and Greek.

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 Portland, Oregon. For recreation, he enjoys hiking, kiteboarding, and squash.

Steven M. Sheffrin is professor of economics and executive director of the Murphy Institute at Tulane University. Prior to joining Tulane in 2010, he was a faculty member at the University of California, Davis, and served as department chairman of economics and dean of social sciences. He has been a visiting professor at Princeton University, Oxford University, London School of Economics, and Nanyang Technological University, and he has served as a financial economist with the Office of Tax Analysis of the United States Department of the Treasury. 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 and public finance at all levels, from general 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 New Orleans, Louisiana, 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.

Stephen J. Perez is a professor of economics and NCAA faculty athletics representative at California State University, Sacramento. After receiving his B.A. in economics at the University of California, San Diego, he was awarded 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.

I. Introduction and Key Principles

1. Introduction: What Is Economics?

2. The Key Principles of Economics

3. Exchange and Markets

4. Demand, Supply, and Market Equilibrium

II. The Basic Concepts in Macroeconomics

5. Measuring a Nation’s Production and Income

6. Unemployment and Inflation

III. The Economy in the Long Run

7. The Economy at Full Employment

8. Why Do Economies Grow?

IV. Economic Fluctuations and Fiscal Policy

9. Aggregate Demand and Aggregate Supply

10. Fiscal Policy

11. The Income-­Expenditure Model

12. Investment and Financial Markets

V. Money, Banking, and Monetary Policy

13. Money and the Banking System

14. The Federal Reserve and Monetary Policy

VI. Inflation, Unemployment, and Economic Policy

15. Modern Macroeconomics: From the Short Run to the Long Run

16. The Dynamics of Inflation and Unemployment

17. Macroeconomic Policy Debates

VII. The International Economy

18. International Trade and Public Policy

19. The World of International Finance

VIII. A Closer Look at Demand and Supply

20. Elasticity: A Measure of Responsiveness

21. Market Efficiency and Government Intervention

22. Consumer Choice: Utility Theory and Insights from Neuroscience

IX. Market Structures and Pricing

23. Production Technology and Cost

24. Perfect Competition

25. Monopoly and Price Discrimination

26. Market Entry and Monopolistic Competition

27. Oligopoly and Strategic Behavior

28. Controlling Market Power: Antitrust and Regulation

X. Externalities and Information

29. Imperfect Information: Adverse Selection and Moral Hazard

30. Public Goods and Public Choice

31. External Costs and Environmental Policy

XI. The Labor Market and Income Distribution

32. The Labor Market and the Distribution of Income

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