Principles of Microeconomics

Karl E. Case is Professor of Economics Emeritus at Wellesley College where he has taught for 34

years and served several tours of duty as Department Chair. He is a Senior Fellow at the Joint

Center for Housing Studies at Harvard University and a founding partner in the real estate

research firm of Fiserv Case Shiller Weiss, which produces the S&P Case-Shiller Index of home

prices.He serves as a member of the Index Advisory Committee of Standard and Poor’s, and along

with Ray Fair he serves on the Academic Advisory Board of the Federal Reserve Bank of Boston.

Before coming to Wellesley, he served as Head Tutor in Economics (director of undergraduate

studies) at Harvard, where he won the Allyn Young Teaching Prize.He was Associate Editor of

the Journal of Economic Perspectives and the Journal of Economic Education, and he was a member

of the AEA’s Committee on Economic Education.

Professor Case received his B.A. from Miami University in 1968; spent three years on active

duty in the Army, and received his Ph.D. in Economics from Harvard University in 1976.

Professor Case’s research has been in the areas of real estate, housing, and public finance. He

is author or coauthor of five books, including Principles of Economics, Economics and Tax Policy,

and Property Taxation: The Need for Reform, and he has published numerous articles in professional

journals.

For the last 25 years, his research has focused on real estate markets and prices.He has authored

numerous professional articles, many of which attempt to isolate the causes and consequences of

boom and bust cycles and their relationship to regional and national economic performance.

Ray C. Fair is Professor of Economics at Yale University. He is a member of the Cowles

Foundation at Yale and a Fellow of the Econometric Society. He received a B.A. in Economics

from Fresno State College in 1964 and a Ph.D. in Economics from MIT in 1968. He taught at

Princeton University from 1968 to 1974 and has been at Yale since 1974.

Professor Fair’s research has primarily been in the areas of macroeconomics and econometrics,

with particular emphasis on macroeconometric model building.He also has done work in the areas

of finance, voting behavior, and aging in sports. His publications include Specification, Estimation,

and Analysis of Macroeconometric Models (Harvard Press, 1984); Testing Macroeconometric Models

(Harvard Press, 1994); and Estimating How the Macroeconomy Works (Harvard Press, 2004).

Professor Fair has taught introductory and intermediate macroeconomics at Yale. He has

also taught graduate courses in macroeconomic theory and macroeconometrics.

Professor Fair’s U.S. and multicountry models are available for use on the Internet free of

charge. The address is http://fairmodel.econ.yale.edu.Many teachers have found that having students

work with the U.S. model on the Internet is a useful complement to an introductory

macroeconomics course.

Sharon M. Oster is the Dean of the Yale School of Management, where she is also the Frederic

Wolfe Professor of Economics and Management. Professor Oster joined Case and Fair as a coauthor

in the ninth edition of this book. Professor Oster has a B.A. in Economics from Hofstra

University and a Ph.D. in Economics from Harvard University.

Professor Oster’s research is in the area of industrial organization. She has worked on problems of

diffusion of innovation in a number of different industries, on the effect of regulations on business,

and on competitive strategy. She has published a number of articles in these areas and is the author of

several books, including Modern Competitive Analysis and The Strategic Management of Nonprofits.

Prior to joining the School of Management at Yale, Professor Oster taught for a number of

years in Yale’s Department of Economics. In the department, Professor Oster taught introductory

and intermediate microeconomics to undergraduates as well as several graduate courses in industrial

organization. Since 1982, Professor Oster has taught primarily in the Management School,

where she teaches the core microeconomics class for MBA students and a course in the area of competitive

strategy. Professor Oster also consults widely for businesses and nonprofit organizations

and has served on the boards of several publicly traded companies and nonprofit organizations.

Brief Table of Contents

PART I Introduction to Economics

1 The Scope and Method of Economics

2 The Economic Problem: Scarcity and Choice

3 Demand, Supply, and Market Equilibrium

4 Demand and Supply Applications

5 Elasticity

PART II The Market System: Choices Made by Households and Firms

6 Household Behavior and Consumer Choice

7 The Production Process: The Behavior of Profit-Maximizing Firms

8 Short-Run Costs and Output Decisions

9 Long-Run Costs and Output Decisions

10 Input Demand: The Labor and Land Markets

11 Input Demand: The Capital Market and the Investment Decision

12 General Equilibrium and the Efficiency of Perfect Competition

PART III Market Imperfections and the Role of Government

13 Monopoly and Antitrust Policy

14 Oligopoly

15 Monopolistic Competition

16 Externalities, Public Goods, and Social Choice

17 Uncertainty and Asymmetric Information

18 Income Distribution and Poverty

19 Public Finance: The Economics of Taxation

PART IV The World Economy

20 International Trade, Comparative Advantage, and Protectionism

21 Economic Growth in Developing and Transitional Economies

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