Principles of Economics: Global Edition

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 Concepts and Problems in Macroeconomics

20 Introduction to Macroeconomics

21 Measuring National Output and National Income

22 Unemployment, Inflation, and Long-Run Growth

PART V The Core of Macroeconomic Theory

23 Aggregate Expenditure and Equilibrium Output

24 The Government and Fiscal Policy

25 The Money Supply and the Federal Reserve System

26 Money Demand and the Equilibrium Interest Rate

27 Aggregate Demand in the Goods and Money Markets

28 Aggregate Supply and the Equilibrium Price Level

29 The Labor Market In the Macroeconomy

PART VI Further Macroeconomics Issues

30 Financial Crises, Stabilization, and Deficits

31 Household and Firm Behavior in the Macroeconomy: A Further Look

32 Long-Run Growth

33 Alternative Views in Macroeconomics

PART VII The World Economy

34 International Trade, Comparative Advantage, and Protectionism

35 Open-Economy Macroeconomics: The Balance of Payments and Exchange Rates

36 Economic Growth in Developing and Transitional Economies

For the 2-semester principles of economics course.

Reviewers tell us that Case/Fair/Oster is one of the all-time bestselling POE texts because they trust it to be clear, thorough and complete. Case/Fair/Oster readers also come away with a basic understanding of how market economies function, an appreciation for the things they do well, and a sense of things they do poorly. Readers begin to learn the art and science of economic thinking and begin to look at some policy and even personal decisions in a different way.

“Are you tired of books that sacrifice clarity by introducing some of the complexities of economic theory too early?”

Case/Fair/Oster, believe that the best way to understand how market opportunities operate and the best way to understand basic economic theory is to work through the perfectly competitive model first, including discussions of output markets (Ch. 16, goods & services) and input markets (land, labor & capital), and the connections between them, before turning to noncompetitive market structures (Ch 13-15), such as monopoly and oligopoly (Ch 14 & 15). When students understand how a simple perfectly competitive system works (Ch 12), they can start thinking about how the pieces of the economy fit together. Learning perfect competition first enables students to see the power of the market system. It is impossible to discuss the efficiency of markets as well as the problems that arise from markets until students have seen how a simple, perfectly competitive market system produces goods and services (refer to Ch 6 & 11).

Macroeconomics organization

“Do you think the Keynesian Cross should be integrated more thoroughly into your principles text?” “Are you tired of books that relegate Keynesian Cross coverage to “optional” chapters?”

They Keynesian Cross is an integral part of this text. Case/Fair/Oster believe strongly, that a text should use the Keynesian Cross carefully and systematically, to build up to the AD/AS model. One of the great benefits of this approach is that students won’t mistakenly apply what they learned about simple demand and supply to aggregate demand & supply. (A detailed summary of this approach can be found in the preface).

“Do you find that International Coverage of Economic topics is increasingly important? Do you desire a text that incorporates the world economy into basic economic principles?”

There is an increasing economic interdependence among countries and their citizens. Case/Fair/Oster has integrated international examples and applications into a variety of chapters:

• Chapter 1 — discusses the many countries that contribute to creating the iPod.
• Chapter 7 — how UPS is using technology to speed worldwide delivery.
• Chapter 10 — how high speed trains in Europe benefit travelers, the environment, and the economies of communities served.
• Chapter 33 — world distribution of income and how technology affects distribution.
• Chapter 35 & 36 — two full chapters on the world economy.

Other Points of Distinction

“Do you think that newspaper and magazine articles can be an effective tool for motivating the concepts taught in principles of economics? Is it ever challenging to find a recent article that ties into the week’s lecture?”

With Case/Fair/Oster, you and your students have three carefully integrated, and easy to use, sources for gathering and integrating the news into lecture of homework:

1. In Text News Analysis – The authors have taken real news articles from The Wall Street Journal, The New York Times, The Economist, and others, and have strategically integrated them into their text, in a feature called News Analysis. The authors have also added homework problems for News Analysis articles at the end of the chapter.
2. Online Weekly News Updates – In addition to the news articles in the text, the Case/Fair/Oster text also brings you two new articles each week, one for Microeconomics and one for Macroeconomics. Each update includes a direct link to the original web source, a summary, and a set of critical thinking questions that can be assigned or used to open classroom discussion (Articles are available via MyEconLab.com).
3. Online Chapter by Chapter News Archive – We know that the week’s news isn’t always relevant to the chapter you are on in class. That’s why we keep an extensive archive of all Weekly News Updates, and organize them by chapter. Before your lecture, simply check the chapter by chapter archive to see if there is something interesting to bring in class that is both timely and relevant to the concepts that are being covered (Articles are available via MyEconLab.com).

“I often hear that assessing students in this course is one of professors’ greatest challenges, would you agree?” “Professor, are any one of these: end-of-chapter questions, test bank materials, or on-line homework practice and assessment software important to you or your students?”

Names you trust in Economics, Case/Fair/Oster, continues its history of excellence in economic content and applications with a focus on assessment:

1. MyEconLab — this on-line, self-graded homework, tutorial, and assessment software will be available with Case/Fair/Oster 9e. Make your life easier by creating on-line homework for your students, as well as, save time with the guided solutions and eText offered in the tutorial and homework sections of the software. The software and text are fully integrated.
2. End-of-Chapter Material — the end of chapter material delivers the best questions for your students to learn the material in class. See the end of any chapter.
3. Case/Fair/Oster’s Two Year Test Bank — use Case/Fair/Oster’s Two Year Test Bank so you can make new quizzes and tests in year 1 and year 2 using the Case/Fair/Oster text. This strategy cuts down on shared tests between students. The test banks have been completely revised and updated with new questions. Test Bank #1 has all computer gradable questions for you to assign in year 1, Test Bank #2 has all computer gradable questions for you to assign in year 2, andTest Bank #3 has open ended, fill-in, and essay questions so you can use odd questions in year one and even questions in year 2.

“Professor, are you faced with a classroom of students with different abilities, backgrounds, and learning styles?”

Three-tiered explanations of key concepts (Stories-Graphs-Equations) - Case/Fair/Oster realizes the problem facing instructors is how to convey the core principles of the discipline to as many students as possible without selling the better students short.

Case/Fair/Oster’s approach to this challenge is the three tier approach – Stories-Graphs-Equations. Each concept is presented in the context of a simple intuitive story often followed by a table or graph. And, in many cases, an equation is then used to present the concept with a mathematical formula.

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.

Your opinions count

Be the first to review this product. Write your review now.