Essentials of Economics

About the Author

Glenn Hubbard policymaker, professor, and researcher. http://www.dropshippers.co.za/

R.Glenn Hubbard is the Dean and Russell L. Carson Professor of Finance and Economics in the Graduate School of Business at Columbia University and Professor of Economics in Columbia’s Faculty of Arts and Sciences. He is also a research associate of the National Bureau of Economic Research and a director of Automatic Data Processing, Black Rock Closed-End Funds, Dex Media, Duke Realty, KKR Financial Corporation, and Ripplewood Holdings. He received his Ph.D. in economics from Harvard University in 1983. From 2001–2003, he served as Chairman of the White House Council of Economic Advisers, and from 1991–1993, he was Deputy Assistant Secretary of the U.S. Treasury Department. Glenn Hubbard’s fields of specialization are public economics, financial markets and institutions, corporate finance, macroeconomics, industrial organization, and public policy. He is the author of more than 90 articles in leading journals, including the American Economic Review, Journal of Finance, Journal of Financial Economics, Journal of Political Economy, Journal of Public Economics, Quarterly Journal of Economics, RAND Journal of Economics, and Review of Economics and Statistics. His research has been supported by grants from the National Science Foundation, the National Bureau of Economic Research, and numerous private foundations. http://www.dropshippers.co.za/

Tony O’Brien award-winning professor and researcher. http://www.dropshippers.co.za/

Anthony Patrick O’Brien is a professor of economics at Lehigh University. He received his Ph.D. from the University of California, Berkeley, in 1987. He has taught principles of economics for more than 15 years, in both large sections and small honors classes. He received the Lehigh University Award for Distinguished Teaching. He was formerly the director of the Diamond Center for Economic Education and was named a Dana Foundation Faculty Fellow and Lehigh Class of 1961 Professor of Economics. He has been a visiting professor at the University of California, Santa Barbara, and the Graduate School of Industrial Administration at Carnegie Mellon University. Anthony O’Brien’s research has dealt with such issues as the evolution of the U.S. automobile industry, the sources of U.S. economic competitiveness, the development of U.S. trade policy, the causes of the Great Depression, and the causes of black–white income differences. His research has been published in leading journals, including the American Economic Review, the Quarterly Journal of Economics, the Journal of Money, Credit, and Banking, Industrial Relations, and the Journal of Economic History. His research has been supported by grants from government agencies and private foundations. In addition to teaching and writing, Anthony O’Brien also serves on the editorial board of the Journal of Socio-economics. http://www.dropshippers.co.za/

Table of Contents

Part 1: Introduction

• Chapter 1: Economics: Foundations and Models
http://www.dropshippers.co.za/

Appendix: Using Graphs and Formulas

Chapter 2: Trade-offs, Comparative Advantage, and the Market System http://www.dropshippers.co.za/

Part 2: Demand and Supply: Markets in Action

Chapter 3: Where Prices Come From: The Interaction of Demand and Supply

Chapter 4: Market Efficiency and Market Failure http://www.dropshippers.co.za/

Part 3: Microeconomics Foundations: Consumers and Firms

Chapter 5: Firms, the Stock Market, and Corporate Governance

Note: we are not picking up the appendix, “Tools to Analyze Firms’ Financial Information.” http://www.dropshippers.co.za/

Chapter 6: Consumer Choice and Elasticity

Chapter 7: Technology, Production, and Costs http://www.dropshippers.co.za/

Part 4: Market Structure and Firm Strategy

Chapter 8: Firms in Perfectly Competitive Market

Chapter 9: Monopoly and Antitrust Policy http://www.dropshippers.co.za/

Chapter 10: Monopolistic Competition and Oligopoly

Part 5: Macroeconomic Foundations

Chapter 11: GDP: Measuring Total Production and Income

Chapter 12: Unemployment and Inflation http://www.dropshippers.co.za/

Part 6: Long-Run Growth and Short-Run Fluctuations

Chapter 13: Economic Growth, the Financial System, and Business Cycles

Chapter 14: Aggregate Demand and Aggregate Supply Analysis http://www.dropshippers.co.za/

Appendix: Macroeconomic Schools of Thought

Part 7: Monetary and Fiscal Policy

Chapter 15: Money, Banks, and the Federal Reserve System

Chapter 16: Monetary Policy http://www.dropshippers.co.za/

Chapter 17: Fiscal Policy

Appendix: A Closer Look at the Multiplier http://www.dropshippers.co.za/

Part 8: The International Economy

Chapter 18: Comparative Advantage, International Trade, and Exchange Rates