Principles of Macroeconomics / Edition 12

by Karl Case, Ray Fair, Sharon Oster

Overview

These two highly-respected authors have revised this best-selling book to include more current, modern subject matter and events, while maintaining those features that have contributed to its great success. It continues to use stories, graphs, and equations and a unified and logical organization that make economic concepts easy-to-understand and relevant to all readers. Users of this book see the connection between growth, trade, comparative advantage the production possibilities frontier. Recent changes in the economy are highlighted so that readers can understand how these events actually affect investment decisions and policy. The 90s boom and the recent bust are examined. New issues such as the movements for and against globalization, trade agreements and barriers, the World Trade Organization, the enviroment, child labor, sovereignty, the impact of AIDs on developing economics are all explored in this new edition. This book continues to provide an excellent foundation in the scope and method of economics; demand, supply, and market equilibrium; measuring national output and national income; long-run and short-run concerns; aggregate expenditure and equilibrium output; the government and fiscal policy; the money supply and the Federal Reserve system; interest rates and output; inflation; the labor market and unemployment; macroeconomic issues and policy; the stock market and the economy; long-run growth; and open-economy macroeconomics. An excellent reference resource for those involved in fiscal decision-making policies, whether in government or in large, international firms.

Product Details

ISBN-13:	9780134079530
Publisher:	Pearson Education
Publication date:	01/07/2016
Edition description:	Student
Pages:	480
Product dimensions:	8.50(w) x 10.80(h) x 0.70(d)

About the Author

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);Estimating How the Macroeconomy Works (Harvard Press, 2004), and Predicting Presidential Elections and Other Things (Stanford University Press, 2012).

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 Frederic Wolfe Professor of Economics and Management and former Dean of the Yale School of 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.

Table of Contents

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.

II. CONCEPTS AND PROBLEMS IN MACROECONOMICS. 5. Introduction to Macroeconomics.
6. Measuring National Output and National Income.
7. Long-Run and Short-Run Concerns: Growth, Productivity, Unemployment, and Inflation.

III. THE GOODS AND MONEY MARKETS. 8. Aggregate Expenditure and Equilibrium Output.
9. The Government and Fiscal Policy.
10. The Money Supply and the Federal Reserve System.
11. Money Demand, the Equilibrium Interest Rate, and Monetary Policy.

IV. MACROECONOMIC ANALYSIS. 12. Money, the Interest Rate, and Output: Analysis and Policy.
13. Aggregate Demand, Aggregate Supply, and Inflation.
14. The Labor Market, Unemployment, and Inflation.
15. Macroeconomic Issues and Policy.
16. The Stock Market and the Economy.
17. Household and Firm Behavior in the Macroeconomy: A Further Look.
18. Long-Run Growth.
19. Debates in Macroeconomics: Monetarism, New Classical Theory, and Supply Side-Economics.

V. THE WORLD ECONOMY. 20. International Trade, Comparative Advantage, and Protectionism.
21. Open-Economy Macroeconomics: The Balance of Payments and Exchange Rates.
22. Globalization, Growth, & Development.

Editorial Reviews

Comprises the first five introductory chapters, 16 macroeconomics chapters, and the four international chapters form the cloth bound textbook Principles of economics. A companion volume contains the micro chapters. Annotation c. Book News, Inc., Portland, OR (booknews.com)

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