About the Book
Still Keeping it Real and More Accessible Than Ever!
Hubbard & O'Brien keeps it real in the third edition with updated examples, data, and end-of-chapter problems, providing the most up-to-date discussion on the recession/financial crisis and the monetary and fiscal policy response.
Hubbard & O'Brien is the only book that motivates students to learn economics through real business examples.
The #1 question students of economics ask themselves is: "Why am I here, and will I ever use this?" Hubbard/O'Brien answer this question by demonstrating that real businesses use economics to make real decisions daily. This is motivating to all students, whether they are business majors or not. All students can relate to businesses they encounter in their everyday lives. Whether they open an art studio, do social work, trade on Wall Street, work for the government, or bartend at the local pub, students will benefit from understanding the economic forces behind their work.
The book motivates users by demonstrating how real businesses use economics to make real decisions on a daily basis. It covers the different Market Structures in an intuitive fashion so that readers of all backgrounds and fields can grasp the importance and flow of these concepts. Chapter opening cases, examples and figures motivate the economic principles covered, while Solved Problems provide models of how to solve an econommic problem - keeping readers focused on the main ideas of each chapter, and preventing them from getting bogged down due to a lack of basic math or "word problem" skills.
Table of Contents:
Part 1. Introduction
Chapter 1. Economics: Foundations and Models
Chapter 2. Tradeoffs, Comparative Advantage, and the Market System
Chapter 3. Where Prices Come From: The Interaction of Demand and Supply
Chapter 4. Economic Efficiency, Government Price Setting, and Taxes
Part 2. Markets in Action
Chapter 5. Externalities, Environmental Policy, and Public Goods
Chapter 6. Elasticity: The Responsiveness of Demand and Supply
Part 3. Firms in the Domestic and International Economies
Chapter 7. Firms, the Stock Market, and Corporate Governance
Chapter 8. Comparative Advantage and the Gains from International Trade
Part 4. Microeconomic Foundations: Consumers and Firms
Chapter 9. Consumer Choice and Behavioral Economics
Chapter 10. Production, Technology, and Costs
Part 5. Market Structure and Firm Strategy
Chapter 11. Firms in Perfectly Competitive Markets
Chapter 12. Monopolistic Competition: The Competitive Model in a More Realistic Setting
Chapter 13. Oligopoly: Firms in Less Competitive Markets
Chapter 14. Monopoly and Antitrust Policy
Chapter 15. Pricing Strategy
Part 6. Markets for Factors of Production
Chapter 16. The Markets for Labor and Other Factors of Production
Part 7. Information, Taxes, and the Distribution of Income
Chapter 17. The Economics of Information
Chapter 18. Public Choice, Taxes, and the Distribution of Income
Part 8. Macroeconomic Foundations and Long-Run Growth
Chapter 19. GDP: Measuring Total Production and Income
Chapter 20. Unemployment and Inflation
Chapter 21. Economic Growth, the Financial System, and Business Cycles
Chapter 22. Long-Run Growth: Sources and Policies
Part 9. Short-Run Fluctuations
Chapter 23. Aggregate Expenditure and Output in the Short Run
Chapter 24. Aggregate Demand and Aggregate Supply Analysis
Part 10. Monetary and Fiscal Policy
Chapter 25. Money, Banks, and the Federal Reserve System
Chapter 26. Monetary Policy
Chapter 27. Fiscal Policy
Chapter 28. Inflation, Unemployment, and Federal Reserve Policy
Part 11. The International Economy
Chapter 29. Macroeconomics in an Open Economy
Chapter 30. The International Financial System
About the Author :
Glenn Hubbard policymaker, professor, and researcher.
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.
Tony O’Brien award-winning professor and researcher.
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.
