Economics, Global Edition

Glenn Hubbard, policymaker, professor, and researcher. Hubbard is Dean emeritus 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 Fixed-Income Funds, and MetLife. He received a PhD in economics from Harvard University in 1983. From 2001 to 2003, he served as chair of the White House Council of Economic Advisers and chair of the OECD Economic Policy Committee, and from 1991 to 1993, he was deputy assistant secretary of the US Treasury Department. He currently serves as co-chair of the nonpartisan Committee on Capital Markets Regulation. 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 100 articles in leading journals, including American Economic Review; Brookings Papers on Economic Activity; Journal of Finance; Journal of Financial Economics; Journal of Money, Credit, and Banking; 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. O’Brien is Professor of Economics at Lehigh University. He received a PhD from the University of California, Berkeley, in 1987. He has taught principles of economics for more than 20 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. O’Brien’s research has dealt with issues such as the evolution of the US automobile industry, the sources of US economic competitiveness, the development of US 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 American Economic Review; Quarterly Journal of Economics; Journal of Money, Credit, and Banking; Industrial Relations; Journal of Economic History; and Explorations in Economic History. His research has been supported by grants from government agencies and private foundations.

• PART 1: INTRODUCTION 1. Economics: Foundations and ModelsAppendix: Using Graphs and Formulas2. Trade-offs, Comparative Advantage, and the Market System3. Where Prices Come From: The Interaction of Demand and Supply4. Economic Efficiency, Government Price Setting, and TaxesAppendix: Quantitative Demand and Supply AnalysisPART 2: MARKETS IN ACTION: POLICY AND APPLICATIONS 5. Externalities, Environmental Policy, and Public Goods6. Elasticity: The Responsiveness of Demand and Supply7. The Economics of Health CarePART 3: FIRMS IN THE DOMESTIC AND INTERNATIONAL ECONOMIES 8. Firms, the Stock Market, and Corporate GovernanceAppendix: Present ValueOnline Appendix: Tools to Analyze Firms' Financial InformationComparative Advantage and the Gains from International TradePART 4: MICROECONOMIC FOUNDATIONS: CONSUMERS AND FIRMS 10. Consumer Choice and Behavioral EconomicsAppendix: Using Indifference Curves and Budget Lines to Understand Consumer Behavior11. Technology, Production, and CostsOnline Appendix: Using Isoquants and Isocost Lines to Understand Production and CostPART 5: MARKET STRUCTURE AND FIRM STRATEGY 12. Firms in Perfectly Competitive Markets13. Monopolistic Competition: The Competitive Model in a More Realistic Setting14. Oligopoly: Firms in Less Competitive Markets15. Monopoly and Antitrust PolicyPART 6: LABOR MARKETS, PUBLIC CHOICE, AND THE DISTRIBUTION OF INCOME 16. The Markets for Labor and Other Factors of Production17. Public Choice, Taxes, and the Distribution of IncomePART 7: MACROECONOMIC FOUNDATIONS AND LONG-RUN GROWTH 18. GDP: Measuring Total Production and Income19. Unemployment and Inflation20. Economic Growth, the Financial System, and Business Cycles21. Long-Run Economic Growth: Sources and PoliciesPART 8: SHORT-RUN FLUCTUATIONS 22. Aggregate Expenditure and Output in the Short RunAppendix: The Algebra of Macroeconomic Equilibrium23. Aggregate Demand and Aggregate Supply AnalysisAppendix: Macroeconomic Schools of ThoughtPART 9: MONETARY AND FISCAL POLICY 24. Money, Banks, and the Federal Reserve System25. Monetary Policy26. Fiscal PolicyAppendix: A Closer Look at the Multiplier27. Inflation, Unemployment, and Federal Reserve PolicyPART 10: THE INTERNATIONAL ECONOMY 28. Macroeconomics in an Open EconomyOnline Appendix: The Gold Standard and the Bretton Woods System