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Economics Principles and Tools, by Arthur O'Sullivan, Steven M. Sheffrin
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For 2-semester, freshman/sophomore-level courses in principles of economics.This modern, Micro first text has a strong foundation in demand and supply. Its thoughtful coverage of change in demand vs. change in quantity demanded (also in supply coverage) enables students to better visualize and truly understand the difference between these 2 fundamental concepts. Early coverage of comparative advantage and externalities reflects a more modern approach to teaching and understanding the underpinnings of microeconomics. In macroeconomics, the long run first organization offers a balanced presentation between long run and short run topics and allows professors to cover the important issues of growth early, and gives them the flexibility to cover Keynesian material when they feel it is important. The AD/AS Model is covered early in the presentation.If you want to teach a modern, Micro-first principles course that brings out economic applications through active learning and experiments, and utilizes a streamlined framework emphasizing 5 key principles, examine O'Sullivan/Sheffrin's Economics: Principles and Tools 3/e.When covering Comparative Advantage, if you prefer early coverage and emphasis continuing throughout related topics, start by looking at Chapter 3 and continue through O'Sullivan/Sheffrin"s discussion of interdependence of economies. Microeconomics If you like to emphasize Consumer and Producer Surplus, take a look at Chapter 6, as well as, pages 121-137 in O'Sullivan/Sheffrin 3/e.If you believe it is important to cover Game Theory in-depth with your students, take a look at O'Sullivan/Sheffrin's strong but accessible coverage of Game Theory in Chapter 12.If Imperfect Information is a topic that you wish to explore in-depth, see Chapter 15 in O'Sullivan and Sheffrin's 3rd Edition.Macroeconomics If you prefer to introduce long run issues with subsequent, balanced coverage of AS/AD and the Keynesian Cross, examine Chapters 22-25.
- Sales Rank: #2791666 in Books
- Published on: 2002-07-15
- Ingredients: Example Ingredients
- Original language: English
- Number of items: 1
- Dimensions: 9.54" h x 1.41" w x 8.88" l, 3.54 pounds
- Binding: Hardcover
- 704 pages
From the Back Cover
NEW AND ENHANCED! Active Learning CD-ROM
This unique learning tool reinforces key concepts with rich, interactive exercises.
New to this edition are seven Economic Experiment Videos, an electronic Graphing Tool, and an audio Graphing tutorial. The Active Learning CD-ROM is free with every new copy of this text!
FEATURES- Active Graphs—Over 60 Active Graphs (referenced in the text) allow students to change the value of a variable and look at the effects on the equilibrium. Experience indicates that using graphs in this way considerably strengthens students' intuition and understanding of the mechanisms at work.
- eGraphs—Our new electronic graph builder—allows students to plot and create their own graphs using FLASH animation. Graphing Questions, which require the student to analyze a scenario using eGraph, can then be printed or sent electronically to their professor for grading.
- Graphing Tutorial—A dynamic visual and audio graphing tutorial provides helpful explanations and reference for the student.
- Economic Experiments—Seven economic experiments have been chosen from the text and filmed five in classes at Iona College to demonstrate the fun interactive nature of economics. Experiments on Ultimatum Bargaining, the Production of Fold-Its, Market Equilibrium, Inflation Uncertainty, and Store of Value are brought to life.
- Walkthrough Tutorial—Organized by chapter, each tutorial includes a detailed summary, hotlinks to Chapter-Opening Questions, Test Your Understanding, Active Graphs, all new critical-thinking questions for A Closer Look boxes, tables and figures from the text, dynamic graphs, pop-up glossary terms and principles, the Economic Experiments, and end-of-chapter, self-assessment quizzes.
- Chapter Quizzes—Revised and updated, each chapter contains approximately 20 multiple-choice questions to provide instant feedback and reinforce students' understanding of the concepts.
- Glossary of Terms—A complete alphabetical listing of all terms from the text as well as hyperlinks to terms throughout the chapter tutorials.
About the Author
Arthur O'Sullivan is a professor of economics at Lewis and Clark College in Portland, Oregon. After receiving his B.S. Degree in economics at the University of Oregon, he spent two years in the Peace Corps, working with city planners in the Philippines. He received his Ph.D. degree in economics from Princeton University in 1981 and has taught at the University of California, Davis and Oregon State University, winning several teaching awards at both schools. He recently accepted an endowed professorship at Lewis and Clark College, where he teaches microeconomics and urban economics. He is the author of the best-selling textbook, Urban Economics, currently in its fifth edition.
Professor O'Sullivan's research explores economic issues concerning urban land use, environmental protection, and public policy. His articles appear in many economics journals, including Journal of Urban Economics, Journal of Environmental Economics and Management, National Tax Journal, Journal of Public Economics, and Journal of Law and Economics.
Professor O'Sullivan lives with his family in Lake Oswego, Oregon. He enjoys outdoor activities, including tennis, rafting, and hiking. Indoors, he plays chess, foosball, and ping-pong with his two kids, and is lucky to win one of five games.
Steven M. Sheffrin is dean of the division of social sciences and professor of economics at the University of California, Davis. He has been a visiting professor at Princeton University, Oxford University, and the London School of Economics, and served as a financial economist with the Office of Tax Analysis of the United States Department of Treasury. He has been on the faculty at Davis since 1976 and served as the chairman of the department of economics. He received his B.A. from Wesleyan University and his Ph.D. in economics from the Massachusetts Institute of Technology.
Professor Sheffrin is the author of eight other books and monographs and over 100 articles in the fields of macroeconomics, public finance, and international economics. His most recent books include Rational Expectations (Second Edition) and Property Taxes and Tax Revolts: The Legacy of Proposition 13 (with Arthur O'Sullivan and Terri Sexton), both from Cambridge University Press.
Professor Sheffrin has taught macroeconomics at all levels, from large lectures of principles (classes of 400) to graduate classes for doctoral students. He is the recipient of the Thomas Mayer Distinguished Teaching Award in economics.
He lives with his wife Anjali (also an economist) and his two children in Davis, California. In addition to a passion for current affairs and travel, he plays a tough game of tennis.
Excerpt. © Reprinted by permission. All rights reserved.
Our Story
When we set out to write an economics text, we were driven by the vision of the sleeping student. A few years ago, one of the authors was in the middle of a fascinating lecture on monopoly pricing when he heard snoring. It wasn't the first time a student had fallen asleep in one of his classes, but this was the loudest snoring he had ever heard—it sounded like a sputtering chain saw. The instructor turned to Bill, who was sitting next to the sleeping student and asked, "Could you wake him up?" Bill looked at the sleeping student and then gazed theatrically around the room at the other students. He finally looked back at the instructor and said, "Well professor, I think you should wake him up. After all, you put him to sleep."
That experience changed the way we taught economics. It highlighted for us a basic truth—for many students, economics isn't exactly exciting. We took this as a challenge—to get first-time economics students to see the relevance of economics to their lives, their careers, and their futures.
In order to get students to see the relevance of economics we knew that we had to engage them. With the first and second editions of Economics: Principles and Tools, we helped professors to do that by emphasizing an active learning approach. We engaged students by teaching them how to do something—economic analysis. We kept the book brief, lively, and to the point, and used the
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