Karl E. Case,Wellesley College | Ray C. Fair,Yale University
Sharon M. Oster ,Yale University.
About The Authors.
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 profes-
sional 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); and Estimating How the Macroeconomy Works (Harvard Press, 2004). 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 Dean of the Yale School of Management, where she is also the Frederic Wolfe
Professor of Economics and 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 ofseveral publicly traded companies and nonprofit organizations.
Preface:
Economics is a social science. Its value is measured in part in terms of its ability to help us understand the world around us and to grapple with some of the social issues of the times. As we go to press in 2010, the U.S. economy is slowly recovering from a very difficult downturn, with many people still unsuccessfully seeking work. What causes an economy to falter and unemployment rates to grow? More generally, how do we measure and understand economic growth? Are there government policies that can help prevent down-
turns or at least reduce their severity? In 2010, in the United States we hear increasing worries about the growing size of the government debt. Where did this debt come from, and are people right to be worried? These question are macroeconomic questions. The years 2008–2010 have been very challenging years in the macroeconomy for most of the world. In the United States the government has used policies never used before, and we have all macroeconomists and policy makers alike struggled to figure out what works and what does not. For someone studying macroeconomics, we are in the middle of an enormously
exciting time.
Our goal in the 10th edition, as it was in the first edition, is to instill in students a fascination with both the functioning of the economy and the power and breadth of economics. The first line of every edition of our book has been “The study of economics should begin with a sense of wonder.” We hope that readers come away from our book with a basic understanding of how market economies function, an appreciation for the things they do well, and a sense of the things they do poorly. We also hope that readers begin to learn the art and science of economic thinking and begin to look at some policy and even personal decisions in a different way.
Our goal in the 10th edition, as it was in the first edition, is to instill in students a fascination with both the functioning of the economy and the power and breadth of economics. The first line of every edition of our book has been “The study of economics should begin with a sense of wonder.” We hope that readers come away from our book with a basic understanding of how market economies function, an appreciation for the things they do well, and a sense of the things they do poorly. We also hope that readers begin to learn the art and science of economic thinking and begin to look at some policy and even personal decisions in a
different way.
Brief Contents:
PART I Introduction to Economics 1
1 The Scope and Method of Economics 1
2 The Economic Problem: Scarcity and Choice 25
3 Demand, Supply, and Market Equilibrium 47
4 Demand and Supply Applications 79
PART IIConcepts and Problems in Macroeconomics 97
5 Introduction to Macroeconomics 97
6 Measuring National Output and National Income 111
7 Unemployment, Inflation, and Long-Run Growth 129
PART III The Core of Macroeconomic Theory 145
8 Aggregate Expenditure and Equilibrium Output 147
9 The Government and Fiscal Policy 165
10 The Money Supply and the Federal Reserve System 189
11 Money Demand and the Equilibrium Interest Rate 213
12 Aggregate Demand in the Goods and Money Markets 229
13 Aggregate Supply and the Equilibrium Price Level 247
14 The Labor Market In the Macroeconomy 269
PART IV Further Macroeconomics Issues 287
15 Financial Crises, Stabilization, and Deficits 287
16 Household and Firm Behavior in the Macroeconomy:
A Further Look 303
17 Long-Run Growth 323
18 Alternative Views in Macroeconomics 337
PART V The World Economy 351
19 International Trade, Comparative Advantage, and Protectionism 351
20 Open-Economy Macroeconomics: The Balance of Payments and Exchange Rates 375
21 Economic Growth in Developing and Transitional Economies 401
Glossary 423
Index 429
Photo Credits 439
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