Principles of Economics:International Version

Description

Features

“Are you tired of books that sacrifice clarity by introducing some of the complexities of economic theory too early?”

Case/Fair/Oster, believe that the best way to understand how market opportunities operate and the best way to understand basic economic theory is to work through the perfectly competitive model first, including discussions of output markets (Ch. 16, goods & services) and input markets (land, labor & capital), and the connections between them, before turning to noncompetitive market structures (Ch 13-15), such as monopoly and oligopoly (Ch 14 & 15).

When students understand how a simple perfectly competitive system works (Ch 12), they can start thinking about how the pieces of the economy fit together.  Learning perfect competition first enables students to see the power of the market system.  It is impossible to discuss the efficiency of markets as well as the problems that arise from markets until students have seen how a simple, perfectly competitive market system produces goods and services (refer to Ch 6 & 11).

Macroeconomics organization

“Do you think the Keynesian Cross should be integrated more thoroughly into principles text?”  “Are you tired of books that relegate Keynesian Cross coverage to “optional” chapters?”

They Keynesian Cross is an integral part of this text.  Case/Fair/Oster believe strongly, that a text should use the Keynesian Cross carefully and systematically, to build up to the AD/AS model.  One of the great benefits of this approach is that students won't mistakenly apply what they learned about simple demand and supply to aggregate demand & supply.  (A detailed summary of this approach can be found in the preface).

“Do you find that International Coverage of Economic topics is

Increasingly important?  Do you desire a text that incorporates the world economy into basic economic principles?”

There is an increasing economic interdependence among countries and their citizens.  Case/Fair/Oster has integrated international examples and applications into a variety of chapters: 

• Chapter 1 - discusses the many countries that contribute to creating the iPod. 
• Chapter 7 - how UPS is using technology to speed worldwide delivery. 
• Chapter 10 - how high speed trains in Europe benefit travelers, the environment, and the economies of       communities served. 
• Chapter 33 - world distribution of income and how technology affects distribution. 
• Chapter 35 & 36 - two full chapters on the world economy. 

Other Points of Distinction

“Do you think that newspaper and magazine articles can be an effective tool for motivating the concepts taught in principles of economics?  Is it ever challenging to find a recent article that ties into the week's lecture?”

With Case/Fair/Oster, you and your students have three carefully integrated, and easy to use, sources for gathering and integrating the news into lecture of homework:

1.      In Text News Analysis - The authors have taken real news articles from The Wall Street Journal, The New York Times, The Economist, and others, and have strategically integrated them into their text, in a feature called News Analysis.  The authors have also added homework problems for News Analysis articles at the end of the chapter.

2.      Online Weekly News Updates - In addition to the news articles in the text, the Case/Fair/Oster text also brings you two new articles each week, one for Microeconomics and one for Macroeconomics.  Each update includes a direct link to the original web source, a summary, and a set of critical thinking questions that can be assigned or used to open classroom discussion (Articles are available via MyEconLab.com).

3.    Online Chapter by Chapter News Archive - We know that the week's news isn't always relevant to the chapter you are on in class.  That's why we keep an extensive archive of all Weekly News Updates, and organize them by chapter.  Before your lecture, simply check the chapter by chapter archive to see if there is something interesting to bring in class that is both timely and relevant to the concepts that are being covered (Articles are available via MyEconLab.com).

“I often hear that assessing students in this course is one of professors' greatest challenges, would you agree?” “Professor, are any one of these:  end-of-chapter questions, test bank materials, or on-line homework practice and assessment software important to you or your students?”

Names you trust in Economics, Case/Fair/Oster, continues its history of excellence in economic content and applications with a focus on assessment:

1.      MyEconLab - this on-line, self-graded homework, tutorial, and assessment software will be available with Case/Fair/Oster 9e.  Make your life easier by creating on-line homework for your students, as well as, save time with the guided solutions and eText offered in the tutorial and homework sections of the software.  The software and text are fully integrated.

2.      End-of-Chapter Material - the end of chapter material delivers the best questions for your students to learn the material in class.  See the end of any chapter.

3.    Case/Fair/Oster's Two Year Test Bank - use Case/Fair/Oster's Two Year Test Bank so you can make new quizzes and tests in year 1 and year 2 using the Case/Fair/Oster text.  This strategy cuts down on shared tests between students.  The test banks have been completely revised and updated with new questions.  Test Bank #1 has all computer gradable questions for you to assign in year 1, Test Bank #2 has all computer gradable questions for you to assign in year 2, and Test Bank #3 has open ended, fill-in, and essay questions so you can use odd questions in year one and even questions in year 2.

“Professor, are you faced with a classroom of students with different abilities, backgrounds, and learning styles?”

Three-tiered explanations of key concepts (Stories-Graphs-Equations) - Case/Fair/Oster realizes the problem facing instructors is how to convey the core principles of the discipline to as many students as possible without selling the better students short. 

Case/Fair/Oster's approach to this challenge is the three tier approach - Stories-Graphs-Equations.  Each concept is presented in the context of a simple intuitive story often followed by a table or graph.  And, in many cases, an equation is then used to present the concept with a mathematical formula. 

New to this Edition

“Professor, during today's economic times, do you wish you had more coverage and more time to talk about Uncertainty with your students?”

NEW!  Chapter 17: “Uncertainty and Asymmetric Information” - This new chapter explores how consumers and firms make decisions using incomplete information.  The chapter covers attitudes towards risk, adverse selection, moral hazard, market signaling, expected value and expected utility, and incentives in the health care industry.  Case/Fair/Oster uses familiar examples, such as how people evaluate different salary structures and the risk of bets.

“Professor, would you like for your students to be able to apply complex economic principles to explain observations or information they might hear on the news or read in a periodical?”

NEW!  Economics in Practice:  This new feature in Case/Fair/Oster consists of either a description of a personal observation and an analysis that shows students how to use economic concepts to explain that observation or a newspaper excerpt that relates to the concepts of the chapters.  Each feature includes an end-of-chapter problem and test-bank questions so that instructors can test students' understanding of the concepts applied in the feature.

“Professor, how do you cover market structure?”

NEW!  Improved Organization of Market Structure Chapters.  Case/Fair/Oster 9e now covers Monopolistic Competition and Oligopoly in two separate chapters:

• Chapter 14 “Oligopoly” includes expanded coverage of game theory, new real world examples, and new coverage of the five forces model. 
• Chapter 15 “Monopolistic Competition” includes new coverage of product differentiating and advertising.

"Are you looking for a text that stays up-to-date and current?” 

New!  Modern Topics in Case/Fair/Oster 9e:

• Chapter 11, “Input Demand” a new section on mortgages and the mortgage market.
• Chapter 13, “Monopoly and Antitrust Policy” a new section on network externalities.
• Chapter 14, “Oligopoly”, new coverage of Michael Porters five forces framework.
• Chapter 15, “Monopolistic competition”, coverage of behavioral economics will occur and it will occur in..
• Chapter 18, “Income Distribution & Poverty”.
• Chapter 16, “Externalities, Public Goods, and Social Choice”, includes a new section on positive externalities.

New!  Streamlined Coverage in Case/Fair/Oster 9e - Case/Fair/Oster has streamlined the globalization chapter and moved some coverage into Chapter 34 “International Trade…” and updated tables and graphs with the latest data to remove redundancy and maintain currency.

MACRO:

“Professor, do you get to the Growth Chapter in Case/Fair/Oster Economics with your students?”

Chapter 17 & 18 (Macro) (32 & 33 Econ) - Growth is a topic where the use of many real world examples can help students to understand how economics works in the world around them.  It is also a more modern way to look at Macroeconomics.  In this chapter, Case/Fair/Oster highlight the topics students will find most interesting.

Table of Contents

Author

o        Case is also a founding partner in the real estate research firm of Fiserv Case Shiller Weiss, Inc. and serves as a member of the Board of Directors of the Mortgage Guaranty Insurance Corporation and of the American Real Estate and Urban Economics Association.

o        He 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. 

o        Professor Case's research has been in the areas of real estate, housing and public finance. He is author or co-author of five books including Principles of Economics, Economics and Tax Policy and Property Taxation:  The Need for Reform and has published numerous articles in professional journals.  The book he has co-authored with Ray Fair for more than eight editions now has been adopted at more than 450 colleges and universities across the country. 

o        For the last 25 years, his research has focused on real estate markets and prices.  He has authored a number of studies that attempt to isolate the causes and consequences of boom and bust real estate cycles and their relationship to economic performance. 

 Ray 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.

o        He received a B.A. in economics from Fresno State College in 1964 and a Ph.D. in economics from M.I.T. in 1968. He taught at Princeton University from 1968 to 1974 and has been at Yale since 1974.

o        Professor Fair's research has primarily been in the areas of macroeconomics and econometrics, with particular emphasis on macroeconometric model building. He has also 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).

o        Professor Fair has taught introductory and intermediate economics at Yale. He has also taught graduate courses in macroeconomic theory and macroeconometics. 

o        Professor Fair's United States and multi-country 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 United States model on the Internet is a useful complement to even an introductory macroeconomics course. 

Sharon Oster:  is Dean of the Yale School of Management at Yale University.  She joins the ninth edition of the Case/Fair text.

o        Sharon Oster has a B.A. in Economics from Hofstra University and a Ph.D. in Economics from Harvard University. 

o        Professor Oster's research is in the area of industrial organization.  She has worked on problems on diffusion of innovation in a number of different industries, 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. 

o        Prior to joining the School of Management at Yale, Professor Oster taught for a number of years in the Yale Economics department.  In the department, Professor Oster taught both introductory and intermediate microeconomics to the undergraduates as well as several graduate courses in industrial organization.  Since 1982, Professor Oster has taught primarily in the Management School, where she teaches both the core microeconomics class for the MBA students and courses in the area of Competitive Strategy.  Professor Oster also consults widely for both businesses and nonprofit organizations and has served on the boards of several publicly traded companies and nonprofit organizations.