Economics, 8th edition

Published by Pearson (July 30, 2020) © 2021

  • Glenn Hubbard Columbia University
  • Anthony Patrick O'Brien Lehigh University
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Economics can often be a challenging topic of study, as many of the principles and concepts you'll read about, including opportunity cost, trade-offs, scarcity, and demand and supply, may not seem applicable to your daily life. Economics, Updated Edition makes these concepts relevant and interesting by demonstrating how real businesses apply them to make decisions every day.

With ever-changing US and world economies, the digitally updated 8th Edition includes fully revised content, figures, examples and features that incorporate the effects of the recent global pandemic on households, firms and economic policy. No matter your career path, whether it's opening an art studio, trading on Wall Street or bartending at the local pub, you'll benefit from grasping the economic forces behind your work.

PART 1: INTRODUCTION

  1. Economics: Foundations and Models
    • Appendix: Using Graphs and Formulas
  1. Trade-offs, Comparative Advantage, and the Market System
  2. Where Prices Come From: The Interaction of Demand and Supply
  3. Economic Efficiency, Government Price Setting, and Taxes
    • Appendix: Quantitative Demand and Supply Analysis

PART 2: MARKETS IN ACTION: POLICY AND APPLICATIONS

  1. Externalities, Environmental Policy, and Public Goods
  2. Elasticity: The Responsiveness of Demand and Supply
  3. The Economics of Health Care

PART 3: FIRMS IN THE DOMESTIC AND INTERNATIONAL ECONOMIES

  1. Firms, the Stock Market, and Corporate Governance
    • Appendix: Present Value
    • Online Appendix: Tools to Analyze Firms' Financial Information
  1. Comparative Advantage and the Gains from International Trade

PART 4: MICROECONOMIC FOUNDATIONS: CONSUMERS AND FIRMS

  1. Consumer Choice and Behavioral Economics
    • Appendix: Using Indifference Curves and Budget Lines to Understand Consumer Behavior
  1. Technology, Production, and Costs
    • Online Appendix: Using Isoquants and Isocost Lines to Understand Production and Cost

PART 5: MARKET STRUCTURE AND FIRM STRATEGY

  1. Firms in Perfectly Competitive Markets
  2. Monopolistic Competition: The Competitive Model in a More Realistic Setting
  3. Oligopoly: Firms in Less Competitive Markets
  4. Monopoly and Antitrust Policy

PART 6: LABOR MARKETS, PUBLIC CHOICE, AND THE DISTRIBUTION OF INCOME

  1. The Markets for Labor and Other Factors of Production
  2. Public Choice, Taxes, and the Distribution of Income

PART 7: MACROECONOMIC FOUNDATIONS AND LONG-RUN GROWTH

  1. GDP: Measuring Total Production and Income
  2. Unemployment and Inflation
  3. Economic Growth, the Financial System, and Business Cycles
  4. Long-Run Economic Growth: Sources and Policies

PART 8: SHORT-RUN FLUCTUATIONS

  1. Aggregate Expenditure and Output in the Short Run
    • Appendix: The Algebra of Macroeconomic Equilibrium
  1. Aggregate Demand and Aggregate Supply Analysis
    • Appendix: Macroeconomic Schools of Thought

PART 9: MONETARY AND FISCAL POLICY

  1. Money, Banks, and the Federal Reserve System
  2. Monetary Policy
  3. Fiscal Policy
    • Appendix: A Closer Look at the Multiplier
  1. Inflation, Unemployment, and Federal Reserve Policy

PART 10: THE INTERNATIONAL ECONOMY

  1. Macroeconomics in an Open Economy
    • Online Appendix: The Gold Standard and the Bretton Woods System

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