is a professor of economics at Lewis and Clark College in Portland, Oregon. After receiving his B.S.

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. in economics from Princeton University in 1981

and has taught at the University of California, Davis, and Oregon State University, winning teaching

awards at both schools. He is the author of the best-selling textbook Urban Economics, currently in its

seventh edition.

Professor O’Sullivan’s research explores economic issues concerning urban land use, environmental

protection, and public policy. His articles have appeared in many economics journals, including the

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 Portland, Oregon. For recreation, he enjoys hiking,

kiteboarding, and squash.

is professor of economics and executive director of the Murphy Institute at Tulane University. Prior to

joining Tulane in 2010, he was a faculty member at the University of California, Davis, and served as

department chairman of economics and dean of social sciences. He has been a visiting professor at

Princeton University, Oxford University, London School of Economics, and Nanyang Technological

University, and he has served as a financial economist with the Office of Tax Analysis of the United

States Department of the Treasury. 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 10 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).

Professor Sheffrin has taught macroeconomics and public finance at all levels, from general introduction

to principles classes (enrollments 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) in New Orleans, Louisiana, and has two daughters

who have studied economics. In addition to a passion for current affairs and travel, he plays a

tough game of tennis.

is a professor of economics and NCAA faculty athletics representative at California State University,

Sacramento. After receiving his B.A. in economics at the University of California, San Diego, he was

awarded his Ph.D. in economics from the University of California, Davis, in 1994. He taught economics

at Virginia Commonwealth University and Washington State University before coming to California

State University, Sacramento, in 2001. He teaches macroeconomics at all levels as well as econometrics,

sports economics, labor economics, and mathematics for economists.

Professor Perez’s research explores most macroeconomic topics. In particular, he is interested

in evaluating the ability of econometric techniques to discover the truth, issues of causality in

macroeconomics, and sports economics. His articles have appeared in many economics journals,

including the Journal of Monetary Economics; Econometrics Journal; Economics Letters; Journal of

Economic Methodology; Public Finance and Management; Journal of Economics and Business; Oxford

Bulletin of Economics and Statistics; Journal of Money, Credit, and Banking; Applied Economics; and

Journal of Macroeconomics.

Table of Contents

1.         Introduction

2.         Key Principles of Economics

3.         Demand, Supply, and Market Equilibrium

4.         Elasticity: A Measure of Responsiveness

5.         Production and Cost

6.         Perfect Competition: Short Run and Long Run

7.         Monopoly

8.         Monopolistic Competition, Oligopoly, and Antitrust

9.         Market Failure: Imperfect Information, Pollution, and Public Goods

10.       The Labor Market

11.       Measuring a Nation’s Production and Income

12.       Unemployment and Inflation

13.       Why Do Economies Grow

14.       Aggregate Demand and Supply

15.       Fiscal Policy

16.       Money and the Banking System

17.       Monetary Policy and Inflation

18.       International Trade and Finance

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