Economics, Brief Edition

Cambell R. McConnell earned his Ph.D. at the University of Iowa after receiving degrees from Cornell College and the University of Illinois. He taught at the University of Nebraska–Lincoln from 1953 until his retirement in 1990. He was also coauthor of Contemporary Labor Economics and Essentials of Economics. He was a recipient of both the University of Nebraska Distinguished Teaching Award and the James A. Lake Academic Freedom Award and served as president of the Midwest Economics Association. Professor McConnell was awarded an honorary Doctor of Laws degree from Cornell College in 1973 and received its Distinguished Achievement Award in 1994. He was also a jazz expert and aficionado until his passing in 2019. Stanley L. Brue did his undergraduate work at Augustana College (South Dakota) and received its Distinguished Achievement Award in 1991. He received his Ph.D. from the University of Nebraska–Lincoln. He is retired from a long career at Pacific Lutheran University, where he was honored as a recipient of the Burlington Northern Faculty Achievement Award. Professor Brue has also received the national Leavey Award for excellence in economics education. He has served as national president and chair of the Board of Trustees of Omicron Delta Epsilon International Economics Honorary. He is coauthor of Economic Scenes, fifth edition (Prentice-Hall); Contemporary Labor Economics, twelfth edition; Essentials of Economics, fourth edition and The Evolution of Economic Thought, eighth edition (Cengage Learning). For relaxation, he enjoys international travel, attending sporting events, and going on fishing trips. Sean M. Flynn did his undergraduate work at the University of Southern California before completing his Ph.D. at U.C. Berkeley, where he served as the Head Graduate Student Instructor for the Department of Economics after receiving the Outstanding Graduate Student Instructor Award. He teaches at Scripps College (of the Claremont Colleges) and is the author of Economics for Dummies, third edition (Wiley); Essentials of Economics, fourth edition; and The Cure That Works: How to Have the World’s Best Healthcare—at a Quarter of the Price (Regnery). His research interests include behavioral finance, behavioral economics, and health care economics. An accomplished martial artist, Sean has coached five of his students to national championships and is the author of Understanding Shodokan Aikido. Other hobbies include running, traveling, and cooking.

• Part One: IntroductionChapter 1 Limits, Alternatives, and ChoicesChapter 2 The Market System and the Circular FlowPart Two: Price, Quantity, and EfficiencyChapter 3 Demand, Supply, and Market EquilibriumAppendix 3: Additional Examples of Supply and DemandChapter 4 Elasticity of Demand and SupplyChapter 5 Market Failures: Public Goods and ExternalitiesPart Three: Product MarketsChapter 6 Businesses and Their CostsChapter 7 Pure CompetitionChapter 8 Pure MonopolyChapter 9 Monopolistic Competition and OligopolyPart Four: Resource Markets and GovernmentChapter 10 Wage DeterminationChapter 11 Income Inequality and PovertyChapter 12 Public Finance: Expenditures and TaxesPart Five: GDP, Growth, and InstabilityChapter 13 GDP and Economic GrowthChapter 14 Business Cycles, Unemployment, and InflationChapter 15 Aggregate Demand and Aggregate SupplyChapter 16 Fiscal Policy, Deficits, and DebtPart Six: Money, Banking, and Monetary PolicyChapter 17 Money, Banking, and Financial InstitutionsChapter 18 Interest Rates and Monetary PolicyPart Seven: Long-Run Considerations and International EconomicsChapter 19 Long-Run Aggregate Supply and Aggregate DemandChapter 20 International Trade and Exchange RatesChapter 21 Behavioral Economics