Survey of Economics: Principles and Tools (2nd Edition) (Prentice-Hall Series in Economics)

Features

• Cover Type: Paperback with 464 pages
• Published by: Prentice Hall
• Edition: 2nd Edition December 23, 2003
• Written in: English
• ISBN 10 Number: 0131439693
• ISBN 13 Number: 978-0131439696
• Book Dimensions: 9.9 x 8 x 0.7 inches
• Weighs: 1.7 pounds

Product Description
Covering both Micro and Macroeconomics in one concise paperback volume, this book shows readers how to think and act like an economist by showing them how to use economic concepts in their everyday lives and careers. Organized around the Five Key Principles of Economics—The Principle of Opportunity Cost, The Marginal Principle, The Principle of Diminishing Returns, The Spillover Principle, and The Reality Principle. For economists and those making financial decisions and analyses.

Back Cover Copy


By using "The Five Key Principles" of economics repeatedly, illustrating them with compelling real-world examples, and giving students lots of practice at "Active Learning," students will learn by doing! Survey of Economics: Principles and Tools teaches students how to think like economists by showing them how to use economic concepts in their everyday lives and careers. --This text refers to an out of print or unavailable edition of this title.

Reader Reviews
This review is from: Survey of Economics: Principles and Tools (Paperback) Arthur O'Sullivan is a professor of economics at Oregon State University, and Steven Sheffrin is dean of social sciences and professor of economics at the University of California, Davis. Together they bring a wealth of practical and teaching experience in the field of economics to this text, which serves as a one-semester introduction to economics for undergraduates, both those who intend to continue as majors in economics, and those who simply want an overview of the subject to enhance their other studies. This book turns on five major principles: The Principle of Opportunity Cost; the Marginal Principle; the Principle of Diminishing Returns; the Spillover Principle; and finally, the Reality Principle. In each chapter, these key principles are repeated and emphasised. There is actually a logic to economics (although it is not always presented in an intuitively logical format). O'Sullivan and Sheffrin work on a pedagogic principle of Active Learning (perhaps derived from the sound of snoring coming from the student body during at least one of the lectures from one of the authors!). These involve examples and exercises that require thought and detective work, as well as applying the tools that are demonstrated in the chapters. The examples drawn are often from real life situations, to give them grounding in reality (it always helps if an instructor can answer the question, 'when am I ever going to need this?'). The instructional set includes web applications, CD-ROM and video aids, and various print supplements. A typical semester lasts 15-16 weeks. This text is organised into 17 chapters, some of which can be combined as joint lessons. They cover all the primary economics issues, such as supply and demand, production, elasticity issues, monopoly and competition issues, labour market issues, unemployment, inflation, and more advanced ideas about monetary and fiscal policy, with the beginnings of economic theory and philosophy (particularly Keynesian economics). There are chapters that deal with 'glamourous' issues such as international trade and finance, which may or may not be used, depending upon the pacing of class. The layout of the book is visually interesting. The use of photography and multi-coloured backgrounds, text and charts sets this apart from the standard, dry economics tome. The writing is sharp and concise, to keep students from getting lost in supposedly erudite (but often confusing) treatises on economic ideas. The one drawback I have noticed as a tutor of economics is that the graphs and charts introduced early on need more explanation. They are explained mathematically and theoretically, but there is an intuitive leap that doesn't seem to be happening from text to student - the understanding of supply curves, demand curves, and other similar graphing tools remains a bit of a mystery until demonstrated repeatedly (for example, questions I answer frequently include, 'if demand goes up, why does the curve go down?' and 'why is it called a curve if it is a straight line?'). More work with this part of the text early in the text would be helpful.