Arthur O'Sullivan 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 several teaching awards at both schools. He recently accepted an endowed professorship at Lewis and Clark College, where he teaches microeconomics and urban economics. He is the author of the best-selling textbook, Urban Economics, currently in its sixth 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 Lake Oswego, Oregon. For recreation, he enjoys hiking, boogie-boarding, paragliding, and squash.

Steven M. Sheffrin is dean of the division of social sciences and professor of economics at the University of California, Davis. He has been a visiting professor at Princeton University, Oxford University, and the London School of Economics and has served as a financial economist with the Office of Tax Analysis of the United States Department of Treasury. He has been on the faculty of the University of California, Davis, since 1976 and has served as the chairman of the department of economics. 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 at all levels, from large 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 Davis, California, 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.

Stephen Perez is chair of the economics department at California State University, Sacramento. After receiving his B.A. in economics at the University of California, San Diego, he received 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.'

PART 1: INTRODUCTION AND KEY PRINCIPLES

Chapter 1: Introduction: What is Economics?

Chapter 2: Key Principles of Economics

Chapter 3: Exchange and Markets

Chapter 4: Supply, Demand, and Market Equilibrium

PART 2: A CLOSER LOOK AT SUPPLY AND DEMAND

Chapter 5: Elasticity: A Measure of Responsiveness

Chapter 6: Consumer Choice

Chapter 7: Market Efficiency and Government Intervention

PART 3:   INFORMATION AND EXTERNALITIES

Chapter 8: Imperfect Information: Adverse Selection and Moral Hazard

Chapter 9: Environmental Policy

Chapter 10: Public Goods and Public Choice

PART 4: MARKET STRUCTURES AND PRICING

Chapter 11: Production Technology and Cost

Chapter 12: Perfect Competition

Chapter 13: Monopoly and Price Discrimination

Chapter 14: Market Entry and Monopolistic Competition

Chapter 15: Oligopoly and Strategic Behavior

Chapter 16: Market Structure and Public Policy

PART 5: THE LABOR MARKET AND INCOME DISTRIBUTION

Chapter 17: The Labor Market and the Distribution of Income

Chapter 18: Beyond Perfect Competition: Unions, Monopsony, and Imperfect Information

PART 6: THE BASIC CONCEPTS IN MACROECONOMICS

Chapter 19: International Trade and Public Policy