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Table of Contents

(NOTE: Each chapter contains a Chapter Summary and Learning Objectives, Key Terms, a Self-Test, and Questions and Problems.)I. A JOURNEY THROUGH THE ECONOMY. 1. The Economic Perspective. 2. Production and Trade. 3. Demand and Supply. 4. The Power of Prices. II. MONITORING THE MACRO ECONOMY. 5. Measuring National Output. 6. Unemployment. 7. Inflation. III. AGGREGATE SUPPLY AND AGGREGATE DEMAND. 8. A Framework for Macroeconomic Analysis. 9. Short-Run Instability. 10. Aggregate Expenditures. IV. INCENTIVES FOR PRODUCTIVITY. 11. Fiscal Policy in Action. 12. Economic Growth. V. MONEY IN THE MACROECONOMY. 13. Money, Banking, and the Federal Reserve. 14. Monetary Policy and Price Stability. VI. THE GLOBAL ECONOMY. 15. Into the International Marketplace. 16. Policy Toward Trade. 17. Economic Development.

About the Author

Ronald M. Ayers is Associate Professor of Economics and Director of the Teaching and Learning Center at the University of Texas, San Antonio. He teaches principles of microeconomics and macroeconomics, as well as the university's core curriculum course in political economy and various field courses, including labor economics, money and banking, and industrial organization. His classes have ranged from small honors sections to lecture sections of 300. After receiving Bachelor's and Master's degrees from the University of New Orleans, he subsequently received his Ph.D. in economics from Tulane University. Earlier in his career, Dr. Ayers served as a faculty member at Loyola University (New Orleans), Ohio State University, and Texas A & M University. He has also worked as a consultant for the City of San Antonio and several private consulting firms and attorneys. In recent years he was awarded the President's Distinguished Achievement Award for Core Curriculum Teaching, the College of Business Teaching Award, and the U.T. System Chancellor's Council Teaching Award. He also was named a Senior Fellow, Texas Higher Education Coordinating Board, in 2000. In 2001-2002, Professor Ayers was elected to serve as the Chair of the University's Faculty Senate. Dr. Ayers has published chapters in Putting the Invisible Hand to Work: Concepts and Models for Service-Learning in Economics (University of Michigan Press) and U.S.-Mexican Economic Relations: Prospects and Problems (Praeger Publishing Company). In addition, he has published articles in many different journals, including the National Social Science Journal, and the Journal of Urban and Regional Information Systems. Along with Robert Collinge, Professor Ayers has written Economics by Design: Principles and Issues, forthcoming in its third edition. When he is not pursuing his interest in how people learn, Dr. Ayers enjoys spending time with his dogs, collecting books, and tinkering. Robert A. Collinge is Professor of Economics at the University of Texas, San Antonio. Among other courses at the graduate and undergraduate levels, Dr. Collinge has taught micro principles, macro principles, or the combined survey/issues class in each of his 16 years at UTSA. In the last few years, Professor Collinge has twice been awarded his University President's Outstanding Achievement Award, once for overall teaching and once for teaching at the core curriculum level. Most recently, he has received his College's Combined Teaching, Research, and Service Excellence Award. Along with Ronald Ayers, Professor Collinge co-directed his University's Center for Economic Education. After undergraduate studies at the State University of New York at Buffalo, Bob enrolled at the University of Maryland at College Park, where he went on to receive his B.A., M.A., and Ph.D. degrees. In 1982, he joined the Economics faculty at the University of Louisville. To gain experience outside of academia, Dr. Collinge worked in Washington, D.C., first as a Visiting Economist with the U.S. International Trade Commission, and then as an Economist in the Policy Analysis Department of the American Petroleum Institute. Professor Collinge's research focuses on the design and analysis of public policies, such as his recent articles in the Journal of Environmental Economics and Management and the Canadian Journal of Economics. He has contributed to an array of other books and journals, including The Economic Journal, The Journal of Public Economics, and World Development. Professor Collinge currently serves as a member of the editorial board of Public Works Management and Policy. In his free time, Bob enjoys hiking through the woods near his Texas Hill Country home.

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