Economics – Theory Through Applications

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Russell Cooper, European University Institute
Andrew John, Melbourne Business School

Pub Date:

ISBN 13: 978-1-4533283-6-1

Publisher: Saylor Foundation

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Table of Contents

  • Chapter 1: What Is Economics?
  • Chapter 2: Microeconomics in Action
  • Chapter 3: Macroeconomics in Action
  • Chapter 4: Everyday Decisions
  • Chapter 5: Life Decisions
  • Chapter 6: eBay and craigslist
  • Chapter 7: Where Do Prices Come From?
  • Chapter 8: Why Do Prices Change?
  • Chapter 9: Growing Jobs
  • Chapter 10: Making and Losing Money on Wall Street
  • Chapter 11: Raising the Wage Floor
  • Chapter 12: Barriers to Trade and the Underground Economy
  • Chapter 13: Superstars
  • Chapter 14: Cleaning Up the Air and Using Up the Oil
  • Chapter 15: Busting Up Monopolies
  • Chapter 16: A Healthy Economy
  • Chapter 17: Cars
  • Chapter 18: The State of the Economy
  • Chapter 19: The Interconnected Economy
  • Chapter 20: Globalization and Competitiveness
  • Chapter 21: Global Prosperity and Global Poverty
  • Chapter 22: The Great Depression
  • Chapter 23: Jobs in the Macroeconomy
  • Chapter 24: Money: A User’s Guide
  • Chapter 25: Understanding the Fed
  • Chapter 26: Inflations Big and Small
  • Chapter 27: Income Taxes
  • Chapter 28: Social Security
  • Chapter 29: Balancing the Budget
  • Chapter 30: The Global Financial Crisis
  • Chapter 31: Toolkit

About the Book

Russell Cooper and Andrew John have written an economics text aimed directly at students from its very inception. You’re thinking, ”Yeah, sure. I’ve heard that before.“

This textbook, Economics: Theory Through Applications, centers around student needs and expectations through two premises: … Students are motivated to study economics if they see that it relates to their own lives. … Students learn best from an inductive approach, in which they are first confronted with a problem, and then led through the process of solving that problem.

Many books claim to present economics in a way that is digestible for students; Russell and Andrew have truly created one from scratch. This textbook will assist you in increasing students’ economic literacy both by developing their aptitude for economic thinking and by presenting key insights about economics that every educated individual should know.

How? Russell and Andrew have done three things in this text to accomplish that goal:

  1.  Applications Ahead of Theory: They present all the theory that is standard in Principles books. But by beginning with applications, students get to learn why this theory is needed.
  2. Learning through Repetition: Important tools appear over and over again, allowing students to learn from repetition and to see how one framework can be useful in many different contexts.
  3. A Student’s Table of Contents vs. An Instructor’s Table of Contents: There is no further proof that Russell and Andrew have created a book aimed specifically at educating students about economics than their two tables of contents.

About the Contributors

Author(s)

Russell Cooper is currently Professor of Economics at the European University Institute in Florence Italy and the Fred Hofheinz Regents Professor of Economics at the University of Texas, a position he has held since 2003. He received his PhD from the University of Pennsylvania in 1982 and has held positions at Yale University, the University of Iowa and Boston University. Cooper is a NBER Faculty Research Fellow and the Fellow of the Econometric Society.

Andrew John is Associate Professor of Economics at Melbourne Business School. He received his undergraduate degree in economics from The University of Dublin, Trinity College, in 1981, and his Ph.D. in economics from Yale University in 1988. He has held academic appointments at Michigan State University, the University of Virginia, and INSEAD. He has also held visiting appointments at the University of Michigan, the Helsinki School of Economics and Business Administration, and the University of Texas at Austin. He joined Melbourne Business School in January 2009. Andrew has consulting experience in the areas of marketing, economics, and strategy. He has worked with clients in Australia, Europe, and throughout the Asia-Pacific region. He has extensive experience in the pharmaceutical industry and has also worked with firms in the consumer goods and consulting sectors. Andrew has taught economics to undergraduates, Ph.D. students, MBA students, and executives. His research interests include state-dependent pricing models, environmental economics, coordination games, and consumer boycotts. His published research has appeared in top economics and business journals, including American Economic Review, Quarterly Journal of Economics, Journal of Monetary Economics, Economic Journal, Journal of Public Economics, Management Science, Sloan Management Review, and Journal of Marketing. His work is widely cited in economics journals."