Sean Masaki Flynn - Economics for dummies

Economics For Dummies, 2nd Edition

by Sean Flynn, PhD

Economics For Dummies, 2nd Edition

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Library of Congress Control Number: 2011922798

ISBN: 978-0-470-87948-1

Manufactured in the United States of America

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About the Author

Sean Flynn is an assistant professor of economics at Scripps College in Claremont, California.

A recurring commentator on radio and television, Sean holds a BA in economics from the University of Southern California and a PhD in economics from UC Berkeley, where he completed his dissertation under the supervision of Nobel Laureate George Akerlof.

As one of Americas leading economic educators, Sean is a coauthor (along with Campbell McConnell and Stanley Brue) of the worlds best-selling college economics textbook, Economics: Principles, Problems, and Policies (McGraw-Hill). The books popularity is such that its also the worlds best-selling college textbook of any subject.

Seans academic research focuses on the often puzzling and seemingly irrational behavior of stock market investors, but hes also investigated topics as wide-ranging as the factors that affect tipping behavior in restaurants and why you see a lot of unionized workers only in certain industries. Hes also a leading expert on closed-end mutual funds.

Seans (rather serious) hobby is the Japanese martial art of aikido, which he has taught for over 15 years to hundreds of students in the United States and abroad. A former national forms champion himself, Sean has coached five of his students to U.S. national aikido titles in either forms or full-contact sparring.

Dedication

To my father, Thomas Ray Flynn, who always impressed upon me the importance of good economic policy both for improving our quality of life and as our last, best hope for lifting billions out of poverty and disease.

Authors Acknowledgments

Id like to thank the many great economists who managed to get things into my head despite my very thick skull.

Among my teachers, I cant help but thank Caroline Betts, Tim Cason, Richard Ciccetti, Michael DePrano, Richard Easterlin, Robert Kalaba, Timur Kuran, Jeffrey Nugent, and Morton Shapiro for the excellent education I received as an undergraduate at the University of Southern California.

I was equally blessed at UC Berkeley, where I got to complete a doctorate under the tutelage of some true intellectual giants, including George Akerlof, David Card, J. Bradford DeLong, Jan deVries, Barry Eichengreen, Richard Gilbert, Daniel McFadden, Maurey Obstfeld, Matthew Rabin, David Romer, Christina Romer, and Janet Yellen. It was especially fun when Professors McFadden and Akerlof won their Nobel Prizes during my last two years at Cal.

However, my fellow economics students often did more than my professors to explain things to me when I wasnt getting them, and they continue to educate me even now. So a very heartfelt thank you to Corinne Alexander, Lorenzo Blanco, Mark Carlson, Carlos Dobkin, Tim Doede, Mike Enriquez, Fabio Ghironi, Petra Geraats, Aaron Green, Galina Hale, Alan Marco, Carolina Marquez, Marcelo Moreira, Petra Moser, Marc Muendler, Stefan Palmqvist, Doug Park, Raj Patel, Steve Puller, Desiree Schaan, Doug Schwalm, Mark Stehr, Sam Thompson, Carla Tully, Jeff Weinstein, and Marta Wosinska.

Ive also got to thank my current and former students at Scripps College, Vassar College, and UC Berkeley. Having to answer your many insightful questions made me a much better economist.

A big thank you to my literary agent Linda Roghaar and my old friend Mike Jones for getting me this book deal. They heard Dummies and immediately thought of me.

Tracy Boggier, Joan Friedman, Alissa Schwipps, Chad Sievers, and the entire production team at Wiley also deserve huge praise. All their edits, suggestions, and formatting have turned out a book thats far better than anything I could have come up with on my own.