21st Century Economics: A Reference Handbook

Handbooks

Edited by: Rhona C. Free

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  • Part I: Scope and Methodology of Economics

    Part II: Microeconomics

    Part III: Public Economics

    Part IV: Macroeconomics

    Part V: International Economics

    Part VI: Economic Analyses of Issues and Markets

    Part VII: Emerging Areas in Economics

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    Reader's Guide

    Preface

    As I write this preface in mid-January 2009, interest in economics is at an all-time high. Among the challenges facing the nation is an economy with unemployment rates not experienced since the Great Depression, failures of major businesses and industries, and continued dependence on oil with its wildly fluctuating price. Americans are debating the proper role of the government in company bailouts, the effectiveness of tax cuts versus increased government spending to stimulate the economy, and potential effects of deflation. These are questions that economists have dealt with for generations but that have taken on new meaning and significance.

    At the same time, economists' recent innovative approaches to analyzing issues and behavior and the expansion of economic analysis to nontraditional topics and arenas of activity have attracted new interest and attention from citizens and scholars. Economists are working with sociologists and psychologists in areas such as neuroeconomics, the economics of happiness, and experimental economics. They have applied economic analysis to sports, the arts, wildlife protection, and sexual orientation, in the process demonstrating the value of economic methods in understanding and predicting behavior in a wide range of human activities and in development of policies aimed at many social issues.

    Economics is generally described as the study of resource allocation; or of production, distribution, and consumption of wealth; or of decision making—descriptions that sacrifice much for the sake of brevity. Within these relatively vague definitions lie fascinating questions and critical policy implications. Traditional economic analysis has been used to explain why people who are overweight tend to have lower incomes than those who are thin as well as why some nations grow faster than others. Economists have explored why people gamble even though they are likely to lose money as well as why stock markets respond in predictable or unpredictable ways to external events. They develop models to analyze how tax policies affect philanthropy and how managers of baseball teams can determine which players are worth their salary demands. The range of questions that falls within the domain of economic analysis is much broader (and more interesting) than those suggested by the traditional definition of the discipline.

    The value of economic analysis in development of policies to address social issues is also much broader than generally perceived. Economists have played a critical role in the development of policies aimed at protecting endangered species and addressing global warming and climate change. They contribute to development of policies that will curb smoking, promote entrepreneurship, reduce crime, and promote educational quality and equality. And they also provide the theory and evidence that is applied in policy arenas more traditionally thought of as being in the purview of the discipline—managing unemployment, economic growth, and inflation; regulating industries to promote competition, innovation, and efficient outcomes; and developing tax policies and rates that achieve a range of possible objectives.

    Encompassing analysis of traditional economic theory and topics as well as those that economists have only more recently addressed, this handbook will meet the needs of several types of readers. Undergraduate students preparing for exams will find summaries of theory and models in key areas of micro- and macroeconomics. Readers interested in learning about economic analysis of a topic or issue as well as students developing research papers will find introductions to relevant theory and empirical evidence. And economists seeking to learn about extensions of analysis into new areas or about new approaches will benefit from chapters that introduce cutting-edge topics.

    Authors of chapters in this handbook come from universities and policy institutes around the world. They represent well-known, distinguished scholars as well as doctoral students working in areas that have only recently gained the attention of economists. Perhaps most important, they reflect the full range of ideological, methodological, and political orientations and perspectives present in the discipline. Authors were selected based on their ability to accurately, succinctly, and clearly address the chapter topic and to present a balanced approach to the analysis, but while some of the authors represent the orthodox approach to economics, others reflect one that is more radical. The willingness of economists from various schools of thought and with diverse orientations and perspectives to contribute chapters has certainly been of benefit to this book.

    For most authors, the biggest challenge in writing their chapter will have been the need to avoid using calculus and to limit the level of technical and quantitative detail. Calculus is like shorthand for economists; it provides them with a quick and efficient means of analyzing and explaining relationships between economic variables. It is the language economists are comfortable using; it is the language they were trained in. Furthermore, economists are accustomed to discussing empirical evidence in terms of results of complex statistical tests and econometric methods. But to make the book accessible to undergraduate students and to nonacademic readers, it was essential that models be presented only in graphical format, or with minimal calculus, and that empirical evidence be summarized in a way that does not require much background in statistics or econometrics. The authors have been remarkably successful in achieving this goal, which for most will have required very careful thought and many revisions. To help readers understand some of the empirical parts of the chapters, there is a separate chapter that reviews basic concepts in econometrics. Readers challenged by more difficult models and applications may find it helpful to read some of the earlier chapters that review basic theories and models. For those readers who want more technical detail or empirical evidence, each chapter includes a list of related readings. The chapters in this book provide a good place to begin researching or studying a topic in economics, and they also provide direction for where to go next.

    To the extent possible, the chapters in the book follow a common format. They begin with a review of theory and then examine applications of the theory, relevant empirical evidence, policy implications, and future directions. This format reflects the typical approach of economists to a topic. They begin by asking what theory or models exist to help in understanding the behavior of the participants in decisions related to the topic. Participants may be consumers, producers, resource owners, agents of government bodies, or third parties who are affected by but not in control of the decisions made by other participants. Often, existing models will be sufficient for understanding the decision-making process, but if not, existing models will be modified or expanded or, occasionally, entirely new models may be developed.

    The theoretical base is then applied to the decisions and behavior of participants relevant to the topic being explored. For example, an economist examining the decisions of owners of professional baseball teams may find that traditional models of profit maximization provide a good base but that they have to be modified to take into account motives that include status or pleasure in addition to profit. Whether existing or modified models are used, the economist's objective is to ask whether the theory or model can take into account the unique considerations critical to the topic.

    Once the theory or model is developed, empirical evidence is explored, usually using statistical and econometric tools, to evaluate the ability of the model to predict outcomes. If the data lend support to the model, the model can then be used to predict outcomes. It is at this point that economic analysis leads to policy implications. Once economists have models that explain decision making and predict outcomes, policy makers have the basis for altering incentives to lead economic agents to make desirable choices. For example, once economists have identified the key variables influencing consumers' decisions about how much sugary soda to drink or whether or not to recycle soda cans, policy makers can establish or modify incentives for consumers to change their soda consumption and to recycle their cans instead of putting them in the trash.

    The format of most chapters—theory, applications, empirical evidence, policy implications—is consistent with this common approach to economic analysis. Following the section on policy implications, most chapters discuss future directions—what are the new but related questions that are likely to be explored by economists; what new methods are being developed to analyze data on the topic; what insights from other disciplines are likely to be applied to this topic; what policies are likely to be developed related to the topic? Chapters in the book generally reflect this approach and the resulting format, but given the wide range of topics addressed, the format is not appropriate in every chapter. Some of the initial theory chapters, methodology chapters, and history chapters more logically follow a different structure, and common format has been sacrificed in favor of following the logic.

    Identifying 100 economists to write chapters in their areas of expertise has been made easier by the assistance of the members of the editorial board. Jeff Ankrom from Wittenburg University, Robin Bartlett from Denison College, Karl Case from Wellesley College, and Wendy Stock from Montana State University provided contacts with economists from a wide range of universities and perspectives. In some cases, a potential author could not work this chapter into his or her writing schedule but provided information about young colleagues who were working in the same area. Some of the chapters dealing with more cutting-edge topics were written by economists identified in this roundabout way.

    The members of the editorial board were also very helpful in identifying the list of topics that are represented in the 92 chapters of the handbook. And again, many good suggestions were made by authors who were contacted about writing on one topic but felt that the book would benefit from a new area of their research or from the work of a colleague. In a field as expansive as economics, these suggestions were invaluable.

    Members of the editorial board also made valuable contributions to the book by reviewing many of the chapters and providing insights and suggestions for authors who, invariably, accepted recommendations with enthusiasm. The comments of other economists and policy makers who reviewed chapters have also contributed to ensuring that the book is correct, current, and balanced.

    Jim Brace-Thompson, Acquisitions Editor, was an inspiring and reassuring voice from the inception of this project. Sanford Robinson, Developmental Editor, provided needed advice, prompting, and encouragement throughout the writing process. I am very grateful to both of them.

    Laura Notton and Leticia Gutierrez, SAGE Reference Systems Coordinators, are surely some of the most patient people I've worked with. They promptly answered innumerable questions and resolved the never-ending stream of technical problems associated with publishing a book with 100 authors.

    Of course, the greatest thanks are owed to the authors of these chapters, many of whom struggled through multiple revisions to find just the right level of detail and depth of analysis. Explaining economics without calculus was a challenge for many of them, but they all succeeded in providing explanations that will be accessible to college students and other readers. Authors were also diligent about finding the most recent evidence and most interesting applications, writing right up to deadlines so that they could incorporate the latest government figures, conference proceedings, and journal articles. For senior economists whose contributions to this handbook reflect many years of work on a topic, I hope that it has been gratifying to write a chapter that is likely to provide crucial information and inspiration for many undergraduates as they embark on research projects. For younger contributors for whom this may be the first publication, I hope that this is just the first of many valuable contributions that will made to the discipline.

    Working with 100 authors around the world meant that for the last few years I have been e-mailing, editing entries, and managing reviews during vacations, on holidays, and on weekends at all hours of the day and night. I am grateful to my children, Lindsey and Graham, who continued to be patient and understanding when I worked at times when I should not have and when I did not pay attention to the most important things in life.

    Rhona C.FreeEastern Connecticut State University

    About the Editor

    Rhona C. Free (PhD, University of Notre Dame) is Vice President of Academic Affairs and a professor of economics at Eastern Connecticut State University. She was honored in 2004 as a Professor of the Year National Winner from The Carnegie Foundation for the Advancement of Teaching and the Council for Advancement and Support of Education. She was a founding member of the Connecticut Consortium for Learning and Teaching and of the Connecticut Campus Compact. In 2001, Free received ECSU's Distinguished Faculty Member Award.

    Free is the author of many textbook supplements and has consulted frequently in the development of principles of economics textbooks. She has written on a range of topics, including teaching with technology and accommodating students with learning disabilities. Free's research interests focus on earnings differences by race and gender. Her current research analyzes effects of college major choice on differences by race and gender in expected starting salaries.

    About the Contributors

    Christopher Ross Bell is an associate professor of economics at the University of North Carolina at Asheville. He received his BA from the University of California, Berkeley and his PhD in economics from the University of Pennsylvania. His main research areas are transaction cost economics, especially its intersection with political economy, and teaching economics as a laboratory science. He is also interested in Web programming and Web design and is taking advantage of those interests to create a Web application that will allow economics professors to display automatically updated economic data on their class Web sites.

    Nathan Berg is an associate professor of economics in the School of Economic, Political, and Policy Sciences (EPPS) at University of Texas–Dallas. He has published more than 40 articles and chapters in behavioral economics since 2001 in journals such as Journal of Economic Behavior and Organization, Social Choice and Welfare, and Contemporary Economic Policy. Berg was a Fulbright Scholar in 2003, and his research has been cited in Business Week, Canada's National Post, The Village Voice, The Advocate, and Atlantic Monthly. Berg spent 2005 at the Max Planck Institute–Berlin, Center for Adaptive Behavior and Cognition. In 2006, Berg was appointed to the editorial board of Journal of Socio-Economics and elected to the Board of the Society for the Advancement of Behavioral Economics. He sings and writes for the acoustic rock band Halliburton(s), and links to his work as a movie actor can be found at http://www.nathanberg.net.

    Mahadev Ganapati Bhat is an associate professor of natural resource economics in the departments of earth and environment and economics at Florida International University. His current research focuses on the economics of coastal and marine resources, ecosystem restoration, water resources, and payment for environmental services. He is specialized in applying quantitative techniques—namely, spatiotemporal dynamic models, game-theoretic models, economic input-output models, and economic valuation techniques—to environmental problem solving. His research projects have been funded by the Everglades National Park, U.S. Department of Agriculture, U.S. Agency for International Development, the World Bank, the Government of India, and Ford Foundation. He has more than 150 publications, including refereed articles (30), conference publications, research reports, and book chapters. Dr. Bhat is a Berg Fellow of the Soil and Water Conservation Society. He routinely serves as a referee for several professional journals and is on the editorial board of the Journal of Sustainable Agriculture. Dr. Bhat received his PhD in agricultural economics (with specialization in natural resource economics) from the University of Tennessee in 1991 and a master's degree in the same area from the University of Agricultural Sciences, Dharwad, India, in 1983.

    Lyda S. Bigelow is an assistant professor of strategy at the David Eccles School of Business, University of Utah. She received her PhD from the University of California, Berkeley. Her research focuses on using transaction cost economics to assess the impact of efficient boundary of the firm decisions (e.g., make-or-buy decisions, strategic alliances) on firm performance. Her most recent work has investigated the trade-offs of managing efficient sourcing arrangements under conditions of rapid technological innovation. Her work has appeared in the Strategic Management Journal, Management Science, and the Journal of Economic and Organizational Behavior, and she has won Best Paper awards from both the Entrepreneurship and Business Policy and Strategy Divisions of the Academy of Management. She is a member of the editorial board of the Strategic Management Journal. Prior to joining the faculty of the David Eccles School of Business at the University of Utah, she was a strategy professor at the John M. Olin School of Business, Washington University in St. Louis.

    Peter J. Boettke is the BB&T Professor for the Study of Capitalism and University Professor of Economics at George Mason University (GMU). He received his PhD in economics from GMU in 1989. Prior to returning to GMU in 1998, Boettke held faculty positions at New York University and the Hoover Institution at Stanford University. Boettke's research is in the areas of comparative political and economic systems and their consequences with regard to material progress and political freedom, as well as twentieth-century economic thought and the methodology of the social sciences.

    Robert A. Boland is a clinical assistant professor of sports management at New York University. He received his JD from Samford University's Cumberland School of Law and his AB degree from Columbia University. An admitted attorney and certified sports agent, his research interests include collective bargaining, labor law, player compensation and antitrust law issues, and the history and social implication of sports.

    Michael E. Bradley is a professor of economics at University of Maryland, Baltimore County. He received his AB degree from Albion College and his MS and PhD degrees from Cornell University. He has taught at Pennsylvania State University, Cornell University, the Paul H. Nitzke School of International Studies of the Johns Hopkins University, the U.S. Department of State Foreign Service Institute, and Colgate University. He has published articles and book chapters in the areas of comparative economics, international economics, and history of economic thought. He is the author of a two-volume text, Microeconomics (2nd ed.) and Macroeconomics (2nd ed.). His current teaching and research is in intermediate and graduate microeconomics, history of economics, and economic history of Russia and the USSR.

    Jennifer L. Brown is an assistant professor in the department of economics at Eastern Connecticut State University. She earned her PhD in economics from the University of California, Santa Barbara. Her research focuses on environmental economics, energy economics, and industrial organization. Her most recent work evaluates the impact that environmental regulations have historically had on the petroleum industry. Additional work has focused on analyzing the impact that global climate change is expected to have on the economies of least developed countries.

    James D. Burnell is a professor of economics and currently the chair of the urban studies program at the College of Wooster. He received his PhD from the University of Illinois in 1978. His research has recently focused on land use issues with particular consideration of the strategic interaction of the zoning decisions of suburban communities. His current research is on the neighborhood spillovers associated with housing tenure decisions and the availability of mortgage funds.

    Peter T. Calcagno is an associate professor of economics in the department of economics and finance and director of the Initiative for Public Choice & Market Process at the College of Charleston. He received his PhD in economics from Auburn University. His research focuses on public choice and the political economy of voting institutions. He has published a number of articles in academic journals, including Public Choice, Economics of Governance, Public Finance Review, and the Journal of Public Finance and Public Choice.

    Neil Canaday is currently a visiting assistant professor at Wesleyan University. His areas of interest include economic history, public finance, and labor economics. Related to public finance, he has publications examining tax assessment policy and discrimination in school resources during segregation.

    Ping Ching Winnie Chan is a research economist in the analysis branch of Statistics Canada. She received her PhD from the University of Toronto in 2009. Her dissertation is on school choice and public school performance, and her research focuses on the economics of education, public economics, and labor economics.

    Carmel U. Chiswick is a professor of economics (emeritus) at the University of Illinois at Chicago. She earned her PhD in economics from Columbia University in 1972, specializing in economic development, labor economics, and economic history. Her recent research focuses on the economics of religion, and she is a founding member of the Association for the Study of Religion, Economics and Culture (ASREC). A selection of her articles on Judaism from various journals and reports is now available in The Economics of American Judaism (2008).

    Victor V. Claar is an associate professor of economics at Henderson State University, the public liberal arts college of Arkansas. He earned his PhD in economics at West Virginia University, where he wrote his doctoral dissertation under the guidance of Ronald Balvers. Prior to Henderson he held the rank of associate professor of economics (with tenure) at Hope College in Michigan, where he taught from 2000 to 2009. He spent a recent year as a Fulbright Scholar in Armenia giving graduate lectures and conducting research at the American University of Armenia. Claar is coauthor, with Robin J. Klay, of Economics in Christian Perspective: Theory, Policy and Life Choices (2007), and his scholarly articles have appeared in several peer-reviewed outlets, including Applied Economics, Public Finance Review, and the Journal of Markets & Morality. He recently completed work on a short book about fair trade, scheduled to be published by the Acton Institute in 2010.

    Paul F. Clark is a professor and head of the department of labor studies and employment relations at Pennsylvania State University. He received his PhD in public policy and administration from the University of Pittsburgh. His research has focused on the structure and government of American unions and on collective bargaining in the coal, steel, and health care industries.

    Richard D. Coe is an associate professor of economics at New College of Florida in Sarasota. He received a PhD in economics (1979) and a JD (1978) from the University of Michigan. His research has included issues in welfare use, the definition of poverty, and the legal requirements for a land tax.

    Richard R. Cornwall is a professor emeritus of economics at Middlebury College in Middlebury, Vermont. He received a PhD in economics in 1968 from the University of California, Berkeley. His work has been in mathematical microeconomics and queer theory. Since 1998, he has been retired from teaching and living in San Francisco, devoting full time to research on the interaction between markets and social identities.

    Kenneth A. Couch is an associate professor in the department of economics at the University of Connecticut and director of the Center for Population Research. He received his PhD and a master's degree from the University of Wisconsin and holds a master's degree from the University of Glasgow. His research interests include wage determination, disadvantaged groups in the labor market, and policy evaluation.

    Rosemary Thomas Cunningham is the Hal and Julia T. Smith Professor of Free Enterprise in the department of economics at Agnes Scott College. Cunningham received her BA in mathematics/economics, MA in economics, and PhD in economics at Fordham University. Prior to coming to Agnes Scott College in 1985, she was an assistant professor at Fairfield University.

    Christopher S. Decker is an associate professor of economics at the University of Nebraska at Omaha (UNO). He received his PhD in business economics from Indiana University's Kelley School of Business in 2000 and currently teaches managerial economics in UNO's MBA program. Decker has published numerous journal articles in the fields of environmental regulation, energy economics, and industrial organization. Recent work has focused on the market structure and workplace accident rates.

    George F. DeMartino is an economist at the Josef Korbel School of International Studies, University of Denver. He has written extensively on economics and ethics, particularly in the context of international economic integration. He is the author of Global Economy, Global Justice: Theoretical Objections and Policy Alternatives to Neoliberalism (2000) and The Economist's Oath: On the Need for and Content of Professional Economic Ethics (in press).

    Gillian Doyle (BA, Trinity College Dublin; PhD, University of Stirling) is the director of the Masters Programme in Media Management at the Centre for Cultural Policy Research at the University of Glasgow and is a visiting professor at the Institute of Media and Communications, University of Oslo. Her research interests are media economics and media and cultural policy, and she is currently President of the Association for Cultural Economics International (ACEI).

    Patricia A. Duffy is Alumni Professor of Agricultural Economics and assistant provost for Undergraduate Studies at Auburn University. She received her PhD from Texas A&M University. She is the coauthor of Farm Management (6th ed.) and has authored or coauthored numerous journal articles in the areas of farm management and applied policy analysis. Her current research interests concern problems in farm management as well as the effect of nutrition programs on food security, diet quality, and obesity.

    Isaac Ehrlich is State University of New York and University of Buffalo Distinguished Professor of Economics, Melvin H. Baker professor of American Enterprise, chair of the department of economics, and director of the Center of Excellence on Human Capital at the State University of New York at Buffalo. He is also a research associate at the National Bureau of Economic Research and editor-in-chief of the Journal of Human Capital, published by the University of Chicago Press. Ehrlich received his PhD from Columbia University and served as assistant and associate professor of business economics at the University of Chicago before joining SUNY Buffalo. He is one of the founders and leaders of the literature on the economics of crime and justice and has published extensively on other topics in leading journals of economics. He has been listed among the top 100 economists in published citations and has been included in all issues of Who's Who in Economics: A Biographical Dictionary of Major Economists 1700–1980, as well all of its later editions.

    Seda Ertaç received her PhD in economics from the University of California, Los Angeles in 2006. She then joined the economics department of the University of Chicago as a postdoctoral scholar and is currently an assistant professor of economics at Koç University. Dr. Ertaç's fields of research are applied microeconomic theory and experimental economics. Her research agenda includes theoretically and experimentally studying the links between imperfect information and incentive systems in the context of effort and motivation in organizations, as well as the effects of gender and personality on economic behavior. Dr. Ertaç's experimental work to date has been supported by the U.S. National Science Foundation, Russell Sage Foundation, and the European Union.

    Erick Eschker is a professor and chair of the department of economics at Humboldt State University, Arcata, California. He earned his PhD in economics from the University of California, Davis in 1997 and his bachelor's degree in economics from the University of Illinois, Urbana-Champaign. He was a research economist with the American Medical Association and is currently the director of the Humboldt Economic Index, which collects and analyzes data on the regional economy.

    Viktar Fedaseyeu is currently a doctoral candidate in finance at Boston College. His primary research interests include bounded rationality, behavioral finance, corporate social responsibility, and the way financial markets react to uncertain information. He holds a degree in economics from Belarus State Economic University and was a student at Eastern Connecticut State University.

    Ann Harper Fender is a professor of economics (emeritus) at Gettysburg College, Gettysburg, Pennsylvania. She received her PhD from Johns Hopkins University. Her research involves studies of the economics of the fur trade and contemporary issues relating to the structure of the telecommunications industry.

    Aju Fenn is the John L. Knight Professor of Free Enterprise and chair of the department of economics and business at Colorado College in Colorado Springs, Colorado. Past honors include the Lloyd E. Worner Teacher of the Year award and the John D. and Catherine T. MacArthur professorship. He teaches the economics of sports, mathematical economics, intermediate microeconomic theory, research methods and econometrics. He also specializes in the economics of addiction. His work in sports economics focuses on the measurement of competitive balance in sports and the determinants of competitive balance. He has also published work on the value of a sports team to an area. He has served as a referee for journals such as Economics Letters, Southern Economic Journal, Contemporary Economic Policy, International Journal of Sport Finance, and Journal of Sports Economics.

    Satyananda J. Gabriel is a professor and chair in the department of economics at Mount Holyoke College in South Hadley, Massachusetts, and academic coordinator of the Rural Development Leadership Conference Summer Institute at the University of California, Davis. He received his PhD from the University of Massachusetts at Amherst. Gabriel is the author of Chinese Capitalism and the Modernist Vision (2006) and Rising Technomass: The Political Economy of Social Transformation in Cyberspace (2010). His current research interests include Chinese and East Asian economic development, corporate finance, and comparative economic systems.

    Thomas Gall is an assistant professor of economics at the University of Bonn in Germany. He obtained his diploma in 2001 after his undergraduate studies in economics at the University of Munich, Germany, and Pompeu Fabra University in Barcelona, Spain. In 2005, he completed a PhD in economics after graduate studies at Mannheim University, Germany, and University College London, UK. His research interests lie in microeconomic theory, and he has published on imperfect matching markets, occupational choice, and development economics.

    Lawrence D. Gwinn is an associate professor of Economics and Chair of the department of economics at Wittenberg University, Springfield, Ohio. He received his PhD from the University of Kansas. His research interests include the international transmission of economic disturbances and monetary policy effectiveness under alternate exchange rate systems.

    Thomas W. Harvey, DBA, is an associate professor of finance and the director of the Institute for Contemporary Financial Studies at Ashland (Ohio) University, where he is responsible for the asset management track of the finance curriculum and for directing various student research initiatives. Dr. Harvey received his doctorate in management strategy and international business from Cleveland State University. His MBA is in finance from Case Western Reserve University, with his BA in English from Hillsdale College. Dr. Harvey's research interest is behavioral finance and the changing nature of investor behavior. He is also a student of the financial markets in the United States and has published two books that focus on the commercial banking industry: Quality Value Banking, with Janet L. Gray, and The Banking Revolution. Prior to joining the faculty at Ashland, Dr. Harvey's career was spent in the commercial banking industry.

    Sue Headlee is an associate professor of economics at American University, Washington, D.C., where she teaches the Washington Semester Program in Economic Policy. She received her PhD in economics at American University. She is the author of three books: The Political Economy of the Family Farm: The Agrarian Roots of American Capitalism; The Cost of Being Female, coauthored with Margery Elfin; and A Year Inside the Beltway: Making Economic Policy in Washington. She is the author of two articles: “Income and Wealth Transfer Effects of Discrimination in Employment: The Case of African Americans, 1972–1990,” in The Review of Black Political Economy, and “Economic History, Western Europe,” in the Elgar Companion to Feminist Economics.

    Gillian Hewitson is in the political economy department at the University of Sydney. She received her PhD in economics and women's studies from La Trobe University in Melbourne, Australia. She is the author of Feminist Economics (1999) and journal articles and book chapters in the areas of feminist economics and monetary theory. Her current research interests include gender, race, and class in the history of economic thought, particularly in relation to Australia, and the political economy of the food supply.

    Michael Hillard is a professor of economics at the University of Southern Maine. He has published widely in the fields of labor relations, labor history, and the political economy of labor in academic journals, including Labor: Studies in the Working Class Histories of the Americas, Labor History, Review of Radical Political Economics, Advances in Industrial and Labor Relations, Journal of Economic Issues, Historical Studies in Industrial Relations, and Rethinking Marxism. He has coauthored many articles on a Marxian analysis of industrial relations with Richard McIntyre, professor of economics at the University of Rhode Island. His essay titled “Labor at Mother Warren” won Labor History's “Best Essay, U.S. Topic” prize for 2004.

    Steven Horwitz is the Charles A. Dana Professor of Economics at St. Lawrence University in Canton, New York. His PhD is from George Mason University, and he has written extensively on the Austrian School of Economics, macroeconomics, and political economy, as well as recent work on the economics and social theory of the family. He is currently completing a book manuscript on classical liberalism and the evolution of the western family.

    David Hudgins, lecturing professor of economics at the University of Oklahoma, received his PhD in 1993 from the University of Illinois at Urbana-Champaign. He is also a Certified Financial Manager and has served as a financial adviser for Merrill Lynch. His recent publications include articles in Computational Economics and Review of Applied Economics.

    Shawn Humphrey is an assistant professor of economics at the University of Mary Washington in Fredericksburg, Virginia. He earned his PhD from Washington University in Saint Louis. His research is concerned with uncovering the political-military foundations of economic prosperity.

    Steven L. Husted is a professor of economics at the University of Pittsburgh. Professor Husted has published widely in the areas of international trade, international finance, and monetary economics and is coauthor with Michael Melvin of a popular textbook on international economics. In 1986–1987, he spent a year as a senior staff economist specializing on trade policy issues on the President's Council of Economic Advisers. He has had wide-ranging international experience, including visiting appointments to the Australian National University, the University of Glasgow, and the University of Strathclyde. His current research interests include studies of the growth and geographic extent of Chinese exports, financial capital flows to developed economies, and long-run exchange rate behavior.

    Lee H. Igel is a clinical assistant professor of sports management at New York University. He received his PhD in industrial/organizational psychology from Capella University and holds degrees in both counseling and clinical exercise physiology from Boston University. A frequent writer and speaker on human affairs, his areas of study are in management and organizations.

    Elizabeth J. Jensen is a professor of economics at Hamilton College in Clinton, New York, where she has taught since 1983. Professor Jensen received a BA in economics from Swarthmore College and a PhD in economics from the Massachusetts Institute of Technology. Before coming to Hamilton, she worked at the Council of Economic Advisers. Professor Jensen has been honored for her teaching, receiving a prestigious award for outstanding teaching from Hamilton College. Jensen is coauthor of Industrial Organization: Theory and Practice, a leading industrial organization textbook developed in part from experiences teaching students at Hamilton College. Her recent work investigates the predictors of academic success in college, student course choice, and the determinants of students' interest in economics. Jensen teaches courses in industrial organization, antitrust and regulation, American economic history, and microeconomic theory.

    Shirley Johnson-Lans is aprofessor and the chair of the department of economics, Vassar College. A labor economist who teaches and does research in the areas of health economics, economics of education, and gender studies, she is the author of A Health Economics Primer(2006) and of numerous articles and working papers. She is a member of the City University of New York/Columbia University faculty seminar on demography and health economics and of the New York Health Policy Group. She holds a PhD in economics from Columbia University; an MA in political economy from Edinburgh University, where she was a Marshall Scholar; and a BA magna cum laude in philosophy from Harvard.

    Nicholas A. Jolly is a visiting assistant professor in the department of economics at Central Michigan University. He received his master's and PhD in economics from the University of Connecticut. Prior to joining the faculty at Central Michigan University, he worked as an economist at the Connecticut Department of Labor. His research interests include wage determination, job displacement, applied microeconomics, and policy analysis.

    Rebecca P. Judge is an associate professor of economics and environmental studies at St. Olaf College in Northfield, Minnesota. After receiving her MS in biology from the University of Minnesota, Duluth, and her PhD in economics from Duke University, she has spent her career engaged in questions relating to the intersection of economics and the environment. Her publications include a study exploring least-cost methods for implementing an endangered species preservation constraint on public lands, an analysis of household response to alternative incentives to engage in recycling, and an exploration of the property regimes influencing John Locke in the development of his theory of property.

    Fadhel Kaboub is an assistant professor of economics at Denison University (Granville, Ohio) and research associate at the Levy Economics Institute of Bard College (New York), the Center for Full Employment and Price Stability (Missouri), and the International Economic Policy Institute (Ontario, Canada). He taught at Drew University, where he was also co-director of the Wall Street Semester Program; the University of Missouri–Kansas City (UMKC); and Bard College at Simon's Rock. Kaboub's research is in the post-Keynesian and institutionalist tradition in the fields of macroeconomic theory and policy, monetary theory and policy, and economic development. His work has been published in the Journal of Economic Issues, Review of Radical Political Economics, Review of Social Economy, International Journal of Political Economy, and International Labour Review. He has been a member of the editorial board of the Review of Radical Political Economics since 2006 and has been the book review editor of the Heterodox Economics Newsletter since 2007. He holds a PhD in economics from UMKC.

    Bradley P. Kamp is an associate professor of economics at the University of South Florida. His areas of interest include product quality, predatory pricing, and signaling models. His work has appeared in journals such as International Journal of Industrial Organization, Southern Economic Journal, Economic Inquiry, and Review of Law and Economics. He earned a BA from the University of Illinois and a PhD from the University of California, San Diego.

    Pavel S. Kapinos is an assistant professor of economics at Carleton College in Minnesota. He received his PhD in economics from the University of Illinois at Urbana-Champaign. His research focuses on the optimal design of monetary policy.

    Stephen H. Karlson is an associate professor of economics at Northern Illinois University. He completed a PhD in economics from the University of Wisconsin at Madison in 1980. His research interests have included regulation of electric utilities, technology adoption in steelmaking, and irreversible investments. He is currently an Environmental and Energy Policy Scientist with Argonne National Laboratories on a temporary basis.

    Peter Kennedy is professor emeritus at Simon Fraser University, Canada. He received his BA from Queen's and his PhD from Wisconsin. He has published widely in economic education and in econometrics and is best known for his book A Guide to Econometrics, perhaps the best single source on the full range of econometric topics.

    Markus Kitzmueller is an Erb Postdoctoral Research Fellow at the S. M. Ross School of Business/SNRE of the University of Michigan (Ann Arbor). Currently, he is expecting his PhD in economics as a Researcher of the European University Institute (EUI) in Florence (Italy). He has graduated magna cum laude with an MA in European Economic Studies from the College of Europe in Bruges (Belgium) and has worked for the European Commission (DG ECFIN) in 2004–2005. His research focus is on applied microeconomics, especially information economics, contract and organization theory, industrial organization, as well as public economics. Current interests center on the interaction between strategic firm behavior and public policy in light of corporate social responsibility.

    Kevin C. Klein is a professor of economics at Illinois College in Jacksonville, Illinois. Dr. Klein earned a Doctorate of Arts in Economic Education at Illinois State University. His teaching focus is economics at the principles and intermediate undergraduate levels with special interest in environmental economics. He has authored or coauthored several teaching manuals, test banks, and study guides. He is also a coauthor of a survey of economics textbook.

    Agneta Kruse is a senior lecturer in economics at Lund University in Sweden. Her research focuses on economics of social insurance and pension systems. She served as an expert to the parliamentary Commission on Pensions preceding the Swedish pension reform. She analyzes, among other things, pay-as-you-go pension systems and their sustainability encountering demographic and economic changes as well as the political economy of pension reforms. She has published articles in journals and contributed chapters to a number of books. Lately, she has also been working on globalization and social insurance.

    Roy Love obtained his PhD at the University of Leeds (UK). He has lectured in economics at the universities of Botswana, Lesotho, and Addis Ababa and at Sheffield Hallam University, England. He has publications on the subject of HIV/AIDS and is currently an independent researcher and consultant with experience of economic evaluation for major international donors on HIV/AIDS and health projects in Africa.

    Yahya M. Madra teaches political economy and history of economics at Gettysburg College. He is also an associate editor of Rethinking Marxism: A Journal of Society, Economics and Culture. He has published on the methodology and philosophy of economics, as well as the intersection between Marxian political economy and Lacanian psychoanalysis. His writings have appeared in the Journal of Economic Issues, Rethinking Marxism, Psychoanalysis, Society and Culture, and edited volumes. Currently, he is working on the intellectual genealogy of neoliberalism and its variants.

    Leah Greden Mathews earned her PhD in agricultural and applied economics from the University of Minnesota and is associate professor of Economics at the University of North Carolina at Asheville. Her research as an environmental economist has focused on nonmarket valuation and the links between economics and policy. Dr. Mathews's current research, The Farmland Values Project, estimates the values that communities in western North Carolina have for farmland, with particular attention to those values that are not typically exchanged in markets such as scenic beauty and cultural heritage.

    Sandra Maximiano is an assistant professor of economics at Krannert School of Management, Purdue University. After receiving her PhD from the University of Amsterdam, in 2007 she started as a postdoctoral scholar in the economics department of the University of Chicago. Dr. Maximiano's research interests lie in the fields of behavioral and experimental economics, labor economics, economics of education, and organizational economics. Her projects span various issues and are built on both laboratory and field experiments and microeconometric tools to investigate questions related to social preferences and reciprocity, education and training, incentive systems, and gender and culture differences in economic decisions.

    Ken McCormick is a professor of economics at the University of Northern Iowa. He was an early critic of the AD/AS model. McCormick has published numerous papers on a variety of topics, including the AD/AS model. His book Veblen in Plain English (2006) has been well received and led to an appearance on the Bob Edwards Show.

    Rachel McCulloch is the Rosen Family Professor of International Finance at Brandeis University. Prior to her appointment at Brandeis, she was a faculty member at the University of Chicago, Harvard University, and the University of Wisconsin–Madison. She received her PhD in economics from the University of Chicago in 1973. Her current research focuses on international economic policy.

    John D. Messier is an assistant professor of economics at the University of Maine at Farmington. He earned his PhD from American University and studies international development issues. Dr. Messier spent 5 months in Ecuador working with informal workers on credit issues and the impact of financial shocks on well-being. Currently, Dr. Messier is working on the impact of fair trade on income and nutrition for coffee producers in Nicaragua.

    Laurence Miners is the director of the Center for Academic Excellence and a professor of economics at Fairfield University in Fairfield, Connecticut. He earned his doctorate in economics at the University of North Carolina at Chapel Hill. His research interests focus primarily on economic pedagogy and course design. He has led faculty development workshops at other colleges and universities and made presentations at regional and national conferences focusing on both economics and pedagogy.

    Michael R. Montgomery is an associate professor of economics at the University of Maine. He received his PhD from the University of Florida. He works in macroeconomics, monetary theory, and public economics. He has done work on the history of macroeconomics as well as applied work on the macroeconomic implications of timeintensive capital production periods and complementarity between types of capital goods.

    Mehdi Mostaghimi is a faculty member in the school of business at Southern Connecticut State University. He is the author of many journal articles, book chapters, and technical reports on economic turning point forecasting, combining forecasts, consensus and group decision making, and strategic decision making.

    Shannon Mudd has ventured between academics and nonacademics in his career as an economist. While completing a PhD in economics at the University of Chicago, he spent 2 years working as an analyst for the Federal Reserve Bank of Atlanta and taught for another year at Comenius University in Bratislava, Slovakia. After finishing his degree, he spent 4 years working on a USAID project in Moscow on taxation and intergovernmental relations. He has taught at the MA, MBA, and undergraduate levels and is currently an assistant professor at Ursinus College. His research has most recently focused on issues of access to finance for small- and medium-sized enterprises and the effect of banking crises on future expectations of banking crises.

    Sean E. Mulholland is an associate professor of economics at Stonehill College. He received his BS and MA in economics from Clemson University in 1997 and 2001, respectively. He earned his PhD in applied economics from Clemson University in 2004. His research interests include the long-run economic growth within the United States, the economics of race and religion, and private and public land conservation.

    Kathryn Nantz is an associate professor of economics at Fairfield University in Fairfield, Connecticut. She earned her PhD from Purdue University. Her teaching and research work is primarily at the intersections of the fields of labor economics and comparative economic systems. She is interested in how various incentive structures affect the behavior of workers in their jobs and in how political and cultural norms can create widely varying labor market outcomes in different settings.

    Lena Nekby received her PhD from Stockholm University and is now an assistant professor at the department of economics, Stockholm University, and affiliated with the Stockholm University Linnaeus Center for Integration Studies (SULCIS). She is also an IZA Research Fellow. Her research is focused primarily on labor market issues relating to ethnicity, migration, and gender.

    Christopher J. Niggle received his BA from Arizona State University (1967), MA from New School University (1970), and PhD in economics from the University of California, Riverside (1984). Since 1983, he has taught at the University of Redlands in Southern California, where his teaching responsibilities include courses in macroeconomics, money and banking, history of economic thought, and comparative economic systems. His research and publications have primarily been in the areas of money and macroeconomics. Current interests include comparisons of institutionalist and post-Keynesian macroeconomics with New Keynesian macroeconomics.

    Peter Nyberg is an assistant professor at the Helsinki School of Economics. He obtained his PhD from the Hanken School of Economics in Helsinki. His research interests include asset pricing and financial econometrics.

    Lindsay Oldenski is assistant professor of economics at the School of Foreign Service at Georgetown University. She received her PhD in economics from the University of California at San Diego, master's degree in public policy from the Kennedy School of Government at Harvard University, and BA from Guilford College. She has taught international trade and microeconomics at the Johns Hopkins University School of Advanced International Studies and at California State University, San Marcos. Her research interests include international trade in services and the organization of multinational activities.

    Anita Alves Pena is an assistant professor of economics at Colorado State University. She received her PhD in economics from Stanford University in 2007, her MA in economics from Stanford University in 2004, and her BA in economics from the Johns Hopkins University in 2001. Her research interests are in public sector economics, economic development, and labor economics, and her current research relates to undocumented and documented immigration, public policy, poverty, and agricultural labor markets.

    Dante Monique Pirouz is an assistant professor at the Ivey School of Business at the University of Western Ontario. She earned her PhD at the Paul Merage School of Business at the University of California, Irvine. Her research interests include neuroeconomics and consumer decision making. Her current work focuses on the neural response of addictive product users such as cigarette smokers to marketing cues. She is a trained researcher in functional magnetic resonance imaging (fMRI) and has received the Athinoula A. Martinos Center for Biomedical Imaging Functional MRI Visiting Fellowship at Harvard Medical School and Massachusetts General Hospital. She also has an MBA from the Wharton School of Business and an MA from the Lauder Institute at the University of Pennsylvania, and she graduated cum laude with a BA from the University of California, Los Angeles.

    Clifford S. Poirot Jr. is currently an associate professor of economics in the department of social sciences at Shawnee State University, where he teaches both standard economics courses as well as courses that focus on socio-cultural evolution. He has also been the director of the Shawnee State University Honors Program and is currently president of the Faculty Senate. He completed his BS in economics and political science in 1984 at Guilford College, Greensboro, North Carolina, where he wrote an undergraduate thesis on the evolution of political violence in Guatemala. He received his PhD in economics in 1991 from the University of Utah, where he wrote his dissertation on the evolution of the open field system in late medieval and early modern England. He has also taught at Eastern Washington University in Spokane, Washington; the University of Timisoara in Timisoara, Romania, under the auspices of the Civic Education Project; the American University in Bulgaria, in Blagoevgrad; and Mary Washington College in Fredericksburg, Virginia. He is the author of multiple articles on sociocultural evolution and related topics and has published in the Journal of Economic Issues, Journal of Post-Keynesian Economics, and The Forum for Social Economics.

    Indrajit Ray is a chaired professor in the department of economics, University of Birmingham, and currently leads the economic theory group in his department. His area of academic research is game theory, general equilibrium theory, experimental economics, and environmental economics. He was trained in premier institutions such as the Indian Statistical Institute, India, and CORE, Belgium. He has taught at University of York and Brown University. Professor Ray has published numerous research articles in international journals, including in premier journals in his field such as: Games and Economic Behavior, Economic Theory, Journal of Mathematical Economics, Social Choice and Welfare. He has served as an editor of the journal Bulletin of Economic Research during 2000–2005 and currently is the associate editor of the electronic open-access journal Quantitative and Qualitative Analysis in Social Sciences. He has visited different universities in several countries to present his research in workshops and seminars. Professor Ray is also an active educationist and the chairman of a trust called Vidyapith that supports education in India.

    Marta Reynal-Querol is an ICREA Research Professor at the department of economics and business at Pompeu Fabra University. She is also an affiliated professor at the Barcelona Graduate School of Economics. She is a member of the editorial board of the Journal of Conflict Resolution and the European Journal of Political Economy and is associate editor of the Spanish Economic Review. She is an award holder of the ERC-starting grant, awarded by the European Research Council. She holds a PhD in economics from the London School of Economics and Political Science (2001) and Master with Honors from Pompeu Fabra University. Reynal-Querol worked at the World Bank between 2001 and 2005. Her research has been concentrated on the causes of civil wars and genocides, conflict resolution and the aftermath of conflict, aid effectiveness, and the economics of institutions. She has published in American Economic Review, Review of Economics and Statistics, Economic Journal, Journal of Economic Growth, Journal of Development Economics, European Journal of Political Economy, Journal of Conflict Resolution, Journal of Comparative Economics, Defence and Peace Economics, and Economic Letters, among others.

    Anthony M. Rufolo is a professor of urban studies and planning at Portland State University, where he specializes in state and local finance, transportation, urban economics, and regional economic development. He has a BS in economics from the Massachusetts Institute of Technolocy and a PhD in economics from the University of California, Los Angeles. Prior to joining the faculty at Portland State in 1980, he spent 6 years as Economist and Senior Economist with the Federal Reserve Bank of Philadelphia. Dr. Rufolo has extensive experience in transportation research and policy, including analyses of articulated buses, weight-mile taxes for heavy vehicles, the effect of road capacity on the time distribution of travel, the effect of access to light rail on home values, and the effects of pricing on miles driven. Dr. Rufolo has served on the Economics Committee of the Transportation Research Board and has served as a Visiting Scholar at the U.S. Department of Transportation.

    Benjamin Russo teaches economics at the University of North Carolina at Charlotte. He received a PhD in economics from the University of Iowa. His recent research studies the effects of taxation on economic growth and state and local taxes. Russo has served on a number of state tax study commissions and as a tax consultant to Department of Finance Canada.

    Julie Sadler is an assistant professor, department of labor studies and employment relations, Penn State University. She earned her doctorate and master's degree from the School of Industrial and Labor Relations at Cornell University. Her research focuses on the internal dynamics of labor unions in the United States, with a particular emphasis on leadership development and member engagement labor unions and nonprofits.

    Steven J. Shulman is a professor of economics at Colorado State University. He received his PhD, MA, and BA from the University of Massachusetts at Amherst. He is the editor of The Impact of Immigration on African Americans (2004) and the author of numerous scholarly articles on the economics of racial inequality, low-wage work, and immigration.

    Brian Snowdon is currently a senior teaching fellow (parttime) at the department of economics and finance at Durham University, UK. Previously, before retiring, he was professor of economics at Newcastle Business School, Northumbria University. He received his undergraduate and postgraduate degrees in economics from Leicester University. His main research interests are in the areas of macroeconomics and international growth and development. As well as numerous articles in academic journals, he has authored/coauthored/coedited 10 books in the area of economics, including Conversations on Growth, Stability and Trade (2002), and Modern Macroeconomics: Its Origins, Development and Current State (with H.R. Vane, 2002). His most recent book, Globalisation, Growth and Development: Conversations With Eminent Economists, was published in 2007.

    Maritza Sotomayor is a lecturer at Weber State University, Utah. She received her master's degree in economics in 1990 from Centro de Investigación y Docencias Económicas (CIDE), Mexico City, and her PhD in applied economics in 2008 from Universidad Autónoma de Barcelona, Spain. She has published chapters in books and coauthored journal articles. Her research interest includes intra-industry trade, maquiladoras, and Latin America's external trade.

    Lawrence M. Spizman is professor of economics at the State University of New York at Oswego. He received his PhD in economics in 1977 from the State University of New York at Albany. He has been a practicing forensic economist since 1985. He has published 27 articles, with many of them in the field of forensic economics. Dr. Spizman has coauthored the seminal work on estimating the damages to a minor child, “Loss of Future Income in the Case of a Personal Injury to a Child: Parental Influence on a Child's Future Earnings.” He is called to consult throughout the United States.

    Mikael Svensson is an associate senior lecturer in economics at the Swedish Business School, Örebro University, Sweden. He is also an affiliated researcher at the Centre for Research on Child and Adolescent Mental Health at Karlstad University, Sweden. He received his PhD from the Swedish Business School at Örebro University in 2007. His current research interests include health economics and economic evaluation.

    Leila Simona Talani joined the department of European studies of King's College London in 2009 as lecturer in International and European Political Economy. She was previously a lecturer in European Politics at the University of Bath and a research fellow and then lecturer at the European Research Institute of the London School of Economics. In 2001 she spent a year as associate expert on migration issues at the United Nations Office for Drug Control and Crime Prevention in Cairo. She gained a PhD with Distinction from the European University Institute in Florence in 1998. Her thesis has been published as Betting for and Against EMU: Who Wins and Who Loses in Italy and the UK From the Process of European Monetary Integration (2000). She is also author of European Political Economy: Political Science Perspectives (2004), Between Growth and Stability: The Demise and Reform of the Stability and Growth Pact (2008), Back to Maastricht (2008), EU and the Balkans: Policy of Integration and Disintegration (2008), The Future of EMU (2010), From Egypt to Europe (2010), and The Global Crash (in press). Her current research interests focus on the political economy of migration flows from southern Mediterranean countries to the EU and on the credibility of exchange rate commitments and economic agreements.

    Troy L. Tassier is an associate professor of economics at Fordham University in New York City. Prior to his position at Fordham, he was a postdoctoral research fellow at the Center for the Study of Complex Systems at the University of Michigan. He received a PhD in economics from the University of Iowa in 2002. Dr. Tassier's research focuses on complex systems research in economics and particularly diffusion processes in social networks. He has published papers on the effects of referral hiring and social network structure on labor market inequality and segregation, the evolution of social networks to optimize job information flows, and how the structure of social networks influences the spread of fads and fashions. His current research continues the study of job information networks as well as additional topics such as the spread of infectious diseases across social networks, how the structure of firms and other organizations influences problem-solving capabilities, and mechanisms of public goods provision.

    Peter Skogman Thoursie received his PhD from Stockholm University and is now an associate professor at the Institute for Labour Market Policy Evaluation (IFAU), Uppsala in Sweden. His research deals primarily with empirical labor economics.

    Frederick G. Tiffany is an associate professor of economics at Wittenberg University in Springfield, Ohio. He received his BA in economics from Kenyon College (1977) and PhD in economics from the University of Pennsylvania (1988). He teaches intermediate microeco-nomic theory, game theory, industrial organization, managerial economics, mathematics for economists, and public finance. His current research interest is the market for college education, especially the use of price discrimination by monopolistically competitive colleges.

    Kiril Tochkov holds an MA in Chinese studies from the University of Heidelberg, Germany, and an MA and PhD in economics from the State University of New York at Binghamton. He has studied at the Beijing Foreign Studies University in China and has worked as assistant manager in the marketing division of Volkswagen Automotive Co. Ltd. in Shanghai. He is currently an assistant professor of economics at Texas Christian University in Fort Worth, Texas, where he regularly teaches a class in Asian economics. His research focuses on regional growth, convergence, and efficiency in China.

    Paola Tubaro earned a PhD in economics at the University of Paris-Ouest and the University of Frankfurt. She is currently a lecturer at the University of Greenwich, Business School in London and an associate member of Centre Maurice Halbwachs in Paris. Among her research interests are the history of economic thought and the philosophy and methodology of economics, with focus on the history of mathematical modeling and the methodology of experimental and computational economics.

    John Vahaly is chair of the department of economics at the University of Louisville. He attended Vanderbilt University as a graduate student. He has authored teaching materials for principles texts in macroeconomics and has published articles about the macroeconomics of emerging market economies. His approach to teaching macroeconomics is primarily historical, showing how macroeconomics has changed over time. This presents students with a better understanding of current problems and what new challenges they present.

    Carlos Vargas-Silva is an assistant professor of economics at Sam Houston State University. His research interests are workers' remittances, exchange rates, monetary policy, and time-series econometrics. He holds a PhD in applied economics from Western Michigan University.

    Douglas M. Walker is an associate professor of economics at the College of Charleston, in Charleston, South Carolina. He received his PhD in economics from Auburn University. His research focuses on the economic and social effects of legalized gambling, especially casinos. Walker has published a number of articles in academic journals, and his book, The Economics of Casino Gambling, was published in 2007.

    Douglas O. Walker is professor of economics in the Robertson School of Government at Regent University. He holds a PhD from the University of Southern California. Before joining Regent, Dr. Walker was a senior economist with the United Nations Secretariat, where he drafted studies of trends and prospects for the world economy and served as chief of quantitative research, secretary of the United Nations systemwide committee on technical research, and speechwriter to the Under-Secretary-General. While with the secretariat, Dr. Walker was adjunct professor of economics at Baruch College of the City University of New York and a member of the New York Academy of Sciences.

    Quan Wen is a professor of economics at Vanderbilt University. He received his PhD in economics from the University of Western Ontario in Canada. Wen has authored and coauthored numerous journal articles on game theory and applied game theory in economics. His current research interests include repeated game, bargaining theory, mechanism design, and industrial origination.

    Sarah E. West is an associate professor of economics at Macalester Collegein St. Paul, Minnesota. She receiveda PhD in economics from the University of Texasat Austin. Her research analyzes optimal tax policy, focusingon behavioral responses topolicies for the control ofvehicle pollution, including taxesongasoline, subsidiestoclean vehicles, and Corporate Average Fuel Economy standards. From 2002 to 2007, she wasamemberofthe National Bureau of Economic Research's Working Group in Environmental Economics. Her work has been published in American Economic Review, Journal of Environmental Economics and Management, Journal of Public Economics, Journal of Transport Economics and Policy, National Tax Journal, and Regional Science and Urban Economics.

    David Wiczer is a doctoral candidate at the University of Minnesota and research assistant at the Federal Reserve Bank of Minneapolis. He received his master's from the University of Illinois, Urbana-Champaign. He studies macroeconomics, with work ranging from optimal control in growth models to currency depreciation in sovereign default. His current focus is on computational methods and using micro-level data to estimate macroeconomic models.

    Amy M. Wolaver is an associate professor of economics at Bucknell University. She received her PhD from the University of Wisconsin–Madison in 1998. Her research areas focus on the impact of public provision of family planning coverage on contraceptive use, pregnancies, pregnancy outcomes, substance use, and labor market effects of internal migration. She teaches courses in introductory economics, microeconomic theory, and health economics, as well as a team-taught course on HIV/AIDS.

    Timothy A. Wunder received his PhD from Colorado State University in the fall of 2003. His dissertation was a history of thought on the origins of economic sociology, emphasizing the contributions from both Thorstein Veblen and Joseph Schumpeter. Since receiving his PhD, he has written several pieces on the history of economic thought and on economic education. Dr. Wunder currently is Senior Lecturer in the department of Economics at the University of Texas at Arlington.


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