Economics

Offering an accessible and thorough introduction to economics, this text offers real-world examples to bring theory to life. Students and lecturers will benefit from the vast array of supplements, including a companion website with extra material and resources.

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PAUL KRUGMAN is Professor of Economics at Princeton University, USA, where he regularly teaches the principles course. Prior to his current position he taught at Yale, Stanford and MIT. ROBIN WELLS is Researcher in Economics at Princeton University, USA, where she teaches undergraduate courses. She has previously taught at the University of Michigan, the University of Southampton, Stanford and MIT. Her teaching and research focus on the theory of organizations and incentives. She writes regularly for academic journals.

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Intro: The Ordinary Business of Life PART I: WHAT IS ECONOMICS? First Principles Economic Models: Trade-offs and Trade Appendix: Graphs in Economics PART II: SUPPLY AND DEMAND Supply and Demand Consumer and Producer Surplus The Market Strikes Back Elasticity PART III: INDIVIDUALS AND MARKETS Taxes International Trade PART IV: ECONOMICS AND DECISION MAKING Making Decisions PART V: THE CONSUMER Rational Consumer Consumer Preferences and Consumer Choice PART VI: THE PRODUCTION DECISION Behind the Supply Curve: Inputs and Costs Perfect Competition and Supply Curve PART VII: MARKET STRUCTURE: BEYOND PERFECT COMPETITION Monopoly Oligopoly Monopolistic Competition and Product Differentiation PART VIII: MICROECONOMICS AND PUBLIC POLICY Externalities Public Goods and Common Resources Economics of the Welfare State PART IX FACTOR MARKETS AND RISK Factor Markets and the Distribution of Income Appendix: Indifference Curve Analysis of Labour Supply Uncertainty, Risk and Private Information PART X: INTRODUCTION TO MACROECONOMICS Macroeconomics: The Big Picture Tracking the Macroeconomy Unemployment and Inflation PART XI: LONG-RUN ECONOMIC GROWTH Long-Run Economic Growth Savings, Investment Spending, and the Financial System PART XII: SHORT-RUN ECONOMIC FLUCTUATIONS Income and Expenditure Appendix: Deriving the Multiplier Algebraically Aggregate Demand and Aggregate Supply PART XIII: STABILIZATION POLICY Fiscal Policy Appendix: Taxes and the Multiplier Money, Banking, and the Federal Reserve System Monetary Policy Appendix: Reconciling Two Models of the Interest Rate Inflation, Disinflation, and Deflation PART XIV: EVENTS AND IDEAS Macroeconomics: Events and Ideas PART XV: THE OPEN ECONOMY Open-Economy Macroeconomics

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