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Introductory Microeconomics, 1st Australian Edition

Introductory Microeconomics, 1st Australian Edition

Joseph E. Stiglitz, Carl E. Walsh, Jeffrey Gow, William Richmond

ISBN: 978-1-742-16565-3

Aug 2014

424 pages

Select type: Paperback


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Introductory Microeconomics, 1st Australian edition is an adaptation of an original work by internationally renowned economists Joseph Stiglitz and Carl Walsh. The adapting Australian author team has contextualised the content to suit the needs of Australian university students. Key introductory microeconomics concepts are explained using the latest theory and research, with data relevant to the Australian economy. Throughout the text, these concepts are applied to contemporary local economic issues for businesses and individuals, such as:

  • privatisation
  • market competition
  • the banking sector
  • the automotive industry
  • petrol prices
  • the National Broadband network
  • reducing carbon emissions
  • minimum wages
  • enterprise bargaining
  • labour force participation
  • wealth distribution.


In addition to a thorough analysis of the contemporary microeconomic landscape in Australia, the text provides useful international comparisons with economies in Asia and Europe, as well as that of the United States.

At a concise 13 chapters, this textbook is an ideal resource for a one-semester university course in introductory microeconomics. 

About the authors xi

Applications at a glance xiv

Preface xvi

Accompanying resources xvii

How to use this book xviii

Acknowledgements xxi

Chapter 1 Modern economics and thinking like an economist 1

Chapter 2 Demand and supply 37

Chapter 3 Consuming and producing 79

Chapter 4 The competitive firm 129

Chapter 5 Labour and capital markets 151

Chapter 6 The efficiency of competitive markets 189

Chapter 7 Monopoly, monopolistic competition and oligopoly 213

Chapter 8 Government policies towards competition 247

Chapter 9 Imperfections in the labour market 267

Chapter 10 Imperfect information 289

Chapter 11 Strategic behaviour 311

Chapter 12 Externalities, public goods and the public sector 337

Chapter 13 Environmental economics 365

Glossary 385

Index 393

  • Case in point vignettes highlight real-world applications in each chapter that are particularly relevant to Australia’s economy.
  • Counter point boxes provide real-world alternative viewpoint to highlight the complexity of certain microeconomic issues
  • International perspective boxes examine the application of economic concepts in other parts of the world, providing a useful basis for comparison with Australia.
  • Thinking like an economist boxes encourage students to analyse a contemporary issue from the perspective of an economist.
  • Critical thinking questionsappear throughout the text to facilitatestudent analysis,discussion and debate of economic issues and dilemmas.