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Principles of Economics, 2nd Australian Edition

Principles of Economics, 2nd Australian Edition

Joseph E. Stiglitz, Carl E. Walsh, Jeffrey Gow, Ross Guest, William Richmond, Max Tani

ISBN: 978-0-730-31985-6

Sep 2015

528 pages

Select type: Paperback

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Principles of Economics, 2nd Australian edition, is an adaptation of an original work by internationally renowned economists Joseph Stiglitz and Carl Walsh. In addition to a thorough analysis of the contemporary economic landscape in Australia — with updated statistics, figures, and political and business developments — the second edition provides useful international comparisons with economies in Asia and Europe, as well as that of the United States.

The adapting Australian author team has contextualised the content to suit the needs of Australian university students. Key introductory microeconomic and macroeconomics 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:

  • the Australian dollart
  • the mining industry
  • the National Broadband Network
  • petrol prices
  • privatisation
  • the banking and finance sectors
  • the automotive industry
  • the carbon tax
  • the ageing population
  • skills shortages
  • international trade.

At an expanded 18 chapters for the second edition, this textbook is an ideal resource for a one‑semester university course in introductory economics.

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About the authors xii

Applications at a glance xvi

How to use this book xviii

Preface xxi

Acknowledgements xxii

Chapter 1 Modern economics and thinking like an economist 1

Chapter 2 Demand and supply 37

Chapter 3 Elasticity 59

Chapter 4 Consuming and producing 81

Chapter 5 The competitive firm 131

Chapter 6 The efficiency of competitive markets 153

Chapter 7 Monopoly, monopolistic competition and oligopoly 177

Chapter 8 Government policies towards competition 211

Chapter 9 Externalities, public goods and the public sector 231

Chapter 10 Gross domestic product 259

Chapter 11 Unemployment, inflation and the consumer price index 279

Chapter 12 Introduction to business cycles 301

Chapter 13 Aggregate demand and inflation 339

Chapter 14 The Reserve Bank and interest rates 369

Chapter 15 Stabilisation policies 385

Chapter 16 Inflation and unemployment 415

Chapter 17 International economics: an introduction 437

Chapter 18 The international financial system 461

Glossary 483

Index 493