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Full Description
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.
Contents
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
