Part I: Introduction 1. Ten lessons from economics 2. Thinking like an economist 3. Interdependence and the gains from trade Part II: Supply and demand I: How markets work 4. The market forces of supply and demand 5. Elasticity and its application 6. Supply, demand and government policies Part III: Supply and demand II: Markets and welfare 7. Consumers, producers and the efficiency of markets 8. Application: The costs of taxation 9. Application: International trade Part IV: The economics of the public sector 10. Externalities 11. Public goods and common resources 12. The design of the tax system Part V: Firm behaviour and the organisation of industry 13. The costs of production 14. Firms in competitive markets 15. Monopoly 16. Business strategy 17. Competition policy 18. Monopolistic competition Part VI: The economics of labour markets 19. The markets for the factors of production 20. Earnings, unions and discrimination 21. Income inequality and poverty Part VII: Topics for further study 22. The theory of consumer choice 23. Frontiers of microeconomics Part VIII: The data of macroeconomics 24 Measuring a nation's income 25. Measuring the cost of living Part IX: The real economy in the long run 26. Production and growth 27. Saving, investment and the financial system 28. The natural rate of unemployment Part X: Money and prices in the long run 29. The monetary system 30. Inflation: Its causes and costs Part XI: The macroeconomics of open economies 31. Open-economy macroeconomics: Basic concepts 32. A macroeconomic theory of the open economy Part XII: Short-run economic fluctuations 33. Aggregate demand and aggregate supply 34. The influence of monetary and fiscal policy on aggregate demand 35. The short-run trade-off between inflation and unemployment Part XIII: Final thoughts 36. Five debates over macroeconomic policy

About the Author

Joshua Gans holds the Skoll Chair in Innovation and Entrepreneurship at the Rotman School of Management, University of Toronto. He studied economics at the University of Queensland and Stanford University. He currently teaches network and digital market strategy. Professor Gans's research ranges over many fields of economics including economic growth, game theory, regulation and the economics of technological change and innovation. His work has been published in academic journals including the American Economic Review, Journal of Economic Perspectives, Journal of Political Economy and the Rand Journal of Economics. Joshua also has written the popular book, Parentonomics (published by MIT Press) and founded the Core Economics blog(economics.com.au). Currently, he is an associate editor at Management Science and the Journal of Industrial Economics. He has also undertaken consulting activities (through his consulting firm, CoRE Research), advising governments and private firms on the impact of microeconomic reform and competition policy in Australia. In 2007, he was awarded the Economic Society of Australia's Young Economist Award for the Australian economist under 40 who has made the most significant contribution to economic knowledge. In 2008, he was elected as a Fellow of the Academy of Social Sciences Australia. Professor Gans lives in Toronto with his spouse and three children. Stephen King is Professor of Economics at Monash University and a Member of the Economic Regulation Authority of Western Australia. Prior to joining Monash, Stephen was a Commissioner at the Australian Competition and Consumer Commission. After starting (and stopping) studying forestry and botany, Stephen completed an economics degree at the Australian National University. He completed his PhD at Harvard University in 1991. Stephen has taught a variety of courses, including introductory courses at Harvard University and the University of Melbourne. Professor King specialises in industrial economics, although his research has covered a wide range of areas, including game theory, corporate finance, privatisation and tax policy. His work has been published in academic journals such as the Journal of Industrial Economics, European Economic Review and Journal of Political Economy. Stephen regularly provides advice to both government and private firms on a range of issues relating to regulation and competition policy. He is a Lay Member of the High Court of New Zealand and a Fellow of the Academy of Social Sciences in Australia. Professor King lives in Melbourne with his wife. Their two children have run away from home to study at university Robin Stonecash is Director of Executive Education at the Business School at the University of Technology Sydney and Director of Stonecash Associates, a boutique consulting firm. She studied economics at Swarthmore College, the University of Wisconsin, and the University of New South Wales. She has taught a variety of courses in microeconomics, macroeconomics and international trade to undergraduates and graduates. She currently consults on strategy and negotiation as well as teaching economics, strategy and negotiation to MBA and executive students. Dr Stonecash's research interests cover a wide range of topics, including competition policy, privatisation, and international trade and development. Her work has been published in several journals, including the Economic Record, Prometheus and Public Performance and Management Review. Dr Stonecash has also done several studies on the efficiency gains from outsourcing. She has consulted widely for private companies and government organisations such as AusAID and the Departments of Ageing and Disability and Community Services. Dr Stonecash lives in Sydney with her husband, Mark. N. Gregory Mankiw is Professor of Economics at Harvard University. He has taught macroeconomics, microeconomics, statistics, and principles of economics. Professor Mankiw is a prolific writer and a regular participant in academic and policy debates. His research includes work on price adjustment, consumer behavior, financial markets, monetary and fiscal policy, and economic growth. His published articles have appeared in academic journals such as the AMERICAN ECONOMIC REVIEW, JOURNAL OF POLITICAL ECONOMY, and QUARTERLY JOURNAL OF ECONOMICS and in more widely accessible forums including THE NEW YORK TIMES, THE WASHINGTON POST, THE WALL STREET JOURNAL, and FORTUNE. In addition to his teaching, research, and writing, Professor Mankiw has been a research associate of the National Bureau of Economic Research, an adviser to the Federal Reserve Bank of Boston and the Congressional Budget Office, and a member of the ETS test development committee for the advanced placement exam in economics. From 2003 to 2005, he served as chairman of the President's Council of Economic Advisers. In addition, he maintains a very popular blog for students of economics at http://www.gregmankiw.blogspot.com.

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