Part 1: Introduction 1. Ten lessons from economics 2. Thinking like an economist 3. Interdependence and the gains from trade Part 2: 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 3: The data of macroeconomics Chapter 7 Measuring a nation's income Chapter 8 Measuring the cost of living Part 4: The real economy in the long run 9. Production and growth 10. Saving, investment and the financial system 11. The natural rate of unemployment Part 5: Money and prices in the long run 12. The monetary system 13. Inflation: Its causes and costs Part 6: The macroeconomics of open economies 14. Open-economy macroeconomics: Basic concepts 15. A macroeconomic theory of the open economy Part 7: Short-run economic fluctuations 16. Aggregate demand and aggregate supply 17. The influence of monetary and fiscal policy on aggregate demand 18. The short-run trade-off between inflation and unemployment Part 8: Final thoughts 19. 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. N. Gregory Mankiw is Robert M. Beren Professor of Economics at Harvard University. He studied economics at Princeton University and MIT. 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. 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. Robin Stonecash is Director of Executive Education at the Sydney Business School at the University of 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. Robin'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. Professor Stonecash has also done several studies on the efficiency gains from outsourcing and has consulted widely for private companies and government organisations such as AusAID and the Departments of Ageing and Disability and Community Services. Stephen King is Professor of Economics at Monash University and a Member of the Economic Regulation Authority of Western Australia. After several years as Dean of the Business Faculty, Stephen has returned to the classroom and is once again teaching first year students. Prior to joining Monash, Stephen was a Commissioner at the Australian Competition and Consumer Commission. Stephen completed his economics degree at the Australian National University, and 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. Stephen 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.

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