Part 1 Introduction Chapter 1 Getting Started Chapter 2 The U.S. and Global Economies Chapter 3 The Economic Problem Chapter 4 Demand and Supply Part 2 A Closer Look at Markets Chapter 5 Elasticities of Demand and Supply Chapter 6 Efficiency and Fairness of Markets Part 3 How Governments Influence the Economy Chapter 7 Markets in Action Chapter 8 Taxes Chapter 9 Global Markets in Action Chapter 10 Externalities Chapter 11 Public Goods and Common Resources Part 4 A Closer Look at Decision Makers Chapter 12 Consumer Choice and Demand Chapter 13 Production and Cost Part 5 Prices, Profits, and Industry Performance Chapter 14 Perfect Competition Chapter 15 Monopoly Chapter 16 Monopolistic Competition Chapter 17 Oligopoly Part 6 Incomes, Uncertainty, and Inequality Chapter 18 Demand and Supply in Factor Markets Chapter 19 Uncertainty and Information Chapter 20 Inequality and Poverty Part 7 Monitoring the Macroeconomy Chapter 21 GDP and the Standard of Living Chapter 22 The CPI and the Cost of Living Chapter 23 Jobs and Unemployment Part 8 The Real Economy Chapter 24 Potential GDP and the Natural Unemployment Rate Chapter 25 Economic Growth Chapter 26 Investment, Saving, and the Real Interest Rate Part 9 The Money Economy Chapter 27 The Monetary System Chapter 28 Money, Interest, and Inflation Part 10 Economic Fluctuations Chapter 29 AS-AD and the Business Cycle Chapter 30 Aggregate Expenditure Chapter 31 The Short-Run Policy Tradeoff Part 11 Macroeconomic Policy Chapter 32 Fiscal Policy Chapter 33 Monetary Policy Chapter 34 International Finance
Robin Bade was an undergraduate at the University of Queensland, Australia, where she earned degrees in mathematics and economics. After a spell teaching high school math and physics, she enrolled in the PhD program at the Australian National University, from which she graduated in 1970. She has held faculty appointments at the University of Edinburgh in Scotland, at Bond University in Australia, and at the Universities of Manitoba, Toronto, and Western Ontario in Canada. Her research on international capital flows appeared in the International Economic Review and the Economic Record. Robin first taught the principles of economics course in 1970 and has taught it (alongside intermediate macroeconomics and international trade and finance) most years since then. She developed many of the ideas found in this text while conducting tutorials with her students at the University of Western Ontario. Michael Parkin studied economics in England and began his university teaching career immediately after graduating with a BA from the University of Leicester. He learned the subject on the job at the University of Essex, England's most exciting new university of the 9160s, and at the age of 30 became one of the youngest full professors. He is a past president of the Canadian Economics Association and has served on the editorial boards of the American Economic Review and the Journal of Monetary Economics. His research on macroeconomics, monetary economics, and international economics has resulted in more than 160 publications in journals and edited volumes, including the American Economic Review, theJournal of Political Economy, theReview of Economic Studies, theJournal of Monetary Economics, and theJournal of Money, Credit, and Banking. He is the author of the best-selling Addison-Wesley textbook, Economics. Robin and Michael are a wife-and-husband duo. Their most notable joint research created the Bade-Parkin Index of central bank independence and spawned a vast amount of research on that topic. They don't claim credit for the independence of the new European Central Bank, but its constitution and the movement toward greater independence of central banks around the world were aided by their pioneering work. They are dedicated to the challenge of explaining economics ever more clearly to an ever-growing body of students.