Table of Contents

PART I: WHAT IS ECONOMICS? Introduction: The Ordinary Business of Life First Principles Economic Models: Trade-offs and Trade Appendix: Graphs in Economics PART II: SUPPLY AND DEMAND Supply and Demand Consumer and Producer Surplus The Market Strikes Back Elasticity PART II: INDIVIDUALS AND MARKETS Taxes International Trade PART IV: MAKING DECISIONS Title TBD (how consumers & producers make decisions?) PART V: THE CONSUMER Rational Consumer Consumer Preference and Choice PART VI: THE PRODUCTION DECISION Behind the Supply Curve: Inputs and Costs Perfect Competition and Supply Curve PART VII: MARKET STRUCTURE: BEYOND PERFECT COMPETITION Monopoly Oligopoly Monopolistic Competition and Product Differentiation PART VIII: MICROECONOMICS AND PUBLIC POLICY Externalities Public Goods and Common Resources Economics of the Welfare State PART IX: FACTOR MARKETS AND RISK Factor Markets Risk and Financial Markets

About the Author

PAUL KRUGMAN is Professor of Economics at Princeton University, USA, where he regularly teaches the principles course. Prior to his current position he taught at Yale, Stanford and MIT. ROBIN WELLS is Researcher in Economics at Princeton University, USA, where she teaches undergraduate courses. She has previously taught at the University of Michigan, the University of Southampton, Stanford and MIT. Her teaching and research focus on the theory of organizations and incentives. She writes regularly for academic journals.