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To help students focus on the most important concepts—and effectively practice the application of those concepts—Microeconomics is structured around a system of checkpoints which teach students how to think like an economist.
Eye On boxes throughout each chapter challenge students to apply theory to important issues and problems that shape our global society and individual decisions.
The result is a patient, confidence-building program that prepares students to use economics in their everyday lives, regardless of what their future career will be.
Michael Parkin studied economics in England and began his university teaching career immediately after graduating with a B.A. 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 1960s, 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, the Journal of Political Economy, the Review of Economic Studies, the Journal of Monetary Economics, and the Journal of Money, Credit, and Banking. He is author of the bestselling textbook, Economics (Addison-Wesley), now in its Eleventh Edition.
Robin and Michael are a wife-and-husband team. 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. Their joint textbooks include Macroeconomics (Prentice-Hall), Modern Macroeconomics (Pearson Education Canada), and Economics: Canada in the Global Environment, the Canadian adaptation of Parkin,Economics (Addison-Wesley). They are dedicated to the challenge of explaining economics ever more clearly to a growing body of students.
Parkin’s system provides a practice-oriented framework, consisting of the following elements:
Excite student attention and foster interest in the course, with:
Clear, fully explained graphs, supported by detailed numbered captions which guide students step-by-step through the action.
Modern topics presented engagingly, with contemporary examples that help students tie theory to real-world situations.
Simplified chapter openers which grab student attention and provide instant focus for the chapter. Each chapter opens with a question about a central issue that the chapter addresses which is illustrated with an engaging photograph.
Eye On feature boxes challenge students to grasp the point of the chapter quickly and help instructors to focus on a core issue both in class and in practice exercises. Current and recent events appear in Eye on the Australian Economy boxes. We place our present experience in global and historical perspectives with Eye on the Global Economy and Eye on the Past boxes. Eye on the News, which appears once each chapter, is an extract from a news article with a related economic analysis.
PART 1 INTRODUCTION
1 Getting Started
2 The Australian and Global Economies
3 The Economic Problem
4 Demand and Supply
PART 2 A CLOSER LOOK AT MARKETS
5 Elasticities of Demand and Supply
6 Efficiency and Fairness of Markets
PART 3 HOW GOVERNMENTS INFLUENCE THE ECONOMY
7 Government Actions in Markets
9 Global Markets in Action
PART 4 MARKET FAILURE AND PUBLIC POLICY
11 Public Goods and Common Resources
PART 5 A CLOSER LOOK AT DECISION MAKERS
12 Consumer Choice and Demand
13 Production and Cost
PART 6 PRICES, PROFITS AND INDUSTRY PERFORMANCE
14 Perfect Competition
16 Monopolistic Competition
PART 7 INCOMES AND INEQUALITY
18 Markets for Factors of Production
19 Economic Inequality
Table of contents from Macroeconomics: Australia in the Global EconomyPART 1 INTRODUCTION
PART 2 MONITORING THE MACROECONOMY
5 GDP: A Measure of Total Production and income
6 Jobs and Unemployment
7 The CPI and the Cost of Living
PART 3 UNDERSTANDING THE ECONOMY
8 Economic Growth
9 Finance, Saving and Investment
10 Money, the price level and Inflation
11 Aggregate Supply and Aggregate Demand
12 Aggregate Expenditure Multiplier
13 The Short-Run Policy Trade off
PART 4 MACROECONOMIC POLICY
14 Fiscal Policy
15 Monetary Policy
16 International Trade Policy
17 International Finance