Economics

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Economics has been thoroughly revised, simplified, and updated for the Fourth Edition. Co-written by Joseph Stiglitz, winner of the Nobel Prize for his research on imperfect markets, and Carl E. Walsh, one of the leading monetary economists in the field, Economics is the most modern and accurate text available. About The Author Joseph E. Stiglitz of Columbia University was the co-recipient of the Nobel Prize in Economic Science in 2001, the highest honor possible for an economist. During the late 1990s he was the chairperson of President Clinton’s Council of Economic Advisors and Chief Economist at the World Bank. The profound contributions that Professor Stiglitz has made to both the understanding and practice of economics are unequalled. Carl E. Walsh of the University of California, Santa Cruz is internationally recognized as one of the leading monetary economists of his generation. He is one of the most sought-after experts on central banking, and his contributions have had an impact on both the theory and practice of central banks around the world. He is also an award-winning educator. Table of Contents Part 1Introduction: Modern Economics Thinking Like an Economist Part 2 Perfect Markets: Demand, Supply, and Price Using Demand and Supply The Consumption Decision The Firm’s Costs The Competitive Firm Labor Markets Capital Markets The Efficiency of Competitive Markets Part 3 Imperfect Markets: Introduction to Imperfect Markets Monopoly, Monopolistic Competition, and Oligopoly Government Policies Toward Competition Strategic Behavior Imperfect Information in the Product Market Imperfections in the Labor Market Part 4 Issues In Public Policy: The Public Sector Environmental Economics International Trade and Trade Policy Technological Change Part 5 Introduction To Macroeconomics: Macroeconomics and the Economic Perspective Measuring Output and Unemployment The Cost of Living and Inflation Part 6 Full-Employment Macroeconomics: The Full-Employment Model Government Finance at Full Employment The Open Economy at Full Employment Growth and Productivity Money, the Price Level and the Federal Reserve Part 7 Macroeconomic Fluctuations: Introduction to Macroeconomic Fluctuations Aggregate Expenditures and Income Aggregate Demand and Inflation The Federal Reserve and Interest Rates The Role of Macroeconomic Policy Part 8 The Global Economy: The International Financial System Policy in the Open Economy Development and Transition Part 9 Further Topics In Macroeconomics: Inflation and Unemployment Controversies in Macroeconomic Policy A Student’s Guide to Investing