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For the two-semester principle of economics course. This book is also suitable for all readers interested in economics.
Thoroughly updated, stripped of technical detail where possible, extensively illustrated with well-chosen photographs, enlivened with new applications features that focus on issues at play in today’s world, responsive to the suggestions of reviewers and users, and seamlessly integrated with MyEconLab: These are the hallmarks of this eleventh edition of Economics.
Parkin brings critical issues to the forefront. Each chapter begins with one of today’s key issues, and additional issues appear throughout the chapter to show the real-world applications of the theory being discussed. When the chapter concludes, readers “read between the lines” to think critically about a news article relating to the issue, demonstrating how thinking like an economist can bring a clearer perspective to and deeper understanding of today’s events. Readers will begin to think about issues the way real economists do and learn how to explore difficult policy problems and make more informed decisions in their own economic lives.
Parkin is so committed to currency that he uploads news articles almost daily to MyEconLab®, the online assessment and tutorial system that accompanies the text. Assessment questions based on the Economics in the News articles are uploaded periodically so that instructors can assign recent articles within MyEconLab. Note: If you are purchasing the standalone text or electronic version, MyEconLab does not come automatically packaged with the text. To purchase MyEconLab, please visit: www.myeconlab.com or you can purchase a package of the physical text + MyEconLab by searching the Pearson web site. MyEconLab is not a self-paced technology and should only be purchased when required by an instructor.
Michael Parkin is Professor Emeritus in the Department of Economics at the University of Western Ontario, Canada. Professor Parkin has held faculty appointments at Brown University, the University of Manchester, the University of Essex, and Bond University. 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 and as managing editor of the Canadian Journal of Economics. Professor Parkin’s research on macroeconomics, monetary economics, and international economics has resulted in over 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 became most visible to the public with his work on inflation that discredited the use of wage and price controls. Michael Parkin also spearheaded the movement toward European monetary union. Professor Parkin is an experienced and dedicated teacher of introductory economics.
Table of Contents
1. What is Economics
2. The Economic Problem
3. Demand and Supply
5. Efficiency and Equity
6. Government Actions in Markets
7. Global Markets in Action
8. Utility and Demand
9. Possibilities, Preferences, and Choices
10. Organizing Production
11. Output and Costs
12. Perfect Competition
14. Monopolistic Competition
16. Public Choices and Public Goods
17. Economics of the Environment
18. Markets for Factors of Production
19. Economic Inequality
20. Uncertainty and Information
21. Measuring GDP and Economic Growth
22. Monitoring Jobs and Inflation
23. Economic Growth
24. Finance, Saving, and Investment
25. Money, the Price Level, and Inflation
26. The Exchange Rate and the Balance of Payments
27. Aggregate Supply and Aggregate Demand
28. Expenditure Multipliers: The Keynesian Model
29. U.S. Inflation, Unemployment, and Business Cycle
30. Fiscal Policy
31. Monetary Policy