Economics / Edition 4

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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.

The science of economics has made great strides in the past 25 years. We now understand such problems as the role of information in the efficiency of economic outcomes, the importance of strategy in the outcome of economic relationships, the significance of finance in our understanding of the firm, and, most importantly, the ways in which microeconomic phenomena relate to those of macroeconomics. With this fresh and original textbook, an economics professor at Stanford University brings new economics to an introductory course. Color photographs and diagrams.

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Editorial Reviews

This text provides a treatment of the basic competitive model, presenting macroeconomics in a manner that builds on the way economic researchers and economists in policymaking positions frame their analysis. The text can be used for a one-semester course covering principles of micro- and macroeconomics, or for a one-quarter course devoted solely to micro- or macroeconomics. This third edition integrates recent developments associated with innovation and the digital economy. There are new optional chapters on areas such as the labor and capital markets and investing. Stiglitz teaches economics, business, and international and public affairs at Columbia University. Walsh teaches economics at the University of California-Santa Cruz. Annotation c. Book News, Inc., Portland, OR (
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Product Details

  • ISBN-13: 9780393168174
  • Publisher: Norton, W. W. & Company, Inc.
  • Publication date: 4/28/2006
  • Edition description: Fourth Edition
  • Edition number: 4
  • Pages: 830
  • Product dimensions: 8.80 (w) x 10.30 (h) x 1.40 (d)

Meet the Author

Joseph E. Stiglitz is a Nobel Prize-winning economist and the best-selling author of The Price of Inequality, Freefall, and Globalization and Its Discontents. He is a columnist for the New York Times and Project Syndicate and has written for Vanity Fair, Politico, The Atlantic, and Harper's. He teaches at Columbia University and lives in New York City.

Carl E. Walsh is professor of economics at the University of California, Santa Cruz. He is widely known for his research in monetary economics and is the author of a leading graduate text, Monetary Theory and Policy (MIT Press). Before joining the Santa Cruz faculty, Professor Walsh was senior economist at the Federal Reserve Bank of San Francisco, where he continues to be a visiting scholar.

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Table of Contents

Pt. 1 Introduction
1 The Automobile and Economics 1
2 Thinking Like an Economist 27
3 Trade 52
4 Demand, Supply, and Price 71
5 Using Demand and Supply 96
6 Time and Risk 122
7 The Public Sector 143
Pt. 2 Perfect Markets
8 The Consumption Decision 171
9 Labor Supply and Savings 199
10 A Student's Guide to Investing 226
11 The Firm's Costs 250
12 Production 281
13 Competitive Equilibrium 309
Pt. 3 Imperfect Markets
14 Monopolies and Imperfect Competition 335
15 Oligopolies 363
16 Government Policies Toward Competition 388
17 Technological Change 411
18 Imperfect Information in the Product Market 430
19 Imperfections in the Labor Market 454
20 Financing, Controlling, and Managing the Firm 475
Pt. 4 Policy Issues
21 Externalities and the Environment 505
22 Taxes, Transfers, and Redistribution 522
23 Public Decision Making 543
Pt. 5 Full-Employment Macroeconomics
24 Macroeconomic Goals and Measures 563
25 The Full-Employment Model 590
26 Using the Full-Employment Model 617
Pt. 6 Unemployment Macroeconomics
27 Overview of Unemployment Macroeconomics 639
28 Aggregate Demand 662
29 Consumption and Investment 690
30 Money, Banking, and Credit 717
31 Monetary Theory 746
32 Fiscal and Monetary Policy 772
Pt. 7 Dynamics and Macro Policy
33 Inflation: Wage and Price Dynamics 791
34 Unemployment: Understanding Wage Rigidities 821
35 Inflation vs. Unemployment: Approaches to Policy 843
Pt. 8 Issues in Macroeconomic Policy
36 Growth and Productivity 873
37 Deficits and Deficit Reduction 903
38 Trade Policy 924
39 Alternative Economic Systems 947
40 Development 971
Glossary A-1
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