Economics / Edition 2

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1997 Hard cover 2nd ed. New. No dust jacket. Sewn binding. Paper over boards. Audience: General/trade. *****PLEASE NOTE: This item is shipping from an authorized seller in ... Europe. In the event that a return is necessary, you will be able to return your item within the US. To learn more about our European sellers and policies see the BookQuest FAQ section***** Read more Show Less

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For the Third Edition, 2001 Nobel laureate Joseph Stiglitz joins forces with new co-author Carl Walsh, who brings both macroeconomic expertise and teaching savvy to the project. Together, Stiglitz and Walsh thoroughly integrate contemporary economics into the traditional curriculum. Since the publication of Economics, Second Edition, in 1997, the explosive development of information technologies has altered the economic landscape in important ways. In Economics, Third Edition, Stiglitz and Walsh embrace the information revolution as an opportunity to revitalize the presentation of economics by linking fundamental concepts and basic models to examples in the "new economy." Supplemented by powerful emedia offerings, outstanding ancillary resources, and comprehensive pedagogy, Economics, Third Edition, promises to be the most complete, authoritative principles package on the market.

Author Biography: Joseph E. Stiglitz is professor of economics, business, and international and public affairs at Columbia University. Known throughout the world for his groundbreaking research, Joseph Stiglitz received the Nobel Prize in Economic Sciences in 2001. Carl E. Walsh is professor of economics at the University of California at 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).

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: 9780393968958
  • Publisher: Norton, W. W. & Company, Inc.
  • Publication date: 3/28/1997
  • Edition description: Older Edition
  • Edition number: 2
  • Pages: 1080
  • Product dimensions: 8.29 (w) x 10.32 (h) x 1.49 (d)

Meet the Author

Joseph E. Stiglitz received his PhD from MIT in 1967, became a full professor at Yale in 1970, and was awarded the John Bates Clark Award in 1979, which is given biennially by the American Economic Association to an economist under 40 who has made the most significant contribution to the field. He has taught at Princeton, Stanford, and MIT, and was the Drummond Professor and a fellow of All Souls College, Oxford. He is now a professor at Columbia University and co-chair of Columbia University's Committee on Global Thought. He is also the co-founder and co-president of the Initiative for Policy Dialogue at Columbia. In 2001, he was awarded the Nobel Prize in economics for his analyses of markets with asymmetric information, and was a lead author of the 1995 Report of the Intergovernmental Panel on Climate Change, which shared the 2007 Nobel Peace Prize. In 2011, Time named Professor Stiglitz one of the 100 most influential people in the world. Professor Stiglitz was a member of the Council of Economic Advisers from 1993–95, during the Clinton administration, and served as its chairman from 1995–97. He then became chief economist and senior vice president of the World Bank from 1997–2000. In 2008, he was asked by the French President Nicolas Sarkozy to chair the Commission on the Measurement of Economic Performance and Social Progress, which released its final report in September 2009. In 2009, he was appointed by the President of the United Nations General Assembly as chair of the Commission of Experts on Reform of the International Financial and Monetary System, which also released its report in September 2009. Professor Stiglitz helped create a new branch of economics—The Economics of Information—exploring the consequences of information asymmetries and pioneering such pivotal concepts as adverse selection and moral hazard, which have now become standard tools not only for theorists but also for policy analysts. He has made major contributions to the theories of welfare economics and of income and wealth distribution, and his work has helped explain the circumstances in which markets do not work well and how selective government intervention can improve market performance. Recognized around the world as a leading economic educator, Professor Stiglitz has written books that have been translated into more than a dozen languages. He also founded one of the leading economics journals, The Journal of Economic Perspectives. His book, Globalization and Its Discontents (Norton, 2001), has been translated into 35 languages and has sold more than a million copies worldwide. Other recent books include The Roaring Nineties (Norton); Towards a New Paradigm in Monetary Economics (Cambridge University Press), with Bruce Greenwald; Fair Trade for All (Oxford University Press), with Andrew Charlton; Making Globalization Work (Norton and Penguin/ Allen Lane, 2006); The Three Trillion Dollar War: The True Cost of the Iraq Conflict (Norton and Penguin/ Allen Lane, 2008), with Linda Bilmes at Harvard University; Freefall: America, Free Markets, and the Sinking of the World Economy (Norton and Penguin/ Allen Lane, 2010); and The Price of Inequality: How Today's Divided Society Endangers Our Future (Norton and Penguin/ Allen Lane, 2012).

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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