Economics / Edition 11

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Second Edition.The core of the principles course has been around for more than 100 years, and other important elements, especially part of the theory of the firm and Keynesian macro-economics, have been with us for more than 50 years. But economics has also been developing and changing rapidly during the past few decades. All principles texts pay some attention to these more recent developments, but none has succeeded in integrating the new and traditional. My goal has been to incorporate new ideas-game theory, the modern theory of the firm, information, and public choice-into the body of timeless principles.
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Editorial Reviews

A standard macroeconomics text, revised to change the balance of the coverage of national income accounting, giving greater prominence to a discussion of the validity of the GDP as a measure of economic well- being; to simplify and streamline the initial presentation of the aggregate demand-aggregate supply model; and to give enhanced prominence to the role of financial deregulation in the macroeconomy. The coverage of economies in transition provides a framework for understanding events in Eastern Europe, the former Soviet Union, and China as these countries change their economic systems and open their markets to international influences. Annotation c. Book News, Inc., Portland, OR (
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Product Details

  • ISBN-13: 9780132994842
  • Publisher: Prentice Hall
  • Publication date: 1/18/2013
  • Edition description: Older Edition
  • Edition number: 11
  • Pages: 864
  • Sales rank: 373,382
  • Product dimensions: 8.80 (w) x 10.90 (h) x 1.40 (d)

Meet the Author

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.

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Table of Contents

Pt. 1 Introduction 1
Ch. 1 What Is Economics? 5
Ch. 2 Making and Using Graphs 27
Ch. 3 Production, Specialization, and Exchange 49
Ch. 4 Demand and Supply 71
Pt. 2 How Markets Work 97
Ch. 5 Elasticity 101
Ch. 6 Markets in Action 124
Pt. 3 Households' Choices 152
Ch. 7 Utility and Demand 156
Ch. 8 Possibilities, Preferences, and Choices 178
Pt. 4 Firms' Choices 203
Ch. 9 Organizing Production 207
Ch. 10 Output and Costs 231
Pt. 5 Markets for Goods and Services 274
Ch. 11 Competition 278
Ch. 12 Monopoly 312
Ch. 13 Monopolistic Competition and Oligopoly 340
Pt. 6 Markets for Factors of Production 327
Ch. 14 Pricing and Allocating Factors of Production 376
Ch. 15 Labor Markets 406
Ch. 16 Capital and Natural Resource Markets 427
Pt. 7 Markets, Uncertainty, and Distribution 454
Ch. 17 Uncertainty and Information 458
Ch. 18 The Distribution of Income and Wealth 484
Pt. 8 Markets and Government 512
Ch. 19 Market Failure 516
Ch. 20 Public Choice 536
Ch. 21 Regulation and Antitrust Law 557
Pt. 9 International Economics 577
Ch. 22 Trading with the World 581
Ch. 23 Economic Systems in Transition 608
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