Table of Contents

• PART 1 INTRODUCTION
• Chapter 1 Economics: foundations and models
• Appendix Using graphs and formulas
• Chapter 2 Choices and trade-offs in the market
• PART 2 HOW THE MARKET WORKS
• Chapter 3 Where prices come from: the interaction of demand and supply
• PART 3 MACROECONOMIC FOUNDATIONS AND ECONOMIC GROWTH
• Chapter 4 GDP: measuring total production, income and economic growth
• Chapter 5 Economic growth, the financial system and business cycles
• Chapter 6 Long-run economic growth: sources and policies
• PART 4 UNEMPLOYMENT AND INFLATION
• Chapter 7 Unemployment
• Chapter 8 Inflation
• PART 5 SHORT-RUN FLUCTUATIONS
• Chapter 9 Aggregate expenditure and output in the short run
• Appendix The algebra of macroeconomic equilibrium
• Chapter 10 Aggregate demand and aggregate supply analysis
• Appendix Macroeconomic schools of thought
• PART 6 MONETARY AND FISCAL POLICY
• Chapter 11 Money, banks and the Reserve Bank of Australia
• Chapter 12 Monetary policy
• Chapter 13 Fiscal policy
• Appendix 1 Is there a short-run trade-off between unemployment and inflation?
• Appendix 2 A closer look at the multiplier
• PART 7 THE INTERNATIONAL ECONOMY
• Chapter 14 Macroeconomics in an open economy
• Chapter 15 The international financial system
• Appendix The gold standard and the Bretton Woods System

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About the Author

Anne Garnett is a Senior Lecturer in Economics at Murdoch University. She has extensive teaching experience at the undergraduate and postgraduate level, both in Australia and many parts of Asia. Her research areas include regional economics, labour economics, international investment, and trade and agricultural economics. Anne has been an adviser to the federal government on rural and regional economics. She has published numerous chapters in books and articles in international journals. She has taught in all areas of economics at all levels; however, over the past 18 years her primary teaching focus has been to teach first-year introductory economics. Anne is also co-author of the widely used Essentials of Economics undergraduate text published by Pearson Australia.

Phil Lewis is the Foundation Professor of Economics and the Director of the Centre for Labour Market Research at the University of Canberra. He is among the best-known economists in the area of employment, education and training in Australia and Asia. He is the author of over 120 publications including journal articles, book chapters and books. He is the editor of The Australian Journal of Labour Economics. Phil has also worked extensively in government and has produced a number of major reports for the private and public sectors. He has served as the National President of the Economic Society of Australia. In 2008, Phil was presented with the Honorary Fellow Award by the Economic Society of Australia for exceptional service to the economics profession.

Glenn Hubbard is the Dean and Russell L. Carson Professor of Finance and Economics in the Graduate School of Business at Columbia University and Professor of Economics in Columbia's Faculty of Arts and Sciences. He is also a research associate of the National Bureau of Economic Research and a director of Automatic Data Processing, Black Rock Closed-End funds, KKR Financial Corporation and MetLife. From 2001 to 2003, he served as chair of the White House Council of Economic Advisers and chair of the OECD Economy Policy Committee, and from 1991 to 1993, he was deputy assistant secretary of the US Treasury Department. He currently serves as co-chair of the non-partisan Committee on Capital Markets Regulation. Glenn's fields of specialisation are public economics, financial markets and institutions, corporate finance, macroeconomics, industrial organisation and public policy. He is the author of more than 100 articles in leading journals.

Anthony Patrick (Tony) O'Brien is a Professor of Economics at Lehigh University. He has taught principles of economics for more than 20 years. He has received the Lehigh University Award for Distinguished Teaching. He was formerly the Director of the Diamond Center for Economic Education and was named a Dana Foundation Faculty Fellow and Lehigh Class of 1961 Professor of Economics. He has been a visiting professor at the University of California, Santa Barbara, and the Graduate School of Industrial Administration at Carnegie Mellon University. Tony's research has dealt with such issues as the evolution of the US car industry, sources of US economic competitiveness, the development of US trade policy, the causes of the Great Depression, and the causes of black–white income differences. His research has been published in leading journals.