Principles of Macroeconomics: Australian Edition 6th Edition
Robin Stonecash | Jan Libich | Joshua Gans | Stephen King, Ph.D. | Martin Byford | N. Gregory Mankiw
Principles of Macroeconomics 7th Edition
Robin Stonecash | Jan Libich | Joshua Gans | Stephen King, Ph.D. | Martin Byford | N. Gregory Mankiw
ISBN-13: 9780170382649 | ISBN-10: 0170382648
© 2018 | Published |  506  Pages
Previous Editions: 2015

Binding Format:

Paperback/Softcover Book/Jrnal
US $115.5
Sign In to turn on 1-Click ordering
For quantity discount, Contact your Representative

The brief and student-friendly approach of this book boils economics down to its essentials, by considering what is truly important for students to learn in their first course in economics.

In keeping with the authors’ philosophy of showing students the power of economic tools and the importance of economic ideas, this edition pays careful attention to regional and global policies and economic issues – including the impacts of the ongoing global financial crisis, inflation, unemployment, interest rates, and monetary and fiscal policy. Continuing global financial uncertainty and the current state of the Australian economy provide a constant supply of new material, re-evaluated models, and policy changes and updates for the Principles of Macroeconomics text.

The book emphasises the material that students should and do find interesting about the study of the economy, resulting in a focus on applications and policy, and less on formal economic theory.

Principles of Macroeconomics, 7e encourages students to make their own judgements by presenting both sides of the debate on five controversial issues facing policymakers: the proper degree of policy activism in response to the business cycle, the choice between rules and discretion in the conduct of monetary policy, the desirability of reaching zero inflation, the importance of balancing the government’s budget, and the need for tax reform to encourage saving.

This edition is supported with rich digital resources including MindTap, Aplia, and CourseMate, comprising flashcards, graphing workshops, games, quizzes, and videos, as well as referring students to the online Search me! database.

  • Part 1: Introduction
    1. Ten lessons from economics
    2. Thinking like an economist
    3. Interdependence and the gains from trade

    Part 2: Supply and demand: how markets work
    4. The market forces of supply and demand

    Part 3: The data of macroeconomics
    5. Measuring a nation’s income
    6. Measuring the cost of living

    Part 4: The real economy in the long run
    7. Production and growth
    8. Saving, investment and the financial system
    9. The natural rate of unemployment

    Part 5: Money and prices in the long run
    10. The monetary system
    11. Inflation: Its causes and costs

    Part 6: The macroeconomics of open economies
    12. Open-economy macroeconomics: Basic concepts
    13. A macroeconomic theory of the open economy

    Part 7: Short-run economic fluctuations
    14. Aggregate demand and aggregate supply
    15. The influence of monetary and fiscal policy on aggregate demand
    16. The short-run trade-off between inflation and unemployment
    17. Global Financial Crisis 2008 and beyond

    Part 8: Final thoughts
    18. Five debates over macroeconomic policy

    • Current cases provide practical illustrations of important concepts
    • *NEW* NUMEROUS NEW AND UPDATED "IN THE NEWS," "FYI," AND "CASE STUDY" BOXED FEATURES HIGHLIGHT RECENT AND SIGNIFICANT MICROECONOMIC EVENTS. You and your students stay up to date on the today’s economic changes and developments as these features highlight events that have made headlines and their significance on macroeconomic decisions today.
    • ‘FYI’ boxes present additional material designed to enhance the concepts covered in each chapter.
    • Prominent economists with extensive undergraduate teaching experience have written a student-friendly text that explains clearly and explores contemporary issues. Applications and policy appear alongside formal economic theory
    • Chapter objectives define and reinforce content, while quick quizzes allow students to check their comprehension after they read each major section. Key concepts are listed at the end of the chapter and defined in the margin to help students grasp new terminology.
    • End-of-chapter Summaries, Questions for Review as well as Problems and Applications to reinforce chapter content and encourage critical thinking
    • Chapter focusing on the GFC written by an Australian economist
    • Now with MindTap, a personalised learning platform for students to engage, learn, apply, extend, revise and assess their economics knowledge
    • Refreshed topical information on the GFC, 'Global Financial Crisis 2008 and beyond', in light of the European debt crises, austerity and stimulus
    • Updated cases and economic data keeps the material current and relevant for students
    • New multiple choice questions to test student knowledge and comprehension
    • *NEW* Multiple choice questions
For more information about these supplements, or to obtain them, contact your Learning Consultant

  • Aplia Notification Card
    ISBN-10: 0170157040 | ISBN-13:9780170157049
    List Price = 0.50
    A digital tool that reinforces learning and enhances student engagement. Have you taught with the world-class learning technology? Aplia improves educational outcomes by increasing student effort and engagement – while enabling lecturers to use time more effectively. Chapter assignments, study tools, LMS integration and automatically graded assignments let you focus on what you do best: teaching. Students who stay engaged with course materials learn more and have a better educational experience. By providing frequent assignments, interactive features, and the ability to work independently, Aplia helps your students to stay focused while progressing.

  • Robin Stonecash is Director of Executive Education at the Sydney Business School at the University of Sydney, and Director of Stonecash Associates, a boutique consulting firm. She studied economics at Swarthmore College, the University of Wisconsin, and the University of New South Wales. She has taught a variety of courses in microeconomics, macroeconomics and international trade to undergraduates and graduates. She currently consults on strategy and negotiation as well as teaching economics, strategy and negotiation to MBA and executive students. Robin’s research interests cover a wide range of topics, including competition policy, privatisation, and international trade and development. Her work has been published in several journals, including the Economic Record, Prometheus and Public Performance and Management Review. Professor Stonecash has also done several studies on the efficiency gains from outsourcing and has consulted widely for private companies and government organisations such as AusAID and the Departments of Ageing and Disability and Community Services.

    Jan Libich has taught and done research at La Trobe University in Melbourne since 2005, and more recently also at VŠB-Technical University Ostrava, Czech Republic. He holds a PhD from the University of New South Wales and earlier degrees from the Prague School of Economics.

    Jan’s research focuses on macroeconomic topics, primarily monetary and fiscal policies, as well as microeconomic areas of game theory and sports economics. He has published two dozen papers in academic journals including Macroeconomic Dynamics, Journal of Institutional and Theoretical Economics, Economic Modelling and Journal of Sports Economics. Over the past decade Jan has presented his research at over 90 seminars and conferences, including invited talks at high-profile policy institutions such the International Monetary Fund and nine central banks (e.g. the European Central Bank, the U.S. Federal Reserve and the Reserve Bank of Australia).

    Jan is also a dedicated teacher who has received a number of awards for his contributions to students’ learning. For example, he was awarded a 2012 Citation by the Australian government; and based on student nominations, reached the top spot for La Trobe University in the UniJobs ‘Lecturer of the Year’ poll - four years in a row (2009–2012).

    Joshua Gans holds the Skoll Chair in Innovation and Entrepreneurship at the Rotman School of Management, University of Toronto. He studied economics at the University of Queensland and Stanford University. He currently teaches network and digital market strategy. Professor Gans’s research ranges over many fields of economics including economic growth, game theory, regulation and the economics of technological change and innovation. His work has been published in academic journals including the American Economic Review, Journal of Economic Perspectives, Journal of Political Economy and the Rand Journal of Economics. Joshua also has written the popular book, Parentonomics (published by MIT Press) and founded the Core Economics blog( Currently, he is an associate editor at Management Science and the Journal of Industrial Economics. He has also undertaken consulting activities (through his consulting firm, CoRE Research), advising governments and private firms on the impact of microeconomic reform and competition policy in Australia. In 2007, he was awarded the Economic Society of Australia’s Young Economist Award for the Australian economist under 40 who has made the most significant contribution to economic knowledge. In 2008, he was elected as a Fellow of the Academy of Social Sciences Australia.

    Professor Gans lives in Toronto with his spouse and three children.

    Stephen King is Professor of Economics at Monash University and a Member of the Economic Regulation Authority of Western Australia. After several years as Dean of the Business Faculty, Stephen has returned to the classroom and is once again teaching first year students.
    Prior to joining Monash, Stephen was a Commissioner at the Australian Competition and Consumer Commission. Stephen completed his economics degree at the Australian National University, and his PhD at Harvard University in 1991. Stephen has taught a variety of courses, including introductory courses at Harvard University and the University of Melbourne. Stephen specialises in industrial economics, although his research has covered a wide range of areas, including game theory, corporate finance, privatisation and tax policy. His work has been published in academic journals such as the Journal of Industrial Economics, European Economic Review and Journal of Political Economy. Stephen regularly provides advice to both government and private firms on a range of issues relating to regulation and competition policy. He is a Lay Member of the High Court of New Zealand and a Fellow of the Academy of Social Sciences in Australia.

    Martin Byford teaches Microeconomic Theory, Industrial Organisation and Game Theory at RMIT. He studied Engineering at University of Melbourne, and Economics at La Trobe University, before returning to University of Melbourne to complete a PhD in Economics in 2007, during which he was supervised by Joshua Gans. His research interests lie in the field of industrial organisation; specifically price theory, market structure and dynamic oligopoly. His article, ‘Addictive Drug Use Management Policies in a Long-Run Economic Model’ (with Harry Clarke), was published in Australian Economic Papers in 2009.

    N. Gregory Mankiw is Robert M. Beren Professor of Economics at Harvard University. He studied economics at Princeton University and MIT. Dr. Mankiw is a prolific writer and a regular participant in academic and policy debates. His research includes work on price adjustment, consumer behavior, financial markets, monetary and fiscal policy, and economic growth. His published articles have appeared in academic journals, such as the American Economic Review, Journal of Political Economy, and Quarterly Journal of Economics, and in more widely accessible forums, including The New York Times, The Washington Post, The Wall Street Journal, and Fortune. Dr. Mankiw has been a research associate of the National Bureau of Economic Research, an adviser to the Federal Reserve Bank of Boston and the Congressional Budget Office, and a member of the ETS test development committee for the advanced placement exam in economics. From 2003 to 2005, he served as chairman of the President’s Council of Economic Advisers.