Principles of Economics: Australia and New Zealand Edition 6th Edition
Joshua Gans | Stephen King, Ph.D. | Robin Stonecash | Martin Byford | Jan Libich | N. Gregory Mankiw
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Principles of Economics 7th Edition
Joshua Gans | Stephen King, Ph.D. | Robin Stonecash | Martin Byford | Jan Libich | Gregory Mankiw
ISBN-13: 9780170382656 | ISBN-10: 0170382656
© 2018  |  964  Pages
Previous Editions: 2015

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Paperback
US $123.25
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Principles of Economics 7th edition combines microeconomics and macroeconomics into one volume for students who take a full year’s course. The latest edition of this text continues to focus on important concepts and analyses necessary for students in an introductory economics course. 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 – such as climate change and resource taxation, the impacts of the ongoing global financial crisis, inflation, unemployment, interest rates, monetary and fiscal policy. Accompanied by CourseMate, comprising flashcards, graphing workshops, games, quizzes, videos. Access to Search me! referring students to the online Search me! database. Aplia is available with this text as well as Mindtap



  • Part I: Introduction
    1. Ten lessons from economics
    2. Thinking like an economist
    3. Interdependence and the gains from trade
    Part 2: Supply and demand I: How markets work
    4. The market forces of supply and demand
    5. Elasticity and its application
    6. Supply, demand and government policies
    Part 3: Supply and demand II: Markets and welfare
    7. Consumers, producers and the efficiency of markets
    8. Application: The costs of taxation
    9. Application: International trade
    Part 4: The economics of the public sector
    10. Externalities
    11. Public goods and common resources
    12. The design of the tax system
    Part 5: Firm behaviour and the organisation of industry
    13. The costs of production
    14. Firms in competitive markets
    15. Monopoly
    16. Monopolistic competition
    17. Oligopoly and business strategy
    18. Competition policy
    Part 6: The economics of labour markets
    19. The markets for the factors of production
    20. Earnings, unions and discrimination
    21. Income inequality and poverty
    Part 7: Topics for further study
    22. The theory of consumer choice
    23. Frontiers of microeconomics
    Part 8: The data of macroeconomics
    24. Measuring a nation’s income
    25. Measuring the cost of living
    Part 9: The real economy in the long run
    26. Production and growth
    27. Saving, investment and the financial system
    28. The natural rate of unemployment
    Part 10: Money and prices in the long run
    29. The monetary system
    30. Inflation: Its causes and costs
    Part 11: The macroeconomics of open economies
    31. Open-economy macroeconomics: Basic concepts
    32. A macroeconomic theory of the open economy
    Part 12: Short-run economic fluctuations
    33. Aggregate demand and aggregate supply
    34. The influence of monetary and fiscal policy on aggregate demand
    35. The short-run trade-off between inflation and unemployment
    36. Global Financial Crisis 2008 and beyond
    Part 13: Final thoughts
    37. Five debates over macroeconomic policy

    • ‘FYI’ boxes present additional material designed to enhance the concepts covered in each chapter.
    • 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
    • ‘Ten Lessons from Economics’ are outlined in Chapter 1 and referred back to throughout the text to remind students that these lessons are the key to most economic analysis
    • Current cases provide practical illustrations of important concepts
    • A full MindTap course is available
    • Chapter 18 extensively updated as a result of a recently released policy document on Competition and Regulation
    • Refreshed topical information on the GFC and beyond in light of the European debt crises, austerity and stimulus
    • New multiple choice questions to test student knowledge and comprehension
    • Updated cases and economic data keeps the material current and relevant for your students
For more information about these supplements, or to obtain them, contact your Learning Consultant

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  • 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(economics.com.au). 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.

    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.

    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.

    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).

    N. Gregory Mankiw is Professor of Economics at Harvard University. As a student, he studied economics at Princeton University and MIT. As a teacher, he has taught macroeconomics, microeconomics, statistics and principles of economics. He even spent one summer long ago as a sailing instructor on Long Beach Island. Professor 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, such as The New York Times, The Washington Post, The Wall Street Journal, and Fortune. In addition to his teaching, research, and writing, Professor 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. Professor Mankiw lives in Wellesley, Massachusetts, with his wife, three children, and border terrier Tobin.