Principles of Economics

Part 1: Introduction 1. Thinking Like An Economist 2. Markets, Specialisation and Economic Efficiency 3. Markets, Supply, Demand and Elasticity Part 2: Competition and the 'Invisible Hand' 4. Demand: The Benefit Side of the Market 5. Perfectly Competitive Supply: the Cost Side of the Market 6. Efficiency and Exchange 7. Profits, Entry and Exit: The Basis for the 'Invisible Hand' Part 3: Market Imperfections 1: Market Power 8. Imperfect Competition and the Consequences of Market Power 9. Thinking Strategically 1: Interdependence, Decision Making and the Theory of Games 10. Thinking Strategically 2: Competition Among the Few Part 4: Market Imperfections 2: Externalities, Information, Distribution and the Role of the Government in a Market Economy 11. Externalities and Property Rights 12. The Economics of Information 13. Labour Markets, Income Distribution, Wealth and Poverty 14. Government in the Market Economy: Public Sector Production and Regulation 15. The Credit Crunch and the Great Contraction: An Application of Some Micro-economics to Help Explain a Macro-economic Crisis Part 5: Macroeconomics: Issues and Data 16. Macroeconomics: the Bird's Eye View of the Economy 17. Measuring Economic Activity: Gross Domestic Product 18. Measuring the Price Level and Inflation 19. The Labour Market: Wages and Unemployment Part 6: The Economy in the Long Run 20. Economic Growth, Productivity and Living Standards 21. Capital Markets: Saving, Investment and Financial Intermediaries Part 7: The Economy in the Short Run 22. Short-Term Economic Fluctuations 23. Money and Interest Rates 24. The IS-LM Model 25. Stabilising the Economy 1: the Role of Fiscal Policy 26. Stabilising the Economy 2: the Role of Monetary Policy 27. Aggregate Demand, Aggregate Supply and Inflation 28. The New Keynesian Phillips Curve: Expectations and Inflation Policy Part 8: The International Economy 29. Exchange Rates, Capital Flows and the Balance of Payments