Previous ed.: 2005.

Part One: Introduction 1. Economics and the economy 2. Tools of economic analysis 3. Demand, supply and the market Part Two: Positive microeconomics 4. Elasticities of demand and supply 5. Consumer choice and demand decisions 6. Introducing supply decisions 7. Costs and supply 8. Perfect competition and pure monopoly 9. Market structure and imperfect competition 10. The labour market 11. Different types of labour 12. Factor markets and income distribution 13. Risk and information 14. The information economy Part Three: Welfare ecomonics 15. Welfare economics 16. Government spending and revenue 17. Industrial policy and competition policy 18. Natural monopoly: public or private? Part Four: Macroeconomics 19. Introduction to macroeconomics 20. Output and aggregate demand 21. Fiscal policy and foreign trade 22. Money and banking 23. Interest rates and monetary transmission 24. Monetary and fiscal policy 25. Aggregate supply, prices and adjustment to shocks 26. Inflation, expectations and credibility 27. Unemployment 28. Exchange rates and the balance of payments 29. Open economy macroeconomics 30. Economic growth 31. Business cycles 32. Macroeconomics: taking stock Part Five: The world economy 33. International trade 34. Exchange rate regimes 35. European integration 36. Poverty, development and globalisation Appendix: Answers to review questions Glossary Index