Principles of Macroeconomics 9th edition boils economics down to its essentials. It encourages you to make your own judgement by presenting both sides of the debate on five controversial issues facing policy makers. These are: the proper degree of policy activism in response to the business cycle, the choice between rules and discretion in 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. MindTap resources for students include concept clips, graph builder, Aplia problem sets, interactive quizzes, videos and video quizzes.
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. Contemporary macroeconomics topics
Part 8: Final thoughts
18. Five debates over macroeconomic policy
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Robin Stonecash
Robin Stonecash is Dean of Business and Head of Gold Coast campus at Southern Cross University. Previously, Robin was the Director of Executive Education in the Department of Management Education at The University of Sydney Business School. For the last 30 years she has been an academic and consultant, working at the University of Sydney Business School, the Macquarie Graduate School of Management, the Australian Graduate School of Management at UNSW and the School of Business at UTS. She also worked for the Centre for International Economics, a Canberra-based economic consulting firm, working on government policy and regulatory issues.
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Joshua Gans
Joshua Gans holds the Skoll Chair in Innovation and Entrepreneurship at the Rotman School of Management, University of Toronto; he was previously Professor of Management (information Economics) at the Melbourne Business School. He studied economics at the University of Queensland and Stanford University. He currently teaches network and digital marketing strategy, but prior to his relocation to Canada he taught introductory economics and incentive theory to MBA students.
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Stephen King
Dr Stephen P King joined the Productivity Commission as a Commissioner from 1 July 2016. He was recently a Professor of Economics at Monash University in Melbourne where he also held the position of Dean of the Faculty of Business and Economics from 2009-2011.
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Martin Byford
Martin Byford is Lecturer of Economics at RMIT University. Prior to joining RMIT he was Assistant professor of economics at the University of Colorado at Boulder. Martin discovered economics during the final year of a combined Arts and Civil Engineering degree. Realising that he had made a terrible error in his choice of vocation, Martin went back to university to study economics. He completed a PhD at the University of Melbourne in 2007. Martin’s introductory microeconomics course is currently taught on RMIT campuses in Australia, Singapore and Vietnam.
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Kris Ivanovski
Kris Ivanovski is a Scholarly Teaching Fellow within the Department of Economics at Monash University. He has a demonstrated history of working in the higher education industry and is skilled in Policy Analysis, Stata, Economic Research, Data Analysis, and Statistical Modelling. Kris' strong education experience includes roles at the University of Melbourne and Deakin, as well as a PhD focused in Economics from Monash University.
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Gregory Mankiw
N. Gregory Mankiw is Robert M. Beren Professor of Economics at Harvard University. For 14 years he taught EC10 Principles, the most popular course at Harvard. He studied economics at Princeton University and MIT. Professor Mankiw is a prolific writer and a regular participant in academic and policy debates. His research includes work on price adjustment, consumer behaviour, 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. His work has also appeared in more widely accessible forums, including The New York Times, The Washington Post, The Wall Street Journal and Fortune. 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 chairperson of the President’s Council of Economic Advisers. Professor Mankiw’s texts in introductory and intermediate economics are the worldwide market leaders and have reached many millions of students.
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NEW content coverage of pandemic economics, cryptocurrency, and the impacts of human activity on the health of the planet
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NEW case studies, news articles, figures and accompanying questions for thought
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NEW content covering the Dynamic AD-AS model
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Enhanced data visualisation
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'Ten lessons from economics’ are outlined in chapter 1 and are referred to throughout the text to remind students that these lessons are the key to most economic analysis
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Case studies, 'What Australian economists think' boxes, 'In the news', and 'FYI' boxes provide opportunities for students to analyse practical applications of economic concepts, gain insights into current policy issues and consider current events through an economic lens
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The ‘Check your understanding’ feature is unique in the market and breaks up learning into manageable sections. It provides students with the opportunity to check their understanding before continuing to the next section of the chapter, while also encouraging discussion and feedback between instructors and students
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End-of-chapter summaries, questions for review, and problems and applications reinforce chapter content and encourage critical thinking
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An inclusive approach ensures that prominent women in economics are highlighted, as well as concepts around wage discrimination
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