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Principles of Microeconomics


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Table of Contents

Part 1 Core principles of economics
1.Thinking as an economist
Appendix to chapter 1: Economics and the market
2.Comparative advantage: The basis for trade
3.Supply and demand: An introduction
Part 2Competition and the invisible hand
Appendix to chapter 4: Elasticity and the midpoint formula
5.Demand: The benefit side of the market
Appendix to chapter 5: Indifference curves, buyer behaviour and demand
6.Perfectly competitive supply: The cost side of the market
7.Efficiency and exchange
8.International trade and trade policy
9.The quest for profit and the invisible hand
Part 3 Imperfect competition
10.Monopoly and other forms of imperfect competition
11.Thinking strategically
Part 4 Open economy macroeconomics
12.Externalities, common resources and property rights
13.Public goods and their financing
14.The economics of information
15.Labour markets, poverty and income distribution
Part 5 Concluding thoughts
16. Thinking as an economist: revisited
Appendix: Answers to in-chapter exercises

About the Author

Robert H. Frank received his M.A. in statistics from the University of California at Berkeley in 1971, and his Ph.D. in economics in 1972, also from U.C. Berkeley. He is the Goldwin Smith Professor of Economics at Cornell University, where he has taught since 1972 and where he currently holds a joint appointment in the department of economics and the Johnson Graduate School of Management. He has published on a variety of subjects, including price and wage discrimination, public utility pricing, the measurement of unemployment spell lengths, and the distributional consequences of direct foreign investment. For the past several years, his research has focused on rivalry and cooperation in economic and social behaviour. During Dr Sarah Jennings' teaching career she has been a lecturer in-charge of units in the following fields: Microeconomics Theory, Natural Resource and Environmental Economics, Cost Benefit Analysis and International Trade Theory and Policy. Sarah has also been involved in the teaching of units in a range of other fields including: Macroeconomics, Quantitative Techniques and Econometrics. While most of her teaching assignments have been at the undergraduate level Sarah has delivered a number of specialist courses and seminars to generalist graduate audiences, particularly in the field of natural resource economics and economic policy. Sarah is also involved in teaching economics in the Master of Business Administration and the Master of Professional Accounting. Sarah's involvement in teaching introductory micro economics spans a twenty year period and has required responses to a number of key drivers of change. These have included declining availability of teaching resources and increasing class size; the move to Web-based and flexible delivery; growth in international student numbers; changes in the skill-set of the first-year student population and in the nature of the work environment for which students are being prepared; multiple campus institutions; increasing costs to students of purchasing a tertiary education and movement toward a client/provider relationship; and heightened competition from other commerce-based disciplines such as management and marketing, and from other tertiary education providers. While these pressures have inevitably changed the way we do business as economics educators, the fundamental aims of a foundation unit in economics are still to equip students with a set of practical skills that can be applied to improve their understanding of decision making in situations involving choice and to provide them with the foundations upon which to build their further studies of economics. Both aims require that students learn to see the nature of the economic problem in a wide range of everyday personal, business and social environments and to interpret the behaviour and events they observe as the outcome of economic choices. In other words, they must be taught to think like an economist. Professor Bernanke received his B.A. in Economics from Harvard University in 1975 and his Ph.D. in economics from MIT in 1979. He taught at the Stanford Graduate School of Business from 1979 to 1985 and moved to Princeton University in 1985, where he was named the Howard Harrison and Gabrielle Snyder Beck Professor of Economics and Public Affairs, where he served as Chairman of the Economics Department. He is a fellow of the American Academy of Arts and Sciences and the Econometrics Society. He was named a member of the Board of Governors of the Federal Reserve in 2002 and became the chairman of the President's council of Economic Advisers in 2005. In 2006 Ben Bernanke was selected to be the Chairman of the Federal Reserve Board. Professor Bernanke's intermediate textbook, with Andrew Abel, Macroeconomics, Fifth Edition (Addison-Wesley, 2004) is a best seller in its field. He has authored more than 50 scholarly publications in macroeconomics, macroeconomic history, and finance. He has done significant research on the causes of the Great Depression, the role of financial markets and institutions in the business cycle, and measuring the effects of monetary policy on the economy. His two most recent books, both published by Princeton University Press, include Inflation Targeting: Lessons from the International Experience (with coauthors) and Essays on the Great Depression. He has served as editor of the American Economic Review and was the founding editor of the International Journal of Central Banking. Professor Bernanke has taught principles of economics at both Stanford and Princeton.

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