Publisher's Synopsis
This introduction to economic principles has been thoroughly revised and reorganized. It provides a balanced approach to the study of both micro- and macro-economics and reduces the difficult higher-level, model-driven and theoretical material found in more advanced texts. Instead, it offers policy applications, real-world applications and international perspectives.;The micro-economics section discusses the efficiency of competitive markets; focuses on the problems of markets and the potential gains and losses from government involvement; contains a full treatment of the advantages and disadvantages of imperfectly competitive markets; discusses problems of public goods, externalities, income distribution and poverty. The macro-economics section presents a core model emphasizing micro-foundations - chapters building on each other until a complete model of the economy has been developed.
