Introductory Microeconomics, 1st Australian Edition

ISBN: 9780730315520

Introductory Microeconomics, First Australian Edition is an adaptation of original work by internationally renowned economists Joseph Stiglitz and Carl Walsh. Key microeconomic concepts are covered through a uniquely Australian perspective. Introductory Microeconomics outlines topics such as the National Broadband Network, the automotive industry, reducing carbon emissions and the banking sector, and how these issues effect Australian businesses and individuals.


Introductory Microeconomics, First Australian Edition comes packed with iStudy. iStudy is an application that uses interactive modules to test your knowledge and help you understand economic concepts. Best of all, iStudy is available on a range of operating systems which means you can use it anywhere, anytime.


  • Case-in-point vignettes highlight real-world applications in each chapter that are particularly relevant to Australia’s economy.
  • International perspective boxes examine the application of economic concepts in other parts of the world, providing a useful basis for comparison with Australia.
  • Thinking like an economist boxes encourage students to analyse a contemporary issue from the perspective of an economist.
  • Critical thinking questions appear throughout the text to facilitate student analysis, discussion and debate of economic issues and dilemmas.
Joseph Stiglitz is university professor at Columbia and Co-Chair of Columbia’s Committee on Global Thought. He is also the co-founder and co-president of the Initiative for Policy Dialogue at Columbia. Before joining the Columbia faculty, he held appointments at Yale, Oxford, Princeton and Stanford. Internationally recognised as one of the leading economists of his generation, Professor Stiglitz has made important contributions to virtually all of the major subfields of economics, in particular the economics of information, one of the key topics highlighted in this text. Recognised around the world as a leading economic educator, he has written textbooks that have been translated into more than a dozen languages. In 2001, Stiglitz was awarded the Nobel Prize in economics for his analyses of markets with asymmetric information, and he was a lead author of the 1995 Report of the Intergovernmental Panel on Climate Change, which shared the 2007 Nobel Peace Prize. Earlier in his career, he received the American Economic Association’s John Bates Clark Medal, which is given every two years to the most outstanding economist under the age of forty. In 2011, Time magazine named Stiglitz one of the 100 most influential people in the world. Stiglitz was Chair of the Council of Economic Advisers during the Clinton administration, and later served as Chief Economist and Senior Vice President of the World Bank. In 2008, he chaired the Commission on the Measurement of Economic Performance and Social Progress, and in 2009 he was appointed by the United Nations General Assembly as chair of the Commission of Experts on Reform of the International Financial and Monetary System.

Carl E. Walsh is distinguished professor of economics and Chair of the Department of Economics at the University of California, Santa Cruz, where he teaches principles of economics. He previously held faculty appointments at Princeton and the University of Auckland, New Zealand, and has been a visiting professor at Stanford. Walsh’s research deals primarily with central banking and issues associated with the theory of monetary policy. His recent work has focused on the role of transparency and monetary policy announcements, the role of the cost channel in the transmission of monetary policy, and the integration of modern theories of unemployment into frameworks for monetary policy analysis. Before joining the Santa Cruz faculty, Walsh was senior economist at the Federal Reserve Bank of San Francisco, where he continues to serve as a visiting scholar. He has also been a visiting scholar at the Federal Reserve Banks of Kansas City, Philadelphia, and at the Board of Governors. He has taught courses in monetary economics to the research department and staff economists at the central banks of Hong Kong, Norway, Portugal, Spain and the United Kingdom, and at the International Monetary Fund.

Jeff Gow is a professor of economics in the School of Commerce at the University of Southern Queensland, Toowoomba. He is also a research associate of the Health Economics and HIV/AIDS Research Division (HEARD) at the University of KwaZulu-Natal, Durban, South Africa. His research interests encompass health economics (especially HIV/AIDS in Africa), and agricultural economics and policy, both in Australia and overseas. He has won three nationally competitive grants, and worked as a consultant to international organisations like UNAIDS, USAID, UNICEF and the World Health Organisation, and national governments in South Africa, Britain, Sweden and Germany. Gow has over 20 years’ tertiary teaching experience encompassing a wide range of economics courses — including both microeconomics and macroeconomics at the introductory, intermediate and advanced levels — as well as specialist courses in mathematical, health, agricultural, policy, international and environmental economics.

Bill Richmond is a former member of the School of Economics at the University of Queensland. He holds degrees from the University of Melbourne, the University of Birmingham (UK) and the University of Queensland. Richmond currently coordinates courses in introductory economic theory, economic history and economic policy at both the University of Southern Queensland and the University of Queensland, as well as serving as Director of a not-for-profit company (MindVentures), which offers educational courses to mature-aged people. He has previously lectured and tutored in a wide range of courses relating to the policy implications of economic theory, including business economics and both Australian and international political economy, as well as those in microeconomic and macroecomic theory. Richmond’s particular interests lie in the application of economic theory to a range of political and economic policies. He is particularly concerned that decision-makers in politics and business bring rigorous economic thinking to bear on such issues while maintaining an appreciation of their social and political dimensions.

1. Modern economics and thinking like an economist
2. Demand and supply
3. Consuming and producing
4. The competitive firm
5. Labour and capital markets
6. The efficiency of competitive markets
7. Monopoly, monopolistic competition and oligopoly
8. Government policies towards competition
9. Imperfections in the labour market
10. Imperfect information
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