Economics has been thoroughly revised, simplified, and updated for the Fourth Edition. Co-written by Joseph Stiglitz, winner of the Nobel Prize for his research on imperfect markets, and Carl E. Walsh, one of the leading monetary economists in the field, Economics is the most modern and accurate text available. Contents: Part 1 Introduction: Modern Economics ??? Thinking Like an Economist ??? Part 2 Perfect Markets: Demand, Supply, and Price ??? Using Demand and Supply ??? The Consumption Decision??? The Firm's Costs ??? The Competitive Firm ??? Labor Markets ??? Capital Markets ??? The Efficiency of Competitive Markets ??? Part 3 Imperfect Markets: Introduction to Imperfect Markets ??? Monopoly, Monopolistic Competition, and Oligopoly ??? Government Policies Toward Competition ??? Strategic Behavior ??? Imperfect Information in the Product Market ??? Imperfections in the Labor Market ??? Part 4 Issues In Public Policy: The Public Sector ??? Environmental Economics ??? International Trade and Trade Policy ??? Technological Change ??? Part 5 Introduction To Macroeconomics: Macroeconomics and the Economic Perspective ??? Measuring Output and Unemployment ??? The Cost of Living and Inflation ??? Part 6 Full-Employment Macroeconomics: The Full-Employment Model ??? Government Finance at Full Employment ??? The Open Economy at Full Employment ??? Growth and Productivity ??? Money, the Price Level and the Federal Reserve ??? Part 7 Macroeconomic Fluctuations: Introduction to Macroeconomic Fluctuations ??? Aggregate Expenditures and Income ??? Aggregate Demand and Inflation ??? The Federal Reserve and Interest Rates ??? The Role of Macroeconomic Policy ??? Part 8 The Global Economy: The International Financial System ??? Policy in the Open Economy ??? Development and Transition ??? Part 9 Further Topics In Macroeconomics: Inflation and Unemployment ??? Controversies in Macroeconomic Policy ?