Michael Parkin is Professor Emeritus in the Department of Economics at the University of Western Ontario, Canada. Professor Parkin has held faculty appointments at Brown University, the University of Manchester, the University of Essex, and Bond University. He is a past president of the Canadian Economics Association and has served on the editorial boards of the American Economic Review and the Journal of Monetary Economics and as managing editor of the Canadian Journal of Economics. 

Professor Parkin’s research on macroeconomics, monetary economics, and international economics has resulted in over 160 publications in journals and edited volumes, including the American Economic Review, the Journal of Political Economy, the Review of Economic Studies, the Journal of Monetary Economics, and the Journal of Money, Credit and Banking. He became most visible to the public with his work on inflation that discredited the use of wage and price controls. Professor Parkin also spearheaded the movement toward European monetary union. Professor Parkin is an experienced and dedicated teacher of introductory economics.

PART I: INTRODUCTION 

1. What is Economics? 

2. The Economic Problem 

PART II: HOW MARKETS WORK 

3. Demand and Supply 

4. Elasticity 

5. Efficiency And Equity 

6. Government Actions in Markets 

7. Global markets in Action 

PART III: HOUSEHOLDS’ CHOICES 

8. Utility and Demand 

9. Possibilities, Preferences, and Choices 

PART IV: FIRMS AND MARKETS 

10. Organizing Production 

11. Output and Costs 

12. Perfect Competition 

13. Monopoly 

14. Monopolistic Competition

15. Oligopoly 

PART V: MARKET FAILURE AND GOVERNMENT 

16. Public Choices, Public Goods, and Healthcare

17. Externalities 

PART VI: FACTOR MARKETS, INEQUALITY, AND UNCERTAINTY 

18. Markets for Factors of Production 

19. Economic Inequality 

20. Uncertainty and Information 

PART VII: MONITORING MACROECONOMIC PERFORMANCE 

21. Monitoring the Value of Production: GDP 

22. Monitoring Jobs and Inflation 

PART VIII: MACROECONOMIC TRENDS 

23. Economic Growth 

24. Finance, Saving, and Investment 

25. Money, the Price Level, and Inflation

26. The Exchange Rate and the Balance of Payments 

PART IX: MACROECONOMIC FLUCTUATIONS 

27. Aggregate Supply and Aggregate Demand 

28. Expenditure Multipliers 

29. The Business Cycle, Inflation, and Deflation 

PART X: MACROECONOMIC POLICY

30. Fiscal Policy 

31. Monetary Policy 

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