Economics:Global Edition

Michael Parkin  
Total pages
February 2009
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Parkin's Economics is a worldwide leader because it provides a serious, analytical approach to the discipline using the latest policy and data. Parkin trains students to think like economists by offering a clear introduction to theory and applying the concepts to today's events, news, and research.

From our global food shortage to global warming, economic issues permeate our everyday lives. In his Ninth Edition, Parkin brings critical issues to the forefront. Each chapter begins with one of today's key issues, and additional issues appear throughout the chapter to show the real-world applications of the theory being discussed. When the chapter concludes, students “read between the lines” to think critically about a news article relating to the issue, demonstrating how thinking like an economist helps make informed decisions.

Parkin is so committed to currency that he uploads news articles almost daily to MyEconLab®, the online assessment and tutorial system that accompanies the text. For the Ninth Edition, assessment questions based on these “Economics in the News” articles will be uploaded periodically so that instructors can assign recent articles within MyEconLab.


  • Chapter-opening vignettes motivate readers and focus the chapter. In the Ninth Edition, these focus on current global issues like natural resources, economic inequality, and global warming. Those topics are woven through the chapter to show the big-picture implications of the theory and the chapter culminates with a Reading Between the Lines feature.
  • Reading Between the Lines shows students how to apply economic tools. At the end of each chapter, students use their new economic tools to evaluate a current news article and test their reasoning skills.
  • Parkin's diagrams show the action. With a consistent and meaningful use of color, each and every figure has been designed with the needs of students in mind. Graphs are paired with data tables, color-blended arrows show movement, diagrams are labeled with boxed notes, and extended captions provide study and review.
  • In-text Review Quizzes reinforce major concepts. Sections end with short Review Quizzes that test students' knowledge of the topics just discussed. These questions can be assigned and auto-graded in MyEconLab, which is a convenient way to encourage students to read the chapter before coming to class.
  • Interviews with Economists. One of Parkin's goals is to show students that people just like them have gone on to change the landscape of economic history. At the end of each part, a captivating interview with one of today's leading economists shows what inspired that person to pursue a career in economics. With relevant advice geared toward beginners, students see how real people can make a difference in the discipline.
  • Balanced treatment of macroeconomics. Parkin's balanced treatment of macroeconomics is organized around monitoring trends and fluctuations, understanding trends and fluctuations, and fiscal and monetary policy.
  • With MyEconLab®-an online tutorial and assessment resource-students spend more time doing economics, and instructors spend less time grading. Visit MyEconLab to learn more, take a tour, and request access.
    • Complete integration between the book and MyEconLab: Each new student copy comes with prepaid access to a MyEconLab course developed specifically to accompany this text. All end-of-chapter questions are available so students can make the most of their study time, and all in-text figures are animated with author narration within MyEconLab.
    • Learning through practice: For each chapter, students can self-study using the preloaded sample tests and tutorial resources, or they can complete instructor-assigned problems. MyEconLab automatically grades exercises-even graphing problems-so students get instant feedback and personalized Study Plans with links to additional learning tools.
    • Economics in the News: Michael Parkin selects news stories daily to bring economic concepts to life for students. Thought-provoking questions accompany each featured story and are assignable in MyEconLab.
    • Online instructor tools: Within MyEconLab, instructors can assign preloaded or customized multiple-choice, graphing, algorithmic, and free-response questions. Exercises are auto-graded, and MyEconLab records the results in an online gradebook to effortlessly track student progress.
    • Economic Videos featuring ABC News: Each video in this series presents an issue using ABC News footage accompanied by commentary from economists to show students the economics behind the news. Visit Economics Videos for more information and to view a demo.
    • New platform- and browser-independent player: The new Flash™-based, platform- and browser-independent MyEconLab Player is now available! In addition to Internet Explorer®, the Player will support Firefox® on Windows® (XP and Vista®) and Safari® and Firefox on the Macintosh®. Visit MyEconLab for more information.

New to this Edition

  • A new focus on current news issues organizes each chapter. Today's most prevalent issues tie chapters together, from chapter-opening vignettes to end-of-chapter problems to online practice. Students learn to use economic tools to analyze their own daily decisions and recent real-world events and issues.
  • Each chapter includes a discussion of a critical issue of our time, to demonstrate how economic theory can be applied to explore a particular debate or question. These topics include:
    • High and rising cost of food
    • Fluctuations in gas and oil prices
    • Effects of high gas prices on auto sales
    • Efficient use of natural resources
    • Gains and tensions from globalization
    • Changing patterns of consumption in the information age
    • Domination of the Internet
    • Climate change
    • Today's tragedies of the commons
    • Rise of Asia and the changing structure of the global economy
    • Financial instability of 2008
    • Currency fluctuations
    • Recession of 2008-2009
    • The Fed and government rescues and bailouts
  • At least ten new end-of-chapter questions per chapter are tied to current news and events.
  • Economics in the News questions are assignable in MyEconLab®. Michael Parkin selects news stories daily to bring economic concepts to life for students. Thought-provoking questions accompany each featured story and are assignable in MyEconLab as homework or quiz questions.
  • Coverage of international trade (Chapter 32 in the previous edition) is moved forward so instructors can cover trade using the welfare analysis from preceding chapters.
Content updates on the micro side:
  • Chapter 7, Global Markets in Action, is a new chapter that explains the sources and effects of international trade, its winners and losers, and the effects of trade protection (tariffs and import quotas) on economic welfare. The tools of demand and supply and consumer and producer surplus and deadweight loss explained in two earlier chapters are applied in this chapter. Offshore outsourcing and the ongoing failure of the Doha negotiations are covered.
  • Chapter 8, Utility and Demand, is extensively revised and reorganized to analyze utility maximization more intuitively and less graphically. The predictions of marginal utility theory are illustrated by changes in consumer choices in the market for recorded music, where digital downloads have almost driven out CDs. The chapter includes an explanation of behavioral economics and neuroeconomics. Material on the budget line found in the previous edition is moved to the first part of Chapter 9, Possibilities, Preferences, and Choices.)
  • Chapter 13, Monopoly, now covers the regulation of natural monopoly in the final section, which enables monopoly regulation to be covered when unregulated monopoly and its inefficiency is fresh in the student's mind. (This topic was previously found in a separate chapter.)
  • Chapter 14, Monopolistic Competition, now discusses this market type in its own full chapter. The breakdown in the price of running shoes between manufacturing and selling illustrates high selling costs. Cell phones illustrate product differentiation.
  • Chapter 15, Oligopoly, covers this market type its own chapter and is expanded to include a section on antitrust law. As with the change in the monopoly chapter, this change enables antitrust law to be studied when the coverage of cartels and the temptation to fix prices is still in the student's mind.
  • Chapter 16, Externalities, discusses climate change and the economic debate it engenders as major examples of negative externalities and alternative ways of dealing with them.
  • Chapter 20, Uncertainty and Information, contains a heavily revised explanation of the lemon problem and trading risk in credit and insurance markets.
Content updates on the macro side:
  • Coverage of macroeconomics is thoroughly updated to bring a clearer perspective and deeper understanding to global macroeconomic events. To better understand the trends and fluctuations that define our economic landscape, the macroeconomics half of the text is now organized in four parts: monitoring the trends and fluctuations, understanding the trends, understanding the fluctuations, and fiscal and monetary policy.
  • Chapter 21, Measuring GDP and Economic Growth, now includes a discussion of the recent history of real GDP growth and fluctuations that was found in the previous edition's introductory macro chapter. The explanation of the real GDP calculation is simplified, and the current chain-dollar method of real GDP calculation is presented in a new Math Note at the end of the chapter.
  • Chapter 22, Monitoring Jobs and Inflation, is substantially revised and features simplified coverage of the anatomy of unemployment and its types, plus a more comprehensive explanation of sources of unemployment. Today's unemployment is compared with that of the Great Depression. The empirical relationship between cyclical unemployment and the output gap is more clearly illustrated. The measurement of the price level and inflation is motivated with a discussion of inflation and why it is a problem. New material on alternative prices indexes is added, including coverage of the personal consumption expenditure deflator as well as the concept of core inflation. The chapter concludes with a brief section on the general use of real variables in macroeconomics.
  • Chapter 23, Economic Growth, now begins with an explanation of what determines potential GDP (from the previous edition's classical model chapter), which is followed by an explanation of what makes potential GDP grow. The sources of labor productivity growth are thoroughly explored.
  • Chapter 24, Finance, Saving, and Investment, is new to the Ninth Edition, providing a thorough and extensive explanation of financial markets and institutions and their role in providing the funds for investment to stimulate economic growth. The circular flow model of Chapter 21 is extended to include the flows in the market for loanable funds that finance investment. The role of government in the market for loanable funds is discussed, and crowding out and the role of debt and the government budget deficit are explained. A discussion of borrowing and lending in the global loanable funds market is included. The credit crisis of 2008 is used to illustrate how this vital macroeconomic market works.
  • Chapter 25, Money, the Price Level, and Inflation, is heavily revised to simplify the explanation of the money creation process. A Math Note at the end of the chapter provides a more comprehensive analysis of this process. The explanation of the responsibilities and functions of the Federal Reserve includes coverage of the Fed's role in the 2008 credit crisis.
  • Chapter 27, Aggregate Supply and Aggregate Demand, is streamlined and includes a clearer treatment of the U.S. business cycle.
  • Chapter 30, Fiscal Policy, and Chapter 31, Monetary Policy, are revised to incorporate the dramatic policy responses to the ongoing slowdown and increasingly likely recession of 2008-2009.

Table of Contents

Part 1: Introduction
Chapter 1: What is Economics?
Chapter 2: The Economic Problem

Part 2: How Markets Work
Chapter 3: Demand and Supply
Chapter 4: Elasticity
Chapter 5: Efficiency and Equity
Chapter 6: Government Actions in Markets
Chapter 7: Global Markets in Action

Part 3: Households' Choices
Chapter 8: Utility and Demand
Chapter 9: Possibilities, Preferences, and Choices

Part 4: Firms and Markets
Chapter 10: Organizing Production
Chapter 11: Output and Costs
Chapter 12: Perfect Competition
Chapter 13: Monopoly
Chapter 14: Monopolistic Competition
Chapter 15: Oligopoly

Part 5: Market Failure and Government
Chapter 16: Externalities
Chapter 17: Public Goods and Common Resources

Part 6: Factor Markets, Inequality, and Uncertainty
Chapter 18: Markets for Factors of Production
Chapter 19: Economic Inequality
Chapter 20: Uncertainty and Information

Part 7: Monitoring Macroeconomic Trends and Fluctuations
Chapter 21: Measuring GDP and Economic Growth
Chapter 22: Monitoring Jobs and Inflation
Part 8: Macroeconomic Trends
Chapter 23: Economic Growth
Chapter 24: Finance, Saving, and Investment
Chapter 25: Money, the Price Level, and Inflation
Chapter 26: The Exchange Rate and the Balance of Payments

Part 9: Macroeconomic Fluctuations
Chapter 27: Aggregate Supply and Aggregate Demand
Chapter 28: Expenditure Multipliers: They Keynesian Model
Chapter 29: U.S. Inflation, Unemployment, and Business Cycle

Part 10: Macroeconomic Policy
Chapter 30: Fiscal Policy
Chapter 31: Monetary Policy


Michael Parkin studied economics in England and began his university teaching career immediately after graduating with a B.A. from the University of Leicester. 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. His research on macroeconomics, monetary economics, and international economics has resulted in more than 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.