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Microeconomics, 7/e

John Jackson, RMIT University
Ron McIver, University of South Australia

ISBN: 0074713248
Copyright year: 2004

About this Book

ORGANISATION AND CONTENT

The material in the Microeconomics volume is organised under five basic topics:

Part 1
Part 2
Part 3
Part 4
Part 5 Introduction to economics
An overview of microeconomics
The economics of markets
The role of government
International economics

Part 1 of Microeconomics introduces the student to the method and subject matter of economics. Chapters 1 to 3 are, substantively, the same in both books. Part 1 of Microeconomics establishes a foundation and context for different material in the later chapters. The subject of Chapter 1 is the methodology of economics, while Chapter 2 provides both definition and analysis of the nature of the economising problem. Chapter 2 also briefly introduces the alternative frameworks within which the economising problem may be solved. Chapter 3 introduces the demand-supply model and its application to economic analysis.

Part 2 of Microeconomics develops the notion of the most fundamental institution of capitalism- the market, or price, system. Early emphasis on the price system (Chapter 4) is designed to provide the necessary orientation for the detailed treatment of pricing found in Part 3. Chapter 5 provides an introduction and review of the factual characteristics of the organisation of production in the private sector of the Australian economy.

The treatment of pricing and resource allocation in Part 3 is purposely detailed. After Chapter 6's review of supply and demand analysis and price elasticity, Chapter 7 analyses consumer behaviour, and includes an introduction to indifference curve analysis. Chapter 8 follows with an introduction to the alternative market structures and their implications for economic efficiency. In Chapter 9 we switch to the supply aspects of the product market and examine short-run and long-run costs. Throughout Chapters 10 to 13, emphasis is placed on the social implications of the various market structures. What is the significance of each market structure for price and output levels, resource allocation and technological progress? Emphasis in the discussion of distribution-Chapters 14 to 16-is generally in accord with the relative quantitative importance of the various market shares in our economy. Labour markets are discussed in detail in Chapter 15.

Part 4 introduces government in its role as an agent for change under modern capitalism. Chapter 17 considers the importance of market failure-through the presence of externalities and public goods-as justification for government intervention in the market system. Chapter 18 introduces the concepts of inequality and poverty, providing both technical definitions of the issues and an evaluation of the impact of government on income distribution in Australian through the taxation and social security systems.

Part 5, Chapter 19, focuses largely on the microeconomic issues surrounding trade. Particular emphasis is placed on the free trade versus protection debate, and the impact of protective devices such as tariffs and quotas on economic efficiency. Chapter 19 also provides a useful review of the history of industry assistance and assistance policy in Australia, and a review of GATT and the role of the WTO.

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