Microeconomics Information Center: Preface


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Microeconomics, 7/e

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

Preface

We are very pleased that the continuing success of Economics, which first appeared in 1980, has driven the publication of the seventh edition in the form of the two books, Microeconomics and Macroeconomics, which, for both theoretical and practical reasons, are very different from the first Economics. Theory has developed, but, more importantly, so has the pedagogy for teaching it in the best way. Practically, the world of economics has also changed. In particular, many parts of the Australian economy have been transformed, and we are competing in an increasingly global environment. Revision of a large economics textbook, although a daunting and time-consuming task, provides the opportunity for improvements to be made at many levels. The reader familiar with the earlier editions will find many changes embodied in the seventh editions. These include a reorganisation of some material, rewrites of some sections, updating of data, and the addition of new features. These revisions reflect several influences, including our own view of needed improvements, as well as the insights and suggestions of the many colleagues and students around Australia who made comments on the sixth editions. Priority has been placed on the needs to update Australian examples and applications, extend the regional and global view, and refresh many of the real-world economic examples used extensively throughout the texts.

The basic purposes of the texts remain unchanged: to introduce the new student of economics to those principles essential to an understanding of fundamental economic problems, and to make clear the policy alternatives that Australian society may use to cope with these problems in an international context. It is hoped that the ability to reason accurately and objectively about economic matters, and the development of a lasting interest in economics will be two valuable by-products of this basic objective. The emphases of these books are on the clear exposition and logical organisation of economic principles, the need to present many applications of the analysis, and the provision of an introduction to many of the facts and institutions of the economy. The text is basically concerned with the principles of 'mainstream' economics; however, in writing the text we recognise the ideology of market capitalism at the outset, while criticisms of the mainstream are acknowledged throughout. The texts also include both empirical support and critiques of each part of the analysis. We believe that this balanced approach will best allow readers to form their own views about the faults and limitations of mainstream ideas, while providing an introduction to economics that can be readily used to analyse economic debates in both the public and private sectors.

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