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Principles of Economics 5th edition combines microeconomics and macroeconomics into one volume for students who take a full year's course. The latest edition of this text continues to focus on important concepts and analyses necessary for students in an introductory economics course. In keeping with the authors' philosophy of showing students the power of economic tools and the importance of economic ideas; this edition pays careful attention to regional and global policies and economic issues - such as climate change and resource taxation; the impacts of the 2008 global financial crisis; the Henry tax review; inflation; unemployment; interest rates; monetary and fiscal policy. \About the Authors\Joshua Gans\Joshua Gans holds the Skoll Chair in Innovation and Entrepreneurship at the Rotman School of Management; University of Toronto. He studied economics at the University of Queensland and Stanford University. He currently teaches network and digital market strategy. Professor Gans' research ranges over many fields of economics including economic growth; game theory; regulation and the economics of technological change and innovation. His work has been published in academic journals including the American Economic Review; Journal of Economic Perspectives; Journal of Political Economy and the Rand Journal of Economics. Joshua also has written the popular book; Parentonomics (published by MIT Press) and founded the Core Economics blog(economics.com.au). Currently; he is an associate editor at Management Science and the Journal of Industrial Economics. He has also undertaken consulting activities (through his consulting firm; CoRE Research); advising governments and private firms on the impact of microeconomic reform and competition policy in Australia. In 2007; he was awarded the Economic Society of Australia's Young Economist Award for the Australian economist under 40 who has made the most significant contribution to economic knowledge. In 2008; he was elected as a Fellow of the Academy of Social Sciences Australia. Professor Gans lives in Toronto with his spouse and three children.Stephen King\Stephen King is Professor of Economics at Monash University and a Member of the Economic Regulation Authority of Western Australia. Prior to joining Monash; Stephen was a Commissioner at the Australian Competition and Consumer Commission. After starting (and stopping) studying forestry and botany; Stephen completed an economics degree at the Australian National University. He completed his PhD at Harvard University in 1991. Stephen has taught a variety of courses; including introductory courses at Harvard University and the University of Melbourne. Professor King specialises in industrial economics; although his research has covered a wide range of areas; including game theory; corporate finance; privatisation and tax policy. His work has been published in academic journals such as the Journal of Industrial Economics; European Economic Review and Journal of Political Economy. Stephen regularly provides advice to both government and private firms on a range of issues relating to regulation and competition policy. He is a Lay Member of the High Court of New Zealand and a Fellow of the Academy of Social Sciences in Australia. Professor King lives in Melbourne with his wife. Their two children have run away from home to study at universityRobin Stonecash\Robin Stonecash is Director of Executive Education at the Business School at the University of Technology Sydney and Director of Stonecash Associates; a boutique consulting firm. She studied economics at Swarthmore College; the University of Wisconsin; and the University of New South Wales. She has taught a variety of courses in microeconomics; macroeconomics and international trade to undergraduates and graduates. She currently consults on strategy and negotiation as well as teaching economics; strategy and negotiation to MBA and executive students. Dr Stonecash's research interests cover a wide range of topics; including competition policy; privatisation; and international trade and development. Her work has been published in several journals; including the Economic Record; Prometheus and Public Performance and Management Review. Dr Stonecash has also done several studies on the efficiency gains from outsourcing. She has consulted widely for private companies and government organisations such as AusAID and the Departments of Ageing and Disability and Community Services. Dr Stonecash lives in Sydney with her husband; Mark.N. Gregory Mankiw\N. Gregory Mankiw is Professor of Economics at Harvard University. He has taught macroeconomics; microeconomics; statistics; and principles of economics. Professor Mankiw is a prolific writer and a regular participant in academic and policy debates. His research includes work on price adjustment
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