Economics (14th edition)

ISBN : 9780198791034

Richard Lipsey; Alec Chrystal
760 Pages
195 x 265 mm
Pub date
Feb 2020


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  • Comprehensive coverage of the financial crisis and subsequent changes to the global economic landscape allows students to apply the economic principles to important contemporary issues
  • The authors provide a consistent theoretical framework and relate it to a wide range of applied material, highlighting the relevance of the topics to business and policy making
  • Global case studies give a broad international perspective on economics and encourage readers to develop and contextualise their understanding of the core themes
  • Problem solving and numerical questions encourage readers to develop analytical skills

New to this Edition:

  • The importance of international supply chains as they affect business and international trade has been expanded in the micro and macro sections throughout the book
  • Updated and extended coverage of important current issues such as climate change and the productivity puzzle in Chapter 26, and Brexit and trade wars in Chapter 27

An illuminating and robust introduction to economics principles, the fourteenth edition of Lipsey and Chrystal's established textbook continues to provide complete coverage for those new to micro and macroeconomics.
The authors help students to understand the subject matter through a combination of lucid explanation and supportive learning features which encourage independent thought. The principles are examined through a theoretical lens before empirical examples demonstrate how the concepts work in practice.
The applied nature of the models is further emphasised by case studies from around the world, which encourage students to develop and contextualise their understanding of the key themes.
Suitable for beginners, the authors provide in-depth explanations of key theoretical concepts which relate to a wide range of applied material. End-of-chapter questions give students the opportunity to test their knowledge and advance their critical thinking skills.
Economics undergraduates studying a core module on the principles of economics. It may also be suitable for students taking business, management, or finance and accounting degrees who are taking a module which introduces economics.
This book is accompanied by online resource to support both students and lecturers.
For students:
- Self-test questions
- Flashcard glossary
- Additional chapter material
- Web links
For adopting lecturers:
- PowerPoint slides
- Instructor's manual
- Test bank
- Additional chapters covering Economics of Developing Countries and Macroeconomic Policy in an Open Economy



Part 1: Markets and Consumers
1: Economic issues and concepts
2: Demand and supply
3: Elasticity of demand and supply
4: Consumer choice: indifference theory

Part 2: Markets and Firms
5: The cost structure of firms
6: Perfect competition
7: Monopoly
8: Imperfect competition

Part 3: Markets for Inputs
9: Demand and supply of inputs
10: The labour market
11: Capital, investment, and new technology
12: Risk uncertainity and finance

Part 4: Government and the Market
13: Successes and failures of markets
14: The role of government


Part 5: Issues and Framework
15: Macroeconomic issues and measurement
16: A basic model of the determination of GDP in the short term
17: GDP in an open economy with government
18: Money and monetary institutions
19: Money, interest, and GDP: the LM curve
20: Investment, the interest rate, and GDP: the IS-LM Model
21: GDP and the price level: aggregate demand and aggregate supply
22: The determination of GDP with steady inflation

6: Macroeconomics of the Global Economy
23: Business cycles, unemployment, and inflation
24: Exchange rates and the balance of payments
25: Fiscal and monetary policies
26: Economic growth and sustainability
27: International trade

About the author: 

Richard Lipsey, Professor Emeritus of Economics, Simon Fraser University, Canada
Alec Chrystal, Professor Emeritus, Cass Business School, City University of London

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