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PAUL KRUGMAN, recipient of the 2008 Nobel Memorial Prize in Economics, is Professor of Economics at Princeton University, USA, where he regularly teaches the principles course. He received his BA from Yale and his PhD from MIT. Prior to his current position, he taught at Yale, Stanford, and MIT. He also spent a year on staff of the Council of Economics Advisors in 1982-1983. His research is mainly in the area of international trade, where he is one of the founders of the 'new trade theory,' which focuses on increasing returns and imperfect competition. He also works in international finance, with a concentration in currency crises. In 1991, Krugman received the American Economic Association's John Bates Clark medal. In addition to his teaching and academic research, Krugman writes extensively for non technical audiences and he is a regular op-ed columnist for the New York Times. ROBIN WELLS was a lecturer and researcher in Economics at Princeton University, USA, where she has taught undergraduate courses. She received her BA from the University of Chicago and her PhD from the University of California, Berkeley; she then did her postdoctoral work at MIT. She has taught at the University of Michigan, the University of Southampton (UK), Stanford, and MIT. Her teaching and research focus on the theory of organizations and incentives. ELIZABETH KELLY teaches at the University of Wisconsin-Madison, USA.

PART I: WHAT IS ECONOMICS? Introduction: The Ordinary Business of Life First Principles Economic Models: Trade-offs and Trade Appendix: Graphs in Economics PART II: SUPPLY AND DEMAND Supply and Demand Price Controls and Quotas: Meddling with Markets Consumer and Producer Surplus Elasticity PART III: INDIVIDUALS AND MARKETS Taxes International Trade PART IV: ECONOMICS AND DECISION MAKING Making Decisions PART V: THE CONSUMER The Rational Consumer Appendix: Consumer Preferences and Consumer Choice PART VI: THE PRODUCTION DECISION Behind the Supply Curve: Inputs and Costs Perfect Competition and the Supply Curve PART VII: MARKET STRUCTURE: BEYOND PERFECT COMPETITION Monopoly Oligopoly Monopolistic Competition and Product Differentiation PART VIII: MICROECONOMICS AND PUBLIC POLICY Externalities Public Goods and Common Resources The Economics of the Welfare State PART IX: FACTOR MARKETS AND RISK Factor Markets and the Distribution of Income Appendix: Indifference Curve Analysis of Labour Supply Uncertainty, Risk, and Private Information