Includes index.

Part 1 Basics: an overview; the American economy; supply and demand. Part 2 Macroeconomics: major problems - the business cycle, unemployment, inflation; national income analysis and fiscal policy - national income accounting, aggregate spending, potential instability, fiscal policy, deficits and debt; monetary approaches - money and banks, the federal reserve system, monetary policy; supply-side approaches - supply-side policies, economic growth - sources and limits; current policies - global macro, theory and reality. Part 3 Microeconomics: the basic theory of product markets - the demand for goods, the costs of production, the competitive firm, competitive markets, monopoly, oligopoly; issues of product markets - monopolistic competition, government intervention, (de)regulation, environmental protection, the farm problem; basic theory of factor markets - the labour market, power in labour markets, rent, interest and profit; issues of factor markets - taxes (equity vs efficiency), work vs welfare. Part 4 International economics and comparative systems: international trade; international finance; international development; the collapse of communism.

This edition continues to teach students the principles of economics by tying economic concepts to illustrations and examples from contemporary world events. The book features graphs which recast and highlight text presentations, helping students to assimilate difficult material. It also contains bold-faced key terms, a marginal glossary, bulleted key points, chapter-opening questions and full chapter summaries, as well as four-colour presentation of tables, illustrations, photo essays, charts and features. Updated to provide GDP coverage throughout and emphasizing government-directed versus market-driven outcomes, Schiller's sixth edition reinterprets the structure and function of the American economy in a new introductory chapter organized round the key issues of what, how and for whom. This edition also includes a new section, The Economy Tomorrow, added to every chapter. This includes pieces such as: Which Lever to Pull?; A Single Euro Currency?; HDTV for 00?; and Cleaner Air in the 1990s. The recasting material on oligopoly and monopolistic competition is now in two separate chapters and built-in problem-sets (with graphs) are incorporated in the back of the text. In chapters eight to ten, the Keynesian model and the Aggregate Supply/Aggregate Demand model are developed and fully integrated, with the Keynesian multiplier now illustrated in the AS/AD framework.