Cover: Macroeconomics: Canadian Edition, 5th Edition by Paul Krugman; Robin Wells; Iris Au; Jack Parkinson

Macroeconomics: Canadian Edition

Fifth  Edition©2025  Paul Krugman; Robin Wells; Iris Au; Jack Parkinson

About

Table of Contents

Part 1: What Is Economics?

  • Introduction: An Engine for Growth and Discovery
  • First Principles
  • Economic Models: Trade-offs and Trade
  • Appendix: Graphs in Economics

Part 2: Supply and Demand

  • Supply and Demand
  • Appendix A: The Algebra of Demand, Supply, and Equilibrium
  • Appendix B: Consumer and Producer Surplus
  • Price Controls and Quotas: Meddling with Markets
  • International Trade

Part 3: Introduction to Macroeconomics

  • Macroeconomics: The Big Picture
  • GDP and the CPI: Tracking the Macroeconomy
  • Unemployment and Inflation

Part 4: Long-Run Economic Growth

  • Long-Run Economic Growth
  • Savings, Investment Spending, and the Financial System
  • Appendix: Toward a Fuller Understanding of Present Value

Part 5: Short-Run Economic Fluctuations

  • Income and Expenditure
  • Appendix: Deriving the Multiplier Algebraically
  • Aggregate Demand and Aggregate Supply

Part 6: Stabilization Policy

  • Fiscal Policy
  • Appendix: Taxes and the Multiplier
  • Money, Banking, and the Central Banking System
  • Monetary Policy
  • Appendix: Reconciling the Two Models of the Interest Rate
  • Inflation, Disinflation, and Deflation

Part 7: Events and Ideas

  • Macroeconomics: Events and Ideas

Part 8: The International Economy

  • International Macroeconomics
Solutions to Check Your Understanding Questions
Glossary
Index

Paul Krugman

Paul Krugman, recipient of the 2008 Nobel Memorial Prize in Economic Sciences, is a faculty member of the Graduate Center of the City University of New York, associated with the Luxembourg Income Study, which tracks and analyzes income inequality around the world. Prior to that, he taught at Princeton University for 14 years. He received his Barroom Yale and his PhD from MIT. Before Princeton, he taught at Yale, Stanford, and MIT. He also spent a year on the staff of the Council of Economic Advisers in 1982–1983. His research has included pathbreaking work on international trade, economic geography, and 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 nontechnical audiences. He is a regular-ed columnist for the New York Times. His best-selling trade books include End This Depression Now!, The Return of Depression Economics and the Crisis of 2008, a history of recent economic troubles and their implications for economic policy, and The Conscience of a Liberal, a study of the political economy of economic inequality and its relationship with political polarization from the Gilded Age to the present. His earlier books, Peddling Prosperity and The Age of Diminished Expectations, have become modern classics.

Robin Wells

Robin Wells was a lecturer and researcher in Economics at Princeton University, 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 Southhampton (United Kingdom), Stanford, and MIT.  Her teaching and research focus on the theory of organizations and incentives.

Iris Au

Iris Au is a Professor, Teaching Stream in Economics at the University of Toronto Scarborough (UTSC). She received her BA, MA, and PhD from Simon Fraser University. She taught at Simon Fraser University and Kwantlen University College (now known as Kwantlen Polytechnic University) before joining UTSC. Currently, she teaches introductory and intermediate macroeconomics, international finance, economics of public policy, and topics on financial crises on a regular basis.

Jack Parkinson

Jack Parkinson is an Associate Professor, Teaching Stream in Economics at the University of Toronto Scarborough (UTSC). He received his Hons. BA from Western University and his MA and PhD from the University of Toronto. He has worked as a corporate tax policy analyst for the Ontario Ministry of Finance while teaching during his lunchtime or evenings. Over the past 30 years he has taught on all three campuses of the University of Toronto. Currently, he teaches introductory microeconomics and macroeconomics, intermediate microeconomics and macroeconomics, money and banking, economics of organization, and industrial organization.