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Fourteenth Edition

Richard Lipsey and Alec Chrystal

19 March 2020

ISBN: 9780198791034

792 pages

In Stock

Price: £62.99

The ideal companion for understanding economic principles, using a consistent, theoretical framework to examine the topics and global case studies to contextualise the content.



Combining rigour with clarity, Lipsey and Chrystal's comprehensive introduction to economics helps students to understand micro and macroeconomics by using a consistent, theoretical framework to examine the topics. Global case studies demonstrate the practical application of the concepts and their international relevance.

  • 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
  • Also available as an e-book with functionality, navigation features, and links that offer extra learning support

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

About the Author(s)

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

Table of Contents

    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
    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, uncertainty, and finance
    Part 4: Government and the Market
    13:Successes and failures of markets
    14:The role of government
    Part 5: Macroeconomics: Issues and Framework
    15:Macroeconomic issues and measurement
    16:A basic model of the determination of GDP in the short term
    17: GDP determination with government and trade
    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


"Lipsey & Chrystal have been breaking boundaries for decades. The pairing of theory and examples is excellent." - Professor Parviz Dabir-Alai, Professor of Economics, Richmond University

"A title which all economists should have on their shelves: an accessible and reliable companion for a lifetime." - Professor João Sousa Andrade, Professor of Economics, University of Coimbra