Economics (Volumes 1 and 2) (Third Edition)

Author: (American) Joseph Stiglitz (American) Andrew Waldegrave
Publisher:
Publish Date: 2005-06-01
Features: Faced with the overwhelming market of economics textbooks, we who are lost can only choose to follow the masters, and Joseph Stiglitz is indeed one of the top economics masters. As a leader in the field of economics, he broke away from the "perfect" assumptions of neoclassicism and led a revolution in economic thought. He is one of the founders of information economics and was awarded the Nobel Prize in Economics in 2001 for this. Incredibly, he is also a master of economics with profound expertise in numerous branches. Since Paul Samuelson's last influential textbook was written over half a century ago, economics has made tremendous progress, and none of the existing textbooks can match the third edition of Economics in demonstrating a full understanding of modern economics. Additionally, Professor Stiglitz's experience at the Washington D.C. government and the World Bank has made him the most qualified master to interpret the "new economy." Following the huge success of the first and second editions of Economics globally, the third edition presented to us by Professor Stiglitz is even more precious. Nearly perfect theoretical frameworks honed by the master and over one-third of the book's entirely new content have brought us, under the wings of the master's wisdom, to the frontier of mainstream economic research. As a "student" with a keen interest in the success of the Chinese economy, the master's profound understanding of the "Chinese phenomenon"—you simply can't resist sharing it.
Brief Introduction to Stiglitz's Economics (Third Edition)
Stiglitz's Economics is considered the most internationally influential principles of economics textbook since Samuelson's was published. The third edition of Economics not only inherits the characteristics of the previous two editions—emphasizing imperfect competition and information economics, the microfoundations of macroeconomics, and economic growth—but it is also a thoroughly revised and entirely new version.
First, since strategic behavior has permeated modern economic analysis, the authors have added a chapter on "Game Theory." Second, the economic fluctuation models have been significantly adjusted, such as using inflation and output to establish fluctuation models. Third, the authors provide an in-depth analysis of the 1997–1998 East Asian financial crisis, offering fair evaluations of the former Soviet Union and Eastern European countries, as well as China's economic transition.
The biggest change in the third edition may be the discussion on the "new economy." The authors hope readers understand that "although the technology has changed, the economic laws have not." To this end, the authors have made substantial revisions to the second edition, ensuring that readers can systematically grasp modern economic theory while also understanding how economic theory helps explain new economic phenomena and address economic issues in the digital age. The authors aim for this textbook to reflect the latest developments in economics and the way economists think about problems. Many of the new perspectives in the book are worth considering and drawing inspiration from.
As the authors state in "A Message to the Chinese Readers of Economics," "Although the main challenges faced by an economy may change over time, the underlying principles remain the same. Economics (Third Edition) provides these principles in a more systematic and scientific manner, enabling readers not only to better understand the current issues in China but also to anticipate future challenges the country may encounter."