Intellectual advances in economics often come from debates that have been long forgotten but which offer context, depth and clarity to contemporary study. Essential Readings in Economics makes available in a single volume some of the seminal papers in the areas of microeconomics and macroeconomics for intermediate courses in economic principles. The readings are organised in two groups: Microeconomics and Macroeconomics. Part 1 looks at topics ranging from 'The Theory of Demand' and 'The Firm and Supply' to 'The Economics of Uncertainty and Information'. In Part 2 the wide ranging debates over the last 55 years are illustrated with contributions from Keynes, Friedman, Phillips and other leading Economists. This vigorous and accessible collection of readings is intended to supplement and extend the understanding students could obtain from conventional introductory textbooks.

PART 1: MICROECONOMICS Introduction Theory of Consumer Demand Value and Capital, Chapter 2; J.R. Hicks Theory of the Firm and Supply The Nature of the Firm; R.H. Coase The Concept of Monopoly and the Measurement of Monopoly Power; A. Lerner Monopoly and Resource Allocation; A. Harberger Strategic Competition Among the Few. Some Recent Developments in the Economics of Industry; J. Vickers General Equilibrium and Welfare The Anatomy of Market Failure; F. Bator Diagrammatic Exposition of A Theory of Public Expenditure; P.A. Samuelson Economics of Mecahnism; G. Akerlof PART 2: MACROECONOMICS Inflation and Unemployment How Important Is It To Defeat Inflation? The Evidence; R. Bootle The Role of Monetary Policy; M.Friedman Inflation and Unemployment; J. Tobin The Nature of Unemployment Unemployment Policy; R.E. Lucas Jr On Theories of Unemployment; R.M. Solow Efficiency Wage Models of Unemployment; J. Yellen The Business Cycle The General Theory of Employment, Interest and Money; J.M. Keynes Understanding Business Cycles; R.E. Lucas Jr Real Business Cycles: A Keynesian Perspective; N.G. Mankiw Control of Macroeconomic Fluctuations A Monetary and Fiscal Framework for Economic Stability; M. Friedman Rational Expectations and the Theory of Economic Policy; T.J. Sargent & N. Wallace The Monetarist Controversy....; F. Modigliani.