Principles of Economics, 2nd Australian edition, is an adaptation of an original work by internationally renowned economists Joseph Stiglitz and Carl Walsh. In addition to a thorough analysis of the contemporary economic landscape in Australia -- with updated statistics, figures, and political and business developments -- the second edition provides useful international comparisons with economies in Asia and Europe, as well as that of the United States. The adapting Australian author team has contextualised the content to suit the needs of Australian university students. Key introductory microeconomic and macroeconomics concepts are explained using the latest theory and research, with data relevant to the Australian economy. Throughout the text, these concepts are applied to contemporary local economic issues for businesses and individuals, such as: * the Australian dollar * the mining industry * the National Broadband Network * petrol prices * privatisation * the banking and finance sectors * the automotive industry * the carbon tax * the ageing population * skills shortages * international trade. At an expanded 18 chapters for the second edition, this textbook is an ideal resource for a one?semester university course in introductory economics.