Economics : a student's guide
/
- 5th ed.
- Harlow, England / New York : Prentice Hall (Financial Times Prentice Hall), c2001
- xvii, 770 p.: some col.ill.; 26 cm.
Designed as an introductory textbook that bridges advanced secondary education and higher education. It is explicitly tailored for Advanced-level ('A' Level) students, undergraduate introductory economics courses, Higher National Diploma (HND) programs, and professional examinations.
Includes references and index
Economics......Page 1 Contents......Page 5 Preface......Page 15 Syllabus map......Page 16 About the authors......Page 18 Acknowledgements......Page 19 Publishers’ acknowledgements......Page 20 The market system......Page 21 The subject matter of economics......Page 23 Positive and normative statements......Page 25 Scientific method......Page 26 Different answers to the same questions......Page 28 Conclusions......Page 31 Questions......Page 32 Data response B......Page 33 The use and abuse of statistics......Page 36 Indices......Page 39 Statistics......Page 44 Data response A......Page 46 Data response C......Page 47 Wants and needs......Page 49 The factors of production......Page 50 The division of labour......Page 52 Economies of scale......Page 53 New technology......Page 56 Increasing costs and diminishing returns......Page 57 The law of increasing costs......Page 58 International trade......Page 62 Data response A......Page 65 Data response B......Page 66 The price system......Page 67 Demand......Page 68 Supply......Page 71 Equilibrium prices......Page 73 Demand in detail......Page 76 The price system assessed......Page 80 Summary......Page 81 Data response A......Page 82 Data response B......Page 83 Elasticity of demand......Page 84 Price elasticity of demand and the firm’s decision making......Page 86 The calculation of price elasticity of demand......Page 87 Factors determining price elasticity of demand......Page 89 Arc elasticity......Page 91 Point elasticity......Page 92 Income elasticity of demand......Page 93 Cross elasticity of demand......Page 94 Price elasticity of supply......Page 95 Questions......Page 98 Data response B......Page 99 Some important ideas reviewed......Page 100 Changes in market price......Page 101 Government interference withequilibrium prices......Page 104 Taxes and subsidies......Page 109 Problems with demand and supplyanalysis......Page 112 Questions......Page 115 Data response B......Page 116 Types of business organisation......Page 118 Legal forms of firms......Page 120 Costs of production......Page 123 Profits......Page 128 Summary......Page 130 Data response B......Page 131 Profit maximisation......Page 132 Types of competition......Page 133 Alternative objectives......Page 139 Data response B......Page 140 Market failure andgovernment intervention......Page 143 What is a mixed economy?......Page 145 The origins of the mixed economy......Page 147 The allocative role: provision of goods and services......Page 150 The distributive role: transfer payments......Page 152 Criteria for the allocation of resources......Page 153 Summary......Page 155 Data response A......Page 156 Case study 10.1 the growth of public expenditure......Page 157 Reasons for growth in public expenditure......Page 158 Strategies for the control of public expenditure......Page 159 Case study 10.2 reform of the NHS: technical efficiency and transactions costs......Page 160 How to pay for the service?......Page 161 Case study 10.3 markets in education: allocative efficiency......Page 164 Case study 10.4 monopoly and privatised industries......Page 166 Case study 10.5 regional problems......Page 167 Summary......Page 171 Markets in operation......Page 173 Case study 11.1 agricultural prices......Page 175 Features of the agriculture industry......Page 177 Recent developments in policy......Page 178 A comparison of three policies......Page 179 Case study 11.2 the housing market......Page 181 The public sector......Page 183 The owner occupied sector......Page 185 Case study 11.3 minimum wage legislation......Page 190 Summary......Page 192 The meaning of leisure......Page 193 Travel and tourism......Page 196 Some economic aspects of the English Premier League......Page 197 Summary......Page 199 Data response A......Page 200 An introduction to the environment......Page 202 Policies to deal with the environment......Page 203 Pollution characteristics......Page 205 Case study 13.1 global warming......Page 207 Policies......Page 209 Case study 13.2 ozone depletion......Page 212 ase study 13.3 rubbish and recycling......Page 213 Policy......Page 214 Questions......Page 215 Case study 14.1 road congestion......Page 216 Case study 14.2 privatising a loss-makingmonopoly......Page 220 Privatisation......Page 222 Alternative methods of privatisation......Page 223 Case study 14.3 air transport......Page 224 Case study 14.4 the channel crossing: intermodal competition......Page 227 Summary......Page 228 The national economy......Page 229 Pre-Keynesian attitudes......Page 231 Macroeconomics......Page 232 Questions......Page 234 Data response A......Page 235 The four macroeconomic policy targets......Page 236 The circular flow of national income......Page 237 The components of national income......Page 238 National income accounts......Page 239 Growth......Page 242 Conclusion......Page 245 Data response A......Page 246 The aggregate demand and supply curve approach......Page 248 The derivation of the aggregate supply curve......Page 251 Conclusion......Page 254 Questions......Page 255 Data response A......Page 256 The major objectives of government policy......Page 258 1945 to the early 1970s......Page 259 1974–1982......Page 261 1982–1996......Page 269 1997 onwards......Page 271 International interdependence and ‘globalisation’......Page 272 Questions......Page 274 Data response A......Page 275 Business economics......Page 277 The size of firms......Page 279 The growth of firms......Page 280 The continuation of the small business......Page 284 Questions......Page 285 Data response B......Page 286 Average costs in the short run......Page 290 Average costs in the long run......Page 292 The mathematics of marginal cost......Page 295 Conclusion......Page 296 Summary......Page 297 Data response B......Page 298 The best profit output......Page 299 The supply curve......Page 301 The optimality of perfect competition......Page 302 Data response A......Page 304 Data response B......Page 305 Perfect and imperfect competition......Page 306 Profit-maximising techniques......Page 307 The equilibrium of the monopolist......Page 312 The equilibrium of the monopolistically competitive firm......Page 313 Oligopolistic competition......Page 315 Managerial and behavioural theories revisited......Page 318 Contestable markets......Page 319 Summary......Page 320 Data response B......Page 321 Governments and monopoly......Page 324 Pricing problems......Page 328 Discriminating monopoly......Page 329 Monopoly assessed......Page 331 Summary......Page 333 Data response B......Page 334 Introduction......Page 338 Reasons for nationalisation......Page 339 Case study 24.2 problems of nationalised industry control......Page 341 Methods of privatisation......Page 345 Vertical disintegration......Page 346 Competition and new technology......Page 349 Case study 24.5the regulation of privatised industries......Page 351 Case study 24.6 is privatisation a success?......Page 353 Summary......Page 355 Labour markets and thedistribution of income......Page 357 Marginal distribution theory......Page 359 Resources and costs......Page 365 Production in the long run......Page 367 Summary......Page 370 Data response A......Page 371 Data response B......Page 372 The determination of the wage rate and level of employment......Page 374 The supply of labour......Page 375 Trade unions and wages......Page 378 Monopsony in labour markets......Page 382 Differentials and disequilibriums......Page 383 Questions......Page 386 Data response A......Page 387 Data response B......Page 388 Partial and general equilibrium......Page 391 The Pareto criterion......Page 393 Allocative efficiency......Page 394 Efficiency and the free market......Page 395 Pareto efficiency and perfect competition......Page 396 The welfare significance of equilibrium in a perfect market......Page 398 Imperfect competition......Page 401 Externalities......Page 402 Public goods......Page 406 Public goods, efficiency and valuation......Page 407 Summary......Page 409 Questions......Page 410 Data response A......Page 411 The distribution of income and wealth......Page 412 Understanding the tax–benefit system......Page 415 Case study 28.1 what makes a good tax?......Page 419 Case study 28.2 the shift to expenditure taxation......Page 420 Case study 28.3 direct taxes: a disincentive to work?......Page 423 Tax reform......Page 426 Case study 28.4 local taxation and autonomy......Page 428 Summary......Page 429 Macroeconomic analysis......Page 431 The Keynesian revolution......Page 433 Macroeconomics......Page 434 The fundamental ideas of Keynes......Page 436 Keynesian recession and depression......Page 437 Questions......Page 441 Data response B......Page 442 Income and consumption......Page 443 Determinants of consumption......Page 447 Savings......Page 448 Determinants of investment......Page 450 Conclusion......Page 453 Appendix: the accelerator......Page 455 Data response A......Page 457 Data response B......Page 458 Goods and money......Page 459 Withdrawals and injections......Page 460 The ‘hydraulic’ Keynesian model – an overview......Page 461 A model of the economy......Page 463 Summary......Page 465 Data response A......Page 466 The multiplier......Page 468 The operation of the multiplier......Page 469 The multiplier formula......Page 470 Equilibrium and the multiplier......Page 471 Questions......Page 473 Data response B......Page 474 The aggregate demand and supply curve approach......Page 475 A neo-classical view......Page 479 Summary......Page 481 Data response A......Page 482 Data response B......Page 483 Managing the economy:issues and policies......Page 487 Economic growth......Page 489 Factors influencing growth......Page 491 People and growth......Page 494 The problems of the UK economy......Page 497 Summary......Page 498 Data response B......Page 499 The development of money......Page 500 Credit creation......Page 501 The functions and attributes of money......Page 503 Measuring the money supply......Page 506 The quantity equation of money......Page 509 The concept of the general price level......Page 511 Alternative measures of inflation......Page 515 International comparisons......Page 516 Financial institutions......Page 517 Commercial banks......Page 518 Money markets......Page 522 Central banking......Page 525 Summary......Page 526 Data response A......Page 528 Fiscal policy......Page 530 The development of monetary policy......Page 534 The stages of monetary policy......Page 535 The weapons of monetary policy......Page 536 Problems of monetary policy......Page 539 The independence of the Bank of England......Page 541 Questions......Page 542 Data response B......Page 543 Monetarists and Keynesians......Page 547 Money and national income......Page 549 Liquidity preference......Page 552 Monetarist theory of the demand for money......Page 555 The determination of aggregate real income......Page 559 Recession or the natural rate of unemployment?......Page 562 Summary......Page 566 Questions......Page 567 Data response B......Page 568 The costs of inflation......Page 570 The Phillips curve......Page 571 The causes of inflation......Page 575 The control of inflation......Page 579 Questions......Page 583 Data response B......Page 584 Employment and unemployment......Page 586 Vacancies and unemployment......Page 589 Types of unemployment......Page 590 Regional unemployment......Page 592 The control of unemployment: the supply side view......Page 597 The control of unemployment: neo-Keynesian views......Page 600 Summary......Page 601 Data response B......Page 602 The philosophy behind neo-classical economics......Page 605 Demand and marginal utility......Page 606 Case study 40.1 acid rain......Page 609 Cost–benefit analysis......Page 612 Appendix: Indifference curve analysis......Page 617 Applications of indifference curve analysis......Page 620 Revealed preference theory......Page 623 Data response A......Page 624 Data response B......Page 625 The theory of comparative advantage......Page 626 Comparative advantage: a model......Page 627 Comparative advantage and exchange rates......Page 631 Extending the theory......Page 632 Limitations of comparative advantage......Page 634 Protectionism considered......Page 636 Conclusion......Page 638 Questions......Page 639 Data response A......Page 640 The pattern of the UK’s overseas trade......Page 642 The balance of payments......Page 645 The problems of a surplus......Page 647 Deficit problems......Page 648 Exchange rates......Page 650 The exchange rate debate......Page 652 Fixed exchange rates......Page 653 The equilibrium exchange rate......Page 654 The Asian crisis......Page 655 Recent UK developments......Page 656 Data response A......Page 658 Data response B......Page 659 The lessons of history......Page 661 Summary......Page 664 Questions......Page 665 The EU and widerperspectives......Page 667 The International Monetary Fund......Page 669 The break-up of the Bretton Woods System......Page 671 Eurocurrencies......Page 674 The General Agreement on Tariffs and Trade (GATT) and its successor, the WorldTrade Organisation (WTO)......Page 675 Other international institutions......Page 677 Questions......Page 679 Data response A......Page 680 Websites......Page 681 Introduction......Page 682 The economics of integration......Page 683 Economic and Monetary Union......Page 688 Regional problems and policy in the EU......Page 698 Employment and social policy in the EU......Page 701 EU enlargement......Page 703 Summary......Page 706 Data response A......Page 707 Websites......Page 711 Development economics......Page 712 Population and development......Page 714 Technological issues......Page 716 Trade issues......Page 717 The debt problem of developing countries......Page 719 What is necessary for development?......Page 721 Conclusion......Page 722 Data response A......Page 723 Introduction......Page 725 Political economy......Page 726 The Austrian school......Page 727 Post-Keynesian economics......Page 728 Marxist economics......Page 729 Where are we now?......Page 732 Future issues......Page 733 Questions......Page 735 Data response B......Page 736 Index......Page 737
The new edition of this well-respected textbook is written in a student-friendly manner, combining the strengths of traditional economics texts with modern, active learning methods
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