Efnisyfirlit

• Cover Page
• Title
• Copyright
• About the Authors
• Brief Contents
• Contents
• Preface
• Student Resources Flowchart
• Lecturer Resources Flowchart
• Acknowledgements
• Part A Introduction
  • 1 Economics and Economies
    • 1.1 Economics and global issues
    • 1.2 The core of economics
    • 1.3 Different economic systems
    • 1.4 The nature of economic reasoning
  • Boxes
    • 1.1 What’s the latest economics news?
    • 1.2 Looking at macroeconomic data
    • 1.3 The opportunity costs of studying
    • 1.4 Scarcity and abundance
    • 1.5 Command economies
    • 1.6 Adam Smith (1723–90)
    • 1.7 Ceteris paribus
• Part B Foundations of Microeconomics
  • 2 Supply and Demand
    • 2.1 Demand
    • 2.2 Supply
    • 2.3 Price and output determination
    • 2.4 Elasticity
    • 2.5 The time dimension
  • Boxes
    • 2.1 UK house prices
    • 2.2 Stock market prices
    • 2.3 Social media influencers and their effect on demand curves
    • 2.4 Any more fares?
    • *2.5 Using calculus to calculate the price elasticity of demand
    • 2.6 Digital platforms
    • 2.7 Short selling
    • 2.8 Dealing in futures markets
  • 3 Government and the Market
    • 3.1 The control of prices
    • 3.2 Indirect taxes and subsidies
    • 3.3 Government rejection of market allocation
    • 3.4 Agriculture and agricultural policy
  • Boxes
    • 3.1 A minimum unit price for alcohol
    • 3.2 The impact on prices of natural disasters/health crises
    • 3.3 How can ticket touts make so much money?
    • 3.4 Ashes to ashes?
    • 3.5 The fallacy of composition
• Part C Microeconomic Theory
  • 4 Background to Demand: the Rational Consumer
    • 4.1 Marginal utility theory
    • 4.2 The timing of costs and benefits
    • *4.3 Indifference analysis
  • Boxes
    • *4.1 Using calculus to derive a marginal utility function
    • 4.2 The marginal utility revolution: Jevons, Menger, Walras
    • 4.3 Taking account of time
    • *4.4 Cash versus vouchers
    • *4.5 Giffen goods versus Giffen behaviour
    • *4.6 Consumer theory: a further approach
  • 5 Consumer Behaviour in an Uncertain World
    • 5.1 Demand under conditions of risk and uncertainty
    • 5.2 Behavioural economics
  • Boxes
    • 5.1 Experimental economics
    • *5.2 The endowment effect
    • 5.3 The best made plans
    • *5.4 A simple experiment to test for social preferences
    • 5.5 Nudging people
  • 6 Background to Supply
    • 6.1 The short-run theory of production
    • 6.2 Costs in the short run
    • 6.3 The long-run theory of production
    • 6.4 Costs in the long run
    • 6.5 Revenue
    • 6.6 Profit maximisation
  • Boxes
    • 6.1 Malthus and the dismal science of economics
    • 6.2 Diminishing returns in the bread shop
    • 6.3 The relationship between averages and marginals
    • *6.4 The relationship between TPP, MPP and APP159
    • 6.5 The fallacy of using historic costs
    • 6.6 Are fixed costs always the same as sunk costs?
    • 6.7 Cost curves in practice
    • *6.8 The Cobb–Douglas production function
    • 6.9 Minimum efficient scale
    • *6.10 Using calculus to find the maximum profit output
    • 6.11 The logic of logistics
  • 7 Profit Maximising under Perfect Competition and Monopoly
    • 7.1 Alternative market structures
    • 7.2 Perfect competition
    • 7.3 Monopoly
    • 7.4 The theory of contestable markets
  • Boxes
    • 7.1 Concentration ratios
    • 7.2 Is perfect best?
    • 7.3 E-commerce and market structure
    • 7.4 Google – a monopoly abusing its market power?
    • 7.5 X inefficiency
    • 7.6 Cut-throat competition
    • 7.7 Airline deregulation in the USA and Europe
  • 8 Profit Maximising under Imperfect Competition
    • 8.1 Monopolistic competition
    • 8.2 Oligopoly
    • 8.3 Game theory
    • 8.4 Price discrimination
  • Boxes
    • 8.1 Selling ice cream as a student
    • 8.2 Declining levels of competition
    • 8.3 OPEC
    • 8.4 Buying power
    • 8.5 The prisoners’ dilemma
    • 8.6 What’s the train fare to London?
    • 8.7 Personalised pricing in digital markets
    • 8.8 Just the ticket?
  • 9 The Behaviour of Firms
    • 9.1 Problems with traditional theory
    • 9.2 Behavioural economics of the firm
    • 9.3 Alternative maximising theories
    • 9.4 Asymmetric information and the principal–agent problem
    • 9.5 Multiple aims
    • 9.6 Pricing in practice
  • Boxes
    • 9.1 What do you maximise?
    • 9.2 How firms increase profits by understanding ‘irrational’ consumers
    • 9.3 Constraints on firms’ pricing
    • 9.4 When is a theory not a theory?
    • 9.5 Merger activity
    • 9.6 Stakeholder power?
    • 9.7 How do companies set prices?
  • 10 The Theory of Distribution of Income
    • 10.1 Wage determination under perfect competition
    • 10.2 Wage determination in imperfect markets
    • 10.3 Capital and profit
    • 10.4 Land and rent
  • Boxes
    • 10.1 Labour as a factor of production
    • *10.2 Using indifference curve analysis to derive the individual’s supply curve of labour
    • 10.3 Immigration and the UK labour market
    • 10.4 Life at the mill
    • 10.5 The rise and decline of the labour movement in the UK
    • 10.6 How useful is marginal productivity theory?
    • 10.7 The persistent gender pay gap?
    • 10.8 Flexible labour markets and the flexible firm
    • 10.9 Behaviour at work
    • 10.10 Stocks and flows
    • 10.11 The economics of non-renewable resources
• Part D Microeconomic Policy
  • 11 Inequality, Poverty and Policies to Redistribute Income
    • 11.1 Inequality and poverty
    • 11.2 Taxes, benefits and the redistribution of income
  • Boxes
    • 11.1 Poverty in the past
    • 11.2 Minimum wage legislation
    • 11.3 The Laffer curve
    • *11.4 Tax cuts and incentives
    • 11.5 Replacing tax credits with Universal Credit
    • 11.6 What the future holds
  • 12 Markets, Efficiency and the Public Interest
    • 12.1 Efficiency under perfect competition
    • 12.2 The case for government intervention
    • 12.3 Forms of government intervention
    • *12.4 Cost–benefit analysis
    • 12.5 Government failure and the case for the market
  • Boxes
    • 12.1 The market for vaccines
    • 12.2 The police as a public service
    • 12.3 Should health-care provision be left to the market?
    • 12.4 Deadweight loss from taxes on goods and services
    • *12.5 What price a human life?
    • *12.6 HS2: is it really worth it?
    • 12.7 Mises, Hayek and the Mont Pelerin Society
  • 13 Environmental Policy
    • 13.1 Economics of the environment
    • 13.2 Policies to tackle pollution and its effects
    • 13.3 The economics of traffic congestion
    • 13.4 Urban transport policies
  • Boxes
    • 13.1 The economics of biodiversity
    • 13.2 Green taxes
    • 13.3 Placing a price on CO2 emissions
    • 13.4 International co-ordination on climate change
    • 13.5 Road pricing in Singapore
  • 14 Government Policy towards Business
    • 14.1 Competition policy
    • 14.2 Privatisation and regulation
  • Boxes
    • 14.1 Fixing prices at mini-golf meetings?
    • 14.2 Expensive chips?
    • 14.3 Ticketing takeovers
    • 14.4 Selling power to the people
• Part E Foundations of Macroeconomics
  • 15 An Introduction to Macroeconomic Issues and Ideas
    • 15.1 An overview of key macroeconomic issues
    • 15.2 Measuring national income and output
    • 15.3 The business cycle
    • 15.4 The circular flow of income
    • 15.5 Unemployment
    • 15.6 Inflation
    • 15.7 The open economy
    • Appendix: Calculating GDP
  • Boxes
    • 15.1 Which country is better off?
    • 15.2 Can GDP measure national happiness?
    • 15.3 Output gaps
    • 15.4 The costs of unemployment
    • 15.5 The costs of inflation
    • 15.6 The Phillips curve
    • 15.7 Dealing in foreign exchange
  • 16 The Development of Macroeconomic Thinking: a Historical Perspective
    • 16.1 The macroeconomic environment and debates
    • 16.2 Classical macroeconomics
    • 16.3 The Keynesian revolution
    • 16.4 The rise of the monetarist and new classical schools
    • 16.5 The Keynesian response
    • 16.6 An emerging consensus up to the crisis of 2008
    • 16.7 The financial crisis and the COVID-19 pandemic
  • Boxes
    • 16.1 Balance the budget at all costs
    • 16.2 The crowding-out effect
    • 16.3 Will wage cuts cure unemployment?
    • 16.4 Menu costs
    • 16.5 The paradox of thrift
• Part F Macroeconomic Models, Theories and Policy
  • 17 Short-run Macroeconomic Equilibrium
    • 17.1 Background to the theory
    • 17.2 The determination of national income
    • 17.3 The simple Keynesian analysis of unemployment and inflation
    • 17.4 The Keynesian analysis of the business cycle
  • Boxes
    • *17.1 Using calculus to derive the MPC
    • 17.2 Confidence and spending
    • 17.3 Deriving the multiplier formula
    • 17.4 Allowing for inflation in the 45° line diagram
    • 17.5 Has there been an accelerator effect in the UK?
    • 17.6 Balance sheets and the business cycle
  • 18 Banking, Money and Interest Rates
    • 18.1 The meaning and functions of money
    • 18.2 The financial system
    • 18.3 The supply of money
    • 18.4 The demand for money
    • 18.5 Equilibrium
  • Boxes
    • 18.1 Money supply, national income and national wealth
    • 18.2 The growth of banks’ balance sheets
    • 18.3 The rise of securitisation
    • 18.4 UK and eurozone monetary aggregates
    • *18.5 Calculating the money multiplier
  • 19 The Relationship between the Money and Goods Markets
    • 19.1 The effects of monetary changes on national income
    • 19.2 The monetary effects of changes in the goods market
    • 19.3 Modelling the interaction of monetary policy and the goods market
    • 19.4 Credit cycles and the goods market
    • *Appendix: The IS/LM model
  • Boxes
    • 19.1 Choosing the exchange rate or the money supply
    • 19.2 Party games and the velocity of money
    • 19.3 The stability of the velocity of circulation
    • 19.4 Crowding out in an open economy
    • 19.5 Amplifiers and economic shocks
  • 20 Aggregate Supply, Inflation and Unemployment
    • 20.1 The AD/AS model
    • 20.2 AD/AS and inflation
    • 20.3 Aggregate demand and supply with inflation targeting: The DAD/DAS model
    • 20.4 The labour market and aggregate supply
    • 20.5 AD/AS and macroeconomic controversies
  • Boxes
    • 20.1 The aggregate demand curve
    • 20.2 Cost-push inflation and supply shocks
    • 20.3 Analysing demand-pull and cost-push inflation using the DAD/DAS model
    • 20.4 Common ground between economists?
  • 21 The Relationship between Inflation, Unemployment and Output
    • 21.1 The EAPC and the inflation–unemployment relationship
    • 21.2 Inflation and unemployment: the monetarist perspective
    • 21.3 Inflation and unemployment: the new classical position
    • 21.4 Inflation and unemployment: the modern Keynesian position
    • 21.5 Central banks and inflation targeting
    • 21.6 Central banks, economic shocks and the macroeconomy: an integrated model
  • Boxes
    • *21.1 Basing expectations on the past
    • 21.2 The accelerationist hypothesis
    • 21.3 The rational expectations revolution
    • 21.4 Forecasting the weather
    • 21.5 The boy who cried ‘Wolf’
    • *21.6 A model of inflation bias
    • 21.7 Inflation targeting
  • 22 Fiscal and Monetary Policy
    • 22.1 Fiscal policy and the public finances
    • 22.2 The use of fiscal policy
    • 22.3 Monetary policy
    • 22.4 The policy-making environment
  • Boxes
    • 22.1 COVID, crises and public-sector spending
    • 22.2 The fiscal impulse
    • 22.3 Riding a switchback
    • 22.4 The evolution of the Stability and Growth Pact
    • 22.5 The operation of monetary policy in the UK
    • 22.6 Central banking and monetary policy in the USA
    • 22.7 Quantitative easing
    • 22.8 Monetary policy in the eurozone
    • 22.9 Goodhart’s law
    • 22.10 Using interest rates to control both aggregate demand and the exchange rate
  • 23 Long-term Economic Growth and Supply-side Policies
    • 23.1 Introduction to long-term economic growth
    • 23.2 Economic growth without technological progress
    • 23.3 Economic growth with technological progress
    • 23.4 Approaches to supply-side policy
    • 23.5 Supply-side policies in practice: market-orientated policies
    • 23.6 Supply-side policies in practice: interventionist policies
  • Boxes
    • 23.1 Labour productivity
    • 23.2 Getting intensive with capital
    • 23.3 UK human capital
    • 23.4 The supply-side revolution in the USA
    • 23.5 A modern approach to industrial policy
• Part G The World Economy
  • 24 International Trade
    • 24.1 The advantages of trade
    • 24.2 Arguments for restricting trade
    • 24.3 Preferential trading
    • 24.4 The European Union
    • 24.5 The UK and Brexit
  • Boxes
    • 24.1 Trading places
    • 24.2 Sharing out the jobs
    • 24.3 Trade as exploitation?
    • 24.4 Free trade and the environment
    • 24.5 Strategic trade theory
    • *24.6 The optimum tariff or export tax
    • 24.7 Giving trade a bad name
    • 24.8 The Doha development agenda
    • 24.9 Mutual recognition: the Cassis de Dijon case
    • 24.10 Features of the single market
  • 25 The Balance of Payments and Exchange Rates
    • 25.1 Alternative exchange rate regimes
    • 25.2 Fixed exchange rates
    • 25.3 Free-floating exchange rates
    • 25.4 Exchange rate systems in practice
    • *Appendix: The open economy and IS/LM analysis
  • Boxes
    • 25.1 The balance of trade and the public-sector budget balance
    • 25.2 The UK’s balance of payments deficit
    • 25.3 The effectiveness of fiscal and monetary policies under fixed exchange rates
    • 25.4 The price of a Big Mac
    • 25.5 The euro/dollar seesaw
    • 25.6 The effectiveness of monetary and fiscal policies under floating exchange rates
    • 25.7 Sterling since the 1990s
    • 25.8 Do inflation rates explain longer-term exchange rate movements?
  • 26 Economies in an Interdependent World
    • 26.1 Globalisation and the problem of instability
    • 26.2 European economic and monetary union (EMU)
    • 26.3 Global inequality
    • 26.4 Trade and developing countries
    • 26.5 The problem of debt
  • Boxes
    • 26.1 Economic and financial interdependencies: Trade imbalance in the USA and China
    • 26.2 Optimal currency areas
    • 26.3 The Human Development Index (HDI)
    • 26.4 When driving and alcohol do mix
    • 26.5 The evolving comparative advantage of China
    • 26.6 A debt to the planet
• Postscript: Reality Island
• Appendix 1: Some Techniques of Economic Analysis
• Appendix 2: Websites
• Threshold Concepts and Key Ideas
• Glossary
• Publisher’s Acknowledgements
• Index

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