John Sloman, Jon Guest, Dean Garratt

Economics (eBook, PDF)

• Format: PDF

Produktbeschreibung

Discover the exciting world of economics and learn to think like an economist, applying key economic concepts and data to understand and analyse solutions to real-world problems - from global issues to a range of everyday problems that affect us all.

Economics, 11th edition by Sloman, Garratt and Guest is an essential resource for all students of economics, providing a thorough grounding in economic theory and practice, as well as an insight into the constantly-changing and often complex issues faced by economists today.

Comprehensive, yet accessible, this best-selling student text has been extensively revised and rewritten to reflect the latest events and developments that have impacted the global economy in the 2020s, including the effects of the Covid-19 pandemic, globalisation, the climate emergency facing our planet, the rise in populism and the large-scale migration of people - events that have presented both economic problems and opportunities.

Economics, 11e will help you:

• Learn to apply economics to real-world issues - 170 case studies and applications illustrate concepts and show how they translate into actual policy and practice
• Develop critical thinking skills - questions throughout each chapter encourage you to reflect and engage at a deeper level, building confidence to understand and evaluate different economic policies.
• Enhance your employability skills - learn how to analyse and find your own solution to problems and to think flexibly and critically, applying core concepts and ideas to new situations.
• Keep up-to-date with current issues in economics - follow the news blog that accompanies the text to access new articles and links to videos, podcasts, data and reports.

John Sloman was Director of the Economics Network from its foundation in 1999 until 2012 and is now Visiting Fellow at the University of Bristol, where the network is based. John is also Visiting Professor at the University of the West of England, Bristol.

Dean Garratt is a Senior Teaching Fellow at Aston University.

Jon Guest is a Senior Teaching Fellow at Aston University.

Pearson, the world's learning company.

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Produktdetails

• Verlag: Pearson ITP
• Erscheinungstermin: 23. November 2021
• Englisch
• ISBN-13: 9781292405391
• Artikelnr.: 63061279

Autorenporträt

John Sloman was Director of the Economics Network from its foundation in 1999 until 2012 and is now Visiting Fellow at the University of Bristol, where the network is based. He is also Visiting Professor at the University of the West of England, Bristol.

Dean Garratt is a Senior Teaching Fellow at Aston University, having previously been a Principal Lecturer at Nottingham Business School.

Jon Guest is a Senior Teaching Fellow at Aston University and a Teaching Associate at Warwick Business School.

Discover more on our Sloman Economics news site.

Inhaltsangabe

Preface Part A INTRODUCTION
1. Economics and Economies
o Economics and Global Issues
o The Core of Economics
o Different Economic Systems
o The Nature of Economic Reasoning
Boxes
* What's the Latest Economics News?
* Looking at Macroeconomic Data
* The Opportunity Costs of Studying
* Scarcity and Abundance
* Command Economies
* Adam Smith (1723-90)
* Ceteris Paribus
Part B FOUNDATIONS OF MICROECONOMICS
1. Supply and Demand
* Demand
* Supply
* Price and Output Determination
* Elasticity
* The Time Dimension
Boxes
* UK House Prices
* Stock Market Prices
* Social Media Influencers and Their Effect on Demand Curves
* Any More Fares?
* *Using Calculus to Calculate the Price Elasticity Of Demand
* Digital Platforms
* Short Selling
* Dealing in Futures Markets
2. Government and the Market
* The Control of Prices
* Indirect Taxes and subsidies
* Government Rejection of Market Allocation
* Agriculture and Agricultural Policy
Boxes
* A Minimum Unit Price for Alcohol
* The Impact on Prices Of Natural Disasters/Health Crises
* How Can Ticket Touts Make So Much Money?
* Ashes To Ashes?
* The Fallacy of Composition
Part C MICROECONOMIC THEORY
3. Background to Demand: The Rational Consumer
* Marginal utility theory
* *The timing of costs and benefits
* *Indifference analysis
Boxes
* *Using Calculus to Derive a Marginal Utility Function
* The Marginal Utility Revolution: Jevons, Menger, Walras
* Taking Account of Time
* *Cash Versus Vouchers
* *Giffen Goods Versus Giffen Behaviour
* *Consumer Theory: A Further Approach
4. Consumer Behaviour in an Uncertain World
* Demand under conditions of risk and uncertainty
* Behavioural economics
Boxes
* Experimental Economics
* *the Endowment Effect
* The Best Made Plans
* *A Simple Experiment to Test For Social Preferences
* Nudging People
5. Background to Supply
* The Short-Run Theory of Production
* Costs in the Short Run
* The Long-Run Theory of Production
* Costs in the Long Run
* Revenue
* Profit Maximisation
Boxes
* Malthus and the Dismal Science of Economics
* Diminishing Returns in The Bread Shop
* The Relationship Between Averages and Marginals
* *The Relationship BetweenTPP, MPPandAPP
* The Fallacy of Using Historic Costs
* Are Fixed Costs Always the Same as Sunk Costs?
* Cost Curves in Practice
* *The Cobb-Douglas Production Function
* Minimum Efficient Scale
* *Using Calculus to Find the Maximum Profit Output
* The Logic of Logistics
6. Profit Maximising under Perfect Competition and Monopoly
* Alternative Market Structures
* Perfect Competition
* Monopoly
* The Theory of Contestable Markets
Boxes
* Concentration Ratios
* Is Perfect Best?
* E-Commerce and Market Structure
* Google: A Monopoly Abusing Its Market Power?
* X Inefficiency
* Cut-Throat Competition
* Airline Deregulation in The USA And Europe
7. Profit Maximising under Imperfect Competition
* Monopolistic Competition
* Oligopoly
* Game Theory
* Price Discrimination
Boxes
* Selling Ice Cream as A Student
* Declining Levels of Competition
* OPEC
* Buying Power
* The Prisoner's Dilemma
* What's The Train Fare to London?
* Personalised Pricing in Digital Markets
* Just the Ticket?
8. The Behaviour of Firms
* Problems With Traditional Theory
* Behavioural Economics of the Firm
* Alternative Maximising Theories
* Asymmetric Information and the Principal Agent Problem
* Multiple Aims
* Pricing in Practice
Boxes
* What Do You Maximise?
* How Firms Increase Profits by Understanding Irrational Consumers
* Constraints On Firms Pricing
* When Is a Theory Not a Theory?
* Merger Activity
* Stakeholder Power?
* How Do Companies Set Prices?
9. The Theory of Distribution of Income
* Wage Determination Under Perfect Competition
* Wage Determination in Imperfect Markets
* Capital and Profit
* Land and Rent
Boxes
* Labour As a Factor of Production
* *Using Indifference Curve Analysis to Derive the Individuals Supply
Curve of Labour
* Immigration and the UK Labour Market
* Life at the Mill
* The Rise and Decline of The Labour Movement In The UK
* How Useful Is Marginal Productivity Theory?
* The Persistent Gender Pay Gap?
* Flexible Labour Markets and the Flexible Firm
* Behaviour at Work
* Stocks snd Flows
* The Economics of Non-Renewable Resources
Part D MICROECONOMIC POLICY
10. Inequality, Poverty and Policies to Redistribute Income
* Inequality and Poverty
* Taxes, Benefits, and the Redistribution of Income
Boxes
* Poverty in the Past
* Minimum Wage Legislation
* The Laffer Curve
* *Tax Cuts and Incentives
* Replacing tax Credits with Universal Credit
* What the Future Holds
11. Markets, Efficiency, and the Public Interest
* Efficiency Under Perfect Competition
* The Case for Government Intervention
* Forms of Government Intervention
* *Cost/Benefit Analysis
* Government Failure and the Case for the Market
Boxes
* The Market for Vaccines
* The Police as a Public Service
* Should Health-Care Provision Be Left to The Market?
* Deadweight Loss from Taxes on Goods and Services
* *What Price a Human Life?
* *HS2: Is it Really Worth It?
* Mises, Hayek, and The Mont Pelerin Society
12. Environmental Policy
* Economics of the Environment
* Policies to Tackle Pollution and its Effects
* The Economics of Traffic Congestion
* Urban Transport Policies
Boxes
* The Economics of Biodiversity
* Green Taxes
* Placing A Price on CO2emissions
* International Co-Ordination on Climate Change
* Trading Our Way Out of Climate Change
* Road Pricing in Singapore
13. Government Policy towards Business
* Competition Policy
* Privatisation and Regulation
Boxes
* Fixing Prices at Mini-Golf Meetings?
* Expensive Chips?
* Ticketing Takeovers
* Selling Power to the People
Part E FOUNDATIONS OF MACROECONOMICS
14. An Introduction to Macroeconomic Issues and Ideas
* An Overview of Key Macroeconomic Issues
* Measuring National Income and Output
* The Business Cycle
* The Circular Flow of Income
* Unemployment
* Inflation
* The Open Economy
Appendix: Calculating GDP
Boxes
* Which Country is Better Off?
* Can GDP Measure National Happiness?
* Output Gaps
* The Costs of Unemployment
* The Costs of Inflation
* The Phillips Curve
* Dealing In Foreign Exchange
15. The Development of Macroeconomic Thinking: a Historical Perspective
* The Macroeconomic Environment and Debates
* Classical Macroeconomics
* The Keynesian Revolution
* The Rise of The Monetarist and New Classical Schools
* The Keynesian Response
* An Emerging Consensus Up to The Crisis Of 2008
* The Financial Crisis and The Covid-19 Pandemic
Boxes
* Balance the Budget at all Costs
* The Crowding-Out Effect
* Will Wage Cuts Cure Unemployment?
* Menu Costs
* The Paradox of Thrift
Part F MACROECONOMIC MODELS, THEORIES AND POLICY
16. Short-Run Macroeconomic Equilibrium
* Background To the Theory
* The Determination of National Income
* The Simple Keynesian Analysis of Unemployment and Inflation
* The Keynesian Analysis of The Business Cycle
Boxes
* *Using Calculus to Derive the MPC
* Confidence and Spending
* Deriving the Multiplier Formula
* Allowing for Inflation in the 45°- Line Diagram
* Has There Been an Accelerator Effect in the UK?
* Balance Sheets and the Business Cycle
17. Banking, Money, and Interest Rates
* The Meaning and Functions of Money
* The Financial System
* The Supply of Money
* The Demand for Money
* Equilibrium
Boxes
* Money Supply, National Income and National Wealth
* the Growth of Banks Balance Sheets
* The Rise of Securitisation
* UK and Eurozone Monetary Aggregates
* *Calculating the Money Multiplier
18. The Relationship between the Money and Goods Markets
* The Effects of Monetary Changes on National Income
* The Monetary Effects of Changes in The Goods Market
* Modelling The Interaction of Monetary Policy And The Goods Market
* Credit Cycles and The Goods Market
Appendix: TheIS/LMModel
Boxes
* Choosing the Exchange Rate or the Money Supply
* Party Games and the Velocity of Money
* The Stability of the Velocity of Circulation
* Crowding out in an Open Economy
* Amplifiers and Economic Shocks
19. Aggregate Supply, Inflation and Unemployment
* TheAD/ASmodel
* AD/ASand Inflation
* Aggregate Demand and Supply with Inflation Targeting: TheDAD/DASmodel
* The Labour Market and Aggregate Supply
* AD/ASand Macroeconomic Controversies
Boxes
* The Aggregate Demand Curve
* Cost-Push Inflation and Supply Shocks
* Analysing Demand-Pull and Cost-Push Inflation Using the DAD/DASmodel
* Common Ground Between Economists?
20. The Relationship between Inflation, Unemployment and Output
* TheEAPCand the Inflation/Unemployment Relationship
* Inflation and Unemployment: The Monetarist Perspective
* Inflation and Unemployment: The New Classical Position
* Inflation and Unemployment: The Modern Keynesian Position
* Central Banks and Inflation Targeting
* Central Banks, Economic Shocks and the Macroeconomy: An Integrated
Model
Boxes
* *Basing Expectations on the Past
* The Accelerationist Hypothesis
* The Rational Expectations Revolution
* Forecasting the Weather
* The boy who Cried Wolf
* *A Model of Inflation Bias
* Inflation Targeting
21. Fiscal and Monetary Policy
* Fiscal policy and the public finances
* The use of fiscal policy
* Monetary policy
* The policy-making environment
Boxes
* COVID, Crises and Public Sector Spending
* The Fiscal Impulse
* Riding a Switchback
* The Evolution of the Stability and Growth Pact
* The Operation of Monetary Policy in the UK
* Central Banking and Monetary Policy in the USA
* Quantitative Easing
* Monetary Policy in the Eurozone
* Goodhart's Law
* Using Interest Rates to ControlBothAggregate Demandandthe Exchange
Rate
22. Long-term Economic Growth and Supply-side Policies
* Introduction to Long-Term Economic Growth
* Economic Growth Without Technological Progress
* Economic Growth with Technological Progress
* Approaches To Supply-Side Policy
* Supply-Side Policies in Practice: Market-Orientated Policies
* Supply-Side Policies in Practice: Interventionist Policies
Boxes
* Labour Productivity
* Getting Intensive with Capital
* UK Human Capital
* The Supply-Side Revolution in the USA
* A Modern Approach to Industrial Policy
Part G THE WORLD ECONOMY
23. International Trade
* The Advantages of Trade
* Arguments for Restricting Trade
* Preferential Trading
* The European Union
* The UK and Brexit
Boxes
* Trading Places
* Sharing Out the Jobs
* Trade as Exploitation?
* Free Trade and the Environment
* Strategic Trade Theory
* *The Optimum Tariff or Export Tax
* Giving Trade a Bad Name
* The Doha Development Agenda
* Mutual Recognition: The Cassis De Dijon Case
* Features of the Single Market
24. The Balance of Payments and Exchange Rates
* Alternative Exchange Rate Regimes
* Fixed Exchange Rates
* Free-Floating Exchange Rates
* Exchange Rate Systems in Practice
*Appendix: The Open Economy andIS/LManalysis
Boxes
* The Balance of Trade and the Public-Sector Budget Balance
* The UK’s Balance of Payments Deficit
* The Effectiveness of Fiscal and Monetary Policies Under Fixed
Exchange Rates
* The Price of a Big Mac
* The Euro/Dollar Seesaw
* The Effectiveness of Monetary and Fiscal Policies Under Floating
Exchange Rates
* Sterling Since the 1990s
* Do Inflation Rates Explain Longer-Term Exchange Rate Movements?
25. Economies in an Interdependent World
* Globalisation And the Problem of Instability
* European Economic and Monetary Union (EMU)
* Global Inequality
* Trade and Developing Countries
* The Problem of Debt
Boxes
* Economic and Financial Interdependencies: Trade Imbalance in The US
And China
* Optimal Currency Areas
* The Human Development Index (HDI)
* When Driving and Alcohol do Mix
* The Evolving Comparative Advantage of China
* A Debt to the Planet
Postscript:Reality Island Appendix 1:Some Techniques of Economic Analysis
Appendix 2: Websites Threshold Concepts and Key Ideas Glossary