The Economics Network, University of Bristol. Visiting Professor, University ofthe West of England. Provost and Professor of Economics, GSM London

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ECONOMICS Nnth edton John Sloman The Economcs Network, Unversty of Brstol Vstng Professor, Unversty ofthe West of England Alson Wrde Provost and Professor of Economcs, GSM London (formerly Greenwch School
ECONOMICS Nnth edton John Sloman The Economcs Network, Unversty of Brstol Vstng Professor, Unversty ofthe West of England Alson Wrde Provost and Professor of Economcs, GSM London (formerly Greenwch School of Management) Dean Garratt Prncpal Teachng Fellow, Unversty of Warwck PEARSON Harlow, England London New York Boston San Francsco Toronto Sydney Auckland Sngapore Hong Kong Tokyo Seoul Tape New Delh Cape Town Säo Paulo Mexco Cty Madrd Amsterdam Munch Pars Mlan Contents Custom Publshng Preface Student Resources Flowchart Lecturer Resources Flowchart Acknowledgements Publsher's Acknowledgements INTRODUCTION Why Economcs s Good for You What s economcs? Puzzles and stores Applyng the prncples 1 Economcs and Economes XV xv XX xx xx xx l. What do economsts study? Dfferent economc systems The nature of economc reasonng What's the lotest economcs news? Lookng at macroeconomc data The opportunty costs ofstudyng Scarcty and abundance Command economes Adam Smth ( ) Ceters parbus Stock market prces Underground (orshadow) markets 57 3 Markets n Acton Elastcty Thetmedmenson Indrect taxes Government rejecton of market allocaton Agrculture and agrcultural polcy 86 Göxes 3.1 Advertsng and ts effect on demand curves Any morefares? 67 *3.3 Usng calculus to calculate the prce elastcty of demand Short sellng Dealng n futures markets Ashes to ashes? Thefallacyofcomposton Feed the world 94 MICROECONOMIC THEORY Background to Demand 4.1 Margnal Utlty theory *4.2 Indfference analyss 4.3 Demand under condtons of rsk and uncertanty 4.4 Behavoural economcs * Usng calculus to derve a margnal Utlty functon The margnal Utlty revouton: Jevons, Menger, Walras FOUNDATIONS OF MICROECONOMICS Takng account oftme 108 Supplyand Demand 34 *4.4 Love and carng Demand 35 *4.5 Consumer theory a further approach Supply Problems wth nsurance markets Prce and Output determnaton Nudgng peopte The control of prces Is economcs the study ofselfsh behavour? Background to Supply 132 *2.1 The demand for lamb The short-run theory of producton UK house prces Costs n the short run x CONTENTS 5.3 The long-run theory of producton Costs n the long run Revenue Proft maxmsaton Malthus and the dsmal sdence of economcs Dmnshng returns n the bread shop The relatonshp between averages and margnab 138 *5.4 The relatonshp between TPP, MPP and APP The fallacy of usng hstorc costs Cost cun/es n practce 143 *5.7 The Cobb-Douglas producton functon Mnmum effcent scale 156 *5.9 Usng calculus to fnd the maxmum proft Output The logc of logstcs Proft Maxmsng under Perfect Competton and Monopoly Alternatve market structures Perfect competton Monopoly The theory of contestable markets Concentraton ratos Is perfect best? E-commerce and market structure Breakng Sky's monopoly on lvefootball coverage Xneffcency Cut-throat competton Arlne deregulaton n the USA and Europe Proft Maxmsng under Im perfect Competton Monopolstc competton Olgopoly Game theory Prce dscrmnaton Sellng ce cream as a Student Increasng concentraton OPEC Buyng power The prsoners' dlemma What's the tran fare to London? Peak-load prcng Just the tcket? Alternatve Theores of the Frm Problems wth tradtonal theory Behavouraltheores Alternatve maxmsng theores Multple ams Prcng n practce What do you maxmse? The US sub-prme hosng crss When s a theory not a theory? Enron Merger actvty Stakeholder power? How do companes setprces? Howfrms ncrease profts by understandng 'rratonal' consumers The Theory of Dstrbuton oflncome Wage determnaton under perfect competton Wage determnaton n mperfect markets Captal and proft Land and rent Labour as afactorof producton 248 *9.2 Usng ndfference curve analyss to derve the ndvdual's supply curve oflabour Immgraton and the UK labour market Lfe at the mll The rse and dedne ofthe labour movement n the UK How useful s margnal productvty theory? Equal pay for equal work? Flexble labour markets and the flexble frm Behavour at work Stocks andflows The economcs of non-renewable resources Inequalty, Poverty and Polces to Redstrbutelncome Inequalty and poverty Taxes, benefts and the redstrbuton of ncome Poverty n the past Mnmum wage legslaton The Laffer curve 303 *10.4 Tax cuts and ncentves UKtax credts Reducng nequalty What the future holds Markets, Effcency and the Publc Interest Effcency under perfect competton The case for governmentnterventon Forms of government nterventon 333 *11.4 Cost-beneft analyss Government falure and the case for the market 348 11.1 The potce as a publc Servce 11.2 A commons Soluton 11.3 Should health-care provson be leftto the market? 11.4 Deadweght loss from taxes on goods and servces 11.5 Puttng the 'personal' nto personal servces *11.6 What prce a human lfe? *11.7 HS2: s t really worth t? 11.8 Mses, Hayek and the Mont Pelern Socety 12 Envronmental Polcy 12.1 Economcs of the envronment 12.2 Polces to tackle polluton and ts effects 12.3 The economcs of traffc congeston 12.4 Urban transport polces 12.1 A Stern warnng 12.2 Green taxes 12.3 Are we all green now? 12.4 Internatonal co-ordnaton on clmate change 12.5 Tradng our way out of clmate change 12.6 Restrctng car access to Athens 12.7 Road prcng n Sngapore 12.8 The economy and the envronment 13 Government Polcy towards Busness 13.1 Competton polcy 13.2 Prvatsaton and regulaton 13.1 Squeaky clean competton? 13.2 More than a concdence? 13.3 Buy now, pay (a great deal more) later 13.4 Selng power to the people CONTENTS 14.5 Theores ofgrowth The costs of economc growth Macroeconomc Issues and Analyss: An Overvew The key ssues: a recap Unemployment Aggregate demand and supply and the level of prces Inflaton The balance of payments and exchange rates The costs of unemployment Cost-push Illuson Inflaton or deflaton? The Phllps curve Dealng n foregn exchange Macroeconomc Issues, Debatesand Controverses The macroeconomc envronment and debates Settng the scene: four key controverses Classcal macroeconomcs The Keynesan revoluton The rse of the monetarst and new classcal schools The Keynesan response An emergng consensus up to the crss of The fnancal crss and the search for a new consensus Balance the budget at all costs The crowdng-out effect Wll wage cuts eure unemployment? 16.4 The paradox ofthrft x FOUNDATIONS OF MACROECONOMICS 14 The Natonal Economy The scope of macroeconomcs The crcular flow ofncome Measurng natonal ncome and Output Short-term economc growth and the MACROECONOMIC MODELS, THEORIES AND POLICY 17 Short-run Macroeconomc Equlbrum Background to the theory The determnaton of natonal ncome The smple Keynesan analyss of busness cycle 414 unemployment and Inflaton Long-term economc growth The Keynesan analyss of the busness cycle 516 Appendx: Calculatng GDP 425 *17.1 Usng calculus to derve the MPC Whch country s better off? The household sector balance sheets Can GDP measure natonal happness? Sentment and spendng Output gaps Dervng the multplerformula Is stablty always desrable? Has there been an acceleraton effect n the UK? 519 x CONTENTS Bankng, Money and Interest Rates Fscal and Monetary Polcy The meanng and functons of money Fscal polcy The fnancal system Monetary polcy The supply of money The polcy-makng envronment The demand for money 553 * Appendx: IS/LM analyss of fscal and 18.5 Equlbrum 557 monetary polcy Money supply, natonal ncome and natonal 21.1 UK and US fscal polcy durng and after the wealth 524 fnancal crss Z Thegrowth ofbanks' balance sheets Rdng a swtchback The rse of securtsaton The evomng fscal frameworks n the UK and 18.4 UK and eurozone monetary aggregates 544 eurozone 637 *18.5 Catculatng the money multpler The operaton of monetary polcy n the UK 644, 18.6 Credt, the money supply and Mnsky's fnancal 21.5 Central bankng and monetary polcy n the USA 646 nstablty hypothess Monetary polcy n the eurozone Goodhart's law 653 The Relatonshp between the Money and 21.8 Usng nterest rates to control both aggregate Goods Markets 560 demand and the exchange rate The effects of monetary changes on natonal 21.9 Quanttatve easng 655 ncome Inflaton targetng 658 19.2 The monetary effects of changes n the goods Interest rate responses and the fnancal crss market 572 of The nteracton of monetary polcy and the *21.12 How do nflaton targets work n practce? 662 goods market ADI/ASI model Long-term Economc Growth 669 *Appendx: The IS/LM model Long-run economc growth n ndustralsed countres Choosng the exchange rate orthe money supply Economc growth wthout technologcal progress Party games and the velocty of money Economc growth wth technologcal progress The stablty ofthe velocty ofcrculaton Crowdng out n an open economy Gettng ntensve wth captal The fnancal accelerator Labour productvty 680 Aggregate Supply, Unemploymentand 23 Supplv-sde Polces 684 Inflaton Supply-sde polces and the macroeconomy Aggregate supply Approaches to supply-sde polcy The expectatons-augmented Phllps curve Market-orentated supply-sde polces Inflaton and unemployment: the new classcal 23.4 Interventonst supply-sde polcy Poston Inflaton and unemployment: the modern Keynesan poston The supply-sde revoluton n the USA 689 *20.5 Output Inflaton and expectatons: «.2 Assessng PFI 692 an ntegrated model A new approach to ndustral polcy Postscrpt: the State of macroeconomc 23.4 Alternatve approaches to tranng and educaton 700 thnkng post-crss Unemployment and supply-sde polces 703 *20.2 Analysng demand-pull and cost-push Inflaton usng the ADI/ASI model *20.3 Basng expectatons on the past 20.4 The poltcal busness cycle 20.5 The ratonal expectatons revoluton 20.6 Forecastng the weather 20.7 The boy who cred 'Wolf Internatonal Trade THE WORLD ECONOMY 24.1 The advantages oftrade 24.2 Arguments for restrctng trade 24.3 Preferentaltradng 24.4 The European Unon CONTENTS xl 26 Global and Regonal Interdependence Tradng places Globalsaton and the problem of nstablty Sharng out the Jobs European economc and monetary unon (EMU) Trade as explotaton? Achevng greater currency stablty Free trade and the envronment Stratege trade theory 722 *24.6 The Optmum tarffor export tax Globalsaton and the US trade mbalance Gvng trade a bad name Doctor, the world has caught a cold The Doha development agenda Optmal currency areas Mutual recognton: the Casss de Djon case The Tobn tax Features ofthe Sngle market The Internal Market Scoreboard Economcs of Developng Countres The problem of underdevelopment 800 The Balance of Payments and Exchange Rates Internatonaltrade and development Alternatve exchange rate regmes Structural problems wthn developng 25.2 Fxed exchange rates 752 countres Free-floatng exchange rates The problem of debt Exchange rate systems n practca 765 * Appendx: The open economy 27.1 The Human Development Index 804 IS/LM analyss When drvng and alcohol do mx The Chnese economc mracle Balance oftrade and the publc fnances 744 *27.4 Unemployment n developng countres The UK's balance of payments defct The buldng BRICs of development The effectveness of fscal and monetary polces 27.6 'Ecocde' 826 underfxed exchange rates Swappng debt The prce ofa Bg Mac The euro/dollarseesaw 762 Postscrpt: The Castaways or Vote for Calban The effectveness of monetary and fscal polces Appendx 1: Some Technques of Economc Analyss A:1 underfloatng exchange rates 764 Appendx 2: Webstes A: Sterlng n the 1990s and 2000s 768 Threshold Concepts and Key Ideas T: Do nflaton rates explan longer-term exchange Glossary G:1 rate movements? 771 Index 1:1
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