Economics 11e by Begg, David -- Read -- Imperial Library of Trantor

Index

Title Copyright Contents Detailed table of contents Preface Guided Tour Boxed Material Online Resources Online Resources Connect Acknowledgements About the Authors PART ONE Introduction

1 Economics and the economy

1.1 How economists think about choices 1.2 Economic issues 1.3 Scarcity and the competing use of resources 1.4 The role of the market 1.5 Positive and normative 1.6 Micro and macro 1.7 Summary 1.8 Review questions

2 Tools of economic analysis

2.1 Economic data 2.2 Index numbers 2.3 Nominal and real variables 2.4 Measuring changes in economic variables 2.5 Economic models 2.6 Models and data 2.7 Diagrams, lines and equationsy 2.8 Another look at ‘other things equal’ 2.9 Theories and evidence 2.10 Some popular criticisms of economics and economists 2.11 Summary 2.12 Review questions

3 Demand, supply and the market

3.1 The market 3.2 Demand, supply and equilibrium 3.3 Demand and supply curves 3.4 Behind the demand curve 3.5 Shifts in the demand curve 3.6 Behind the supply curve 3.7 Shifts in the supply curve 3.8 Consumer and producer surplus 3.9 Free markets and price controls 3.10 What, how and for whom 3.11 Summary 3.12 Review questions

PART TWO Positive microeconomics

4 Elasticities of demand and supply

4.1 The price responsiveness of demand 4.2 Price, quantity demanded and total expenditure 4.3 Further applications of the price elasticity of demand 4.4 Short run and long run 4.5 The cross-price elasticity of demand 4.6 The effect of income on demand 4.7 Inflation and demand 4.8 Elasticity of supply 4.9 Taxation and elasticity: who really pays the tax? 4.10 Summarym 4.11 Review questions

5 Consumer choice and demand decisions

5.1 Demand by a single consumer 5.2 Adjustment to income changes 5.3 Adjustment to price changes 5.4 The market demand curve 5.5 Complements and substitutes 5.6 Transfers in kind 5.7 Summary 5.8 Review questions 5.9 Appendix:

6 Introducing supply decisions

6.1 Business organization 6.2 A firm’s accounts 6.3 Firms and profit maximization 6.4 The firm’s supply decision 6.5 Marginal cost and marginal revenue 6.6 Marginal cost and marginal revenue curves 6.7 Summary 6.8 Review questions

7 Costs and supply

7.1 Inputs and output: the production function 7.2 Production in the short run: diminishing marginal returns 7.3 Short-run costs 7.4 A firm’s output decision in the short run 7.5 Production in the long run 7.6 Long-run total, marginal and average costs 7.7 Returns to scale 7.8 The firm’s long-run output decision 7.9 The relationship between short-run and long-run average costs 7.10 Summary 7.11 Review questions 7.12 Appendix: Isoquants and the choice of production technique in the long run

8 Perfect competition and pure monopoly

8.1 Perfect competition 8.2 A perfectly competitive firm’s supply decision 8.3 Industry supply curves 8.4 Comparative statics for a competitive industry 8.5 Pure monopoly: the opposite limiting case 8.6 Profit-maximizing output for a monopolist 8.7 Output and price under monopoly and competition 8.8 A monopoly has no supply curve 8.9 Monopoly and technical change 8.10 Natural monopoly 8.11 Summary 8.12 Review questions

9 Market structure and imperfect competition

9.1 Why market structures differ 9.2 Monopolistic competition 9.3 Oligopoly and interdependence 9.4 Game theory and interdependent decisions 9.5 Reaction functions 9.6 Entry and potential competition 9.7 Strategic entry deterrence 9.8 Summing up 9.9 Summary 9.10 Review questions

10 The labour market

10.1 The firm’s demand for factors in the long run 10.2 The firm’s demand for labour in the short run 10.3 The industry demand curve for labour 10.4 The supply of labour 10.5 Industry labour market equilibrium 10.6 Transfer earings and economic rents 10.7 Do labour markets clear? 10.8 Wage discrimination 10.9 Summary 10.10 Review questions

11 Factor markets and income distribution

11.1 Physical capital 11.2 Rentals, interest rates and asset prices 11.3 Saving, investment and the real interest rate 11.4 The demand for capital services 11.5 The supply of capital services 11.6 Equilibrium and adjustment in the market for capital services 11.7 The price of capital assets 11.8 Land and rents 11.9 Income distribution in the UK 11.10 Summary 11.11 Review questions

12 Risk and information

12.1 Individual attitudes to risk 12.2 Insurance and risk 12.3 Asymmetric information 12.4 Uncertainty and asset returns 12.5 Portfolio selection 12.6 Efficient asset markets 12.7 More on risk 12.8 Summary 12.9 Review questions

PART THREE Welfare economics

13 Welfare economics

13.1 Equity and efficiency 13.2 Perfect competition and Pareto efficiency 13.3 Distortions and the second-best 13.4 Market failure 13.5 Externalities 13.6 Environmental issues and the economics of climate change 13.7 Other missing markets: time and risk 13.8 Quality, health and safety 13.9 Summary 13.10 Review questions

14 Government spending and revenue

14.1 Taxation and government spending 14.2 The government in the market economy 14.3 The principles of taxation 14.4 Taxation and supply-side economics 14.5 Local government 14.6 Economic sovereignty 14.7 Political economy: how governments decide 14.8 Summary 14.9 Review questions

PART FOUR Macroeconomics

15 Introduction to macroeconomics

15.1 The scope of macroeconomics: the big issues 15.2 Some facts and economic history 15.3 The circular flow 15.4 National income accounting 15.5 What GDP measures 15.6 International comparisons 15.7 Summary 15.8 Review questions

16 Output and aggregate demand

16.1 Components of aggregate demand 16.2 Aggregate demand 16.3 Equilibrium output 16.4 Planned saving equals planned investment 16.5 A fall in aggregate demand 16.6 The multiplier 16.7 The paradox of thrift 16.8 The role of confidence 16.9 Summary 16.10 Review questions

17 Fiscal policy and foreign trade

17.1 The scope of government activity 17.2 Government and aggregate demand 17.3 The government budget 17.4 Deficits and the fiscal stance 17.5 Automatic stabilizers and discretionary fiscal policy 17.6 The national debt and the deficit 17.7 Foreign trade and income determination 17.8 Summary 17.9 Review questions

18 Money and banking

18.1 Money and its functions 18.2 Modern banking 18.3 How banks create money 18.4 The traditional theory of money supply 18.5 The demand for money 18.6 Financial crises 18.7 Summary 18.8 Review questions

19 Interest rates and monetary transmission

19.1 The Bank of England 19.2 Traditional means of monetary control 19.3 Lender of last resort 19.4 Equilibrium in financial markets 19.5 Monetary control 19.6 Targets and instruments of monetary policy 19.7 The transmission mechanism 19.8 Summary 19.9 Review questions

20 Monetary and fiscal policy

20.1 Monetary policy 20.2 The IS–LM model 20.3 The IS–LM model in action 20.4 Shocks to money demand 20.5 The policy mix 20.6 The effect of future taxes 20.7 Demand management revisited 20.8 Summary 20.9 Review questions

21 Aggregate supply, prices and adjustment to shocks

21.1 Inflation and aggregate demand 21.2 Aggregate supply 21.3 Equilibrium inflation 21.4 The labour market and wage behaviour 21.5 Short-run aggregate supply 21.6 The adjustment process 21.7 Sluggish adjustment to shocks 21.8 Trade-offs in monetary objectives 21.9 Summary 21.10 Review questions

22 Inflation, expectations and credibility

22.1 Money and inflation 22.2 Inflation and interest rates 22.3 Inflation, money and deficits 22.4 Inflation, unemployment and output 22.5 The costs of inflation 22.6 Controlling inflation 22.7 The Monetary Policy Committee 22.8 Summary 22.9 Review questions

23 Unemployment

23.1 The labour market 23.2 Analysing unemployment 23.3 Explaining changes in unemployment 23.4 Cyclical fluctuations in unemployment 23.5 The cost of unemployment 23.6 Summary 23.7 Review questions

24 Exchange rates and the balance of payments

24.1 The foreign exchange market 24.2 Exchange rate regimes 24.3 The balance of payments 24.4 The real exchange rate 24.5 Determinants of the current account 24.6 The financial account 24.7 Internal and external balance 24.8 The long-run equilibrium real exchange rate 24.9 Summary 24.10 Review questions

25 Open economy macroeconomics

25.1 Fixed exchange rates 25.2 Macroeconomic policy under fixed exchange rates 25.3 Devaluation 25.4 Floating exchange rates 25.5 Monetary and fiscal policy under floating exchange rates 25.6 Summary 25.7 Review questions

26 Exchange rate regimes

26.1 The gold standard 26.2 An adjustable peg 26.3 Floating exchange rates 26.4 Speculative attacks on fixed exchange rates 26.5 Antecedents of the Eurozone 26.6 The economics of the euro 26.7 Summary 26.8 Review questions

27 Business cycles

27.1 Trend and cycle: statistics or economics 27.2 Theories of the business cycle 27.3 Real business cycles 27.4 Supply-side effects of the financial crash 27.5 An international business cycle? 27.6 Summing up: schools of macroeconomic thinking 27.7 Summary 27.8 Review questions

28 Supply-side economics

28.1 Economic growth: preliminary remarks 28.2 Economic growth: preliminary remarks 28.3 Growth: an overview 28.4 Technical knowledge 28.5 Growth and accumulation 28.6 Growth through technical progress 28.7 Growth in the OECD 28.8 Endogenous growth 28.9 Summary 28.10 Review questions

PART FIVE The world economy

29 International trade

29.1 Trade patterns 29.2 Comparative advantage 29.3 Intra-industry trade 29.4 The economics of tariffs 29.5 Good and bad arguments for tariffs 29.6 Tariff levels: not so bad? 29.7 Other trade policies 29.8 Summary 29.9 Review questions

Appendix: Answers to activity and maths questions Glossary Index

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