Economics

by Sloman, John; Sutcliffe, Mark (Col)

• ISBN13: 9780273655749
• ISBN10: 0273655744
• Edition: 5th
• Format: Paperback
• Copyright: 2002-11-01
• Publisher: Trans-Atlantic Pubns

Summary

This new edition of Sloman'sEconomics has been thoroughly revised and updated and several new features have been added. The full-colour design has been improved to make the book even more attractive and easy to use.It still has one overriding aim: to make the subject of economics exciting, relevant and clear to understand. John Sloman achieves this by combining a straightforward and direct writing style with a wealth of contemporary examples and case studies that bring economic theory alive. These features have madeEconomics the most successful European-originated introduction to economics.

Author Biography

John Sloman is principal lecturer in the School of Economics at the University of the West of England.

Table of Contents

List of Boxes	vii
Preface	x
Guided Tour	xvi
Part A: Introduction	1	(26)
Introducing Economics	3	(24)
What do economists study?	4	(11)
Different economic systems	15	(7)
The nature of economic reasoning	22	(5)
Part B: Foundations of Microeconomics	27	(58)
Supply and Demand	29	(34)
Demand	30	(6)
Supply	36	(4)
Price and output determination	40	(4)
Elasticity	44	(12)
The time dimension	56	(7)
Government Intervention in the Market	63	(22)
The control of prices	64	(3)
Indirect taxes	67	(2)
Government rejection of market allocation	69	(2)
Agriculture and agricultural policy	71	(14)
Part C: Microeconomics	85	(286)
Background to Demand	87	(27)
Marginal utility theory	88	(9)
Demand under conditions of risk and uncertainty	97	(4)
Indifference analysis	101	(13)
Background to Supply	114	(34)
The short-run theory of production	115	(6)
Costs in the short run	121	(5)
The long-run theory of production	126	(8)
Costs in the long run	134	(5)
Revenue	139	(3)
Profit maximisation	142	(6)
Profit Maximising under Perfect Competition and Monopoly	148	(21)
Alternative market structures	149	(1)
Perfect competition	150	(8)
Monopoly	158	(6)
The theory of contestable markets	164	(5)
Profit Maximising under Imperfect Competition	169	(25)
Monopolistic competition	170	(4)
Oligopoly	174	(14)
Price discrimination	188	(6)
Alternative Theories of the Firm	194	(21)
Problems with traditional theory	195	(5)
Alternative maximising theories	200	(8)
Multiple aims	208	(4)
Pricing in practice	212	(3)
The Theory of Distribution of Income	215	(38)
Wage determination under perfect competition	216	(8)
Wage determination in imperfect markets	224	(15)
Capital and profit	239	(10)
Land and rent	249	(4)
Inequality, Poverty and Policies to Redistribute Incomes	253	(29)
Inequality and poverty	254	(12)
Taxes, benefits and the redistribution of income	266	(16)
Markets, Efficiency and the Public Interest	282	(37)
Efficiency under perfect competition	283	(7)
The case for government intervention	290	(9)
Forms of government intervention	299	(7)
Cost-benefit analysis	306	(8)
The case for laissez-faire	314	(5)
Applied Microeconomics	319	(52)
Economics of the environment	320	(13)
Traffic congestion and urban transport policies	333	(9)
Competition policy	342	(9)
Privatisation and regulation	351	(12)
Privatisation in transition economies	363	(8)
Part D: Foundations of Macroeconomics	371	(68)
The National Economy	373	(27)
The scope of macroeconomics	374	(2)
The circular flow of income	376	(4)
Measuring national income and output	380	(4)
Short-term economic growth and the business cycle	384	(6)
Long-term economic growth	390	(10)
Appendix: Calculating GDP	393	(7)
Unemployment and Inflation	400	(26)
The nature of unemployment	401	(5)
Causes of unemployment	406	(5)
Aggregate demand and supply and the level of prices	411	(3)
Inflation	414	(7)
The relationship between inflation and unemployment	421	(5)
The Open Economy	426	(13)
The balance of payments	427	(3)
Exchange rates	430	(5)
Postscript to Part D: the relationship between the four macroeconomic objectives	435	(4)
Part E: Macroeconomics	439	(206)
The Roots of Modern Macroeconomics	441	(24)
Setting the scene: three key issues	442	(2)
Classical macroeconomics	444	(7)
The Keynesian revolution	451	(5)
The monetarist-Keynesian debate	456	(5)
The current position: an emerging consensus?	461	(4)
Short-run Macroeconomic Equilibrium	465	(26)
Background to the theory	466	(9)
The determination of national income	475	(6)
The simple Keynesian analysis of unemployment and inflation	481	(3)
The Keynesian analysis of the business cycle	484	(7)
Money and Interest Rates	491	(27)
The meaning and functions of money	492	(2)
The financial system in the UK	494	(10)
The supply of money	504	(8)
The demand for money	512	(4)
Equilibrium	516	(2)
The Relationship between the Money and Goods Markets	518	(24)
The effects of monetary changes on national income	519	(7)
The monetary effects of changes in the goods market	526	(3)
ISLM analysis: the integration of the goods and money market models	529	(8)
Taking inflation into account	537	(5)
Fiscal and Monetary Policy	542	(46)
The nature of fiscal policy	543	(6)
The effectiveness of fiscal policy	549	(7)
Varieties of monetary policy	556	(9)
Problems of monetary policy	565	(6)
ISLM analysis of fiscal and monetary policy	571	(2)
Fiscal and monetary policy in the UK	573	(9)
Rules versus discretion	582	(6)
Aggregate Supply, Unemployment and Inflation	588	(25)
Aggregate supply	589	(7)
The expectations-augmented Phillips curve	596	(5)
Inflation and unemployment: the new classical position	601	(6)
Inflation and unemployment: the modern Keynesian position	607	(4)
Postscript: common ground among economists?	611	(2)
Long-term Economic Growth and Supply-side Policies	613	(32)
Economic growth in the long run	614	(7)
Supply-side policies	621	(2)
Market-orientated supply-side policies	623	(7)
Interventionist supply-side policies	630	(6)
Regional and urban policy	636	(9)
Part F: The World Economy	645	(116)
International trade	647	(33)
The advantages of trade	648	(9)
Arguments for restricting trade	657	(10)
Preferential trading	667	(5)
The European Union	672	(8)
The Balance of Payments and Exchange Rates	680	(33)
Alternative exchange rate regimes	681	(7)
Fixed exchange rates	688	(5)
Free-floating exchange rates	693	(7)
Exchange rate systems in practice	700	(13)
Appendix: The open economy and ISLM analysis	708	(5)
Global and Regional Interdependence	713	(19)
Globalisation and the problem of instability	714	(4)
Concerted international action to stabilise exchange rates	718	(5)
European economic and monetary union (EMU)	723	(4)
Achieving greater currency stability	727	(5)
Economic Problems of Developing Countries	732	(29)
The problem of underdevelopment	733	(4)
International trade and development	737	(9)
Structural problems within developing countries	746	(6)
The problem of debt	752	(9)
The Castaways	761
Appendix 1: Some Techniques of Economic Analysis	1	(12)
Appendix 2: Web Sites	13	(3)
Appendix 3: Sources of Economic Data	16
Glossary	1	(1)
Index	1