
John Sloman Economics 6th edition
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Contents
Preface xiii
Guided Tour xx
1 Introducing Economics 3
1.1 What do economists study? 4
1.2 Different economic systems 16
1.3 The nature of economic reasoning 27
Boxes
1.1 What's the latest economic news? 5
1.2 Looking at macroeconomic data 7
1.3 The opportunity costs of studying
economics 11
1.4 Scarcity and abundance 13
1.5 Rise and fall of planning in the former
Soviet Union 18
1.6 Adam Smith and the invisible hand 24
1.7 Ceteris paribus? An economics joke! 28
Boxes
3.1 Rent control 71
3.2 Black markets 72
3.3 Ashes to ashes? A moral dilemma of
tobacco taxes 75
3.4 Elasticities of demand for various foodstuffs 79
3.5 The fallacy of composition 80
4 Background to Demand 91
4.1 Marginal utility theory 92
4.2 Demand under conditions of risk and
uncertainty 100
*4.3 Indifference analysis 105
Boxes
*4.1 Using calculus to derive a marginal
utility function 94
4.2 The marginal utility revolution 97
4.3 Choices within the household 98
4.4 Taking account of time 100
Part B: Foundations of Microeconomics 31
2 Supply and Demand 33
2.1 Demand 34
2.2 Supply 39
2.3 Price and output determination 43
2.4 Elasticity 48
2.5 The time dimension 61
Boxes
*2.1 The demand for lamb 37
2.2 UK house prices 46
2.3 Advertising and its effect on demand curves 53
2.4 Any more fares? Pricing on the buses 54 *2.5 Using calculus to calculate price elasticity
of demand 56
2.6 Dealing in futures markets 65
3 Government Intervention in the Market 69
3.1 The control of prices 70
3.2 Indirect taxes 73
3.3 Government rejection of market allocation 76
3.4 Agriculture and agricultural policy 78
4.5 Adverse selection and moral hazard:
problems for unwary insurance companies 104 *4.6 Love and caring: an economic approach
to family behaviour 112
*4.7 Consumer theory: a further approach 115
5 Background to Supply 119
5.1 The short-run theory of production 120
5.2 Costs in the short run 126
5.3 The long-run theory of production 131
5.4 Costs in the long run 140
5.5 Revenue 144
5.6 Profit maximisation 149
Boxes
5.1 Malthus and the dismal science of
economics 122
5.2 Diminishing returns in the bread shop 124
5.3 The relationship between averages and
marginals 125
*5.4 The relationship between total, average
and marginal physical product 125
5.5 The fallacy of using historic costs 127
5.6 Cost curves in practice 130
*5.7 The Cobb-Douglas production function 136
5.8 Minimum efficient scale: some evidence 144 *5.9 Using calculus to find maximum profit
output 152
6 Profit Maximising under Perfect
Competition and Monopoly 156
6.1 Alternative market structures 157
6.2 Perfect competition 158
6.3 Monopoly 166
6.4 The theory of contestable markets 172
Boxes
6.1 Concentration ratios 159
6.2 Is perfect best? 160
6.3 E-commerce and perfect competition 165
6.4 Windows cleaning! 170
6.5 X inefficiency 172
6.6 Airline deregulation in the USA and Europe 174
7 Profit Maximising under Imperfect
Competition 177
7.1 Monopolistic competition 178
7.2 Oligopoly 181
7.3 Price discrimination 197
Boxes
7.1 Selling ice cream when I was a student 179
7.2 Oligopoly in the brewing industry 183
7.3 OPEC 186
7.4 The prisoners' dilemma 193
7.5 What's the train fare to London? 197
7.6 Peak-load pricing 198
7.7 Price discrimination in the cinema 200
8 Alternative Theories of the Firm 204
8.1 Problems with traditional theory 205
8.2 Alternative maximising theories 209
8.3 Multiple aims 219
8.4 Pricing in practice 222
Boxes
8.1 The organisational structure of firms 206
8.2 What do you maximise? 208
8.3 When is a theory not a theory? 210
8.4 Enron 215
8.5 Merger activity: a worldwide perspective 216
8.6 Stakeholder power? 220
8.7 How do UK companies set prices? 223
9 The Theory of Distribution of Income 227
9.1 Wage determination under perfect
competition 228
9.2 Wage determination in imperfect markets 236
9.3 Capital and profit 249
9.4 Land and rent 259
Boxes
9.1 Labour as a factor of production 229
*9.2 Using indifference curves to derive the
individual's supply curve of labour 231
9.3 'Telecommuters' 232
9.4 Life at the mill 238
9.5 The rise and decline of the labour
movement in the UK 240
9.6 How useful is marginal productivity theory? 242
9.7 Equal pay for equal work? 244
9.8 Flexible labour markets and the flexible firm 246
9.9 Stocks and flows 251
9.10 The economics of non-renewable resources 260
10 Inequality, Poverty and Policies to
Redistribute Incomes 263
10.1 Inequality and poverty 264
10.2 Taxes, benefits and the redistribution of
income 274
Boxes
10.1 Poverty in the past 271
10.2 How to reverse the UK's increased
inequality 272
10.3 Minimum wage legislation 274
10.4 The Laffer curve 283
*10.5 Tax cuts and incentives: an application
of indifference curve analysis 284
10.6 UK tax credits 288
11 Markets, Efficiency and the Public
Interest 291
11.1 Efficiency under perfect competition 292
11.2 The case for government intervention 300
11.3 Forms of government intervention 308
*11.4 Cost-benefit analysis 315
11.5 Government failure and the case for the
market 323
Boxes
11.1 The police as a public service 303
11.2 Health care and the market 308
11.3 Deadweight loss from taxes on goods
and services 311
*11.4 What price a human life? 317
*11.5 Meeting the Kyoto Protocol 320
11.6 Mises, Hayek and the Mont Pelerin Society 324
12 Applied Microeconomics 327
12.1 Economics of the environment 328
12.2 Traffic congestion and urban transport
policies 339
12.3 Competition policy 348
12.4 Privatisation and regulation 355
Boxes
12.1 Green taxes 334
12.2 Selling the environment 336
12.3 Restricting car access to Athens 344
12.4 Road pricing in Singapore 346
12.5 Taking your vitamins - at a price 351
12.6 Monopoly power in the sale of extended
warranties 354
12.7 Selling power to the people 360
Part D: Foundations of Macroeconomics 365
13 The National Economy 367
13.1 The scope of macroeconomics 368
13.2 The circular flow of income 370
13.3 Measuring national income and output 373
13.4 Short-term economic growth and the
business cycle 377
13.5 Long-term economic growth 384
Appendix: Calculating GDP 388
Boxes
13.1 Which country is better of? 375
13.2 How big is the underground economy? 376
13.3 The costs of economic growth 378
13.4 Output gaps 382
13.5 Theories of growth 386
13.6 When higher GDP can lead to lower
welfare: the use of ISEW 390
14 Macroeconomic Issues and Analysis 395
14.1 Unemployment 396
14.2 Aggregate demand and supply and the
level of prices 405
14.3 Inflation 407
14.4 The balance of payments and exchange
rates 416
14.5 Postscript to Part D: The relationship
between the four macroeconomic objectives 424
Boxes
14.1 The costs of unemployment 400
14.2 Hyperinflation in Germany: 1923 410
14.3 Cost-push illusion 412
14.4 Is inflation dead? 413
14.5 The Phillips Curve 414
14.6 Dealing in foreign exchange 422
14.7 The political business cycle (Part I) 425
15 The Roots of Modern Macroeconomics (optional) 431
15.1 Setting the scene: three key issues 432
15.2 Classical macroeconomics 434
15.3 The Keynesian revolution 439
15.4 The monetarist-Keynesian debate 443
15.5 The current position: an emerging
consensus? 447
Boxes
15.1 Balance the budget at all costs 437
15.2 The crowding-out effect 438
15.3 Will wage cuts cure unemployment? 440
16 Short-run Macroeconomic
Equilibrium 451
16.1 Background to the theory 452
16.2 The determination of national income 462
16.3 The simple Keynesian analysis of
unemployment and inflation 468
16.4 The Keynesian analysis of the business
cycle 471
Boxes
*16.1 Using calculus to derive the mpc 456
16.2 Consumption and saving in practice 457
16.3 Business expectations and investment
in the EU 460
16.4 Deriving the multiplier formula 466
16.5 The paradox of thrift 467
16.6 Has there been an accelerator effect over
the past 30 years? 474
17 Money and Interest Rates 478
17.1 The meaning and functions of money 479
17.2 The financial system 480
17.3 The supply of money 490
17.4 The demand for money 497
17.5 Equilibrium 501
Boxes
17.1 Money supply, national income and
national wealth: don't confuse them 479
17.2 Secondary marketing 485
17.3 Changes in the banking industry 488
17.4 UK and eurozone monetary aggregates 491
*17.5 Calculating the money multiplier 494
17.6 Are the days of cash numbered? 498
18 The Relationship between the
Money and Goods Markets 504
18.1 The effects of monetary changes on
national income 505
18.2 The monetary effects of changes in
the goods market 512
*18.3 ISLManalysis: the integration of the
goods and money market models 515
18.4 Taking inflation into account 523
Boxes
18.1 Choosing the exchange rate or the
money supply 509
18.2 The stability of the velocity of circulation 510
18.3 Crowding out in an open economy 513
* 18.4 Environmentally sustainable macroeconomic equilibrium 520
19 Fiscal and Monetary Policy 528
19.1 Fiscal policy 529
19.2 Monetary policy 542
*19.3 ISLManalysis of fiscal and monetary
policy 554
19.4 Fiscal and monetary policy in the UK 557
19.5 Rules versus discretion 565
Boxes 19.1 Managing the US economy 532
19.2 Discretionary fiscal policy in Japan 536
19.3 Riding a switchback 538
19.4 Following the Golden Rule 540
19.5 The daily operation of monetary policy 545
19.6 Central banking and monetary policy in
the USA 547
19.7 Monetary policy in the eurozone 548
19.8 Goodhart's Law 552
19.9 Using interest rates to control both
aggregate demand and the exchange rate 553
19.10 Inflation targeting 566
*19.11 How do inflation targets work in practice? 568
20 Aggregate Supply, Unemployment
and Inflation 573
20.1 Aggregate supply 574
20.2 The expectations-augmented Phillips curve 581
20.3 Inflation and unemployment: the new
classical position 586
20.4 Inflation and unemployment: the modern
Keynesian position 592
20.5 Postscript: common ground among
economists? 596
Boxes
20.1 Cost-push inflation and supply shocks 579
20.2 Analysing demand-pull and cost-push
inflation using the ADI/ASI model 580
*20.3 Basing expectations on the past 584
20.4 The political business cycle (Part II) 585
20.5 The rational expectations revolution 588
20.6 Forecasting the weather: an example of
rational expectations 589
20.7 The boy who cried wolf: a government
had better mean what it says 591
21 Long-term Economic Growth 598
21.1 Long-run economic growth in
industrialised countries 599
21.2 Economic growth without technological
progress 601
21.3 Economic growth with technological
progress 604
Box
21.1 Productivity and economic growth 606
22 Supply-side Policies 609
22.1 Approaches to supply-side policy 610
22.2 Market-orientated supply-side policies 612
22.3 Interventionist supply-side policies 619
22.4 Regional and urban policy 624
Boxes
22.1 The supply-side revolution in the USA 613
22.2 Assessing the Private Finance Initiative 616
22.3 Alternative approaches to training
and education 620
22.4 A new approach to industrial policy 623
22.5 EU regional policy 628
23 International Trade 635
23.1 The advantages of trade 636
23.2 Arguments for restricting trade 645
23.3 Preferential trading 654
23.4 The European Union 659
Boxes
23.1 Sharing out the jobs: a parable of
comparative advantage 638
23.2 Trade as exploitation? 640
23.3 Free trade and the environment 646
23.4 Strategic trade theory 647
*23.5 The optimum tariff or export tax 649
23.6 Giving trade a bad name 650
23.7 The Doha Development Agenda 653
23.8 Mutual recognition: the Cassis de
Dijon case 661
23.9 Features of the Single Market 663
23.10 The Internal Market Scoreboard 664
24 The Balance of Payments and
Exchange Rates 668
24.1 Alternative exchange rate regimes 669
24.2 Fixed exchange rates 678
24.3 Free-floating exchange rates 682
24.4 Exchange rate systems in practice 690
*Appendix: The open economy and ISLM
analysis 697
Boxes
24.1 UK's balance of payments deficit 673
24.2 The effectiveness of fiscal and monetary
policies under fixed exchange rates 680
24.3 The Big Mac Index 684
24.4 The euro/dollar seesaw 686
24.5 The effectiveness of monetary and fiscal policies under floating exchange rates
25 Global and Regional Interdependence
25.1 Globalisation and the problem of instability
25.2 Concerted international action to stabilise exchange rates
25.3 European economic and monetary union (EMU)
25.4 Achieving greater currency stability
Boxes
25.1 Globalisation an