John Sloman Economics 6th edition

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

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