Modern applied economics: a problem-oriented approach to economic theory
Gespeichert in:
| Späterer Titel: | Understanding economics / Ken Heather |
|---|---|
| 1. Verfasser: | |
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
New York [u.a.]
Harvester Wheatsheaf
1994
|
| Ausgabe: | 1. publ. |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XXVI, 436 S. graph. Darst. |
| ISBN: | 0745014658 |
Internformat
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Datensatz im Suchindex
| _version_ | 1804124134944276480 |
|---|---|
| adam_text | Contents
Preface xvii
A word to the student xix
A world to the instructor xxii
Acknowledgements xxv
1 Eastern European economic reforms: the road to freedom? I
Economic models
Resources and opportunity cost
Market and planned economies
1 Introduction 1
2 The use of economic models 3
3 Beginning to construct a model 4
4 Developing the model: two types of economy 10
5 From planned to market economies: some
problems 17
6 Conclusion 19
7 Questions for discussion 20
8 Further reading 20
9 End notes 22
2 The stock market: a quick way to riches? 23
Supply and demand
Price elasticity of demand
Speculation
1 Introduction: what is the stock market for? 23
2 Prices in the secondary market: supply and
demand 25
3 Changes in the demand for equities 29
vii
4 Changes in the supply of equities 32
5 Sensitivity of demand for share prices: elasticity of
demand 33
6 Changes in share prices: speculation 35
7 Share price changes: a Wellcome company
illustration 37
8 Conclusion: limits to the model 39
9 Questions for discussion 42
10 Further reading 43
3 Traffic jams: could Britain import a solution from Singapore? 44
Marginal utility
Consumer surplus
Income elasticity of demand
Cross elasticity of demand
1 Introduction 44
2 The demand for road space 49
3 The supply of road space 53
4 Peak use pricing 54
5 An example of road pricing 57
6 Singapore today 59
7 Conclusion 62
8 Questions for discussion 62
9 Further reading 64
10 End notes 64
4 The National Health Service: is radical treatment needed? 65
Indifference theory
Merit goods
External benefits
The distribution of income
Pareto optima I ity
1 Introduction 65
2 The market case 67
3 Private medical care in Britain: using indifference
theory 70
4 The case for the NHS 74
5 Developing the equity argument: Pareto
optimality 79
Contents
6 Conclusion 82
7 Questions for discussion 85
8 Further reading 86
9 End notes 87
5 The regional problem: why is it so depressing? 88
Arbitrage
The short and long run
Diminishing returns
Isoquants and isocosts
1 Introduction 88
2 The size of the problem in Britain 89
3 A possible solution: the market case 90
4 The interventionist case 93
5 The law of diminishing returns 94
6 Diminishing returns and the optimum population 97
7 The form of state intervention 98
8 European regional policy 103
9 Conclusion 107
10 Questions for discussion 107
11 Further reading 108
6 Small firms: on being small and beautiful 109
Perfect competition
Normal profits
Minimum efficient scale
1 Introduction 109
2 The presence of small firms in Britain 110
3 The case for non protection 112
4 Competing against large firms: long run cost
curves in practice 117
5 The survival of small firms 120
6 The case for small firm protection 122
7 Government aid for small firms 123
8 Small firms and the banking sector 724
9 Conclusion 126
10 Questions for discussion 126
11 Further reading 127
12 End note 127
Contents ix
7 British coal: why the future is black 128
Taxes and market supply
External costs
Monopoly
1 Introduction 128
2 Coal: a history of decline 129
3 Coal decline: market forces at work 131
4 Objections to the market forces view 138
5 Developing the concept of monopoly power 143
6 Conclusion 146
7 Questions for discussion 747
8 Further reading 148
9 End note 148
8 Europe s airline prices: the sky s the limit? (with Dr Michael Asteris)
149
Oligopoly
Cartels
Mergers
Contestable markets
1 Introduction 749
2 The European airline industry: an oligopolistic
market 750
3 Government attitudes towards the airline industry:
state regulation 757
4 US experience of airline deregulation 767
5 Applying North American lessons to European
airlines 764
6 Conclusion 766
7 Questions for discussion 767
8 Further reading 767
9 Business behaviour: are profits everything? 169
Full cost pricing
Sales revenue maximisation
Growth maximisation
Managerial utility
1 Introduction 769
2 The profit maximisation view 170
Contents
3 Full cost pricing / 71
4 Sales revenue maximisation 7 74
5 Growth maximisation 176
6 A managerial utility model 179
7 Other models 180
8 Some strands of evidence 181
9 Conclusion 187
10 Questions for discussion 187
11 Further reading 188
10 Government spending: do we get value for money? (with David
Bibby) 189
Efficiency
Public goods
1 Introduction 189
2 Understanding efficiency 190
3 Allocative efficiency 196
4 Market imperfections 197
5 Government policy on efficiency 201
6 The National Audit Office: getting value for
money 201
7 Purchasing defence equipment 202
8 Coastal defences in England 203
9 Conclusion 207
10 Questions for discussion 207
11 Further reading 208
12 End note 208
11 Trade unions: labour market manipulators? (with Rob Thomas) 209
The demand for labour
Wage rate determination
1 Introduction 209
2 Trade unions and industrial relations in the UK 210
3 Economic analysis of trade unions 213
4 The constraints on union action in labour
markets 216
5 The empirical evidence 221
6 Conclusions 224
7 Questions for discussion 224
Contents xi
8 Further reading 224
9 End notes 225
12 Damaging the earth: how much does it really matter? 226
The circular flow of income
National income accounts
1 Introduction 226
2 The circular flow of incomes 227
3 The traditional measurement of national output
flows 230
4 Environmental pollution and the national income
accounts 238
5 Resource depletion and the national income
accounts 243
6 Conclusion 245
7 Questions for discussion 245
8 Further reading 246
9 End notes 247
13 Unemployment: what can the government do? 248
Keynesian unemployment equilibrium
Injections and withdrawals
The multiplier
The paradox of thrift
1 Introduction 248
2 Equilibrium output in Keynesian thinking 252
3 The paradox of thrift 255
4 Government action on demand deficient
unemployment 260
5 Problems in controlling unemployment 264
6 Conclusion 267
7 Questions for discussion 267
8 Further reading 268
9 End note 268
14 Does Britain invest enough? 269
The rate of interest
Investment analysis
Human capital
Contents
1 Introduction 269
2 The market for investment goods 270
3 The meaning of investment 273
4 The extent and direction of UK investment 274
5 Investment decisions and the rate of interest 276
6 Investment and other factors 283
7 Weaknesses in the market case? 286
8 Conclusion 287
9 Questions for discussion 287
10 Further reading 288
11 End notes 288
15 Beating Inflation: Is it really worth it? 289
Aggregate supply and demand
The Phillips Curve
Rational expectations
1 Introduction 289
2 Inflation: what do we mean? 290
3 The costs of inflation 293
4 Imperfectly anticipated inflation 296
5 Inflation and unemployment 300
6 Conclusion 308
7 Questions for discussion 308
8 Further reading 309
9 End notes 309
16 The rich get richer and the poor get poorer... , The supply side
revolution 3W
Income and substitution effects
Average and marginal tax rates
1 Introduction 310
2 The tax system in Britain 311
3 Tax and effects on output 314
4 The supply of labour: willingness to work 317
5 Direct taxation and its effects on incentives 320
6 Income support and its effects on incentives 323
7 Strands of evidence 325
Contents xiii
8 Conclusion 328
9 Questions for discussion 328
10 Further reading 329
17 Privatisation: a supply side improvement? 330
Efficiency with declining LRAC
Privatisation policy
1 Introduction 330
2 Public ownership of assets: the arguments in
favour 332
3 Private ownership of assets: counter arguments 336
4 The claimed benefits of privatisation 337
5 Deregulation 344
6 The future 346
7 Questions for discussion 346
8 Further reading 346
9 End notes 347
18 Does the UK want an Independent central bank? 348
Money market equilibrium
Monetarism
1 Introduction 348
2 Keynesian macro economic management 350
3 Central bank independence in Keynesian
economics 357
4 An alternative perspective: monetarism 359
5 Monetarists and central bank interdependence 363
6 How independent is independent? 364
7 Central bank independence, prices and growth:
some evidence 366
8 Conclusion 367
9 Questions for discussion 368
10 Further reading 368
19 Manufacturing trade: not made in Britain (with Dr Michael Asteris)
370
The balance of payments
The law of comparative advantage
Contents
1 Introduction 370
2 The balance of payments 371
3 The basis of international trade 377
4 How significant is the deficit in manufacturing
trade? 383
5 Conclusion 387
6 Questions for discussion 389
7 Further reading 389
8 End notes 389
20 Giving up sterling: too high a price to pay? 390
Exchange rate determination
The European exchange rate mechanism
European monetary union
1 Introduction 390
2 Exchange rates and the balance of payments 391
3 The European exchange rate mechanism 395
4 European monetary union 406
5 Conclusion 411
6 Questions for discussion 411
7 Further reading 412
8 End notes 412
Appendix 1: A guide to sources of information 413
Appendix 2: Sources of information on share prices 416
Appendix 3: Measuring the distribution of income: the Gini
coefficient 419
Appendix 4: The derivation of the demand curve for labour 421
Appendix 5: The determination of the multiplier 423
Index 425
Contents xv
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| id | DE-604.BV009786825 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T17:40:51Z |
| institution | BVB |
| isbn | 0745014658 |
| language | English |
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| physical | XXVI, 436 S. graph. Darst. |
| publishDate | 1994 |
| publishDateSearch | 1994 |
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| publisher | Harvester Wheatsheaf |
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| spelling | Heather, Ken Verfasser aut Modern applied economics a problem-oriented approach to economic theory Ken Heather 1. publ. New York [u.a.] Harvester Wheatsheaf 1994 XXVI, 436 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Economie gtt Economische politiek gtt Économie politique ram Wirtschaft Wirtschaftspolitik Economics Volkswirtschaftslehre (DE-588)4078943-3 gnd rswk-swf Wirtschaftstheorie (DE-588)4079351-5 gnd rswk-swf Volkswirtschaftslehre (DE-588)4078943-3 s Wirtschaftstheorie (DE-588)4079351-5 s DE-188 Ersetzt durch Understanding economics / Ken Heather (DE-604)BV023514091 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=006474592&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Heather, Ken Modern applied economics a problem-oriented approach to economic theory Economie gtt Economische politiek gtt Économie politique ram Wirtschaft Wirtschaftspolitik Economics Volkswirtschaftslehre (DE-588)4078943-3 gnd Wirtschaftstheorie (DE-588)4079351-5 gnd |
| subject_GND | (DE-588)4078943-3 (DE-588)4079351-5 |
| title | Modern applied economics a problem-oriented approach to economic theory |
| title_auth | Modern applied economics a problem-oriented approach to economic theory |
| title_exact_search | Modern applied economics a problem-oriented approach to economic theory |
| title_full | Modern applied economics a problem-oriented approach to economic theory Ken Heather |
| title_fullStr | Modern applied economics a problem-oriented approach to economic theory Ken Heather |
| title_full_unstemmed | Modern applied economics a problem-oriented approach to economic theory Ken Heather |
| title_new | Understanding economics / Ken Heather |
| title_short | Modern applied economics |
| title_sort | modern applied economics a problem oriented approach to economic theory |
| title_sub | a problem-oriented approach to economic theory |
| topic | Economie gtt Economische politiek gtt Économie politique ram Wirtschaft Wirtschaftspolitik Economics Volkswirtschaftslehre (DE-588)4078943-3 gnd Wirtschaftstheorie (DE-588)4079351-5 gnd |
| topic_facet | Economie Economische politiek Économie politique Wirtschaft Wirtschaftspolitik Economics Volkswirtschaftslehre Wirtschaftstheorie |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=006474592&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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