Essentials of economics:
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Harlow
Pearson
2016
|
| Ausgabe: | Seventh edition |
| Schriftenreihe: | Always learning
|
| Schlagworte: | |
| Online-Zugang: | FHD01 Inhaltsverzeichnis |
| Beschreibung: | 1 Online-Ressource (XXII, 429, W4, K19, I21 Seiten) Illustrationen, Diagramme |
| ISBN: | 9781292082318 |
Internformat
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| 245 | 1 | 0 | |a Essentials of economics |c John Sloman, Dean Garratt |
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Datensatz im Suchindex
| _version_ | 1804177889888829440 |
|---|---|
| adam_text | DETAILED CONTENTS
ABOUT THE AUTHORS
STUDENT AND LECTURER RESOURCES
PREFACE
ACKNOWLEDGEMENTS
PUBLISHER S ACKNOWLEDGEMENTS
V
M
XRX
XXII
XXIII
INTRODUCTION
1 ECONOMIC ISSUES
1.1
1.2
1.3
1.4
1.5
1.1
1.2
1.3
1.4
ENGAGING WITH ECONOMICS
AN ISLAND ECONOMY
ECONOMIC PUZZLES AND ISSUES
THE ECONOMIC PROBLEM
THE PROBLEM OF SCARCITY
DEMAND AND SUPPLY
DIVIDING UP THE SUBJECT
MACROECONOMICS
MICROECONOMICS
MODELLING ECONOMIC RELATIONSHIPS
THE PRODUCTION POSSIBILITY CURVE
THE CIRCULARFLOW OF GOODS ANDINCOMES
TECHNIQUES OF ANALYSIS
ECONOMIC SYSTEMS
THE COMMAND ECONOMY
THE FREE-MARKET ECONOMY
THE MIXED MARKET ECONOMY
CHAPTER 1 BOXES
MOCROECONOMIC ISSUES: AN HISTORICAL PERSPECTIVE
THE OPPORTUNITY COSTS OF STUDYING ECONOMICS:
WHAT ARE YOU SACRIFICING?
COMMAND ECONOMIES: RISE AND FALL OF PLANNING
AFFORDING THE MIXED ECONOMY: THE SOVEREIGN DEBT
CRISIS OF THE EARLY 2010S
2
3
3
3
4
5
5
6
6
7
11
12
14
14
15
16
17
21
8
10
18
22
2.4
2.5
2.1
2.2
2.3
2.4
2.5
3 MA
3.1
3.2
LLALLLL MICROECONOMICS
2 MARKETS, DEMAND AND SUPPLY
2.1 DEMAND
THE RELATIONSHIP BETWEEN DEMAND AND PRICE
THE DEMAND CURVE
OTHER DETERMINANTS OF DEMAND
28
29
29
29
30
MOVEMENTS ALONG AND SHIFTS IN THE DEMAND CURVE 30
UTILITY AND THE DEMAND CURVE 31
2.2 SUPPLY 34
SUPPLY AND PRICE 34
THE SUPPLY CURVE 34
OTHER DETERMINANTS OF SUPPLY 35
MOVEMENTS ALONG AND SHIFTS IN THE SUPPLY CURVE 36
2.3 THE DETERMINATION OF PRICE 37
EQUILIBRIUM PRICE AND OUTPUT 37
MOVEMENT TO A NEW EQUILIBRIUM 37
THE FREE-MARKET ECONOMY 46
ADVANTAGES OF A FREE-MARKET ECONOMY 46
PROBLEMS WITH A FREE-MARKET ECONOMY 46
BEHAVIOURAL ECONOMICS 47
WHATIS BEHAVIOURAL ECONOMICS? 47
EXPLAINING IRRATIONAL CONSUMER CHOICES 47
RELEVANCE TO ECONOMIC POLICY 48
CHAPTER 2 BOXES
SATISFACTION AND THE RATIONAL CONSUMER:
CONSUMER SURPLUS AND BENEFIT DRIVERS 33
UK HOUSE PRICES: FROM RAISING THE ROOF TO
FALLING THROUGH THE FLOOR 39
STOCK MARKET PRICES: DEMAND AND SUPPLY IN ACTION 42
COMMODITY PRICES: RIDING THE COMMODITIES
BIG DIPPER? 44
NUDGING PEOPLE: HOW TO CHANGE BEHAVIOUR 48
KETS IN ACTION 5I
PRICE ELASTICITY OF DEMAND 52
MEASURING THE PRICE ELASTICITY OF DEMAND 52
INTERPRETING THE FIGURE FOR ELASTICITY 53
DETERMINANTS OF PRICE ELASTICITY OF DEMAND 53
PRICE ELASTICITY OF DEMAND AND
CONSUMER EXPENDITURE 54
3.3 PRICE ELASTICITY OF SUPPLY (PE
S
) 58
THE DETERMINANTS OF PRICE ELASTICITY OF SUPPLY 59
3.4 OTHER ELASTICITIES 59
INCOME ELASTICITY OF DEMAND 59
CROSS-PRICE ELASTICITY OF DEMAND 60
3.5 MARKETS AND ADJUSTMENT OVER TIME 61
SHORT-RUN AND LONG-RUN ADJUSTMENT 61
PRICE EXPECTATIONS AND SPECULATION 61
3.6 UNCERTAINTY AND RISK 65
RESPONDING TO RISK AND UNCERTAINTY 65
X DETAILED CONTENTS
3.7
3.1
3.2
3.3
3.4
3.5
3.6
MARKETS WHERE PRICES ARE CONTROLLED
SETTING A MINIMUM (HIGH) PRICE
SETTING A MAXIMUM (LOW) PRICE
68
68
69
CHAPTER 3 BOXES
THE MEASUREMENT OF ELASTICITY 56
ADVERTISING AND ITS EFFECT ON DEMAND CURVES:
HOW TO INCREASE SALES AND PRICE 57
SHORT SELLING: GAMBLING ON A FALL IN SHARE PRICES 64
PROBLEMS WITH INSURANCE MARKETS: ADVERSE SELECTION AND
MORAL HAZARD 67
AGRICULTURE AND MINIMUM PRICES:
A PROBLEM OF SURPLUSES 70
THE EFFECT OF IMPOSING TAXES ON GOODS:
WHO ENDS UP PAYING? 72
THE SUPPLY DECISION 75
4.1 PRODUCTION AND COSTS: SHORT RUN 76
SHORT-RUN AND LONG-RUN CHANGES IN PRODUCTION 76
PRODUCTION IN THE SHORT RUN: THE LAW OF
DIMINISHING RETURNS 76
MEASURING COSTS OF PRODUCTION 77
COSTS AND OUTPUT 79
4.2 PRODUCTION AND COSTS: LONG RUN 83
THE SCALE OF PRODUCTION 83
LONG-RUN AVERAGE COST 85
THE RELATIONSHIP BETWEEN LONG-RUN AND
SHORT-RUN AVERAGE COST CURVES 86
LONG-RUN COST CURVES IN PRACTICE 87
POSTSCRIPT: DECISION MAKING IN DIFFERENT
TIME PERIODS 87
4.3 REVENUE 89
TOTAL, AVERAGE AND MARGINAL REVENUE 89
AVERAGE AND MARGINAL REVENUE CURVES WHEN
PRICE IS NOT AFFECTED BY THE FIRM S OUTPUT 90
AVERAGE AND MARGINAL REVENUE CURVES WHEN
PRICE VARIES WITH OUTPUT
SHIFTS IN REVENUE CURVES
4.4 PROFIT MAXIMISATION
SOME QUALIFICATIONS
4.5 PROBLEMS WITH TRADITIONAL THEORY
EXPLAINING ACTUAL PRODUCER BEHAVIOUR
CHAPTER 4 BOXES
4.1 DIMINISHING RETURNS IN THE BREAD SHOP:
IS THE BAKER USING HIS LOAF? 77
4.2 MALTHUS AND THE DISMAL SCIENCE OF ECONOMICS:
POPULATION GROWTH + DIMINISHING
RETURNS = STARVATION 78
4.3 THE RELATIONSHIP BETWEEN AVERAGES AND MARGINALS 81
4.4 COSTS AND THE ECONOMIC VULNERABILITY OF FIRMS:
THE BEHAVIOUR OF COSTS AND FIRMS FINANCIAL
WELL-BEING 81
4.5 MINIMUM EFFICIENT SCALE: THE EXTENT OF
ECONOMIES OF SCALE IN PRACTICE 88
4.6 THE LOGIC OF LOGISTICS: DRIVING UP PROFITS 94
5 MARKET STRUCTURES
5.1 THE DEGREE OF COMPETITION
5.2 PERFECT COMPETITION
ASSUMPTIONS
THE SHORT-RUN EQUILIBRIUM OF THE FIRM
THE SHORT-RUN SUPPLY CURVE
THE LONG-RUN EQUILIBRIUM OF THE FIRM
5.3 MONOPOLY
WHAT IS A MONOPOLY?
BARRIERS TO ENTRY
EQUILIBRIUM PRICE AND OUTPUT
MONOPOLY VERSUS PERFECT COMPETITION:
WHICH BEST SERVES THE PUBLIC INTEREST?
POTENTIAL COMPETITION OR POTENTIAL MONOPOLY?
THE THEORY OF CONTESTABLE MARKETS
5.4 MONOPOLISTIC COMPETITION
ASSUMPTIONS
EQUILIBRIUM OF THE FIRM
NON-PRICE COMPETITION
MONOPOLISTIC COMPETITION AND THE PUBLIC INTEREST
5.5 OLIGOPOLY
THE TWO KEY FEATURES OF OLIGOPOLY
COMPETITION AND COLLUSION
COLLUSIVE OLIGOPOLY
NON-COLLUSIVE OLIGOPOLY: THE BREAKDOWN
OF COLLUSION
NON-COLLUSIVE OLIGOPOLY: ASSUMPTIONS
ABOUT RIVALS BEHAVIOUR
OLIGOPOLY AND THE CONSUMER
5.6 GAME THEORY
SINGLE-MOVE GAMES
MULTI-MOVE GAMES
5.7 PRICE DISCRIMINATION
ADVANTAGES TO THE FIRM
PRICE DISCRIMINATION AND THE CONSUMER
CHAPTER 5 BOXES
E-COMMERCE: A RETURN OF POWER TO THE PEOPLE?
BREAKING SKY S MONOPOLY ON LIVE PREMIER LEAGUE
FOOTBALL: THE SKY IS THE LIMIT FOR THE ENGLISH
PREMIER LEAGUE
OPEC- THE RISE AND FALL AND RISE AGAIN OF A CARTEL:
THE HISTORY OF THE WORLD S MOST FAMOUS CARTEL
5.4 THE POWER OF OLIGOPOLY: ENERGISING COMPETITION
IN THE UK ENERGY SECTOR
5.5 THE PRISONERS DILEMMA
5.6 PROFIT-MAXIMISING PRICES AND OUTPUT FOR A
THIRD-DEGREE PRICE DISCRIMINATING FIRM:
IDENTIFYING DIFFERENT PRICES IN DIFFERENT MARKETS
6 WAGES AND THE DISTRIBUTION OF INCOME
6.1 WAGE DETERMINATION IN A PERFECT MARKET
PERFECT LABOUR MARKETS
THE SUPPLY OF LABOUR
90
92
92
93
95
95
5.1
5.2
5.3
100
101
102
102
103
104
104
108
108
108
110
110
111
114
114
115
116
116
117
118
118
118
122
123
126
127
127
128
131
133
133
106
112
120
125
129
134
137
138
138
138
DETAILED CONTENTS XI
THE DEMAND FOR LABOUR: THE MARGINAL
PRODUCTIVITY THEORY 139
WAGES AND PROFITS UNDER PERFECT COMPETITION 142
6.2 WAGE DETERMINATION IN IMPERFECT MARKETS 143
FIRMS WITH POWER 143
THE ROLE OF TRADE UNIONS 143
BILATERAL MONOPOLY 144
THE EFFICIENCY WAGE HYPOTHESIS 145
6.3 INEQUALITY 147
TYPES OF INEQUALITY 147
MEASURING THE SIZE DISTRIBUTION OF INCOME 148
THE FUNCTIONAL DISTRIBUTION OF INCOME 150
THE DISTRIBUTION OF WEALTH 154
CAUSES OF INEQUALITY 155
6.4 THE REDISTRIBUTION OF INCOME 159
TAXATION 159
BENEFITS 160
THE TAX/BENEFIT SYSTEM AND THE PROBLEM OF
DISINCENTIVES: THE POVERTY TRAP 161
CHAPTER 6 BOXES
7.7
6.1
6.2
6.3
6.4
6.5
6.6
LABOUR MARKET TRENDS: PATTERNS W EMPLOYMENT
WAGES UNDER BILATERAL MONOPOLY: ALL TO PLAY FOR?
EQUAL PAY FOR EQUAL WORK? WAGE INEQUALITIES
BETWEEN MEN AND WOMEN
MINIMUM WAGE LEGISLATION:
A WAY OF HELPING THE POOR?
INEQUALITY AND ECONOMIC GROWTH: MACROECONOMIC
IMPLICATIONS OF INCOME INEQUALITY
UK TAX CREDITS: AN ESCAPE FROM THE POVERTY TRAP?
7 MARKET FAILURES AND GOVERNMENT POLICY
7.1
7.2
7.3
7.4
7.5
7.6
SOCIAL EFFICIENCY
MARKET FAILURES: EXTERNALITIES AND PUBLIC GOODS
EXTERNALITIES
PUBLIC GOODS
MARKET FAILURES: MONOPOLY POWER
DEADWEIGHT LOSS UNDER MONOPOLY
CONCLUSIONS
OTHER MARKET FAILURES
IGNORANCE AND UNCERTAINTY
PROTECTING PEOPLE S INTERESTS
THE PRINCIPAL-AGENT PROBLEM
IMMOBILITY OF FACTORS AND TIME LAGS IN RESPONSE
MACROECONOMIC GOALS
HOW FAR CAN ECONOMISTS GO IN ADVISING
GOVERNMENTS?
GOVERNMENTINTERVENTION: TAXES AND SUBSIDIES
THE USE OF TAXES AND SUBSIDIES
ADVANTAGES OF TAXES AND SUBSIDIES
DISADVANTAGES OF TAXES AND SUBSIDIES
GOVERNMENTINTERVENTION: LAWS AND REGULATION
LAWS PROHIBITING OR REGULATING UNDESIRABLE
STRUCTURES OR BEHAVIOUR
REGULATORY BODIES
140
145
1S2
156
158
162
166
167
168
168
172
173
173
174
174
174
175
175
176
176
177
178
178
179
179
180
180
180
7.8
7.9
OTHER FORMS OF GOVERNMENT INTERVENTION
CHANGES IN PROPERTY RIGHTS
PROVISION OF INFORMATION
THE DIRECT PROVISION OF GOODS AND SERVICES
NATIONALISATION AND PRIVATISATION
MORE OR LESS INTERVENTION?
DRAWBACKS OF GOVERNMENTINTERVENTION
ADVANTAGES OF THE FREE MARKET
SHOULD THERE BE MORE OR LESS INTERVENTION
IN THE MARKET?
THE ENVIRONMENT: A CASE STUDY IN MARKET FAILURE
THE ENVIRONMENTAL PROBLEM
MARKET FAILURES
POLICY ALTERNATIVES
HOW MUCH CAN WE RELY ON GOVERNMENTS?
183
183
183
184
184
185
185
186
186
187
187
187
188
191
7.1
7.2
7.3
7.4
7.5
CHAPTER 7 BOXES
THE TRAGEDY OF THE COMMONS: THE DEPLETION
OF COMMON RESOURCES 171
SHOULD HEALTH-CARE PROVISION BE LEFT TO THE
MARKET? A CASE OF MULTIPLE MARKETFAILURES 176
GREEN TAXES: THEIR GROWING POPULARITY IN THE
INDUSTRIALISED WORLD 190
TRADING OUR WAY OUT OF CLIMATE CHANGE:
THE EU CARBON TRADING SYSTEM 192
THE PROBLEM OF URBAN TRAFFIC CONGESTION:
DOES SINGAPORE HAVE THE ANSWER? 194
MACROECONOMICS
8.2
8 AGGREGATE DEMAND AND THE NATIONAL
ECONOMY
8.1 INTRODUCTION TO MACROECONOMICS
KEY MACROECONOMIC ISSUES
GOVERNMENT MACROECONOMIC POLICY
THE CIRCULARFLOW OF INCOME MODEL
THE INNER FLOW, WITHDRAWALS AND INJECTIONS
THE RELATIONSHIP BETWEEN WITHDRAWALS AND
INJECTIONS
THE CIRCULAR FLOW OF INCOME AND THE KEY
MACROECONOMIC OBJECTIVES
DISEQUILIBRIUM AND A CHAIN REACTION
THE COMPONENTS OF AGGREGATE DEMAND
HOUSEHOLD CONSUMPTION
INVESTMENT
GOVERNMENT EXPENDITURE
IMPORTS AND EXPORTS
SIMPLE KEYNESIAN MODEL OF NATIONAL INCOME
DETERMINATION
SHOWING EQUILIBRIUM WITH A KEYNESIAN DIAGRAM
THE WITHDRAWALS AND INJECTIONS APPROACH
THE INCOME AND EXPENDITURE APPROACH
THE MULTIPLIER
THE WITHDRAWALS AND INJECTIONS APPROACH
THE INCOME AND EXPENDITURE APPROACH
8.3
8.4
8.5
200
201
201
206
206
207
209
209
209
210
211
212
215
216
218
219
219
220
221
221
222
XII DETAILED CONTENTS
8.1
8.2
8.3
8.4
THE MULTIPLIER: A NUMERICAL ILLUSTRATION
APPENDIX: MEASURING NATIONAL
INCOME AND OUTPUT
THE PRODUCT METHOD
THE INCOME METHOD
THE EXPENDITURE METHOD
FROM GDP TO NATIONAL INCOME
HOUSEHOLDS DISPOSABLE INCOME
TAKING ACCOUNT OF INFLATION
CHAPTER 8 BOXES
THE HOUSEHOLD SECTOR BALANCE SHEETS: NET WORTH
SENTIMENT AND SPENDING: DOES SENTIMENT HELP
TO FORECAST SPENDING?
THE DISTINCTION BETWEEN REAL AND NOMINAL VALUES:
WORKING OUT WHAT IS REAL
TRYING TO MAKE SENSE OF ECONOMIC DATA:
THE APPARENTLY PUZZLING CASE OF JAPANESE GDP
9 AGGREGATE SUPPLY AND GROWTH
9.1 THE AD/AS MODEL
THE AGGREGATE DEMAND CURVE
THE AGGREGATE SUPPLY CURVE
EQUILIBRIUM
9.2 INTRODUDNG ECONOMIC GROWTH
THE DISTINCTION BETWEEN ACTUAL AND
POTENTIAL GROWTH
9.3 SHORT-TERM ECONOMIC GROWTH AND THE
BUSINESS CYCLE
THE BUSINESS CYCLE IN PRACTICE
9.4 EXPLANATIONS OF THE BUSINESS CYCLE
FLUCTUATIONS IN AGGREGATE DEMAND
FLUCTUATIONS IN AGGREGATE SUPPLY
FINANCE AND TRADE
9.5 LONG-TERM ECONOMIC GROWTH
GROWTH OVER THE DECADES
COMPARING THE GROWTH PERFORMANCE OF
DIFFERENT COUNTRIES
9.6 EXPLANATIONS OF LONG-TERM GROWTH
THE CAUSES OF ECONOMIC GROWTH
CAPITAL ACCUMULATION
TECHNOLOGICAL PROGRESS
ENDOGENOUS GROWTH THEORY
CHAPTER 9 BOXES
9.1 OUTPUT GAPS: AN ALTERNATIVE MEASURE OF
EXCESS OR DEFICIENT DEMAND
9.2 THE ACCELERATOR: AN EXAMPLE: DEMONSTRATING
THE INSTABILITY OF INVESTMENT
9.3 GETTING INTENSIVE WITH PHYSICAL CAPITAL:
HOW QUICKLY DOES IT GROW?
9.4 LABOUR PRODUCTIVITY: HOW EFFECTIVE IS
UK LABOUR?
9.5 UK HUMAN CAPITAL: ESTIMATING THE CAPABILITIES
OF THE LABOUR FORCE
222
223
223
224
225
225
226
227
213
216
226
227
231
232
232
233
233
234
234
238
238
239
239
243
244
246
246
246
248
248
248
251
254
236
242
249
252
256
10 BANKING, MONEY AND INTEREST RATES 260
10.1 THE MEANING AND FUNCTIONS OF MONEY 261
THE FUNCTIONS OF MONEY 261
WHAT SHOULD COUNT AS MONEY? 261
10.2 THE FINANCIAL SYSTEM 262
THE KEY ROLE OF BANKS IN THE MONETARY SYSTEM 262
LIQUIDITY, PROFITABILITY AND CAPITAL ADEQUACY 268
STRENGTHENING INTERNATIONAL REGULATION OF
CAPITAL ADEQUACY AND LIQUIDITY 271
THE CENTRAL BANK 272
THE ROLE OF THE MONEY MARKETS 275
10.3 THE SUPPLY OF MONEY 278
THE CREATION OF CREDIT 278
THE CREATION OF CREDIT: THE REAL WORLD 279
WHAT CAUSES MONEY SUPPLY TO RISE? 281
THE RELATIONSHIP BETWEEN MONEY SUPPLY
AND THE RATE OF INTEREST 284
10.4 THE DEMAND FOR MONEY 285
WHAT DETERMINES THE SIZE OF THE DEMAND
FOR MONEY? 286
10.5 EQUILIBRIUM 287
EQUILIBRIUM IN THE MONEY MARKET 287
THE LINK BETWEEN THE MONEY AND GOODS MARKETS 288
CHAPTER 10 BOXES
10.1 FINANCIAL INTERMEDIATION: WHAT IS IT THAT BANKS DO ? 263
10.2 THE GROWTH OF BANKS BALANCE SHEETS:
THE RISE OF WHOLESALE FUNDING 266
10.3 THE RISE OFSECURITISATION: SPREADING THE RISK OR
PROMOTING A CRISIS? 272
10.4 CREDIT, MONEY AND MINSKY S FINANCIAL INSTABILITY
HYPOTHESIS: ARE CREDIT CYCLES INEVITABLE? 282
11 INFLATION AND UNEMPLOYMENT 292
11.1 INFLATION 293
INTRODUCTION TO THE CAUSES OF INFLATION 293
11.2 AGGREGATE DEMAND, INFLATION AND OUTPUT 297
THE SHORT-RUN AGGREGATE SUPPLY CURVE 297
THE LONG-RUN AGGREGATE SUPPLY CURVE 300
11.3 MONEY SUPPLY, AGGREGATE DEMAND AND
INFLATION 301
THE EQUATION OF EXCHANGE 302
MONEY AND AGGREGATE DEMAND 302
11.4 UNEMPLOYMENT 304
THE MEANING OF UNEMPLOYMENT 305
OFFICIAL MEASURES OF UNEMPLOYMENT 305
UNEMPLOYMENT AND THE LABOUR MARKET 307
TYPES OF DISEQUILIBRIUM UNEMPLOYMENT 308
EQUILIBRIUM UNEMPLOYMENT
(OR NATURAL UNEMPLOYMENT) 309
11.5 THE RELATIONSHIP BETWEEN INFLATION AND
UNEMPLOYMENT: THE SHORT RUN 312
UNEMPLOYMENT AND INFLATION AT THE SAME TIME 312
THE PHILLIPS CURVE 313
DETAILED CONTENTS XIII
11.6
11.7
11.1
11.2
THE RELATIONSHIP BETWEEN INFLATION AND
UNEMPLOYMENT: INTRODUCING EXPECTATIONS
THE EXPECTATIONS-AUGMENTED PHILLIPS CURVE
THE ACCELERATIONIST THEORY
THE LONG-RUN PHILLIPS CURVE AND THE
EQUILIBRIUM RATE OF UNEMPLOYMENT
RATIONAL EXPECTATIONS
KEYNESIAN VIEWS
INFLATION RATE TARGETING AND UNEMPLOYMENT
LONG-TERM CHANGES IN UNEMPLOYMENT
INFLATION TARGETING
CHAPTER 11 BOXES
INFLATION OR DEFLATION: WHERE S THE DANGER?
COST-PUSH ILLUSION: WHEN RISING COSTS ARE NOT
COST-DUSH INFLATION?
316
316
316
317
318
318
319
320
322
295
296
11.3 THE COSTS OF UNEMPLOYMENT: IS IT JUST THE
UNEMPLOYED WHO SUFFER? 306
11.4 THE DURATION OF UNEMPLOYMENT: TAKING A DIP
IN THE UNEMPLOYMENT POOL 310
11.5 MIND THE GAP: DO OUTPUT GAPS EXPLAIN INFLATION? 314
12 MACRO-ECONOMIC POLICY 327
12.1 FISCAL POLICY 328
DEFICITS AND SURPLUSES 328
THE USE OF FISCAL POLICY 330
THE EFFECTIVENESS OF FISCAL POLICY 331
PROBLEMS OF MAGNITUDE 331
THE PROBLEM OF TIMING 334
FISCAL RULES 336
12.2 MONETARY POLICY 338
THE POLICY SETTING 338
CONTROL OF THE MONEY SUPPLY OVER THE MEDIUM
AND LONG TERM 339
SHORT-TERM MONETARY MEASURES 339
TECHNIQUES TO CONTROL THE MONEY SUPPLY 340
TECHNIQUES TO CONTROL INTEREST RATES 342
USING MONETARY POLICY 347
12.3 DEMAND-SIDE POLICY 348
ATTITUDES TOWARDS DEMAND MANAGEMENT 348
THE CASE FOR RULES AND POLICY FRAMEWORKS 348
TH E CASE FOR DISCRETION 349
CONCLUSIONS 350
12.4 SUPPLY-SIDE POLICY 351
MARKET-ORIENTATED SUPPLY-SIDE POLICIES 351
INTERVENTIONIST SUPPLY-SIDE POLICIES 354
CHAPTER 12 BOXES
12.1 THE FINANCIAL CRISIS AND THE UK FISCAL POLICY YO-YO:
FROM FISCAL EXPANSION TO FISCAL CONSOLIDATION 332
12.2 EVOLVING FISCAL FRAMEWORKS, PARTI:
THE EUROPEAN UNION: CONSTRAINING THE FISCAL
DISCRETION OF NATIONAL GOVERNMENTS 334
12.3 EVOLVING FISCAL FRAMEWORKS, PARTLL: THE UK:
FROM GOLDEN RULES TO FISCAL MANDATES 336
12.4 THE DAILY OPERATION OF MONETARY POLICY:
WHAT GOES ON AT THREADNEEDLE STREET?
12.5 MONETARY POLICY IN THE EUROZONE:
THE ROLE OF THE ECB
12.6 QUANTITATIVE EASING: RETHINKING MONETARY
POLICY IN HARD TIMES
12.7 MOVES TOWARDS MARKET-BASED POLICIES IN THE UK:
CREATING THE RIGHT INCENTIVES?
PART D I INTERNATIONAL ECONOMICS
341
343
346
356
13 GLOBALISATION AND INTERNATIONAL TRADE 362
13.1 GLOBAL INTERDEPENDENCE 363
INTERDEPENDENCE THROUGH TRADE 363
FINANCIAL INTERDEPENDENCE 366
INTERNATIONAL BUSINESS CYCLES 366
GLOBAL POLICY RESPONSE 366
13.2 THE ADVANTAGES OF TRADE 367
TRADING PATTERNS 367
SPECIALISATION AS THE BASIS FOR TRADE 368
THE GAINS FROM TRADE BASED ON COMPARATIVE
ADVANTAGE 369
OTHER REASONS FOR GAINS FROM TRADE 371
THE TERMS OF TRADE 372
13.3 ARGUMENTS FOR RESTRICTING TRADE 373
ARGUMENTS IN FAVOUR OF RESTRICTING TRADE 373
PROBLEMS WITH PROTECTION 375
13.4 THE WORLD TRADING SYSTEM AND THE WTO 377
13.5 TRADING BLOCS 379
TYPES OF PREFERENTIAL TRADING ARRANGEMENT 380
THE DIRECT EFFECTS OF A CUSTOMS UNION:
TRADE CREATION AND TRADE DIVERSION 380
LONGER-TERM EFFECTS OF A CUSTOMS UNION 381
PREFERENTIAL TRADING IN PRACTICE 381
13.6 THE EUROPEAN UNION 382
FROM CUSTOMS UNION TO COMMON MARKET 383
THE BENEFITS AND COSTS OF THE SINGLE MARKET 383
COMPLETING THE INTERNAL MARKET 385
THE EFFECT OF THE NEW MEMBER STATES 385
13.7 TRADE AND DEVELOPING COUNTRIES 386
THE RELATIONSHIP BETWEEN TRADE AND
DEVELOPMENT 386
TRADE STRATEGIES 387
APPROACH 1: EXPORTING PRIMARIES - EXPLOITING
COMPARATIVE ADVANTAGE 387
APPROACH 2: IMPORT-SUBSTITUTING
INDUSTRIALISATION (ISI) 389
APPROACH 3: EXPORTING MANUFACTURES -
A POSSIBLE WAY FORWARD? 391
CHAPTER 13 BOXES
13.1 DOCTOR, THE WORLD HAS CAUGHT A COLD! GLOBAL ANSWERS TO
GLOBAL PROBLEMS? 364
13.2 TRADING PLACES: PATTERNS AND TRENDS IN
WORLD TRADE 370
XIV DETAILED CONTENTS
13.3 DO WE EXPLOITFOREIGN WORKERS BY BUYING
CHEAP FOREIGN IMPORTS?
13 A THE DOHA DEVELOPMENT AGENDA:
A NEW DIRECTION FORTHE WTO?
13.5 FEATURES OF THE SINGLE MARKET
13.6 THE CHINESE ECONOMIC MIRACLE :
RIDING THE DRAGON
14 BALANCE OF PAYMENTS AND EXCHANGE RATES
14.1 THE BALANCE OF PAYMENTS ACCOUNT
THE CURRENT ACCOUNT
THE CAPITAL ACCOUNT
THE FINANCIAL ACCOUNT
14.2 EXCHANGE RATES
DETERMINATION OF THE RATE OF EXCHANGE IN A
FREE MARKET
14.3 EXCHANGE RATES AND THE BALANCE OF PAYMENTS
EXCHANGE RATES AND THE BALANCE OF PAYMENTS: NO
GOVERNMENT OR CENTRAL BANK INTERVENTION
EXCHANGE RATES AND THE BALANCE OF PAYMENTS: WITH
GOVERNMENT OR CENTRAL BANK INTERVENTION
14.4 FIXED VERSUS FLOATING EXCHANGE RATES
ADVANTAGES OF FIXED EXCHANGE RATES
DISADVANTAGES OF FIXED EXCHANGE RATES
ADVANTAGES OF A FREE-FLOATING EXCHANGE RATE
DISADVANTAGES OF A FREE-FLOATING EXCHANGE RATE
EXCHANGE RATES IN PRACTICE
14.5 THE ORIGINS OF THE EURO
THE ERM
THE MAASTRICHT TREATY AND THE ROAD TO THE SINGLE
CURRENCY
376
378
384
392
397
407
407
408
408
409
412
413
414
415
14.6 ECONOMIC AND MONETARY UNION (EMU)
IN EUROPE
BIRTH OF THE EURO
HOW DESIRABLE IS EMU?
FUTURE OF THE EURO
THE FISCAL FRAMEWORK
14.7 DEBT AND DEVELOPING COUNTRIES
THE OIL SHOCKS OF THE 1970S
DEALING WITH THE DEBT
416
416
416
419
421
422
422
424
398
398
399
400
401
404
405
405
ANA
14.1
14.2
14.3
14A
14.5
CHAPTER 14 BOXES
NOMINAL AND REAL EXCHANGE RATES:
SEARCHING FOR A REAL ADVANTAGE
DEALING IN FOREIGN CURRENCIES:
A DAILY JUGGLING ACT
THE IMPORTANCE OF INTERNATIONAL FINANCIAL
MOVEMENTS: HOW A CURRENT ACCOUNT DEFICIT CAN
COINCIDE WITH AN APPRECIATING EXCHANGE RATE
THE EURO/DOLLAR SEE-SAW: LIPS AND DOWNS IN
THE CURRENCY MARKET
OPTIMAL CURRENCY AREAS: WHEN IT PAYS TO PAY
IN THE SAME CURRENCY
403
406
409
411
418
WEB APPENDIX
KEY IDEAS AND GLOSSARY
INDEX
1:1
|
| any_adam_object | 1 |
| author | Sloman, John 1947- Garratt, Dean 1970- |
| author_GND | (DE-588)121722988 (DE-588)171497287 |
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| author_role | aut aut |
| author_sort | Sloman, John 1947- |
| author_variant | j s js d g dg |
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| ctrlnum | (OCoLC)1011405507 (DE-599)BVBBV044535217 |
| discipline | Wirtschaftswissenschaften |
| edition | Seventh edition |
| format | Electronic eBook |
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| title | Essentials of economics |
| title_auth | Essentials of economics |
| title_exact_search | Essentials of economics |
| title_full | Essentials of economics John Sloman, Dean Garratt |
| title_fullStr | Essentials of economics John Sloman, Dean Garratt |
| title_full_unstemmed | Essentials of economics John Sloman, Dean Garratt |
| title_short | Essentials of economics |
| title_sort | essentials of economics |
| topic | Volkswirtschaftslehre (DE-588)4078943-3 gnd Mikroökonomie (DE-588)4039225-9 gnd |
| topic_facet | Volkswirtschaftslehre Mikroökonomie Einführung Lehrbuch |
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