Economics:
Saved in:
| Main Authors: | , , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Harlow, England
Pearson Education Limited
2012
|
| Edition: | eigth edition, european edition |
| Subjects: | |
| Links: | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=029216746&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| Physical Description: | XXXI, 780 Seiten Illustrationen, Diagramme |
| ISBN: | 9780273735755 |
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MARC
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Record in the Search Index
| _version_ | 1819298743914070016 |
|---|---|
| adam_text | Brief Contents
Chapter 1 What Is Economics? 3
Chapter 2 The Economic Problem 31
———
Chapter 3 Demand and Supply 55
Chapter 4 Elasticity 83
Chapter 5 Efficiency and Equity 105
Chapter 6 Government Actions in
Markets 127
Chapter 7 Global Markets in Action 151
Chapter 8 Households Choices 175
Chapter 9 Organizing Production 197
Chapter 10 Output and Costs 221
Chapter 11 Perfect Competition 249
Chapter 12 Monopoly 275
Chapter 13 Monopolistic Competition 299
Chapter 14 Oligopoly 317
Chapter 15 Public Choices and
Public Goods 345
Chapter 16 Economics of the Environment 367
Chapter 18 Economic Inequality and
Redistribution 413
Chapter 19 Uncertainty and Information 437
,1:
Chapter 20 Measuring GDP and
Economic Growth 459
Chapter 21 Monitoring Jobs and Inflation 483
Chapter 22 Economic Growth 507
Chapter 23 Finance, Saving and
Investment 533
Chapter 24 Money, the Price Level
and Inflation 557
Chapter 25 International Finance 585
Chapter 26 Aggregate Supply and
Aggregate Demand 613
Chapter 27 Expenditure Multipliers 637
Chapter 28 Inflation and Output Cycles 667
Chapter 29 Fiscal Policy 691
Chapter 30 Monetary Policy 717
Chapter 17 The Markets for Factors
of Production
389
Contents
Chapter 1 ♦ What Is Economics? 3
A Definition of Economics 4
Microeconomics 4
Macroeconomics 4
Two Big Economic Questions 5
What, How and For Whom? 5
When Is the Pursuit of Self-interest in the
Social Interest? 7
The Economic Way of Thinking 10
A Choice is a Trade-off 10
Making a Rational Choice 10
Benefit: What You Gain 10
Cost: What You Must Give Up 10
How Much? Choosing at the Margin 11
Choices Respond to Incentives 11
Economics as a Social Science and Policy Tool 12
Economist as Social Scientist 12
Economist as Policy Adviser 12
Summary (Key Points and Key Terms), Study Plan
Problems and Applications, and Additional Problems
and Applications appear at the end of each chapter.
Chapter 1 Appendix: Graphs in Economics 15
Graphing Data 15
Scatter Diagrams 16
Graphs Used in Economic Models 18
Variables That Move in the Same Direction 18
Variables That Move in Opposite Directions 19
Variables That Have a Maximum or a
Minimum 20
Variables That Are Unrelated 21
The Slope of a Relationship 22
The Slope of a Straight Line 22
The Slope of a Curved Line 23
Graphing Relationships Among More Than
Two Variables 24
Ceteris Paribus 24
When Other Things Change 25
Mathematical Note Equations of Straight Lines 26
Chapter 2 ♦ The Economic Problem 31
Production Possibilities and Opportunity Cost 32
Production Possibilities Frontier 32
Production Efficiency 33
Trade-off Along the PPF 33
Opportunity Cost 33
Using Resources Efficiently 35
The PPF and Marginal Cost 35
Preferences and Marginal Benefit 36
Efficient Use of Resources 37
Economic Growth 38
The Cost of Economic Growth 38
Gains from Trade 40
Comparative Advantage and Absolute
Advantage 40
Achieving the Gains from Trade 41
Economic Coordination 43
Firms 43
Markets 44
Property Rights 44
Money 44
Circular Flows Through Markets 44
Coordinating Decisions 44
Reading Between the Lines The Rising
Opportunity Cost of Food 46
CONTENTS
xi
Chapter 3 ♦ Demand and Supply 55
Markets and Prices 56
A Competitive Market 56
Demand 57
The Law of Demand 57
Demand Curve and Demand Schedule 57
A Change in Demand 58
A Change in the Quantity Demanded versus a
Change in Demand 60
Supply 62
The Law of Supply 62
Supply Curve and Supply Schedule 62
A Change in Supply 63
A Change in the Quantity Supplied versus
a Change in Supply 64
Market Equilibrium 66
Price as a Regulator 66
Price Adjustments 67
Predicting Changes in Price and Quantity 68
An Increase in Demand 68
A Decrease in Demand 68
An Increase in Supply 70
A Decrease in Supply 70
All the Possible Changes in Demand and Supply 72
Reading Between the Lines Demand and
Supply: The Price of Coffee 74
Mathematical Note Demand, Supply and
Equilibrium 76
Chapter 4 ♦ Elasticity 83
Price Elasticity of Demand 84
Calculating Price Elasticity of Demand 85
Inelastic and Elastic Demand 86
Elasticity Along a Linear Demand Curve 87
Total Revenue and Elasticity 88
Your Expenditure and Your Elasticity 89
The Factors That Influence the Elasticity of
Demand 89
More Elasticities of Demand 91
Cross Elasticity of Demand 91
Income Elasticity of Demand 92
Elasticity of Supply 94
Calculating the Elasticity of Supply 94
The Factors That Influence the Elasticity
of Supply 95
Reading Between the Lines Elasticity:
Demand for Buckwheat 98
Chapter 5 ♦ Efficiency and Equity 105
Resource Allocation Methods 106
Market Price 106
Command 106
Majority Rule 106
Contest 106
First-come, First-served 107
Lottery 107
Personal Characteristics 107
Force 107
Benefit, Cost and Surplus 108
Demand, Willingness to Pay and Value 108
Individual Demand and Market Demand 108
Consumer Surplus 109
Supply and Marginal Cost 109
Supply, Cost and Minimum Supply-price 110
Individual Supply and Market Supply 110
Producer Surplus 111
Is the Competitive Market Efficient? 112
Efficiency of Competitive Equilibrium 112
Market Failure 113
Sources of Market Failure 114
Alternatives to the Market 115
Is the Competitive Market Fair? 116
It s Not Fair if the Result Isn t Fair 116
It s Not Fair if the Rules Aren t Fair 118
Case Study: A Water Shortage in a Natural
Disaster 118
Reading Between the Lines Efficiency in
Ash Cloud 120
Chapter 6 ♦ Government Actions in
Markets 127
A Housing Market with a Rent Ceiling 128
A Housing Shortage 128
Increased Search Activity 128
Black Market 128
Inefficiency of Rent Ceilings 129
Are Rent Ceilings Fair? 130
xii
CONTENTS
A Labour Market with a Minimum Wage 131 Offshoring and Outsourcing 163
Minimum Wage Brings Unemployment 131 Avoiding Trade Wars 165
Inefficiency of a Minimum Wage 131 Why Is International Trade Restricted? 165
Is the Minimum Wage Fair? 132 Compensating Losers 165
Taxes 133 Reading Between the Lines EU Free Trade Deal 166
Tax Incidence 133
A Tax on Sellers 133
A Tax on Buyers 134 Part 3 Households, Firms 173
Equivalence of Tax on Buyers and Sellers 134 Hr and Markets
Tax Incidence and Elasticity of Demand 135 Choices and the Pursuit of Profit 173 J
Tax Incidence and Elasticity of Supply 136
Taxes and Efficiency 137 Chapter 8 ♦ Households Choices 175
Taxes and Fairness 138
Production Quotas and Subsidies and Consumption Possibilities 176
Price Supports 139 The Budget Line 176
Production Quotas 139 The Budget Equation 177
Production Subsidies 140
Preferences and Indifference Curves 179
Price Supports 141 Marginal Rate of Substitution 180
Markets for Illegal Goods 142 Degree of Substitutability 181
Reading Between the Lines Increase in Farm Predicting Consumer Behaviour 182
Subsidies 144 Best Affordable Choice 182
A Change in Price 183
A Change in Income 185
Chapter 7 ♦ Global Markets in Action 151 Substitution Effect and Income Effect 186
How Global Markets Work 152 New Ways of Explaining Households Choices 188
International Trade Today 152 Behavioural Economics 188
What Drives International Trade? 152 Neuroeconomics 189
Why the UK imports Cars 153 Controversy 189
Why the UK Exports Chemicals 154 Reading Between the Lines Paper Books
Winners, Losers and the Net Gain from Trade 155 versus e-Books 190
Gains and Losses from Imports 155
Gains and Losses from Exports 156 Chapter 9 ♦ Organizing Production 197
Gains for All 156
International Trade Restrictions 157
Tariffs 157
Import Quotas 160
Export Subsidies 161
Other Import Barriers 161
The Case Against Protection 162
The Infant-industry Argument 162
The Dumping Argument 162
Saves Jobs 162
Allows Us to Compete with Cheap Foreign
Labour 163
Penalizes Lax Environmental Standards 163
Prevents Rich Countries from Exploiting
Developing Countries 163
The Firm and Its Economic Problem 198
The Firm s Goal 198
Accounting Profit 198
Economic Accounting 198
Opportunity Cost of Production 198
Economic Accounting: a Summary 199
The Firm s Decisions 199
The Firm s Constraints 200
Technological and Economic Efficiency 201
Technological Efficiency 201
Economic Efficiency 201
Information and Organization 203
Command Systems 203
Incentive Systems 203
CONTENTS xiii
Mixed Systems 203
The Principal-agent Problem 203
Types of Business Organization 204
Pros and Cons of Different Types of Firms 205
Isocost Lines 245
The Isocost Equation 245
The Isocost Map 245
The Effect of Factor Prices 245
Markets and the Competitive Environment 207
Identifying a Market Structure 208
UK Market Structures 211
Produce or Outsource? Firms and Markets 212
Firm Coordination 212
Market Coordination 212
Why Firms? 212
Reading Between the Lines Competition and
Coordination 214
Chapter 10 ♦ Output and Costs 221
Time Frames for Decisions 222
The Short Run 222
The Long Run 222
Short-run Technology Constraint 223
Product Schedules 223
Product Curves 223
Total Product Curve 224
Marginal Product Curve 224
Average Product Curve 226
Short-run Cost 227
Total Cost 227
Marginal Cost 228
Average Cost 228
Marginal Cost and Average Cost 228
Why the Average Total Cost Curve Is U-shaped 228
Cost Curves and Product Curves 230
Shifts in the Cost Curves 230
Long-run Cost 232
The Production Function 232
Short-run Cost and Long-run Cost 232
The Long-run Average Cost Curve 234
Economies and Diseconomies of Scale 234
Business Case Study Airline Costs:
The No Frills Approach 236
The Least-cost Technique 246
Marginal Rate of Substitution and Marginal
Products 247
Marginal Cost 248
Making Connections 248
Chapter 11 ♦ Perfect Competition 249
What Is Perfect Competition? 250
How Perfect Competition Arises 250
Price Takers 250
Economic Profit and Revenue 250
The Firm s Decisions 251
The Firm s Output Decision 252
Marginal Analysis 253
Temporary Shutdown Decision 254
The Firm s Short-run Supply Curve 255
Output, Price and Profit in the Short Run 256
Market Supply in the Short Run 256
Short-run Equilibrium 257
A Change in Demand 257
Profits and Losses in the Short Run 257
Output, Price and Profit in the Long Run 259
Entry and Exit 259
A Closer Look at Entry 260
A Closer Look at Exit 260
Long-run Equilibrium 261
Changing Tastes and Advancing Technology 262
A Permanent Change in Demand 262
External Economies and Diseconomies 263
Technological Change 265
Competition and Efficiency 266
Efficient Use of Resources 266
Choices, Equilibrium and Efficiency 266
Reading Between the Lines Perfect
Competition: The Market for Kenyan Tea 268
Chapter 10 Appendix: Producing at 243 Chapter 12 ♦ Monopoly 275
Least Cost
Isoquants and Factor Substitution 243 Monopoly and How It Arises 276
An Isoquant Map 243 How Monopoly Arises 276
The Marginal Rate of Substitution 243 Monopoly Price-setting Strategies 277
X i V CONTENTS
A Single-price Monopoly s Output and
Price Decision
Price and Marginal Revenue
Marginal Revenue and Elasticity
Price and Output Decision
Single-price Monopoly and Competition
Compared
Comparing Price and Output
Efficiency Comparison
Redistribution of Surpluses
Rent Seeking
Rent-seeking Equilibrium
Price Discrimination
Capturing Consumer Surplus
Profiting by Price Discriminating
Perfect Price Discrimination
Efficiency and Rent Seeking with Price
Discrimination
Monopoly Regulation
Efficient Regulation of a Natural Monopoly
Second-best Regulation of a Natural Monopoly
Reading Between the Lines Google Accused
of Anti-competitive Practice
Chapter 13 4 Monopolistic Competition
What Is Monopolistic Competition?
Large Number of Firms
Product Differentiation
Competing on Quality, Price and Marketing
Entry and Exit
Examples of Monopolistic Competition
Price and Output in Monopolistic
Competition
The Firm s Short-run Output and Price Decision
Profit Maximizing Might Be Loss Minimizing
Long Run: Zero Economic Profit
Monopolistic Competition and Perfect
Competition
Is Monopolistic Competition Efficient?
Product Development and Marketing
Innovation and Product Development
Advertising
Using Advertising to Signal Quality
Brand Names
Efficiency of Advertising and Brand Names
Reading Between the Lines Product
Differentiation in the Tablet Computer Market
Chapter 14 4 Oligopoly 317
What is Oligopoly? 318
Barriers to Entry 318
Small Number of Firms 319
Examples of Oligopoly 319
Oligopoly Games 320
What Is a Game? 320
The Prisoners Dilemma 320
An Oligopoly Price-fixing Game 322
Other Oligopoly Games 326
The Disappearing Invisible Fland 326
A Game of Chicken 328
Repeated Games and Sequential Games 329
A Repeated Duopoly Game 329
A Sequential Entry Game in a Contestable
Market 330
Antitrust Law 332
UK and EU Antitrust Laws 332
Price Fixing Always Illegal 332
Three Antitrust Policy Debates 333
Mergers and Acquisitions 335
Reading Between the Lines Cartel in the Air:
Price Fixing Air Freight 336
Chapter 15 ♦ Public Choices and
Public Goods 345
Public Choices 346
Why Governments Exist 346
Political Equilibrium 347
What is a Public Good? 348
A Four-fold Classification 348
Mixed Goods 348
Inefficiencies that Require Public Choices 350
Providing Public Goods 351
The Free-Rider Problem 351
Marginal Social Benefit from a Public Good 351
Marginal Social Cost of a Public Good 352
Efficient Quantity of a Public Good 352
Inefficient Private Provision 352
Efficient Public Provision 352
The Principle of Minimum Differentiation 353
Inefficient Public Overprovision 354
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300
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Providing Mixed Goods with External Benefits 355
Private Benefits and Social Benefits 355
Government Actions in the Market for a
Mixed Good with External Benefits 356
Bureaucratic Inefficiency and Government
Failure 357
Healthcare Services 358
Reading Between the Lines Healthcare in the
UK and US 360
Chapter 16 ♦ Economics of the
Environment 367
Negative Externality: Pollution 368
Sources of Pollution 368
Effects of Pollution 368
Private Cost and Social Cost of Pollution 369
Production and Pollution: How Much? 370
Property Rights 370
The Coase Theorem 371
Government Actions in the Face of External
Costs 372
The Tragedy of the Commons 374
Sustainable Use of a Renewable Resource 374
The Overuse of a Common Resource 376
Achieving an Efficient Outcome 377
Reading Between the Lines Cap-and-trade in
the EU 380
CONTENTS xv
Labour Markets 394
A Competitive Labour Market 394
A Labour Market with a Union 396
Scale of Union-Non-union Wage Gap 398
Trends and Differences in Wage Rates 399
Capital and Natural Resource Markets 400
Capital Rental Markets 400
Land Rental Markets 400
Non-renewable Natural Resource Markets 401
Reading Between the Lines A Job Market in
Action 404
Chapter 18 ♦ Economic Inequality and
Redistribution 413
Economic Inequality in the UK 414
The Distribution of Income 414
The Income Lorenz Curve 415
The Distribution of Wealth 416
Wealth or Income? 416
Annual or Lifetime Income and Wealth? 417
Trends in Inequality 417
Who Are the Rich and the Poor? 418
Poverty 418
Inequality in the World Economy 420
Income Distributions in Selected
Countries 420
Global Inequality and Its Trends 421
Chapter 17 ♦ The Markets for Factors
of Production 389
The Anatomy of Factor Markets 390
Markets for Labour Services 390
Markets for Capital Services 390
Markets for Land Services and Natural
The Sources of Economie Inequality
Human Capital
Discrimination
Contests Among Superstars
Unequal Wealth
Income Redistribution
Income Taxes
Benefit Payments
Subsidized Welfare Services
The Big Trade-off
Reading Between the Lines Wealth: Rising
Inequality in the UK
422
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427
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427
427
429
430
Resources 390
Entrepreneurship 390
The Demand for a Factor of Production 391
Value of Marginal Product 391
A Firm s Demand for Labour 391
A Firm s Demand for Labour Curve 392
Changes in the Demand for Labour 393
Chapter 19 ♦ Uncertainty and
Information 437
Decisions in the Face of Uncertainty 438
Expected Wealth 438
Risk Aversion 438
xvi
CONTENTS
Utility of Wealth 438
Expected Utility 439
Making a Choice with Uncertainty 440
Buying and Selling Risk 441
Insurance Markets 441
A Graphical Analysis of Insurance 442
Risk That Can t Be Insured 443
Private Information 444
Asymmetric Information: Examples and
Problems 444
The Market for Used Cars 444
The Market for Loans 447
The Market for Insurance 448
Uncertainty, Information and the Invisible
Hand 449
Information as a Good 449
Monopoly in Markets That Cope with
Uncertainty 449
Reading Between the Lines Grades as Signals 450
The Big Picture 457
Chapter 20 ♦ Measuring GDP and
Economic Growth 459
Gross Domestic Product 460
GDP Defined 460
GDP and the Circular Flow of Expenditure and
Income 461
Why Is Domestic Product Gross ? 462
Measuring UK GDP 463
The Expenditure Approach 463
The Income Approach 464
Nominal GDP and Real GDP 465
Calculating Real GDP 465
The Uses and Limitations of Real GDP 466
The Standard of Living Over Time 466
The Standard of Living Across Countries 468
Limitations of Real GDP 469
Chapter 20 Appendix: Graphs in
Macroeconomics 474
The Time-series Graph 474
Making a Time-series Graph 474
Reading a Time-series Graph 474
Ratio Scale Reveals Trend 475
A Time-series with a Trend 475
Using a Ratio Scale 475
Mathematical Note Chain Volume Measure of
Real GDP 476
Chapter 21 ♦ Monitoring Jobs and
Inflation 483
Employment and Unemployment 484
Why Unemployment is a Problem 484
Labour Force Survey 485
Three Labour Market Indicators 485
Other Definitions of Economic Inactivity and
Unemployment 487
Most Costly Unemployment 488
Unemployment and Full Employment 489
Frictional Unemployment 489
Structural Unemployment 489
Cyclical Unemployment 489
Natural Unemployment 489
Real GDP and Unemployment Over the
Business Cycle 490
The Price Level, Inflation and Deflation 492
Why Inflation and Deflation are Problems 492
The Price Indexes 493
Reading the RPI and CPI 493
Constructing the RPI and CPI 493
Measuring the Inflation Rate 495
Distinguishing High Inflation from a High
Price Level 495
Biased Price Indexes 496
Some Consequences of Bias in the RPI and CPI 496
An Alternative Price Index: The GDP Deflator 496
The Alternatives Compared 497
Real Variables in Macroeconomics 497
Reading Between the Lines Measuring Inflation 498
Chapter 22 ♦ Economic Growth 507
Reading Between the Lines The Fragile UK
Recovery
The Basics of Economic Growth
472 Calculating Growth Rates
508
508
CONTENTS xvii
The Magic of Sustained Growth 508
Applying the Rule of 70 509
Economic Growth Trends 510
Growth in the UK Economy 510
Real GDP Growth in the World Economy 511
How Potential GDP Grows 513
What Determines Potential GDP? 513
What Makes Potential GDP Grow? 515
Why Labour Productivity Grows 518
Preconditions for Labour Productivity Growth 518
Physical Capital Growth 519
Human Capital Growth 519
Technological Advances 519
A Crucial Distinction 520
Growth Theories, Evidence and Policies 521
Classical Growth Theory 521
Neoclassical Growth Theory 521
New Growth Theory 522
New Growth Theory versus Malthusian
Theory 524
Sorting Out the Theories 524
The Empirical Evidence on the Causes of
Economic Growth 524
Policies for Achieving Faster Growth 524
Reading Between the Lines China s Long-term
Growth 526
Chapter 23 ♦ Finance, Saving and
Investment 533
Financial Institutions and Financial Markets 534
Finance and Money 534
Physical Capital and Financial Capital 534
Capital and Investment 534
Wealth and Saving 534
Financial Capital Markets 535
Financial Institutions 536
Insolvency and Illiquidity 537
Interest Rates and Asset Prices 538
The Loanable Funds Market 538
Funds that Finance Investment 538
The Real Interest Rate 539
The Demand for Loanable Funds 540
The Supply of Loanable Funds 541
Equilibrium in the Loanable Funds Market 542
Changes in Demand and Supply 542
Government in the Loanable Funds Market 545
A Government Budget Surplus 545
A Government Budget Deficit 545
The Global Loanable Funds Market 547
international Capital Mobility 547
International Borrowing and Lending 547
Demand and Supply in the Global and
National Markets 547
Reading Between the Lines Budget Deficits in
Europe 550
Chapter 24 ♦ Money, the Price Level
and Inflation 557
What is Money? 558
Medium of Exchange 558
Unit of Account 558
Store of Value 559
Money in the UK Today 559
Monetary Financial Institutions 561
Types of Monetary Financial Institutions 561
What Monetary Financial Institutions Do 561
Economic Benefits Provided by Monetary
Financial Institutions 562
How Monetary Financial Institutions Are
Regulated 562
Financial Innovation 563
Central Banking 564
The European Central Bank 564
The Bank of England 564
The Bank of England s Balance Sheet 564
The Bank of England s Policy Tools 565
How Banks Create Money 567
Creating Deposits by Making Loans 567
The Money Creation Process 568
The Money Multiplier 569
The Money Market 570
The Influences on Money Holding 570
The Demand for Money Curve 571
Shifts in the Demand for Money Curve 571
Money Market Equilibrium 572
The Quantity Theory of Money 574
Reading Between the Lines ECB Conducts
Expansionary Monetary Policy
Mathematical Note The Money Multiplier
xviii CONTENTS
Chapter 25 ♦ International Finance 585
The Foreign Exchange Market 586
Foreign Currencies 586
Trading Currencies 586
Exchange Rates 586
An Exchange Rate is a Price 586
The Demand for One Money Is
the Supply of Another Money 586
Demand in the Foreign Exchange Market 587
Demand Curve for Pounds Sterling 588
Supply in the Foreign Exchange Market 589
Supply Curve of Pounds Sterling 589
Market Equilibrium 590
The Powerful Pull of Equilibrium 590
Exchange Rate Fluctuations 591
Changes in the Demand for Pounds 591
Changes in the Supply of Pounds 592
Changes in the Exchange Rate 592
Fundamentals, Expectations and Arbitrage 594
The Real Exchange Rate 595
Exchange Rate Policy 596
Flexible Exchange Rate 596
Fixed Exchange Rate 596
Crawling Peg 597
European Monetary Union 598
The Benefits of the Euro 598
The Economic Costs of the Euro 598
The Optimum Currency Area 599
Financing International Trade 600
Balance of Payments Accounts 600
Borrowers and Lenders, Debtors and Creditors 602
Current Account Balance 602
Where Is the Exchange Rate? 603
Reading Between the Lines Intervention in the
Foreign Exchange Market 604
Chapter 26 ♦ Aggregate Supply and
Aggregate Demand 613
Aggregate Supply 614
Quantity Supplied and Supply 614
Aggregate Supply Time Frames 614
Long-run Aggregate Supply 614
Short-run Aggregate Supply 615
Changes in Aggregate Supply 616
Aggregate Demand 618
The Aggregate Demand Curve 618
Changes in Aggregate Demand 619
Explaining Macroeconomic Trends and
Fluctuations 622
Short-run Macroeconomic Equilibrium 622
Long-run Macroeconomic Equilibrium 622
Economic Growth and Inflation in the
AS-AD Model 623
The Business Cycle in the AS-AD Model 624
Fluctuations in Aggregate Demand 626
Fluctuations in Aggregate Supply 627
Macroeconomic Schools of Thought 628
The Classical View 628
The Keynesian View 628
The Monetarist View 629
The Way Ahead 629
Reading Between the Lines Aggregate Supply
and Aggregate Demand in Action 630
Chapter 27 ♦ Expenditure Multipliers 637
Fixed Prices and Expenditure Plans 638
Expenditure Plans 638
Consumption and Saving Plans 638
Marginal Propensities 640
Slopes and Marginal Propensities 640
Consumption and Real GDP 641
Import Function 641
Real GDP with a Fixed Price Level 642
Aggregate Planned Expenditure and Real GDP 643
Actual Expenditure, Planned Expenditure and
Real GDP 643
Equilibrium Expenditure 644
Convergence to Equilibrium 645
The Multiplier 646
The Basic Idea of the Multiplier 646
The Multiplier Effect 646
Why Is the Multiplier Greater Than 1 ? 647
The Size of the Multiplier 647
The Multiplier and the Slope of the AE Curve 648
Imports and Income Taxes 649
The Multiplier Process 649
Business Cycle Turning Points 650
CONTENTS
xix
The Multiplier and the Price Level 651
Adjusting Quantities and Prices 651
Aggregate Expenditure and
Aggregate Demand 651
Deriving the Aggregate Demand Curve 651
Changes in Aggregate Expenditure and
Aggregate Demand 652
Equilibrium Real GDP and the Price Level 653
Reading Between the Lines Shifts in the UK
Consumption Function 656
Mathematical Note The Algebra of the
Multiplier 658
Chapter 28 ♦ Inflation and Output Cycles 667
Tax Revenues and the Laffer Curve 701
The Supply-side Debate 701
Generational Effects of Fiscal Policy 702
Generational Accounting and Present Value 702
The UK Welfare State and the Pensions
Time Bomb 702
Generational Imbalance 703
International Debt 704
Fiscal Stimulus 704
Automatic Fiscal Policy and Cyclical and
Structural Budget Balances 704
Discretionary Fiscal Stimulus 707
Reading Between the Lines Ireland s Fiscal
Contraction 710
Inflation Cycles
Demand-pull Inflation
Cost-push Inflation
Expected Inflation
Forecasting Inflation
Inflation and the Business Cycle
Inflation and Unemployment:
The Phillips Curve
The Short-run Phillips Curve
The Long-run Phillips Curve
The Business Cycle
Mainstream Business Cycle Theory
Real Business Cycle Theory
Reading Between the Lines
China s Inflation-Growth Trade-off
Chapter 29 ♦ Fiscal Policy
Government Budgets
Highlights of the UK Budget in 2010
The Budget in Historical Perspective
UK and EU Budget Balances and Debt in a
Global Perspective
Supply-side Effects of Fiscal Policy
Full Employment and Potential GDP
The Effects of the Income Tax
Taxes on Expenditure and the Tax Wedge
Taxes and the Incentive to Save and Invest
668
668
670
672
673
673
674
674
675
677
677
678
682
691
692
692
693
697
698
698
698
699
700
Chapter 30 ♦ Monetary Policy
Monetary Policy Objectives and Framework
Monetary Policy Objectives
Remit for the Monetary Policy Committee
Actual Inflation and the Inflation Target
The Conduct of Monetary Policy
The Monetary Policy Instrument
The Bank of England s Decision-making
Strategy
Monetary Policy Transmission
Quick Overview
Interest Rate Changes
Exchange Rate Fluctuations
Money and Bank Loans
The Long-term Real Interest Rate
Expenditure Plans
Change in Aggregate Demand,
Real GDP and the Price Level
The Bank Fights Recession
The Bank Fights Inflation
Loose Links and Long and Variable Lags
Extraordinary Monetary Stimulus
The Key Elements of the Crisis
The Policy Actions
Reading Between the Lines Monetary Policy
Dilemma
Glossary
Index
Publisher s Acknowledgements
717
718
718
718
719
720
720
722
723
723
723
724
725
725
725
726
726
728
729
731
731
732
734
741
753
779
|
| any_adam_object | 1 |
| author | Parkin, Michael 1939- Powell, Melanie Matthews, Kent 1952- |
| author_GND | (DE-588)132243555 (DE-588)171710541 (DE-588)136755208 |
| author_facet | Parkin, Michael 1939- Powell, Melanie Matthews, Kent 1952- |
| author_role | aut aut aut |
| author_sort | Parkin, Michael 1939- |
| author_variant | m p mp m p mp k m km |
| building | Verbundindex |
| bvnumber | BV043805386 |
| classification_rvk | QC 072 |
| ctrlnum | (OCoLC)959685101 (DE-599)BSZ340160470 |
| discipline | Wirtschaftswissenschaften |
| edition | eigth edition, european edition |
| format | Book |
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| genre | (DE-588)4123623-3 Lehrbuch gnd-content |
| genre_facet | Lehrbuch |
| id | DE-604.BV043805386 |
| illustrated | Illustrated |
| indexdate | 2024-12-20T17:45:38Z |
| institution | BVB |
| isbn | 9780273735755 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-029216746 |
| oclc_num | 959685101 |
| open_access_boolean | |
| owner | DE-473 DE-BY-UBG |
| owner_facet | DE-473 DE-BY-UBG |
| physical | XXXI, 780 Seiten Illustrationen, Diagramme |
| publishDate | 2012 |
| publishDateSearch | 2012 |
| publishDateSort | 2012 |
| publisher | Pearson Education Limited |
| record_format | marc |
| spellingShingle | Parkin, Michael 1939- Powell, Melanie Matthews, Kent 1952- Economics Wirtschaftslehre (DE-588)4079346-1 gnd Wirtschaftspolitik (DE-588)4066493-4 gnd Wirtschaftswissenschaften (DE-588)4066528-8 gnd Volkswirtschaftslehre (DE-588)4078943-3 gnd Mikroökonomie (DE-588)4039225-9 gnd Makroökonomie (DE-588)4037174-8 gnd Wirtschaftstheorie (DE-588)4079351-5 gnd |
| subject_GND | (DE-588)4079346-1 (DE-588)4066493-4 (DE-588)4066528-8 (DE-588)4078943-3 (DE-588)4039225-9 (DE-588)4037174-8 (DE-588)4079351-5 (DE-588)4123623-3 |
| title | Economics |
| title_auth | Economics |
| title_exact_search | Economics |
| title_full | Economics Parkin ; Powell ; Matthews |
| title_fullStr | Economics Parkin ; Powell ; Matthews |
| title_full_unstemmed | Economics Parkin ; Powell ; Matthews |
| title_short | Economics |
| title_sort | economics |
| topic | Wirtschaftslehre (DE-588)4079346-1 gnd Wirtschaftspolitik (DE-588)4066493-4 gnd Wirtschaftswissenschaften (DE-588)4066528-8 gnd Volkswirtschaftslehre (DE-588)4078943-3 gnd Mikroökonomie (DE-588)4039225-9 gnd Makroökonomie (DE-588)4037174-8 gnd Wirtschaftstheorie (DE-588)4079351-5 gnd |
| topic_facet | Wirtschaftslehre Wirtschaftspolitik Wirtschaftswissenschaften Volkswirtschaftslehre Mikroökonomie Makroökonomie Wirtschaftstheorie Lehrbuch |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=029216746&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT parkinmichael economics AT powellmelanie economics AT matthewskent economics |