1 volume (various pagings) : 27 cm

"The 8th edition of Economics contains the most up-to-the minute coverage and uses the latest data to track and analyse the impact of the global financial crisis on our economy. 'Economics' is popular for its active learning and student-friendly approach, and the new edition retains its classic features that provide a solid foundation for the study of economics, while covering much of the recent turmoil in the economy." -- Provided by publisher

Includes index

Cover -- Economics -- Brief Contents -- Contents -- Custom Publishing -- Guided Tour -- Getting Started with MyEconLab -- Preface -- Student Resources Flowchart -- Lecturer Resources Flowchart -- Acknowledgements -- Publisher's Acknowledgements -- Part A Introduction -- Introducing Economics -- What do economists study? -- Different economic systems -- The nature of economic reasoning -- Boxes -- What's the latest economics news? -- Looking at macroeconomic data -- The opportunity costs of studying -- Scarcity and abundance -- The rise and fall of planning in the former Soviet Union -- Adam Smith (1723-90) -- Ceteris Paribus -- Part B Foundations of Microeconomics -- Supply and Demand -- Demand -- Supply -- Price and Output Determination -- The control of prices -- Boxes -- The demand for lamb -- UK house prices -- Stock market prices -- Underground markets -- Markets in Action -- Elasticity -- The time dimension -- Indirect taxes -- Government rejection of market allocation -- Agriculture and agricultural policy -- Boxes -- Advertising and its effect on demand curves -- Any more fares? -- Using calculus to calculate the price elasticity of demand -- Short selling -- Dealing in futures markets -- Ashes to ashes? -- The fallacy of composition -- Feed the world -- Part C Microeconomic Theory -- Background to Demand -- Marginal utility theory -- Indifference analysis -- Demand under conditions of risk and uncertainty -- Behavioural economics -- Boxes -- Using calculus to derive a marginal utility function -- The marginal utility revolution: Jevons, Menger, Walras -- Taking account of time -- Love and caring -- Consumer theory: a further approach -- Problems with insurance markets -- Nudging people -- Is economics the study of selfish behaviour? -- Background to Supply -- The short-run theory of production -- Costs in the short run

The long-run theory of production -- Costs in the long run -- Revenue -- Profit maximisation -- Boxes -- Malthus and the dismal science of economics -- Diminishing returns in the bread shop -- The relationship between averages and marginals -- The relationship between TPP, MPP and APP -- The fallacy of using historic costs -- Cost curves in practice -- The Cobb-Douglas production function -- Minimum efficient scale -- Using calculus to find the maximum profit output -- The logic of logistics -- Profit Maximising under Perfect Competition and Monopoly -- Alternative market structures -- Perfect competition -- Monopoly -- The theory of contestable markets -- Boxes -- Concentration ratios -- Is perfect best? -- E-commerce and perfect competition -- Breaking Sky's monopoly on live football coverage -- X inefficiency -- Cut-throat competition -- Airline deregulation in the USA and Europe -- Profit Maximising under Imperfect Competition -- Monopolistic competition -- Oligopoly -- Game theory -- Price discrimination -- Boxes -- Selling ice cream as a student -- Is beer becoming more concentrated? -- OPEC -- Buying power -- The prisoners' dilemma -- What's the train fare to London? -- Peak-load pricing -- Just the ticket? -- Alternative Theories of the Firm -- Problems with traditional theory -- Behavioural theories -- Alternative maximising theories -- Multiple aims -- Pricing in practice -- Boxes -- What do you maximise? -- The US sub-prime housing crisis -- When is a theory not a theory? -- ENRON -- Merger activity -- Stakeholder power? -- How do companies set prices? -- How firms increase profits by understanding 'irrational' consumers -- The Theory of Distribution of Income -- Wage determination under perfect competition -- Wage determination in imperfect markets -- Capital and profit -- Land and rent -- Boxes -- Labour as a factor of production

Using indifference curve analysis to derive the individual's supply curve of labour -- Immigration and the UK labour market -- Life at the mill -- The rise and decline of the labour movement in the UK -- How useful is marginal productivity theory? -- Equal pay for equal work? -- Flexible labour markets and the flexible firm -- Behaviour at work -- Stocks and flows -- The economics of non-renewable resources -- Part D Microeconomic Policy -- Inequality, Poverty and Policies to Redistribute Income -- Inequality and poverty -- Taxes, benefits and the redistribution of Income -- Boxes -- Poverty in the past -- Minimum wage legislation -- The Laffer curve -- Tax cuts and incentives -- UK tax credits -- Reducing inequality -- Markets, Efficiency and the Public Interest -- Efficiency under perfect competition -- The case for government intervention -- Forms of government intervention -- Cost-benefit analysis -- Government failure and the case for the market -- Boxes -- The police as a public service -- A commons solution -- Should health-care provision be left to the market? -- Deadweight loss from taxes on goods and services -- Putting the 'personal' into public services -- What price a human life? -- HS2: Money well spent? -- Mises, Hayek and the Mont Pelerin Society -- Environmental Policy -- Economics of the environment -- Policies to tackle pollution and its effects -- The economics of traffic congestion -- Urban transport policies -- Boxes -- A Stern warning -- Green taxes -- Are we all green now? -- Selling the environment -- Trading our way out of climate change -- Restricting car access to Athens -- Road pricing in singapore -- The economy and the environment -- Government Policy towards Business -- Competition policy -- Privatisation and regulation -- Boxes -- Squeaky clean competition? -- More than a coincidence? -- What price for peace of mind?

Selling power to the people -- Part E Foundations of Macroeconomics -- The National Economy -- The scope of macroeconomics -- The circular flow of income -- Measuring national income and output -- Short-term economic growth and the business cycle -- Long-term economic growth -- Appendix: Calculating GDP -- Boxes -- Which country is better off? -- Output gaps -- Is stability always desirable? -- Theories of growth -- The costs of economic growth -- Can GDP measure national happiness? -- Macroeconomic Issues and Analysis: An Overview -- Unemployment -- Aggregate demand and supply and the level of prices -- Inflation -- The balance of payments and exchange rates -- Postscript to Part E: The relationship between the four macroeconomic objectives -- Boxes -- The costs of unemployment -- Hyperinflation -- Cost-push illusion -- Inflation or deflation -- The Phillips curve -- Dealing in foreign exchange -- The political business cycle (Part I) -- Part F Macroeconomics -- The Roots of Modern Macroeconomics -- The macroeconomic environment and debates -- Setting the scene: three key issues -- Classical macroeconomics -- The Keynesian revolution -- The monetarist-Keynesian debate -- An emerging consensus? -- Boxes -- Balance the budget at all costs -- The crowding-out effect -- Will wage cuts cure unemployment? -- Short-run Macroeconomic Equilibrium -- Background to the theory -- The Determination of national income -- The simple Keynesian analysis of unemployment and inflation -- The Keynesian analysis of the business cycle -- Boxes -- Using calculus to derive the mpc -- The household sector balance sheet -- Sentiment and spending -- Deriving the multiplier formula -- The paradox of thrift -- Has there been an accelerator effect in the UK? -- Banking, Money and Interest Rates -- The meaning and functions of money -- The financial system

The supply of money -- The demand for money -- Equilibrium -- Boxes -- Money supply, national income and national wealth -- Maturity transformation -- Managing the reserves -- Tackling the financial crisis -- UK and eurozone monetary aggregates -- Calculating the money multiplier -- Credit and the money supply -- The Relationship between the Money and Goods Markets -- The effects of monetary changes on national income -- The monetary effects of changes in the goods market -- ISLM analysis: the integration of the goods and money market models -- Taking inflation into account -- Boxes -- Choosing the exchange rate or the money supply -- What we can learn from party games about money's impact on the economy! -- The stability of the velocity of circulation -- Crowding out in an open economy -- Environmentally sustainable macroeconomic equilibrium -- Fiscal and Monetary Policy -- Fiscal policy -- Monetary policy -- ISLM analysis of fiscal and monetary policy -- Fiscal and monetary policy in the UK -- Rules versus discretion -- Boxes -- Banks, taxes and the fiscal costs of the financial crisis -- UK and US fiscal policy during and after the financial crisis -- Riding a switchback -- From golden to temporary rules -- The operation of monetary policy in the UK -- Central banking and monetary policy in the USA -- Monetary policy in the eurozone -- Goodhart's law -- Using interest rates to control both aggregate demand and the exchange rate -- Quantitative easing -- Inflation targeting -- Interest rate responses and the financial crisis of 2007-9 -- How do inflation targets work in practice? -- Aggregate Supply, Unemployment and Inflation -- Aggregate Supply -- The expectations-augmented Phillips curve -- Inflation and unemployment: the new classical position -- Inflation and unemployment: the modern Keynesian position

Includes index

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