Economics

Höfundar: David Begg, Gianluigi Vernasca, Eric Golson, Bridget Kauma, R. Dornbush, Stanley Fischer (Útgáfa: 13)
Economics

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Discover how the dynamic world of economics influences our daily lives, society, political decisions and environmental concerns. This thirteenth edition of Economics by David Begg, Gianluigi Vernasca, Eric Golson and Bridget Kauma, supports students understanding of economics by blending foundational principles with contemporary issues and applications. Covering the latest economic topics, such as the global implications of war, the effects of macro-inflation and the role of AI in the labour market this new edition provides a thorough and insightful exploration that fosters critical thinking and informed decision-making.

Nánar um bókina

Útgefandi
McGraw-Hill UK
ISBN
9781526850249
Print ISBN
9781526850249
Format
ePub
Útgáfa
13
Höfundar
David Begg, Gianluigi Vernasca, Eric Golson, Bridget Kauma, R. Dornbush, Stanley Fischer
Tungumál
English
Útgefið
2025-03-28
Prent takmörkun á líftíma
100
Prent takmörkun
2
Afritunar takmörkun
2

Kaflar

  • Table of Contents and Preface
  • Half-Title Page
  • Title Page
  • Copyright
  • Dedication
  • Brief Table of Contents
  • Detailed Table of Contents
  • Preface
  • How much do economists disagree?
  • Economics in the twenty-first century
  • Changes for the thirteenth edition
  • Learning by doing
  • How to study
  • Supplementary resources
  • Connect
  • Guided tour
  • Boxed Material
  • Flexibility chart
  • Transform learning with Connect®
  • Boost grades, stimulate engagement and deliver an amazing course
  • The Three Pillars of Connect®
  • Connect® for Economics
  • Application-Based Activities
  • Interactive Graphing Tools
  • Smarter studying with Smartbook
  • Smarter studying with
  • The ReadAnywhere App
  • Acknowledgements
  • About the Authors
  • Chapter 1: Economics and the economy
  • Part One: Introduction
  • Contents
  • Introduction
  • Why study economics?
  • 1.1: How Economists Think About Choices
  • Choosing at the margin
  • Choices and incentives
  • 1.2: Economic Issues
  • Globalization
  • Income inequality
  • Immigration
  • The digital economy
  • 1.3: Scarcity and the Competing Use of Resources
  • Opportunity cost and absolute and comparative advantage
  • 1.4: The Role of the Market
  • The command economy
  • Free market economy and the ‘invisible hand’
  • The mixed economy
  • 1.5: Positive and Normative
  • 1.6: Micro and Macro
  • 1.7 Orthodox and Heterodox Economics
  • Getting the most out of each chapter
  • Summary
  • Review Questions
  • Easy
  • MEDIUM
  • HARD
  • Chapter 2: Tools of economic analysis
  • Introduction
  • 2.1: Economic Data
  • Time-series data
  • Cross-section data
  • Panel data
  • 2.2: Economic experiments
  • 2.3: Index Numbers
  • Index numbers as averages
  • The CPI and other indices
  • 2.4: Nominal and Real Variables
  • Real or relative prices
  • The purchasing power of money
  • 2.5: Measuring Changes in Economic Variables
  • 2.6: Economic Models
  • How to build an economic model: an example
  • 2.7: Models and Data
  • Empirical evidence
  • 2.8: Diagrams, Lines and Equations
  • Fitting lines through scatter diagrams
  • Reading diagrams
  • 2.9: Another Look at ‘Other Things Equal’
  • 2.10: Some Popular Criticisms of Economics and Economists
  • No two economists ever agree
  • Models in economics are so simple they have little to do with reality
  • People are not as mercenary as economists think
  • Actions of human beings cannot be reduced to scientific laws
  • Summary
  • Review Questions
  • Easy
  • MEDIUM
  • HARD
  • Chapter 3: Demand, supply and the market
  • Part Two: Introduction
  • Contents
  • Introduction
  • 3.1: The Market
  • 3.2: Demand, Supply and Equilibrium
  • The equilibrium price
  • 3.3: Demand and Supply Curves
  • 3.4: Behind the Demand Curve
  • The price of related goods
  • Consumer incomes
  • Tastes and expectations
  • Government intervention
  • 3.5: Shifts in the Demand Curve
  • 3.6: Behind the Supply Curve
  • Technology
  • Input costs
  • Government intervention
  • Expectations
  • 3.7: Shifts in the Supply Curve
  • 3.8: Consumer and Producer Surplus
  • 3.9: Free Markets and Price Controls
  • 3.10: What, How and for Whom?
  • Summary
  • Review Questions
  • Easy
  • MEDIUM
  • HARD
  • Chapter 4: Elasticities of demand and supply
  • Introduction
  • 4.1: The Price Responsiveness of Demand
  • Elastic and inelastic demand
  • Determinants of price elasticity
  • Measuring price elasticities
  • Using price elasticities
  • 4.2: Price, Quantity Demanded and Total Expenditure
  • The price of football tickets and total spending
  • 4.3: Further Applications of the Price Elasticity of Demand
  • The coffee frost
  • Farmers and bad harvests
  • 4.4: Short Run and Long Run
  • How long is the long run?
  • 4.5: The Cross-Price Elasticity of Demand
  • 4.6: The Effect of Income on Demand
  • Normal, inferior and luxury goods
  • Using income elasticities of demand
  • 4.7: Inflation and Demand
  • 4.8: Elasticity of Supply
  • Summary
  • Review Questions
  • Easy
  • MEDIUM
  • HARD
  • Appendix
  • Chapter 5: Consumer choice and demand decisions
  • Introduction
  • 5.1: Demand by a Single Consumer
  • Tastes and utility
  • Representing tastes as indifference curves
  • The budget constraint
  • Utility maximization and choice
  • 5.2: Adjustment to Income Changes
  • Income expansion paths
  • 5.3: Adjustment to Price Changes
  • Price changes and the budget line
  • Substitution and income effects
  • The substitution effect
  • The income effect
  • The net effect of a price increase on the quantity demanded
  • The individual demand curve
  • Inferior goods
  • Cross-price elasticities of demand
  • 5.4: The Market Demand Curve
  • 5.5: Complements and Substitutes
  • 5.6: Transfers in Kind
  • Summary
  • Review Questions
  • Easy
  • MEDIUM
  • HARD
  • Appendix
  • A5.1 Consumer choice with measurable utility
  • Deriving demand curves
  • A5.2 Utility functions and indifference curves
  • A5.3 Utility maximization
  • Chapter 6: Choice under uncertainty and behavioural economics
  • Introduction
  • 6.1: Individual attitudes to risk
  • Diminishing marginal utility
  • 6.2: Insurance and risk
  • 6.3: Uncertainty and asset returns
  • 6.4: Portfolio selection
  • The risk–return choice
  • Diversification
  • Diversification when asset returns are correlated
  • Diversification in other situations
  • 6.5: Behavioural economics
  • Bounded rationality and rational inattention
  • 6.6: Prospect theory
  • Loss aversion and framing
  • Endowment effect
  • 6.7: Other behavioural biases and Nudge Theory
  • Present bias
  • Overconfidence
  • Nudge theory
  • Final comments on behavioural economics
  • Summary
  • Review Questions
  • Easy
  • MEDIUM
  • HARD
  • Appendix
  • Chapter 7: Introducing supply decision
  • Introduction
  • 7.1: Business Organization
  • 7.2: A Firm’s Accounts
  • Flow accounts
  • Unpaid bills
  • Capital and depreciation
  • Inventories
  • Borrowing
  • Stock accounts: the balance sheet
  • Earnings
  • Opportunity costs and accounting costs
  • 7.3: Firms and Profit Maximization
  • Ownership and control
  • 7.4: The Firm’s Supply Decision
  • Cost minimization
  • Total cost
  • Total revenue
  • Profit
  • 7.5: Marginal Cost and Marginal Revenue
  • Marginal cost
  • Marginal revenue
  • MR, MC and the output choice
  • 7.6: Marginal Cost and Marginal Revenue Curves
  • Changes in cost
  • A demand shift
  • Do firms know their marginal cost and marginal revenue curves?
  • Summary
  • Review Questions
  • Easy
  • MEDIUM
  • HARD
  • Appendix
  • Chapter 8: Production, costs and supply
  • Introduction
  • 8.1: Input and Output: The Production Function
  • Short run vs long run
  • 8.2: Production in the Short Run: Diminishing Marginal Returns
  • 8.3: Short-Run Costs
  • Short-run fixed and variable costs
  • Short-run marginal costs
  • Short-run average costs
  • On the relationship between short-run marginal and average costs
  • 8.4: A Firm’s Output Decision in The Short Run
  • 8.5: Production in The Long Run
  • Costs and the choice of technique
  • Factor intensity
  • Factor prices and the choice of technique
  • 8.6: Long-Run Total, Marginal and Average Costs
  • 8.7: Returns to Scale
  • Economies of scale
  • Diseconomies of scale
  • Returns to scale in practice
  • Globalization, technical change and scale economies
  • 8.8: The Firm’s Long-Run Output Decision
  • 8.9: The Relationship Between Short-Run and Long-Run Average Costs
  • Summary
  • Review Questions
  • Easy
  • MEDIUM
  • HARD
  • Appendix
  • A8.1 Cost minimization in the short run
  • A8.2 Cost minimization in the long run
  • Chapter 9: Perfect competition and pure monopoly
  • Introduction
  • 9.1: Perfect Competition
  • 9.2: A Perfectly Competitive Firm’s Supply Decision
  • A firm’s short-run supply curve
  • A firm’s long-run supply curve
  • Entry and exit
  • The marginal firm
  • Supply decisions of a competitive firm: a summary
  • Perfect competition and efficiency
  • 9.3: Industry Supply Curves
  • The short-run industry supply curve
  • Comparing short-run and long-run industry supply curves
  • A horizontal long-run industry supply curve
  • 9.4: Comparative Statics for a Competitive Industry
  • An increase in costs
  • A shift in the market demand curve
  • 9.5: Pure Monopoly: The Opposite Limiting Case
  • 9.6: Profit-Maximizing Output for a Monopolist
  • Profit-maximizing output
  • Price setting
  • Elasticity and marginal revenue
  • Price, marginal cost and market power
  • Comparative statics for a monopolist
  • 9.7: Output and Price Under Monopoly and Competition
  • Comparing a competitive industry and a multi-plant monopolist
  • The social cost of monopoly
  • A monopoly has no supply curve
  • 9.8: Price Discrimination
  • First-degree price discrimination
  • Second-degree price discrimination
  • Third-degree price discrimination
  • 9.9: Monopoly and Technical Change
  • 9.10: Natural Monopoly
  • Summary
  • Review Questions
  • Easy
  • MEDIUM
  • HARD
  • Appendix
  • Chapter 10: Market structure and imperfect competition
  • Introduction
  • 10.1: Why Market Structures Differ
  • Evidence on market structure
  • Globalization and multinationals
  • 10.2: Monopolistic Competition
  • 10.3: Oligopoly and Interdependence
  • The profits from collusion
  • Cartels
  • The kinked demand curve
  • 10.4: Game Theory and Interdependent Decisions
  • Dominant strategies
  • Repeated games
  • Games without dominant strategies
  • 10.5: Reaction Functions
  • Cournot behaviour
  • Bertrand behaviour
  • Comparing Bertrand and Cournot
  • First-mover advantage and the Stackelberg model
  • 10.6: Entry and Potential Competition
  • Contestable markets
  • Innocent entry barriers
  • 10.7: Strategic Entry Deterrence
  • 10.8: Summing Up
  • Summary
  • Review Questions
  • Easy
  • MEDIUM
  • HARD
  • Appendix
  • Chapter 11: Labour market
  • Introduction
  • 11.1: The Firm’s Demand for Factors in the Long Run
  • 11.2: The Firm’s Demand for Labour in The Short Run
  • Changes in the firm’s demand for labour
  • Firm’s demand for labour: short versus long run
  • 11.3: The Industry Demand Curve for Labour
  • 11.4: The Supply of Labour
  • Individual labour supply: hours of work
  • Individual labour supply: participation rates
  • The supply of labour to an industry
  • 11.5: Industry Labour Market Equilibrium
  • Immigration and labour market outcomes
  • Monopoly and monopsony
  • 11.6: Reservation Wages and Economic Rents
  • Compensating differentials in the return to labour
  • 11.7: Do Labour Markets Clear?
  • Minimum wage agreements
  • Trade unions
  • Scale economies
  • Insiders and outsiders
  • Efficiency wages
  • 11.8: Wage Discrimination
  • The wage gap between men and women
  • Summary
  • Review Questions
  • Easy
  • MEDIUM
  • HARD
  • Appendix
  • Chapter 12: Factor markets, income distribution, and inequality
  • Introduction
  • 12.1: Physical Capital
  • 12.2: Rentals, Interest Rates and Asset Prices
  • Interest and present values
  • Asset valuation
  • Real and nominal interest rates: inflation and present values
  • What determines the real interest rate?
  • 12.3: Saving, Investment and the Real Interest Rate
  • 12.4: The Demand for Capital Services
  • The industry demand curve for capital services
  • 12.5: The Supply of Capital Services
  • The short-run supply of capital services
  • The long-run supply of capital services
  • What determines the required rental?
  • The long-run supply curve for the economy
  • The long-run supply curve for the industry
  • 12.6: Equilibrium and Adjustment in the Market for Capital Services
  • Adjustments in the market for capital services
  • Short-run and long-run adjustment
  • 12.7: The Price of Capital Assets
  • 12.8: Land and Rents
  • 12.9: Income Distribution
  • The functional distribution of income
  • The personal income distribution and income inequality
  • Summary
  • Review Questions
  • Easy
  • MEDIUM
  • HARD
  • Appendix
  • Chapter 13: The economics of information
  • Introduction
  • 13.1: Asymmetric Information
  • 13.2: Moral Hazard
  • The principal–agent problem
  • 13.3: Adverse Selection
  • Adverse selection in insurance markets
  • Adverse selection outside insurance markets
  • 13.4: Information and the Digital Economy
  • Information goods
  • 13.5: Consuming Information Goods
  • Experience
  • Information overload
  • Switching costs
  • Network externalities
  • 13.6: Supplying Information Goods
  • Pricing information products
  • Versioning
  • Bundling
  • 13.7: Two-sided Markets
  • Summary
  • Review Questions
  • Easy
  • MEDIUM
  • HARD
  • Chapter 14: Welfare economics
  • Part Three: Introduction
  • Contents
  • Introduction
  • 14.1: Equity and Efficiency
  • Efficient resource allocation
  • 14.2: Perfect Competition and Pareto Efficiency
  • Competitive equilibrium in free markets
  • Equity and efficiency: the welfare theorems
  • 14.3: Distortions and the Second-Best
  • Taxation as a distortion
  • The second-best
  • 14.4: Market Failure
  • Imperfect competition
  • Equity, taxation and public goods
  • Externalities
  • Asymmetric information
  • 14.5: Externalities
  • Divergences between private and social costs and benefits
  • Property rights and externalities
  • 14.6: Environmental Issues and the Economics of Climate Change
  • Prices vs quantities
  • Emission trading markets
  • Introduction to climate change
  • The science of climate change
  • The Paris agreement
  • Cost–benefit analysis
  • 14.7: Other Missing Markets: Time and Risk
  • 14.8: Quality, Health and Safety
  • Providing information
  • Imposing standards
  • Summary
  • Review Questions
  • Easy
  • MEDIUM
  • HARD
  • Appendix
  • Chapter 15: Government spending and revenue
  • Introduction
  • 15.1: Taxation and Government Spending
  • 15.2: The Government in the Market Economy
  • Public goods
  • Free riders
  • The marginal social benefit
  • Revelation of preferences
  • Government production
  • Merit and demerit goods
  • Transfer payments and income redistribution
  • 15.3: The Principles of Taxation
  • How to tax fairly
  • Tax incidence
  • Taxation, efficiency and waste
  • Must taxes distort?
  • 15.4: Taxation and Supply-Side Economics
  • The Laffer curve
  • 15.5: Local Government
  • Economic principles
  • 15.6: Economic Sovereignty
  • 15.7: Political Economy: How Governments Decide
  • The median voter
  • Log-rolling
  • Commitment and credibility
  • Policy co-ordination
  • Summary
  • Review Questions
  • Easy
  • MEDIUM
  • HARD
  • Appendix
  • Chapter 16: Governing the market
  • Introduction
  • 16.1: Competition Policy and Market Power
  • Horizontal agreements that restrict competition
  • Vertical restraints
  • Abuse of dominant position
  • 16.2: Mergers
  • 16.3: Regulation of Natural Monopoly
  • Price regulation
  • Peak load pricing
  • Problems with regulation
  • 16.4: Liberalization and Privatization
  • Competition in the market
  • Competition for the market
  • 16.5: Industrial Policy
  • Research and development (R&D)
  • Capital market imperfections
  • Dynamic economies of scale
  • Locational externalities
  • 16.6: Government Failures
  • Summary
  • Review Questions
  • Easy
  • MEDIUM
  • HARD
  • Chapter 17: Introduction to macroeconomics
  • Part Four: Introduction
  • Contents
  • Introduction
  • 17.1: Macroeconomics: The Big Issues
  • 17.2: Some Facts and Economic History
  • 17.3: The Circular Flow
  • 17.4: National Income Accounting
  • Measuring national income and output
  • Investment and saving
  • The domestic government and foreign countries
  • An example of measured GDP: Singapore 2017
  • 17.5: What GDP Measures
  • Nominal and real GDP
  • The GDP deflator
  • Per capita real GDP
  • A comprehensive measure of GDP
  • International comparisons
  • 17.6: What GDP Doesn't Measure
  • The Human Development Index
  • Corruption Perception Index
  • 17.7: Important Things We Can't Easily Measure
  • Economics of happiness
  • Economics of the environment
  • Summary
  • Review Questions
  • Easy
  • MEDIUM
  • HARD
  • Chapter 18: Supply-side economics and economic growth
  • Introduction
  • 18.1: Supply-side economics
  • Higher labour input
  • Increasing labour productivity
  • Summing up
  • 18.2: Economic Growth: Preliminary Remarks
  • A recent phenomenon
  • 18.3: Growth: An Overview
  • Capital
  • Labour
  • Human capital
  • Land
  • Raw materials
  • Institutions, innovation and insurance
  • Factor contributions and scale economies
  • 18.4: Technical Knowledge
  • Invention and innovation
  • Research and development
  • 18.5: Growth and accumulation
  • Malthus, land and population
  • Capital accumulation
  • A higher saving rate
  • 18.6: Growth through Technical Progress
  • 18.7: Growth in the OECD
  • The convergence hypothesis
  • 18.8: Endogenous Growth
  • 18.9: The Costs of Growth
  • Summary
  • Review Questions
  • Easy
  • MEDIUM
  • HARD
  • Appendix
  • Chapter 19: Output and aggregate demand
  • Introduction
  • 19.1: Components of Aggregate Demand
  • Consumption demand
  • The consumption function
  • Investment spending
  • 19.2: Aggregate Demand
  • 19.3: Equilibrium Output
  • Adjustment towards equilibrium
  • 19.4: Planned Saving Equals Planned Investment
  • Planned versus actual
  • 19.5: A Fall in Aggregate Demand
  • 19.6: The Multiplier
  • The multiplier and the marginal propensity to save
  • 19.7: The Paradox of Thrift
  • 19.8: The role of confidence
  • Summary
  • Review Questions
  • Easy
  • MEDIUM
  • HARD
  • Chapter 20: Fiscal policy and foreign trade
  • Introduction
  • 20.1: The scope of government activity
  • 20.2: Expanding the model of aggregate demand
  • Introducing the government
  • Introducing the foreign sector
  • The multiplier revisited
  • 20.3: FIscal policy and equilibrium output
  • The combined effects of government spending and taxation
  • 20.4: The government budget
  • 20.5: Measuring the fiscal stance
  • The structural budget
  • Cyclical output fluctuations and the budget deficit
  • 20.6: The national debt and the deficit
  • 20.7: Foreign trade
  • Net exports and equilibrium income
  • Imports and employment
  • Summary
  • Review Questions
  • Easy
  • MEDIUM
  • HARD
  • Appendix
  • Chapter 21: Money, banking and financial markets
  • Introduction
  • 21.1: Money and its Functions
  • The medium of exchange
  • Other functions of money
  • Different kinds of money
  • 21.2: Modern Banking
  • The business of banking
  • 21.3: How Banks Create Money
  • 21.4: The Traditional Theory of Money Supply
  • Measures of money
  • 21.5: The central bank
  • Traditional means of monetary control
  • 21.6: Financial Crises
  • Summary
  • Review Questions
  • Easy
  • MEDIUM
  • HARD
  • Chapter 22: Money demand, interest rates and monetary transmission
  • Introduction
  • Motives for holding money
  • 22.1: The demand for money
  • 22.2: Money market equilbrium
  • 22.3: Monetary control
  • 22.4: Targets and instruments of monetary policy
  • 22.5: The transmission mechanism
  • Consumption demand revisited
  • The permanent income hypothesis
  • The life-cycle hypothesis
  • From short-term interest rates to long-term interest rates
  • Investment demand
  • Investment in fixed capital
  • Inventory investment
  • 22.6: Quantitative easing
  • Summary
  • Review Questions
  • Easy
  • MEDIUM
  • HARD
  • Appendix
  • Chapter 23: Monetary and fiscal policy
  • Introduction
  • 23.1: Monetary Policy
  • 23.2: The IS–MP Model
  • The IS schedule: goods market equilibrium
  • The slope of the IS schedule
  • The MP schedule: desired interest rate and money market equilibrium
  • 23.3: The IS–MP Model in Action
  • Fiscal policy: shifting the IS schedule
  • 23.4: Shocks to money demand
  • 23.5: The Policy Mix
  • 23.6: The Effect of Future Taxes
  • Why Ricardian equivalence is too strong an assumption
  • 23.7: Demand Management Revisited
  • Summary
  • Review Questions
  • Easy
  • MEDIUM
  • HARD
  • Appendix
  • The LM curve with a fixed money supply
  • The slope of the schedule
  • Shifts in the LM schedule
  • Fiscal policy: shifting the IS schedule
  • Monetary expansion: shifting the LM schedule
  • Shocks to money demand
  • Summary
  • Chapter 24: Aggregate supply, prices and adjustment to shocks
  • Introduction
  • 24.1: Inflation and aggregate demand
  • 24.2: Aggregate Supply
  • 24.3: Equilibrium Inflation
  • A supply shock
  • A demand shock
  • How long does all this take?
  • 24.4: The Labour Market and Wage Behaviour
  • Wage adjustment
  • Recap
  • 24.5: Short-Run Aggregate Supply
  • 24.6: The Adjustment Process
  • 24.7: Sluggish adjustment to shocks
  • A permanent supply shock
  • A temporary supply shock
  • Demand shocks
  • 24.8: Trade-Offs in Monetary Objectives
  • Summary
  • Review Questions
  • EASY
  • MEDIUM
  • HARD
  • Chapter 25: Inflation, expectations and credibility
  • Introduction
  • 25.1: Money and Inflation
  • Money, prices and causation
  • Is real money demand constant?
  • Inflation
  • 25.2: Inflation and Interest Rates
  • Hyperinflation
  • 25.3: Inflation, Money and Deficits
  • Deficits, money growth and real revenue
  • 25.4: Inflation, Unemployment and Output
  • The Phillips curve
  • The vertical long-run Phillips curve
  • The short-run Phillips curve
  • Expectations and credibility
  • 25.5: The Costs of Inflation
  • Inflation illusion?
  • Complete adaptation and full anticipation
  • Fully anticipated inflation when institutions do not adapt
  • Unexpected inflation
  • Uncertain inflation
  • 25.6: Controlling Inflation
  • Incomes policy
  • Institutional reform
  • 25.7: Monetary Policy Committees
  • The UK
  • The European Central Bank
  • The United States Federal Reserve
  • The People’s Bank of China
  • Summary
  • Review Questions
  • Easy
  • MEDIUM
  • HARD
  • Chapter 26: Unemployment
  • Introduction
  • 26.1: The Labour Market
  • Stocks and flows
  • The composition of unemployment
  • Immigration and unemployment
  • 26.2: Analysing Unemployment
  • Types of unemployment
  • Equilibrium unemployment
  • 26.3: Explaining Changes in Unemployment
  • Supply-side factors
  • 26.4: Cyclical Fluctuations in Unemployment
  • 26.5: The Cost of Unemployment
  • The private cost of unemployment
  • The social cost of unemployment
  • Summary
  • Review Questions
  • Easy
  • MEDIUM
  • HARD
  • Chapter 27: Exchange rates and the balance of payments
  • Introduction
  • 27.1: The Foreign Exchange Market
  • Measuring exchange rates
  • Exchanging currencies
  • 27.2: Exchange Rate Regimes
  • Fixed exchange rates
  • Floating exchange rates
  • A managed float
  • 27.3: The Balance of Payments
  • 27.4: The Real Exchange Rate
  • Purchasing power parity (PPP)
  • Frequently asked questions
  • 27.5: Determinants of the Current Account
  • Exports
  • Imports
  • Other items on the current account
  • 27.6: The Financial Account
  • 27.7: Internal and External Balance
  • 27.8: The Long-Run Equilibrium Real Exchange Rate
  • Foreign debt and foreign assets
  • Summary
  • Review Questions
  • Easy
  • MEDIUM
  • HARD
  • Appendix
  • Chapter 28: Open economy macroeconomics
  • Introduction
  • 28.1: Fixed Exchange Rates
  • The balance of payments and the money supply
  • The role of capital mobility
  • Adjustment to shocks
  • A shock from abroad
  • 28.2: Macroeconomic Policy Under Fixed Exchange Rates
  • Monetary policy
  • Fiscal policy
  • 28.3: Devaluation
  • The short run
  • The medium run
  • The long run
  • Devaluation and adjustment
  • 28.4: Floating Exchange Rates
  • The long run
  • The short run
  • 28.5: Monetary and Fiscal Policy Under Floating Exchange Rates
  • Monetary policy
  • Fiscal policy
  • Summary
  • Review Questions
  • Easy
  • MEDIUM
  • HARD
  • Chapter 29: Business cycles
  • Introduction
  • 29.1: Trend and Cycle: Statistics or Economics
  • 29.2: Theories of the Business Cycle
  • The multiplier–accelerator model of the business cycle
  • Ceilings and floors
  • Fluctuations in stockbuilding
  • Competitiveness
  • 29.3: Real Business Cycles
  • Intertemporal substitution: a key to persistence
  • Policy implications
  • Credit constraints and aggregate supply
  • 29.4: Supply-Side Effects of the Financial Crash
  • 29.5: An International Business Cycle?
  • 29.6: Summing up: Schools of macroeconomic thought
  • Areas of disagreement
  • Market clearing
  • Is long-run equilibrium unique?
  • Expectations formation
  • Short run and long run
  • Contemporary macroeconomic thought
  • New Classical macroeconomics
  • Gradualist monetarists
  • Moderate Keynesians
  • New Keynesians
  • Extreme Keynesians
  • Summing up
  • Postscript: austerity and the rise of populism
  • Summary
  • Review Questions
  • Easy
  • MEDIUM
  • HARD
  • Appendix
  • Chapter 30: International trade
  • Part Five: Introduction
  • Contents
  • Introduction
  • 30.1: Trade Patterns
  • World trade patterns
  • The commodity composition of trade
  • World trade: the issues
  • Raw material prices
  • Agricultural protection
  • Manufactured exports from emerging market economies
  • Globalization
  • 30.2: Comparative Advantage
  • Comparative advantage
  • Many goods
  • Different capital–labour ratios
  • 30.3: Intra-Industry Trade
  • 30.4: The Economics of Tariffs
  • The free trade equilibrium
  • Equilibrium with a tariff
  • Costs and benefits of a tariff
  • 30.5: Good and Bad Arguments for Tariffs
  • The optimal tariff: the first-best argument for tariffs
  • Second-best arguments for tariffs
  • Way of life
  • Suppressing luxuries
  • Infant industries
  • Defence
  • Revenue
  • Strategic trade policy
  • Dumping
  • Non-arguments for tariffs
  • Why do we have tariffs?
  • 30.6: Other Trade Policies
  • Summary
  • Review Questions
  • Easy
  • MEDIUM
  • HARD
  • Appendix
  • Chapter 31: Exchange rate regimes
  • Introduction
  • 31.1: The Gold Standard
  • Balance of payments adjustment
  • The gold standard in action
  • 31.2: An Adjustable Peg
  • 31.3: Floating Exchange Rates
  • A managed float
  • 31.4: Speculative Attacks on Fixed Exchange Rates
  • Repelling boarders
  • 31.5: Antecedents of the Eurozone
  • From ERM to Eurozone
  • Sterling and UK membership
  • 31.6: The Economics of the Euro
  • Is Europe an optimal currency area?
  • The Stability Pact
  • The European Central Bank
  • Fiscal federalism?
  • Summary
  • Review Questions
  • Easy
  • MEDIUM
  • HARD
  • Appendix
  • Chapter 32: Globalization, national sovereignty and the world economy
  • Introduction
  • 32.1: A brief history of globalization
  • 32.2: Benefits and costs of globalization
  • The benefits of globalization
  • The costs of globalization
  • 32.3: The nation state in the world economy
  • 32.4: The European Union
  • EU decision making and budget
  • Monetary and exchange rate developments
  • 32.5: Brexit
  • Trade
  • Investment
  • Migration
  • Productivity
  • Fiscal
  • Conclusion
  • 32.6: From NAFTA to USMCA
  • USCMA through European spectacles, and vice versa
  • 32.7: ASEAN
  • 32.8: China and India
  • 32.9: Pandemics, Climate Change and other Globalisation Challenges
  • 32.10: Representation in multilateral bodies
  • The International Monetary Fund
  • The World Bank
  • The World Trade Organization
  • Conclusion
  • Summary
  • Review Questions
  • Easy
  • MEDIUM
  • HARD
  • Appendix
  • Appendix: Answers to activity and maths questions
  • Activity 1.1
  • Activity 2.1
  • Activity 3.1
  • Maths 4.1
  • Activity 8.1
  • Activity 14.1
  • Activity 15.1
  • Activity 17.1
  • Activity 18.1
  • Activity 19.1
  • Activity 20.1
  • Activity 21.1
  • Activity 22.1
  • Activity 23.1
  • Activity 23.2
  • Activity 24.1
  • Activity 25.1
  • Activity 26.1
  • Activity 27.1
  • Activity 28.1
  • Activity 29.1
  • Activity 30.1
  • Activity 31.1
  • Activity 32.1
  • Glossary
  • Glossary
  • A
  • B
  • C
  • D
  • E
  • F
  • G
  • H
  • I
  • L
  • M
  • N
  • O
  • P
  • Q
  • R
  • S
  • T
  • U
  • V
  • W
  • X
  • Z
  • Index
  • Index
  • A
  • B
  • C
  • D
  • E
  • F
  • G
  • H
  • I
  • J
  • K
  • L
  • M
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  • A line graph traces crude oil Text Alternative (Chapter 1)
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