Preface to the third edition
Acknowledgements
1 The economic policy consensus 1
Introduction
1.1 The economic policy consensus 2
1.2 Why policy changed
1.3 Implications for the future
1.4 Criticisms of the new consensus
1.5 Will the consensus last?
Summary
Questions for discussion
Exercises
Further reading
2 What makes nations grow?
Introduction
2.1 Trends in economic growth
2.2 Growth theories
2.3 Human welfare and sustainable growth
2.4 Policy prescriptions for growth
2.5 Conclusions
Summary
Questions for discussion
Exercises
Further reading
Appendix 2.1: The economics of the new economy
Part I The market system and competition
3 The market system in action
Introduction
3.1 The market system
3.2 The role of prices
3.3 Movements in demand and supply
3.4 The role of traders and arbitrage
3.5 The efficiency of the market system
3.6 The free market system in social context
3.7 Conclusions
Summary
Questions for discussion
Exercises
Further reading
4 Market demand and the pricing decision
Introduction
4.1 What is a ‘rational’ consumer?
4.2 Deriving the market demand curve
4.3 Elasticities of demand
4.4 Estimating the demand function
4.5 Price elasticities and the pricing decision
4.6 Conclusions
Summary
Questions for discussion
Exercises
Further reading
5 The firm in a competitive market
Introduction
5.1 Profit maximisation
5.2 Rules for maximising profit
5.3 Cost structure of the firm
5.4 The transaction costs approach
5.5 From cost structure to supply curve
5.6 Conclusions
Summary
Questions for discussion
Exercises
Further reading
6 The economics of market power
Introduction
6.1 Firm size
6.2 The economics of market power
6.3 How to sustain monopoly power
6.4 Market power with few firms – the case of oligopoly
6.5 Conclusions
Summary
Questions for discussion
Exercises
Further reading
Case study 6.1: The diamond cartel
7 Competition policy, privatisation and
regulation
Introduction
7.1 The case for competition
7.2 Competition policy
7.3 Privatisation
7.4 Regulation
7.5 Conclusions
Summary
Questions for discussion
Exercises
Further reading
8 Government intervention and the market
system
Introduction
8.1 Income distribution and the equity–efficiency trade-off
8.2 Market failures
8.3 Government intervention
8.4 Government failure
8.5 Conclusions
Summary
Questions for discussion
Exercises
Further reading
9 Business and the environment
Introduction
9.1 Economic growth and the environment
9.2 Environmental policies
9.3 Policy instruments: design and effect
9.4 Impact on business
9.5 Conclusions
Summary
Questions for discussion
Exercises
Further reading
10 Hiring labour and the investment
decision
Introduction
10.1 The hiring decision
10.2 The investment decision
10.3 Conclusions
Summary
Questions for discussion
Exercises
Further reading
Part II The macroeconomic framework
11 Aggregate supply, aggregate demand and the price
level
Introduction
11.1 How is gross domestic product (GDP) calculated?
11.2 Potential GDP, actual GDP, and GDP at purchasing power
parity (PPP)
11.3 The aggregate supply (AS) curve
11.4 Aggregate demand (AD) and money
11.5 Conclusions
Summary
Questions for discussion
Exercises
Further reading
Appendix 11.1: The money supply process
12 Price stability and central banks
Introduction
12.1 What is price stability?
12.2 Deviation from price stability 1: inflation
12.3 Deviation from price stability 2: deflation
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