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Preface Part A INTRODUCTION Economics and Economies Economics and Global Issues The Core of Economics 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 Command Economies Adam Smith (1723-90) Ceteris Paribus Part B FOUNDATIONS OF MICROECONOMICS Supply and Demand Demand Supply Price and Output Determination Elasticity The Time Dimension Boxes UK House Prices Stock Market Prices Social Media Influencers and Their Effect on Demand Curves Any More Fares? *Using Calculus to Calculate the Price Elasticity Of Demand Digital Platforms Short Selling Dealing in Futures Markets Government and the Market The Control of Prices Indirect Taxes and subsidies Government Rejection of Market Allocation Agriculture and Agricultural Policy Boxes A Minimum Unit Price for Alcohol The Impact on Prices Of Natural Disasters/Health Crises How Can Ticket Touts Make So Much Money? Ashes To Ashes? The Fallacy of Composition Part C MICROECONOMIC THEORY Background to Demand: The Rational Consumer Marginal utility theory *The timing of costs and benefits *Indifference analysis Boxes *Using Calculus to Derive a Marginal Utility Function The Marginal Utility Revolution: Jevons, Menger, Walras Taking Account of Time *Cash Versus Vouchers *Giffen Goods Versus Giffen Behaviour *Consumer Theory: A Further Approach Consumer Behaviour in an Uncertain World Demand under conditions of risk and uncertainty Behavioural economics Boxes Experimental Economics *the Endowment Effect The Best Made Plans *A Simple Experiment to Test For Social Preferences Nudging People 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 Are Fixed Costs Always the Same as Sunk 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 Market Structure Google: A Monopoly Abusing Its Market Power? 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 Declining Levels of Competition OPEC Buying Power The Prisoner's Dilemma What's The Train Fare to London? Personalised Pricing in Digital Markets Just the Ticket? The Behaviour of Firms Problems With Traditional Theory Behavioural Economics of the Firm Alternative Maximising Theories Asymmetric Information and the Principal Agent Problem Multiple Aims Pricing in Practice Boxes What Do You Maximise? How Firms Increase Profits by Understanding Irrational Consumers Constraints On Firms Pricing When Is a Theory Not a Theory? Merger Activity Stakeholder Power? How Do Companies Set Prices? 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 Individuals 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? The Persistent Gender Pay Gap? Flexible Labour Markets and the Flexible Firm Behaviour at Work Stocks snd 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 Replacing tax Credits with Universal Credit What the Future Holds 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 Market for Vaccines The Police as a Public Service Should Health-Care Provision Be Left to The Market? Deadweight Loss from Taxes on Goods and Services *What Price a Human Life? *HS2: Is it Really Worth It? 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 The Economics of Biodiversity Green Taxes Placing A Price on CO2?emissions International Co-Ordination on Climate Change Trading Our Way Out of Climate Change Road Pricing in Singapore Government Policy towards Business Competition Policy Privatisation and Regulation Boxes Fixing Prices at Mini-Golf Meetings? Expensive Chips? Ticketing Takeovers Selling Power to the People ? Part E FOUNDATIONS OF MACROECONOMICS An Introduction to Macroeconomic Issues and Ideas An Overview of Key Macroeconomic Issues Measuring National Income and Output The Business Cycle The Circular Flow of Income Unemployment Inflation The Open Economy Appendix: Calculating GDP Boxes Which Country is Better Off? Can GDP Measure National Happiness? Output Gaps The Costs of Unemployment The Costs of Inflation The Phillips Curve Dealing In Foreign Exchange The Development of Macroeconomic Thinking: a Historical Perspective The Macroeconomic Environment and Debates Classical Macroeconomics The Keynesian Revolution The Rise of The Monetarist and New Classical Schools The Keynesian Response An Emerging Consensus Up to The Crisis Of 2008 The Financial Crisis and The Covid-19 Pandemic Boxes Balance the Budget at all Costs The Crowding-Out Effect Will Wage Cuts Cure Unemployment? Menu Costs The Paradox of Thrift Part F MACROECONOMIC MODELS, THEORIES AND POLICY 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 Confidence and Spending Deriving the Multiplier Formula Allowing for Inflation in the 45°- Line Diagram Has There Been an Accelerator Effect in the UK? Balance Sheets and the Business Cycle 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 the Growth of Banks Balance Sheets The Rise of Securitisation UK and Eurozone Monetary Aggregates *Calculating the Money Multiplier 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 Modelling The Interaction of Monetary Policy And The Goods Market Credit Cycles and The Goods Market Appendix: The?IS/LM?Model Boxes Choosing the Exchange Rate or the Money Supply Party Games and the Velocity of Money The Stability of the Velocity of Circulation Crowding out in an Open Economy Amplifiers and Economic Shocks Aggregate Supply, Inflation and Unemployment The?AD/AS?model AD/AS?and Inflation Aggregate Demand and Supply with Inflation Targeting: The?DAD/DAS?model The Labour Market and Aggregate Supply ?AD/AS?and Macroeconomic Controversies Boxes The Aggregate Demand Curve Cost-Push Inflation and Supply Shocks Analysing Demand-Pull and Cost-Push Inflation Using the DAD/DAS?model Common Ground Between Economists? The Relationship between Inflation, Unemployment and Output The?EAPC?and the Inflation/Unemployment Relationship Inflation and Unemployment: The Monetarist Perspective Inflation and Unemployment: The New Classical Position Inflation and Unemployment: The Modern Keynesian Position Central Banks and Inflation Targeting Central Banks, Economic Shocks and the Macroeconomy: An Integrated Model Boxes *Basing Expectations on the Past The Accelerationist Hypothesis The Rational Expectations Revolution Forecasting the Weather The boy who Cried Wolf *A Model of Inflation Bias Inflation Targeting Fiscal and Monetary Policy Fiscal policy and the public finances The use of fiscal policy Monetary policy The policy-making environment Boxes COVID, Crises and Public Sector Spending The Fiscal Impulse Riding a Switchback The Evolution of the Stability and Growth Pact The Operation of Monetary Policy in the UK Central Banking and Monetary Policy in the USA Quantitative Easing Monetary Policy in the Eurozone Goodhart's Law Using Interest Rates to Control?Both?Aggregate Demand?and?the Exchange Rate Long-term Economic Growth and Supply-side Policies Introduction to Long-Term Economic Growth Economic Growth Without Technological Progress Economic Growth with Technological Progress Approaches To Supply-Side Policy Supply-Side Policies in Practice: Market-Orientated Policies Supply-Side Policies in Practice: Interventionist Policies Boxes Labour Productivity Getting Intensive with Capital UK Human Capital The Supply-Side Revolution in the USA A Modern Approach to Industrial Policy Part G THE WORLD ECONOMY ?International Trade The Advantages of Trade Arguments for Restricting Trade Preferential Trading The European Union The UK and Brexit Boxes Trading Places Sharing Out the Jobs Trade as Exploitation? Free Trade and the Environment Strategic Trade Theory *The Optimum Tariff or Export Tax Giving Trade a Bad Name The Doha Development Agenda Mutual Recognition: The Cassis De Dijon Case Features of the Single Market The Balance of Payments and Exchange Rates Alternative Exchange Rate Regimes Fixed Exchange Rates Free-Floating Exchange Rates Exchange Rate Systems in Practice *Appendix: The Open Economy and?IS/LM?analysis Boxes The Balance of Trade and the Public-Sector Budget Balance The UK's Balance of Payments Deficit The Effectiveness of Fiscal and Monetary Policies Under Fixed Exchange Rates The Price of a Big Mac The Euro/Dollar Seesaw The Effectiveness of Monetary and Fiscal Policies Under Floating Exchange Rates Sterling Since the 1990s Do Inflation Rates Explain Longer-Term Exchange Rate Movements? Economies in an Interdependent World Globalisation And the Problem of Instability European Economic and Monetary Union (EMU) Global Inequality Trade and Developing Countries The Problem of Debt Boxes Economic and Financial Interdependencies: Trade Imbalance in The US And China Optimal Currency Areas The Human Development Index (HDI) When Driving and Alcohol do Mix The Evolving Comparative Advantage of China A Debt to the Planet Postscript:?Reality Island Appendix 1:Some Techniques of Economic Analysis Appendix 2: Websites Threshold Concepts and Key Ideas Glossary

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