Economics

Front Cover
Oxford University Press, 2007 - Economics - 665 pages
3 Reviews
The eleventh edition of this successful textbook for Economics majors has been thoroughly updated and revised to give more depth to core principles. Pitched at a level that will stretch readers but still comprehensible for beginners, Economics is explained in a straightforward manner, whilst maintaining the rigour needed to enable students to progress with their studies. The book features a depth and breadth of topics combined with a balance of technical and applied material.In-depth explanations of theoretical concepts are balanced with a range of real world examples help students to understand and apply the concepts they have learnt.This new edition includes more material on game theory, Solow Growth Model, the role of households, an introduction to the competitive general equilibrium model, competition policy and regulation, and expands its current coverage of fiscal and monetary policy.A supporting and newly expanded Online Resource Centre features supplements for lecturers including an instructor's manual; PowerPoint slides; answers to questions in the text; class exercises; and artwork from the text. Supplements for students include self-assessment multiple choice questions with feedback; crosswords compiled from key glossary terms; a list of useful websites; maths appendices; past exam papers and additional case studies.
  

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Economics-eleventh edition

Contents

Economic Issues and Concepts
1
Who makesthe choices and how
7
How Economists Work
16
MICROECONOMICS
35
CONSUMERS
37
Supply
45
But markets are not really like that
52
3 Prices in periods of inflation
61
The Role of Government
301
1 The impact of a perunittax in a competitive industry
307
3 The great Microsoft antitrust case
315
ISSUES
329
TheGDPgap
335
Interpreting national income and output measures
347
A Basic Model of the Determination ofGDP in the Short Term
357
What determines aggregate spending?
363

Elasticity of demand and supply
64
1 The terminology of elasticity
68
Supply elasticity
75
Indifference Theory
86
4 Relative prices and inflation
101
PART TWO MARKETS AND FIRMS
111
The cost structure of firms
113
Firms in practice and theory
114
5 The economywide significance of the principle of substitution
128
Perfect competition
136
Shortrun equilibrium
141
Monopoly
160
price discrimination
166
Price discrimination between two markets
179
Imperfect competition
181
Oligopoly
188
1 Globalization of production and competition
192
Dynamics of oligopolistic industries
195
PART THREE MARKETS FOR INPUTS
205
Thesupply of labour
218
1 The rental and purchase price of labour
233
Capital Investment and New Technology
250
1 The value of a brand
253
3 Real and nominal interest rates
259
5 The winners curse
266
Market Failure
273
Externalities
280
3 Policies for environmental regulation
290
Equilibrium GDP
371
a numerical example
377
GDP in an Open Economy with Government
384
Changes in aggregate spending
393
GDP and the Price Level in the Short Run
402
Aggregate supply and macroeconomic equilibrium
409
More on the shape of the SRAS curve
420
Real GDP in the short and long run
430
PART SIX MACROECONOMIC POLICY
441
MACROECONOMIC
443
How does money get into the economy?
449
3 The implications of electronic money for the monetary system
457
The Role of Money in Macroeconomics
462
The valuation of financial assets
464
Monetary forces and aggregate demand
470
The Balance of Payments and Exchange Rates
497
Exchange rates and the quantity theory of money
511
Macroeconomic Policy in an Open Economy
519
TheJcurve
530
PART SEVEN GLOBAL ECONOMIC ISSUES
543
The Lucas aggregate supply function
560
Unemployment
567
Cyclical unemployment
573
Economic Growth
588
1 The end of work?
592
International Trade
610
Bibliography
652
Copyright

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About the author (2007)

Professor Richard Lipsey is Professor Emeritus of Economics at Simon Fraser University in Canada. He has won a number of awards and distinctions for his contributions to Economics. He is a Fellow of the Canadian Institute for Advanced Research and was a member of their large scale international research project on Economic Growth and Policy until its completion in 2002. Professor Lipsey has served as an independent policy advisor to national organizations in both the UK and Canada. He hasauthored several textbooks and over 150 articles on aspects of theoretical and applied economics. Professor Alec Chrystal is Professor of Money and Banking at Sir John Cass Business School, City of London. Prior to this he was Professor of Economics at Sheffield University. Professor Chrystal has also served as a senior advisor to the Bank of England's monetary analysis wing and is Vice-President of the British Association for the Advancement of Science Section F (Economics). He is a memberof the editorial board of the Review of Financial Economics and is a committee member of the Money, Macro and Finance Study Group. He has published widely in this area, authoring several books and monographs as well as articles featured in a number of journals.

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