Economics with MEL access card

Economics with MEL access card

Last edition Elsevier This package contains Sloman, Economics 9e and access to MyEconLab. Important information for students: You need both an access code and a course ID to access MyEconLab. Ask your lecturer before purchasing a MyLab product as you will need a course ID from them before you can gain access to the system. Now in its 9th edition, Economics by Sloman et al is known and loved for its active learning, student-friendly approach and unmatched lecturer and student support. Retaining all the hall mark features of previous editions, it continues to provide a balanced, comprehensive and completely up-to-date introduction to the world of economics.

Previous Edition

ISBN 13: 9781292064864

Imprint: Pearson Education Limited

Language: English

Authors: John Sloman

Pub Date: 04/2015

Pages: 860

Illus: Illustrated

Weight: 1,768.00 grams

Size: h 194 x 267 mm

Product Type: Softcover

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  • • This package includes MyEconLab, an online homework, tutorial, and assessment system designed with a single purpose in mind; to improve the results of all higher education students, one student at a time. With a wide range of interactive, engaging, and assignable activities, students are encouraged to actively learn and retain tough course concepts. Find out more at www.MyEconLab.com.
  • • This package includes MyEconLab, an online homework, tutorial, and assessment system designed with a single purpose in mind; to improve the results of all higher education students, one student at a time. With a wide range of interactive, engaging, and assignable activities, students are encouraged to actively learn and retain tough course concepts.
  • John Sloman. John has been at the centre since its beginning in 1999/2000, and led it until his retirement in July 2012. He was formerly Head of School of Economics at the University of the West of England and is now Visiting Professor at UWE. John led many of the departmental and national workshops offered by the centre and has contributed a number of resources for the website. He has presented at several international conferences. He has co-authored the Lecturing chapter of the Handbook, which he updated in 2016. He also co-authored the Economics subject overview report of the QAA in 2002. He is the author/co-author of four economics textbooks. He has also produced a range of supplementary teaching and learning materials for the books.
  • Custom Publishing XV
  • Preface xvi
  • Student Resources Flowchart XX
  • lecturer Resources Flowchart xxi
  • Acknowledgements xxii
  • Publisher's Acknowledgements xxiii
  • Part A Introduction
  • Why Economics is Good for You 2 What is economics? 3 Puzzles and stories 4 Applying the principles 5
  • 1 Economics and Economies 6
  • 1.1 What do economists study? 7 1.2 Different economic systems 18 1.3 The nature of economic reasoning 27
  • Boxes 1.1 What's the to test economics news? 8 1.2 Looking at macroeconomic data 10 1.3 the opportunity costs of studying 14 1.4 Scarcity and abundance 16 1.5 Command economies 22 1.6 Adam Smith (1723 90) 24 1.7 Ceteris paribus 28
  • Part B FOUNDATIONS OF MICROECONOMICS >2 Supply and Demand 34 2.1 Demand 35 2.2 Supply 42 2.3 Price and output determination 45 2.4 The control of prices 55
  • Boxes *2.1 The demand for lamb 40 2.2 UK house prices 50 2.3 Stock market prices 52 2.4 Underground (or shadow) markets 57
  • 3 Markets in Action 60
  • 3.1 Elasticity 61 3.2 The time dimension 74 3.3 Indirect taxes 80 3.4 Government rejection of market allocation 84 3.5 Agriculture end agricultural policy 86
  • Boxes 3.1 Advertising and its effect on demand curves 66 3.2 Any more fares? 67 •3.3 Using calculus to calculate the price elasticity of demand 69 3.4 Short selling 78 3.5 Dealing in futures markets 79 3.6 Ashes to ashes 82 3.7 The fallacy of composition 88 3.8 Feed the world 94
  • Part C MICROECONOMIC THEORY
  • 4 Background to Demand 100 4.1 Marginal utility theory 101 •4.2 Indifference analysis 108 4.3 Demand under conditions of risk and uncertainty 120 4.4 Behavioural economics 125
  • Boxes •4.2 Using calculus to derive a marginal utility function 103 4 .2 The marginal utility revolution - Jevons, Menger, Walras 107 4.3 Taking account of time 108 •4.4 lore and coring 114 •4.5 Consumer theory a further approach 119 4.6 Problems with insurance markets 124 4 .7 Nudging people 127 4.8 Is economics the study of selfish behaviour 129
  • 5 Background to Supply 132
  • 5.1 The short-run theory of production 133 5.2 Costs m the short run 139 5.3 The long-run theory of production 144 5.4 Costs in the long run 154 5.5 Revenue 158 5.6 Profit maximisation 162
  • Boxes 5.1 Malthus and the dismal science of economics 134 5.2 Diminishing returns in the bread shop 137 5.3 The relationship between averoges and marginals 138 •5.4 The relationship between TPP. MPP and APP 138 5.5 The fallacy of using historic costs 140 5.6 Cost curves in practice 143 *5.7 The Cobb-Douglas production function 149 5.8 Minimum efficient scale 156 '5.9 Using calculus to find the maximum profit output 165 5.10 The logic of logistics 167
  • 6 Profit Maximising under Perfect Competition and Monopoly 170
  • 6.1 Alternative market structures 171 6.2 Perfect competition 172 6.3 Monopoly 181 6.4 The theory of contestable markets 188
  • Boxes 6.1 Concentration ratios 173 6.2 Is perfect test? 174 6.3 E-commerce and market structure 178 6.4 Breaking Sky's monopoly on live football coverage 185 6.5 X inefficiency 186 6.6 Cut-throat competition 187 6.7 Airline deregulation In the USA and Europe 190
  • 7 Profit Maximising under Imperfect Competition 193
  • 7.1 Monopolistic competition 194 7 2 Oligopoly 197 7.3 Game theory 209 7.4 Price discrimination 214
  • Boxes 7.1 Selling ice cream as a student 195 7.2 Increasing concentration 199 7.3 OPEC 202 7.4 Buying power 208 7.5 The prisoners' dilemma 211 7.6 What's the train fare to London? 215 7.7 Peak-load pricing 215 7.8 Just the ticket? 218
  • 8 Alternative Theories of the Firm 221
  • 8.1 Problems with traditional theory 222 8.2 Behavioural theories 224 8.3 Alternative maximising theories 228 8.4 Multiple aims 238 8.5 Pricing in practice 240
  • Boxes 8.1 What do you maximise? 223 8.2 The US rub-prime hosing crisis 226 8.3 When is a theory not a theory? 228 8.4 Enron 234 8.5 Merger activity 236 8.6 Stakeholder power? 238 8.7 How do companies set prices? 242 8.8 How firms increase profits by understanding ‘irrational' consumers 244
  • 9 The Theory of Distribution of Income 246
  • 9.1 Wage determination under perfect competition 247 9.2 Wage determination in imperfect markets 256 9.3 Capital and profit 268 9.4 Land and rent 278
  • Boxes 9. Labour as a factor of production 248 9.2 Using indifference curve analysis to derive the Individual's supply curve of labour 250 9.3 Immigration and the UK labour market 251 9.4 life at the mil! 257 9.5 The rise and decline of the labour movement in the UK 260 9.6 How useful is marginal productivity theory? 261 9.7 Equal pay for equal work? 262 9.8 Flexible labour markets and the flexible firm 264 9.9 Behaviour at work 266 9.10 Stacks and flows 271 9.11 The economics of non-renewable resources 280
  • 10 Inequality. Poverty and Policies to Redistribute Income 284
  • 10.1 Inequality and poverty 285 10.2 Taxes, benefits and the redistribution of income 296 10.2 Taxes, benefits and the redistribution of income 296
  • Boxes 10.1 Poverty in the past 293 10.2 Minimum wage legislation 295 10.3 The Laffer curve 303 *10.4 Tax cuts and incentives 304 10.5 UK tax credits 309 10.6 Reducing inequality 310 10.7 What the future holds 311
  • 11 Markets, Efficiency and the Public Interest 314
  • 11.1 Efficiency under perfect competition 315 11.2 The case for government intervention 323 11.3 Forms of government intervention 333 *11.4 Cost-benefit analysis 340 11.5 Government failure and the case for the market 348
  • Boxes 11.1 The police as a public service 326 11.2 A commons solution 328 11.3 Should health-care provision be left to the market? 332 11.4 Deadweight loss from taxes on goods and services 335 11.5 Putting the ‘personal’ into personal services 339 11.6 What price a human life? 343 11.7 HS2: is it realty worth it? 344 11.8 Mises, Hayek and the Mont Pelerin Society 348
  • 12 Environmental Policy 353
  • 12.1 Economics of the environment 354 12.2 Policies to tackle pollution and Its effects 359 12.3 The economics of traffic congestion 369 12.4 Urban transport policies 373
  • Boxes 12.1 A Stem warning 356 12.2 Green taxes 362 12.3 Are we all green now? 364 12.4 International co-ordination on climate change 364 12.5 Trading our way out of climate change 366 12.6 Restricting car access to Athens 375 12.7 Road pricing in Singapore 377 12.8 The economy and the environment 378
  • 13 Government Policy towards Business 381
  • 13.1 Competition policy 382 13.2 Privatisation and regulation 389
  • Boxes 13.1 Squeaky dean competition? 384 13.2 More than a coincidence? 386 13.3 Buy now, pay (a great deal more) later 388 13.4 Selling power to the people 394
  • Part E FOUNDATIONS OF MACROECONOMICS
  • 14 The National Economy 400 14.1 The scope of macroeconomics 401 14.2 The circular flow of income 405 14.3 Measuring national income and output 408 14.4 Short-term economic growth and the business cycle 414 14.5 Long-term economic growth 419 Appendix: Calculating GDP 425
  • Boxes 14.1 Which country is better off? 411 14.2 Can GDP measure national happiness? 413 14.3 Output gops 414 14.4 Is stability always desirable? 418 14.5 Theories of growth 421 14.6 The costs of economic growth 422
  • 15 Macroeconomic Issues and Analysis: An Overview 430
  • 15.1 The key Issues: a recap 431 15.2 Unemployment 431 15.3 Aggregate demand and supply and the level of prices 441 15.4 Inflation 444 15.5 The balance of payments and exchange rates 453
  • Boxes 15.1 The costs of unemployment 436 15.2 Cost-push illusion 448 15.3 Inflation or deflation? 449 15.4 The Phillips curve 450 15.5 Dealing in foreign exchange 459
  • 16 Macroeconomic Issues, Debates and Controversies 463
  • 16.1 The macroeconomic environment and debates 464 16.2 Setting the scene: four key controversies 465 16.3 Classical macroeconomics 468 16.4 The Keynesian revolution 473 16.5 The rise of the monetarist and new classical Schools 477 16.6 The Keynesian response 481 16.7 An emerging consensus up to the crisis of 2008 484 16.8 The financial crisis and the search for a new consensus 486
  • Boxes 16.1 Balance the budget at all costs 471 16.2 The crowding-out effect 472 16.3 Will wage cuts cure unemployment? 474 16.4 The paradox of thrift 489
  • Part F Macroeconomic models, theories and policy
  • 17 Short-run Macroeconomic Equilibrium 494 17.1 Background to the theory 495 17.2 The determination of national income 507 17.3 The simple Keynesian anatysis of unemployment and inflation 513 17.4 The Keynesian analysis of the business cycle 516
  • Boxes 17.1 Using colculus to derive the MPC 500 17.2 The household sector balance sheets 502 17.3 Sentiment and spending 504 17.4 Deriving the multiplier formula 511 17.5 Has there been an acceleration effect in the UK? 519
  • 18 Banking, Money and Interest Rates 523
  • 18.1 The meaning and functions of money 524 18.2 The financial system 525 18.3 The supply of money 543 18.4 The demand for money 553 18.5 Equilibrium 557
  • Boxes 18.1 Money supply, national income and national wealth 524 18.2 The growth of banks' balance sheets 530 18.3 The rise of securitisation 534 18.4 UK and eurozone monetary aggregates 544 18.5 Calculating the money multiplier 547 18.6 Credit, the money supply and Minsky's financial instability hypothesis 550
  • 19 The Relationship between the Money and Goods Markets 560
  • 19.1 The effects of monetary changes on national income 561 19.2 The monetary effects of changes in the goods market 572 19.3 The interaction of monetary policy and the goods market 575 19.4 ADI/ASI model 582 ‘ Appendix: The IS/LM model 585
  • Boxes 19.1 Choosing the exchange rate or the money supply 566 19.2 Party games and the velocity of money 568 19.3 The stability of the velocity of circulation 570 19.4 Crowding out in on open economy 574 19.5 The financial accelerator 580
  • 20 Aggregate Supply, Unemployment and Inflation 593
  • 20.1 Aggregate supply 594 20.2 The expectations-augmented Phillips curve 602 20.3 Inflation and unemployment: the new classical position 609 20.4 Inflation and unemployment: the modem Keynesian position 615 •20.5 Output inflation and expectations: an integrated model 618 20.6 Postscript: the state of macroeconomic thinking post-crisis 622
  • Boxes 20.1 Cost-push Inflation and supply shocks 600 *20.2 Analysing demand-pull and cost-push inflation using the ADI/AST model 601 *20.3 Basing expectations on the past 604 20.4 The political business cycle 608 20.5 The rational expectations revolution 610 20.6 Forecasting the weather 612 20.7 The boy who cried 'Wolf 614
  • 21 Fiscal and Monetary Policy 625
  • 21.1 Fiscal policy 626 21.2 Monetary policy 640 21.3 The policy-making environment 656 •Appendix: IS/LM analysis of fiscal and monetary policy 665
  • Boxes 21.1 UK and US fiscal policy during and after the financial crisis 632 21.2 Riding a switchback 636 21.3 The evolving fiscal frameworks in the UK and eurozone 637 21.4 The operation of monetary policy in the UK 644 21.5 Central bonking and monetary policy in the USA 646 21.6 Monetary policy in the eurozone 650 21.7 Goodhart's law 653 21.8 Using interest rates to control both aggregate demand and the exchange rate 654 21.9 Quantitative easing 655 21.10 Inflation targeting 658 21.11 Interest rate responses and the financial crisis of 2007-9 660 ‘21.12 How do inflation targets work in practice? 662
  • 22 Long-term Economic Growth 669
  • 22.1 Long-run economic growth in industrialised countries 670 22.2 Economic growth without technological progress 673 22.3 Economic growth with technological progress 678
  • Boxes 22.1 Getting intensive with capitol 676 22.2 Labour productivity 680
  • 23 Supply-side Policies 684
  • 23.1 Supply-side policies and the macroeconomy 685 23.2 Approaches to supply-side policy 686 23.3 Market-orientated supply-side policies 687 23.4 Interventionist supply-side policy 695
  • Boxes 23.1 The supply-side revolution in the USA 689 23.2 Assessing PFI 692 23.3 A new approach to industrial policy 697 23.4 Alternative approaches to training and education 700 23.5 Unemployment and supply-side policies 703
  • Part G THE WORLD ECONOMY
  • 24 International Trade 706
  • 24.1 The advantages of trade 707 24.2 Arguments for restricting trade 719 24.3 Preferential trading 729 24.4 The European Union 733
  • Boxes 24.1 Trading places 708 24.2 Sharing out the Jobs 711 24.3 Trade as exploitation? 713 24.4 Free trade and the environment 720 24.5 Strategic trade theory 722 '24.6 The optimum tariff or export tax 724 24.7 Giving trade a bad name 725 24.8 The Doha development agenda 726 24.9 Mutual recognition: the Cassis de Dijon case 735 24.10 Features of the single market 736 24.11 The Internal Market Scoreboard 738
  • 25 The Balance of Payments and Exchange Rates 741
  • 25.1 Alternative exchange rate regimes 742 25.2 Fixed exchange rates 752 25.3 Free-floating exchange rates 757 25.4 Exchange rate systems in practice 765 *Appendix: The open economy IS/LM analysis 772
  • Boxes 25.1 Balance of trade and the public finances 744 25.2 The UK's balance of payments deficit 746 25.3 The effectiveness of fiscal and monetary policies under fixed exchange rates 755 25.4 The price of a Big Mac 758 25.5 The euro/dollar seesaw 762 25.6 The effectiveness of monetary and fiscal policies under floating exchange rates 764 25.7 Sterling in the 1990s and 2000s 768 25.8 Do inflation rates explain longer-term exchange rate movements? 771
  • 26 Global and Regional Interdependence 778
  • 26.1 Globalisation and the problem of Instability 779 26.2 European economic and monetary union (EMU) 788 26.3 Achieving greater currency stability 793
  • Boxes 26.1 Globalisation and the US trade imbalance 782 26.2 Doctor, the world has caught a cold 786 26.3 Optimal currency areas 792 26.4 The Tobin tax 796
  • 27 Economics of Developing Countries 799
  • 27.1 The problem of underdevelopment 800 27.2 International trade and development 805 27.3 Structural problems within developing countries 817 27.4 The problem of debt 823
  • Boxes 27.1 The Human Development Index 804 27.2 When driving and alcohol do mix 811 27.3 The Chinese economic miracle 814 *27.4 Unemployment in developing countries 820 27.5 The building BRICs of development 822 27.6 'Ecocide' 826 27.7 Swapping debt 828
  • Postscript: The Castaways or Vote for Caliban 832
  • Appendix 1: Some Techniques of Economic Analysis A:1 Appendix 2: Websites A: 15 Threshold Concepts and Key Ideas T:1 Glossary G:1 Index I:1
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