Economics – N. Gregory Mankiw, Mark P. Taylor, Andrew Ashwin – 3rd Edition

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The third edition of Economics has a different look to the previous two editions. Feedback from users, both and instructors, has resulted in some reorganization of the material and some new sections covering more depth in both micro- and macroeconomic issues. Readers should note that this edition adapts Mankiw’s best-selling US undergraduate Economics text to reflect the needs of students and instructors in the UK and European market. As each new edition is written, the adaptation evolves and develops an identity distinct from the original US edition on which it is based. We have tried to retain the lively, engaging style and to continue to have the novice economics student in mind.

Economics touches every aspect of our lives and the fundamental concepts which are introduced can be applied across a whole range of life experiences. ‘Economics is a study of mankind in the ordinary of life.’ So wrote Alfred Marshall, the great 19th-century British economist, in his textbook, Principles of Economics. As you work through the contents of this book you would be well advised to remember this. Whilst the news might focus on the world of banking and finance, tax and government policy, economics provides much more than a window on these worlds. It provides an understanding of decision making and the process of decision making across so many different aspects of life. You may be considering travelling abroad, for example, and are shocked at the price you have to pay for injections against tropical diseases.

Should you decide to try and do without the injections? Whilst the amount of money you are expected to give up seems high, it is a small price to pay when you consider the -off – the potential cost to you and your family of contracting a serious disease. This is as much economics as monetary policy about interest rates and firm’s decisions on investment. Welcome to the wonderful world of economics – learn to think like an economist and a whole new world will open up to you

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  • About the authors ix
    Preface x
    Supplements xi
    Acknowledgements xiii

    PART 1 INTRODUCTION TO ECONOMICS 1
    1 Ten principles of economics
    2 Thinking like an economist

    PART 2 SUPPLY AND DEMAND: HOW MARKETS WORK 41
    3 The market forces of supply and demand
    4 Elasticity and its applications
    5 Background to demand: The theory of consumer choice
    6 Background to supply: Firms in competitive markets

    PART 3 MARKETS, EFFICIENCY AND WELFARE
    7 Consumers, producers and the efficiency of markets
    8 Supply, demand and government policies

    PART 4 THE ECONOMICS OF THE PUBLIC SECTOR
    9 The tax system and the costs of taxation

    PART 5 INEFFICIENT MARKET ALLOCATIONS 221
    10 Public goods, common resources and merit goods
    11 Externalities and market failure
    12 Information and behavioural economics

    PART 6 FIRM BEHAVIOUR AND MARKET STRUCTURES
    13 Firms’ production decisions
    14 Market structures I: Monopoly
    15 Market structures II: Monopolistic competition
    16 Market structures III: Oligopoly

    PART 7 FACTOR MARKETS
    17 The economics of labour markets

    PART 8 INEQUALITY
    18 Income inequality and poverty

    PART 9 TRADE
    19 Interdependence and the gains from trade

    PART 10 THE DATA OF MACROECONOMICS
    20 Measuring a nation’s income
    21 Measuring the cost of living

    PART 11 THE REAL ECONOMY IN THE LONG RUN
    22 Production and growth
    23 Unemployment

    PART 12 INTEREST RATES, MONEY AND PRICES IN THE LONG RUN
    24 Saving, investment and the financial system
    25 The basic tools of finance
    26 The monetary system
    27 Money growth and inflation

    PART 13 THE MACROECONOMICS OF OPEN ECONOMIES 6
    28 Open-economy macroeconomics: Basic concepts
    29 A macroeconomic theory of the open economy

    PART 14 SHORT-RUN ECONOMIC FLUCTUATIONS
    30 Business cycles
    31 Keynesian economics and IS-LM analysis
    32 Aggregate demand and aggregate supply
    33 The influence of monetary and fiscal policy on aggregate demand
    34 The short-run trade-off between inflation and unemployment
    35 Supply-side policies

    PART 15 INTERNATIONAL MACROECONOMICS
    36 Common currency areas and European monetary union
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