Economics seventh edition is all new. A new co author Alison Wride from the University of Exeter has joined the team to build on the well known and well loved previous six editions. The new seventh edition continues to provide a comprehensive and completely up-to-date self-contained introduction to the world of economics.

Table of Contents

Part A Introduction 1: Introducing Economics 1.1 What do economists study? 1.2 Different economic systems 1.3 The nature of economic reasoning Part B Foundations of Microeconomics 2: Supply and Demand 2.1 Demand 2.2 Supply 2.3 Price and output determination 2.4 The control of prices 3: Markets in Action 3.1 Elasticity 3.2 The time dimension 3.3 Indirect taxes 3.4 Government rejection of market allocation 3.5 Agriculture and agricultural policy Part C: Microeconomic Theory 4 Background to Demand 4.1 Marginal utility theory 4.2 Demand under risk and uncertainty 4.3 Indifference analysis 5 Background to Supply 5.1 The short-run theory of production 5.2 Costs in the short run 5.3 The long-run theory of production 5.4 Costs in the long run 5.5 Revenue 5.6 Profit maximisation 6 Profit Maximising under Perfect Competition and Monopoly 6.1 Alternative market structures 6.2 Perfect competition 6.3 Monopoly 7 Profit Maximising under Imperfect Competition 7.1 Monopolistic competition 7.2 Oligopoly 7.3 Game theory 7.4 Price discrimination 8 Alternative Theories of the Firm 8.1 Problems with traditional theory 8.2 Alternative maximising theories 8.3 Multiple aims 8.4 Pricing in practice 9 The Theory of Distribution of Income 9.1 Wage determination under perfect competition 9.2 Wage determination in imperfect markets 9.3 Capital and profit 9.4 Land and rent Part D: Microeconomic Policy 10 Inequality, Poverty and Policies to Redistribute Income 10.1 Inequality and poverty 10.2 Taxes, benefits and the redistribution of income 11 Markets, Efficiency and the Public Interest 11.1 Efficiency under perfect competition 11.2 The case for government intervention 11.3 Forms of government intervention 11.4 *Cost benefit analysis 11.5 Government failure and the case for the market 12 Environmental Policy 12.1 Economics of the environment 12.2 Policy to reduce pollution 12.3 The economics of traffic congestion 12.4 Urban transport policies 13 Government Policy towards Business 13.1 Competition policy 13.2 Privatisation and regulation 14 The National Economy 14.1 The scope of macroeconomics 14.2 The circular flow of income 14.3 Measuring national income and output 14.4 Short-term economic growth and the business cycle 14.5 Long-term economic growth 15 Macroeconomic Issues and Analysis: an Overview 15.1 Unemployment 15.2 Aggregate demand and supply and the level of prices 15.3 Inflation 15.4 The balance of payments and exchange rates 15.5 Postscript to Part E: The relationship between the four macroeconomic objectives 000 Part F: Macroeconomics 16 The Roots of Modern Macroeconomics 16.1 Setting the scene: three key issues 16.2 Classical macroeconomics 16.3 The Keynesian revolution 16.4 The monetarist Keynesian debate 16.5 The current position: an emerging consensus? 17 Short-run Macroeconomic Equilibrium 17.1Background to the theory 17.2 The determination of national income 17.3 The simple Keynesian analysis of unemployment and inflation 17.4 The Keynesian analysis of the business cycle 18 Money and Interest Rates 18.1 The meaning and functions of money 18.2 The financial system 18.3 The supply of money 18.4 The demand for money 18.5 Equilibrium 19 The Relationship between the Money and Goods Markets 19.1 The effects of monetary changes on national income 19.2 The monetary effects of changes in the goods market 19.3 ISLM analysis 19.4 Taking inflation into account 20 Fiscal and Monetary Policy 20.1 Fiscal policy 20.2 Monetary policy 20.3 ISLM analysis of fiscal and monetary policy 20.4 Fiscal and monetary policy in the UK 20.5 Rules versus discretion 21 Aggregate Supply, Unemployment and Inflation 21.1 Aggregate supply 21.2 The expectations-augmented Phillips curve 21.3 Inflation and unemployment: the new classical position 21.4 Inflation and unemployment: the modern Keynesian position 21.5 Postscript: common ground among economists? 22 Long-term Economic Growth 22.1 Long-run economic growth in industrialised countries 22.2 Economic growth without technological progress 22.3 Economic growth with technological progress 23 Supply-side Policies 23.1 Supply-side policies and the macroeconomy 23.2 Approaches to supply-side policy 23.2 Market-orientated supply-side policies 23.3 Interventionist supply-side policy Part G: The World Economy 24. International Trade 24.1 The advantages of trade 24.2 Arguments for restricting trade 24.3 Preferential trading 24.4 The European Union 25. The Balance of Payments and Exchange Rates 25.1 Alternative exchange rate regimes 25.2 Fixed exchange rates 25.3 Free-floating exchange rates 25.4 Exchange rate systems in practice 26. Global and Regional Interdependence 26.1 Globalisation and the problem of instability 26.2 Concerted international action to stabilise exchange rates 26.3 European economic and monetary union (EMU) 26.4 Achieving greater currency stability 27. Economic Problems of Developing Countries 27.1 The problem of underdevelopment 27.2 International trade and development 27.3 Structural problems within developing countries 27.4 The problem of debt

Author Biography

John Sloman is Director of the Economics Network, the economics subject centre of the Higher Education Academy. Economics Network is based at the University of Bristol. John is also Visiting Professor at the University of the West of England, Bristol. Alison Wrideis Deputy Director of the University of Exeter Business School and an Associate Professor in Economics.