Economics for Business

Series
Financial Times
Author
Mcaleese  
Publisher
Pearson
Cover
Softcover
Edition
3
Language
English
Total pages
642
Pub.-date
March 2004
ISBN13
9780273683988
ISBN
0273683985
Related Titles


Product detail

Product Price CHF Available  
9780273683988
Economics for Business
91.80 approx. 7-9 days

Description

Economics for Business

Focuses on three essential branches of modern economics: competition and the market system, macroeconomics, and the economics of openness and globalisation including the analysis of international trade, foreign investment and exchange rates.

The book has a very strong business focus and has been used in the UK on many MBA courses as well as short, often one semester undergrad. business economics courses. The book examines economics from a business perspective and is selective in its coverage, focusing on setting out the big picture and including topics on the basis that they throw light on issues relevant to business.

It has a policy perspective which puts theory of the firm, strategy and macroeconomic issues in a policy context which helps students see the relevance of the theory. The book does cover macroeconomics, as appropriate for business students, and looks at globalisation, trade liberalisation, economic integration, exchange rates, etc. The selective, thematic, policy oriented approach makes this book appropriate for MBA and post-experience students, as well as for undergrads.

Features

    • Assumes no previous background in economics.
    • Focuses on issues relevant to an increasingly globalised environment.
    • Strikes a balance between theory and application.
    • Clear writing style and attractive learning aids (boxes, questions for discussion, exercises and further reading).

    New to this Edition

      • Assumes no previous background in economics.
      • Focuses on issues relevant to an increasingly globalised environment.
      • Strikes a balance between theory and application.
      • Clear writing style and attractive learning aids (boxes, questions for discussion, exercises and further reading).

      Table of Contents

      Preface to the third edition
      Acknowledgements

      1 The economic policy consensus 1
      Introduction
      1.1 The economic policy consensus 2
      1.2 Why policy changed
      1.3 Implications for the future
      1.4 Criticisms of the new consensus
      1.5 Will the consensus last?
      Summary
      Questions for discussion
      Exercises
      Further reading

      2 What makes nations grow?
      Introduction
      2.1 Trends in economic growth
      2.2 Growth theories
      2.3 Human welfare and sustainable growth
      2.4 Policy prescriptions for growth
      2.5 Conclusions
      Summary
      Questions for discussion
      Exercises
      Further reading
      Appendix 2.1: The economics of the new economy

      Part I The market system and competition

      3 The market system in action
      Introduction
      3.1 The market system
      3.2 The role of prices
      3.3 Movements in demand and supply
      3.4 The role of traders and arbitrage
      3.5 The efficiency of the market system
      3.6 The free market system in social context
      3.7 Conclusions
      Summary
      Questions for discussion
      Exercises
      Further reading

      4 Market demand and the pricing decision
      Introduction
      4.1 What is a ‘rational’ consumer?
      4.2 Deriving the market demand curve
      4.3 Elasticities of demand
      4.4 Estimating the demand function
      4.5 Price elasticities and the pricing decision
      4.6 Conclusions
      Summary
      Questions for discussion
      Exercises
      Further reading

      5 The firm in a competitive market
      Introduction
      5.1 Profit maximisation
      5.2 Rules for maximising profit
      5.3 Cost structure of the firm
      5.4 The transaction costs approach
      5.5 From cost structure to supply curve
      5.6 Conclusions
      Summary
      Questions for discussion
      Exercises
      Further reading

      6 The economics of market power
      Introduction
      6.1 Firm size
      6.2 The economics of market power
      6.3 How to sustain monopoly power
      6.4 Market power with few firms – the case of oligopoly
      6.5 Conclusions
      Summary
      Questions for discussion
      Exercises
      Further reading
      Case study 6.1: The diamond cartel

      7 Competition policy, privatisation and regulation
      Introduction
      7.1 The case for competition
      7.2 Competition policy
      7.3 Privatisation
      7.4 Regulation
      7.5 Conclusions
      Summary
      Questions for discussion
      Exercises
      Further reading

      8 Government intervention and the market system
      Introduction
      8.1 Income distribution and the equity–efficiency trade-off
      8.2 Market failures
      8.3 Government intervention
      8.4 Government failure
      8.5 Conclusions
      Summary
      Questions for discussion
      Exercises
      Further reading

      9 Business and the environment
      Introduction
      9.1 Economic growth and the environment
      9.2 Environmental policies
      9.3 Policy instruments: design and effect
      9.4 Impact on business
      9.5 Conclusions
      Summary
      Questions for discussion
      Exercises
      Further reading

      10 Hiring labour and the investment decision
      Introduction
      10.1 The hiring decision
      10.2 The investment decision
      10.3 Conclusions
      Summary
      Questions for discussion
      Exercises
      Further reading

      Part II The macroeconomic framework

      11 Aggregate supply, aggregate demand and the price level
      Introduction
      11.1 How is gross domestic product (GDP) calculated?
      11.2 Potential GDP, actual GDP, and GDP at purchasing power
      parity (PPP)
      11.3 The aggregate supply (AS) curve
      11.4 Aggregate demand (AD) and money
      11.5 Conclusions
      Summary
      Questions for discussion
      Exercises
      Further reading
      Appendix 11.1: The money supply process

      12 Price stability and central banks
      Introduction
      12.1 What is price stability?
      12.2 Deviation from price stability 1: inflation
      12.3 Deviation from price stability 2: deflation
      12.4 Benefits of price stability
      12.5 Central banks and institutional reform
      12.6 Price stability and exchange rate anchors
      12.7 Is inflation dead?
      12.8 Conclusions
      Summary
      Questions for discussion
      Exercises
      Further reading

      13 Understanding interest rates and monetary policy
      Introduction
      13.1 Which interest rate?
      13.2 What determines interest rates?
      13.3 Interest rates and economic activity
      13.4 Monetary policy and interest rates
      13.5 The design of monetary policy
      13.6 Conclusions
      Summary
      Questions for discussion
      Exercises
      Further reading
      Case study 13.1: Taylor’s rule for monetary policy

      14 Unemployment and the labour market
      Introduction
      14.1 Facts about unemployment
      14.2 Supply-side approach and the market mechanism
      14.3 Short-run versus long-run perspectives
      14.4 The importance of demand
      14.5 Technology, productivity and unemployment
      14.6 Labour market policies
      14.7 Conclusions
      Summary
      Questions for discussion
      Exercises
      Further reading
      Appendix 14.1: Unemployment and inflation – the Phillips curve

      15 Fiscal policy, budget deficits and government debt
      Introduction
      15.1 Counter-cyclical fiscal policy
      15.2 The limits of fiscal activism
      15.3 Public debt and ‘crowding out’
      15.4 Fiscal policy in Europe
      15.5 Conclusions
      Summary
      Questions for discussion
      Exercises
      Further reading
      Appendix 15.1: The sustainability of debt

      16 Business fluctuations and forecasting
      Introduction
      16.1 Business fluctuations – the facts
      16.2 What causes fluctuations?
      16.3 Business fluctuations and growth
      16.4 Forecasting the business cycle
      16.5 Macro-forecasts and the firm
      16.6 Conclusions
      Summary
      Questions for discussion
      Exercises
      Further reading
      Part III The global economy
      Introduction to Part III

      17 Foreign trade: patterns and policy
      Introduction
      17.1 Trends in global trade
      17.2 Explaining the gains from international trade
      17.3 Quantifying the gains from trade
      17.4 Trade policy and protection
      17.5 What determines comparative advantage?
      17.6 Conclusions
      Summary
      Questions for discussion
      Exercises
      Further reading
      Case study 17.1: China and the WTO: the effects of
      trade liberalisation

      18 Capital flows and foreign investment
      Introduction
      18.1 Capital flows
      18.2 Basic model
      18.3 Foreign direct investment and multinationals
      18.4 Effects of foreign investment
      18.5 Conclusions
      Summary
      Questions for discussion
      Exercises
      Further reading

      19 Labour migration
      Introduction
      19.1 Recent trends
      19.2 Effects of migration – the basic model
      19.3 Migration, public finances and jobs
      19.4 Conclusions
      Summary
      Questions for discussion
      Exercises
      Further reading

      20 The balance of payments: what it is and why it matters
      Introduction
      20.1 What is the balance of payments?
      20.2 Balance of payments problems
      20.3 How to correct a balance of payments imbalance
      20.4 Conclusions
      Summary
      Questions for discussion
      Exercises
      Further reading

      21 Coping with exchange rates
      Introduction
      21.1 How exchange rates work
      21.2 Exchange rate theory
      21.3 Capital flows and exchange rate volatility
      21.4 Strategies for coping with exchange rate risk
      21.5 Conclusions
      Summary
      Questions for discussion
      Exercises
      Further reading
      Appendix 21.1: The global foreign exchange market

      22 Exchange rate regimes and the euro
      Introduction
      22.1 The global exchange rate system
      22.2 Float
      22.4 Establishing a single currency – the euro
      22.5 Conclusions
      Summary
      Questions for discussion
      xercises
      Further reading
      Appendix 22.1: Exchange rate regimes – a brief history

      Index

      Back Cover

      "I have used Economics for Business as a key text on my Managerial Economics module in the Warwick MBA programme for a number of years. The book possesses the rare quality of being both accessible and rigorous. It is comprehensive, yet admirably succinct. The new material on international issues - such as trade agreements, currency crises and the Euro debate - in the latest edition will be greatly appreciated by teachers and students alike."

      Professor Robin Naylor, University of Warwick

      "Economics for Business is an excellent text, which is very well written and demonstrates the wealth of knowledge possessed by its author."

      Professor Steve Bradley, University of Lancaster

      Specially tailored for a business-oriented audience, this text provides a complete introduction to economics for business programmes. With its non-technical and down-to-earth style this book will help make the economics module on your business or professional programme a more instructive and enjoyable experience.

      Features

      • Full coverage of central issues in business-oriented economics course e.g. interest rates and determinants of exchange rates.
      • Focuses on the increased openness and globalisation of the economy.
      • Coverage of both macro and micro topics.
      • Strikes a balance between theory and application.
      • Sets economic ideas in their historical and social context.
      • New!
      • Material on China in the WTO, deflation, Argentina's currency crisis, the pros and cons of joining the Euro.
      • New! Even more exercises and questions for discussion.

      Economics for Business is especially suitable for MBA and other executive programmes, as well as for post-experience conversion courses.

       

      Dermot McAleese is Whately Professor of Political Economy, and Dean of the Faculty of Business, Economics and Social Studies, at Trinity College Dublin. He has served on the Board of the Central Bank of Ireland and was visiting professor at the World Bank. He lectures on MBA and executive courses in Trinity College and he is a member of the visiting faculty of the Irish Management Institute and of the ENPC School of International Management (Paris). He has written extensively on economic policy and international economics.

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