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Contents

SECTION I THE MARKET SYSTEM 1 Introduction: what is economics all about? 2 Mathematical and statistical techniques 3 The economic problem: resources,scarcity and choice 4 The allocation of resources in competitive markets 5 Elasticity of demand and supply 6 Markets in movement 7 The business organisation, costs and profits 8 Market structures SECTION II MARKET FAILURE AND GOVERNMENT INTERVENTION 9 The mixed economy: market failure vs government failure 10 Government intervention in the market SECTION III MARKETS IN OPERATION 11 The market in practice: agriculture, housing and labour 12 The leisure industry 13 The economics of the environment 14 Transport and the economy SECTION IV THE NATIONAL ECONOMY 15 What is the macroeconomy? 16 Measuring the macroeconomy 17 Analysing the macroeconomy 18 Managing the macroeconomy: problems and policies SECTION V BUSINESS ECONOMICS 19 The size and growth of firms 20 Costs in the short run and the long run 21 Competitive supply 22 Price and output under imperfect competition 23 Aspects of monopoly 24 Public ownership, privatisation, regulation and deregulation SECTION VI LABOUR MARKETS AND THE DISTRIBUTION OF INCOME 25 Pricing of productive factors 26 Labour and wages 27 An introduction to welfare economics 28 Inequality and public policy SECTION VII MACROECONOMIC ANALYSIS 29 Keynesian macroeconomics 30 Changes in aggregate demand: consumption, savings and investment 31 The Keynesian aggregate model 32 The multiplier 33 Aggregate demand and supply analysis SECTION VIII MANAGING THE ECONOMY: ISSUES AND POLICIES 34 Growth and stability 35 Money and prices 36 Fiscal and monetary policies 37 Monetary analysis and income analysis 38 The control of inflation 39 Unemployment and government policy 40 Advanced policy applications 41 The gains from international trade 42 The balance of payments and exchange rates 43 Conflicts between objectives SECTION IX THE EU AND WIDER PERSPECTIVES 44 International institutions 45 The European Union 46 The developing economies 47 Schools of thought and future issues Index

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