Economics
Economics provides an interactive and illuminating account of the issues facing all economies today. The writing style reflects the nature of discourse of the discipline, providing an analytical rather than a descriptive approach. Students are often intim
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MaanillanFoundations A series ofintroductory texts across a wide range ofsubject areas to meet the needs of today's lecturers and students Foundations texts provide complete yet concise coverage of core topics and skills based on detailed research of course requirements suitable for both independent study and class use- the firm foundations for future study. Published
Biology Chemistry Economics Physics Po(itics Forthcoming History ofEnglish Literature Mathematics for Science and Engineering Modern British History Modern European History Nineteenth Century Britain Psychology
Economics CHRIS MULHEARN and HOWARD R. VANE
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MACMilLAN
,_ ©Chris Mulhearn and Howard R. Vane 1999 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No paragraph of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, 90 Tottenham Court Road, London WlP 9HE. Any person who does any unauthorised act in relation to this publication may be liable to criminal prosecution and civil claims for damages. The authors have asserted their rights to be identified as the authors of this work in accordance with the Copyright, Designs and Patents Act 1988. First published 1999 by MACMILLAN PRESS LTD
Houndmills, Basingstoke, Hampshire RG 21 6XS and London Companies and representatives throughout the world
ISBN 978-0-333-69183-0 DOI 10.1007/978-1-349-14437-2
ISBN 978-1-349-14437-2 (eBook)
A catalogue record for this book is available from the British Library. This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources. 10 08
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Contents Preface Acknowledgements
1
xiii
Economics and the Economy
1
1.1 Introduction
1
1.2 The market versus the state as an allocator of resources
3
1.3 Scarcity, choice and opportunity cost 1.4 The historical development of economic thought and its contemporary relevance Adam Smith Smith's relevance today Classical economics Ricardo's relevance today The Keynesian revolution The contemporary relevance of Keynes The re-emergence of market perspectives The real-world application of modern market perspectives Reflections on the history of economics
Summary Key terms Self-test questions Questions for discussion Further reading Using the Internet to study economics Internet links
2
xi
31
2.4 The market: bringing demand and supply together
33
The equilibrium price and market equilibrium Changes in the equilibrium price and market equilibrium
2.5 Applying market analysis: the example of economic integration in the European Union
6
Concluding remarks
9 9 13 14 16 17
33 35
38 44
Summary
45
Key terms
45
Self-test questions
46
Questions for discussion
46
Further reading
47
Internet links
47
Markets and Economic E
