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The only text to provide an accessible and engaging overview of microeconomics without compromising on the technical level.
- A wealth of examples engage students and make the relevance of microeconomic theory to the real world crystal clear
- The maths appendix ensures that the technical knowledge students need at an advanced level is accessible to all
- Covers recent developments in behavioural economics and auctions in chapter 12
New to this edition
- The in-text examples have been enhanced for this edition: examples are now linked both through a given chapter, so that students can build up their understanding in a gradual way, and throughout the book, so that students can see how the same underlying concept applies in different areas.
- Thirty new topical examples highlight the relevance of microeconomic theory to real-world scenarios
- The maths appendix has been re-visited for clarity and accessibility
About the Author(s)
Frank Cowell, Professor of Economics, The London School of Economics
Table of Contents
2: The Firm
3: The Firm and the Market
4: The Consumer
5: The Consumer and the Market
6: A Simple Economy
7: General Equilibrium
8: Uncertainty and Risk
10: Strategic Behaviour
13: Government and the Individual
Why the United States has developed an economy divided between rich and poor and how racism helped bring this about. The United States is becoming a nation of rich and poor, with few families in the middle. In this book, MIT economist Peter Temin offers an illuminating way to look at the vanishing middle class. Temin argues that American history and politics, particularly slavery and its aftermath, play an important part in the widening gap between rich and poor. Temin employs a well-known, simple model of a dual economy to examine the dynamics of the rich/poor divide in America, and outlines ways to work toward greater equality so that America will no longer have one economy for the rich and one for the poor. Many poorer Americans live in conditions resembling those of a developing country — substandard education, dilapidated housing, and few stable employment opportunities. And although almost half of black Americans are poor, most poor people are not black. Conservative white politicians still appeal to the racism of poor white voters to get support for policies that harm low-income people as a whole, casting recipients of social programs as the Other — black, Latino, not like “us.” Politicians also use mass incarceration as a tool to keep black and Latino Americans from participating fully in society. Money goes to a vast entrenched prison system rather than to education. In the dual justice system, the rich pay fines and the poor go to jail.
Microeconomics Principles and Practice is a top-tier, academically challenging text that complements Cengage’s suite of Economics titles. Cengage Australia’s second edition of Microeconomics Principles and Practice sees Frost and Schuwalow adapt Taylor’s revised reflections on the global financial crisis and how businesses are recovering. Examples of current events from Australia, New Zealand and the Asia-Pacific region help explain how discussions on the role of the government can affect the economy. Microeconomics Principles and Practice is concerned with concepts and understanding, which sets it apart from competitor texts.
Macroeconomics: Principles and Practice offers students concepts, intuition and understanding, supported by an ‘Economist’s toolkit’. This Toolkit consolidates appendix-style material into one section to show in a simple manner how calculations and models are used in the real world. This edition follows the same intuitive modular approach as the last and includes guidelines for instructors who prefer alternative, more traditional sequencing. Microeconomics concepts are explored throughout the text where needed, such as when reference is made to ‘supply and demand’. New chapters present macroeconomic theory more intuitively. Policy debates are explained in depth but in a simple and more modern way. The focus is on understanding concepts in a realistic context.
The impact of host country institutions and policy on innovation by multinational firms in emerging economies. In the past, multinational firms have looked to developing countries as sources of raw materials, markets, or production efficiencies, but rarely as locations for innovation. Today, however, R&D facilities and other indicators of multinational-linked innovation are becoming more common in emerging economies. In this book, Patrick Egan investigates patterns of inward foreign direct investment (FDI) in developing countries, considering the impact of host country institutions and policy on the innovative activities undertaken by multinational firms. He examines the uneven spread of innovation-intensive foreign direct investment and emerging sectoral distributions, then develops a number of arguments about the determinants of multinational innovation in developing countries. Firms are attracted by a country’s supply of skilled labor and are often eager to innovate close to new markets; but, Egan finds, host country institutions and the configuration of the host country’s investment policies have a strong impact on firm decisions and evolving country investment profiles. Egan uses econometric analysis to identify determinants of multinational innovation, and examines differences among state institutions as a key variable. He then offers a detailed case study, assessing Ireland’s attempts to use foreign direct investment in innovation as a catalyst for development. While FDI is a potential vehicle for industrial upgrading, Egan cautions, it is neither necessary nor sufficient for development. Furthermore, innovation-intensive investments are not likely to develop linkages with local actors or otherwise embed themselves in host economies in the absence of active, discriminating policies channeled through coherent and coordinated institutions.
Crises, change, and productive incoherence — Introduction: contesting continuity — Productive incoherence : a hirschmanian perspective — Setting the stage — The east asian financial crisis and neoliberalism : the beginning of the end of a unified regime — The global crisis and innovations in financial governance and developmental finance — Planting seeds, bearing fruit? : the group of 20 and the financial stability board — Imf stewardship of global finance — The changing institutional landscape of financial governance and developmental finance in emerging market and developing economies — Financial crisis, financial control — Where from here? — Conclusion: opportunities, challenges, and risks — Notes — Bibliography — Index
This thought-provoking but accessible book critically examines the dominant food regime on its own terms, by seriously asking whether we can afford cheap food and by exploring what exactly cheap food affords us. Detailing the numerous ways that our understanding of food has narrowed, such as its price per ounce, combination of nutrients, yield per acre, or calories, the book argues for a more contextual view of food when debating its affordability. The first edition, published in 2011, was widely praised for its innovative approach and readability. In this new edition the author brings all data and citations fully up to date. Increased coverage is given to many topics including climate change, aquaculture, financialization, BRICS countries, food-based social movements, gender and ethnic issues, critical public health and land succession. There is also greater discussion about successful cases of social change throughout all chapters, by including new text boxes that emphasize these more positive messages. The author shows why today’s global food system produces just the opposite of what it promises. The food produced under this regime is in fact exceedingly expensive. Many of these costs will be paid for in other ways or by future generations and cheap food today may mean expensive food tomorrow. By systematically assessing these costs the book delves into issues related, but not limited, to international development, national security, healthcare, industrial meat production, organic farming, corporate responsibility, government subsidies, food aid and global commodity markets. It is shown that exploding the myth of cheap food requires we have at our disposal a host of practices and policies.
Have you ever wondered whether individuals born in the year of the Dragon are truly blessed? Or why you can’t find a taxi when you need one? What about the effects of superstitious beliefs on housing prices? Kiasunomics©explores these issues and more in a series of stories through the lens of Teng, the protagonist of this book. Told in a conversational story-telling style yet grounded on rigorous research, the book explains the influences and outcomes of the decisions we make, using simple economic logic.
The book follows the life journey of Teng from birth to adulthood how seemingly innocuous decisions bear economic consequences on his life. It starts with the decision by Teng’s parents to have him as a Dragon baby and shows how this decision affects not only his education but also his career and spending in the long term. The grown-up Teng in later chapters, is a taxi driver who learns that the daily budgeting of finances from many of his taxi-driving friends has proven to be poor financial planning. The story also shows how his purchase of a flat based on superstitious beliefs, and its location near a primary school and a Mass Rapid Transit station influences prices, and with some surprising results.
This book touches the man on the street with issues that many Singaporeans can identify with. These include how Singaporeans’ shopping in Johor affects their spending and savings; how different shoppers respond variedly to predictable promotions such as the Great Singapore Sale; how the haze or a mere nearby construction site affects water and electricity consumption; how playing golf elevates women’s opportunities to sit on corporate boards; how Singaporeans’ travel patterns are affected by their opinion towards public transportation; and how retirement poses financial challenges in silver years. These and many more are unravelled in the 20 stand-alone chapters through the authors’ application of their research findings to day-to-day issues.
Kiasunomics© brings to light that research can be made relevant to our daily living. Research helps us make sense of what we do and with that, we can learn to make better decisions for a smarter thinking nation.
The new edition of a comprehensive overview of the modern Chinese economy, revised to reflect the end of the “miracle growth” period.This comprehensive overview of the modern Chinese economy by a noted expert on China’s economic development offers a quality and breadth of coverage not found in any other English-language text. In The Chinese Economy, Barry Naughton provides both a broadly focused introduction to China’s economy since 1949 and original insights based on his own extensive research. This second edition has been thoroughly revised to reflect a decade of developments in China’s economy, notably the end of the period of “miracle growth” and the multiple transitions it now confronts — demographic, technological, macroeconomic, and institutional. Coverage of macroeconomic and financial policy has been significantly expanded.After covering endowments, legacies, economic systems, and general issues of economic structure, labor, and living standards, the book examines specific economic sectors, including agriculture, industry, technology, and foreign trade and investment. It then treats financial, macroeconomic, and environmental issues. The book covers such topics as patterns of growth and development, including population growth and the one-child family policy; the rural and urban economies, including rural industrialization and urban technological development; incoming and outgoing foreign investment; and environmental quality and the sustainability of growth.The book will be an essential resource for students, teachers, scholars, business practitioners, and policymakers. It is suitable for classroom use for undergraduate or graduate courses.
For first-year graduate courses in Econometrics for Social Scientists. This title is a Pearson Global Edition. The Editorial team at Pearson has worked closely with educators around the world to include content which is especially relevant to students outside the United States. This text serves as a bridge between an introduction to the field of econometrics and the professional literature for graduate students in the social sciences, focusing on applied econometrics and theoretical concepts.
For courses in Introductory Econometrics Engaging applications bring the theory and practice of modern econometrics to life Ensure students grasp the relevance of econometrics with Introduction to Econometrics-the text that connects modern theory and practice with motivating, engaging applications. The Third Edition Update maintains a focus on currency, while building on the philosophy that applications should drive the theory, not the other way around. This program provides a better teaching and learning experience-for you and your students. Here’s how: * Keeping it current with new and updated discussions on topics of particular interest to today’s students. * Presenting consistency through theory that matches application. * Offering a full array of pedagogical features. MyEconLab(R) is not included. Students, if MyEconLab is a recommended/mandatory component of the course, please ask your instructor for the correct ISBN. MyEconLab should only be purchased when required by an instructor. Instructors, contact your Pearson representative for more information. MyEconLab is an online homework, tutorial, and assessment product designed to personalize learning and improve results. With a wide range of interactive, engaging, and assignable activities, students are encouraged to actively learn and retain tough course concepts.
Introduction to Economic Growth is the only text to synthesize the journal literature in a way that makes this important field accessible to undergraduates. Charles I. Jones and new co-author Dietrich Vollrath have updated and revised the text to reflect recent advances in Economic Growth Theory in clear, direct language.