TY - BOOK AU - Mankiw,N.Gregory AU - Taylor,Mark P. TI - Economics SN - 9789353501334 U1 - 330 MAN 4th PY - 2019/// CY - Australia PB - Cengage N1 - CONTENTS PART 1 Introduction to ecaennics 1 What is economis 2 Thinking like an economar PART 2 Supply and demand: How markets work 21 3. The merket forces of supeily and demand 31 Elasticity and its applications se Background to dermand Consumer oncices 79 Background to supply, Firms in competitive markets 112 PART 3 Markets, efficiency and wellare 145 7. Consumers, producers and the efficiency of markets: 145 Supply, demand and government policies 163 PART 4 The economics of the public sector 575 3 The tax system 179 PART 5 Inefficient market allocations 197 18 Public goods, common resources and rew goods 107 11 Markat falum and extemalities 211 12 Information and behavioural ecofiomics 236 PART & Firm behaviour and market structures 251 12 Firma production decisions 251 18 Market structures I Monopoly 262 15 Market structures II. Manopolistic competition 287 16 Market structures III: Oligopoly 201 PART 7 Factor markets 325 17 The economics of factor markets 325 PART 8 Inequality 357 18 Income inequality and poverty 357 PART 5 Trade 379 1 Interdependence and the gene hom tro779 MACROECONOMICS PROLOGUE PART 10 The date of macroeconomics 415 Messuing nation's well-being 415 21 Measuring the sost of iving 438 PART 11 The real economy in the long run 451 22 Production and growth 451 Unemployment: 475 PART 12 Interest rates, money and prices in the long run 400 24 Seving, investment and the francial system 4 25 The basic tools of finance 19 26 Issues in financial markets 533 27 The monetary system 500 28 Money growth and inflation 571 PART 13 The macroeconomics of open economies s01 28 Open-economy macroeconomics: Besc concepts 591 30 A macroeconomic theory of the open economy 606 PART 14 Short-run economic fluctuations et 21 Business cycles 621 32 Keynesian economics and IS-LM analysis 610 31 Aggregate demand and aggregate supply 664 34 The influence of monetary and fiscal policy on aggregate demand 685 35 The short-run trade-off between inflation arid unemployment 702 36 Supply-side policies 730 PART 15 International macroeconomics 37 Common currency areas and European Monetary Union 345 3 The Financial Crisis and sovereign debt 766 PART 1 INTRODUCTION TO ECONOMICS 1 1 What is economics? The economy and economic systems How people make decisions How the economy at a whole warns 2 Thinking like a economists rroduction is The economist assets 17 The economistas policy advisal 20 Why economists disagree 24 Part 2 SUPPLY AND DEMAND: HOW MARKETS WORK 31 3 The market forces of supply and densanda The assumptions of the market model 32 Demand 10 Shits versus movements along the demand Sundly 30 Supply and demand together 42 Conclusion: How prices allocate resources 50 4 Elasticity and its applications so The price slasticity of demand 56 Other demand slasticitias 64 Price wlasticity of supply 45 Applications of supply and demand elasticity 73 5 Background to demand Commer choices The standard economo The budget comamaine What the consumer ca afford at Preferences: What the consumer wa Optimization What the consumes chooses a Summary: Do people real behave tha way? 104 Behavioural approaches to contr behaviour 104 6 Background to supply: Firma in competitive markets The posts of production 112 Production and costs 113 The various measures of cost HE Costs in the short run and in the long run 122 Summary 123 Retums to scale 124 What is a competitive market) 127 Profit maximization and the competeve fermy supply curve 129 The supply curve in a competitive market 100 Conclusion Behind the supply curve sab PART 3 MARKETS, EFFICIENCY AND WELFARE 145 7 Consumers, producers and the efficiency of markets 148 Consumer surplus 146 Producer surplus 162 Market efficiency 155 8 Supply, demand and government policies 183 Controls on prices 163 Taxes 187 Subsides 173 Conclusion 124 Chingles, also known as Herpes Zoster cows PART 4 THE ECONOMICS OF THE PUBLIC SECTOR 179 9 The tax system Taxes and efficiency i The deadweight loss of tanation 180 Administrative burden 100 The design of me tax system Taxes and equity Hit Conclusion 102 PART 5 INEFFICIENT MARKET ALLOCATIONS 197 10 Public goods, common resources and merit goods) The different kinds of goods 1 Public goods 100 Common resources 202 Merit goods 205 Conclusion 207 IT TRAN PART 6 FIRM BEHAVIOUR AND MARKET STRUCTURES 251 13. Fums production decisions 351 Isoquent and costs The least coat input combination 250 Conclusion 25 14 Market structures 1. Monopoly 23 Imperfect competition 283 Why moncciones anse 203 How monopofies make production and posing decisions 267 The welfare cost of monopoly 272 Price discrimination 275 Public policy towards monopoles 279 Conclusion: The prevalerice of monopoly 381 15 Market structures II: Monopolistic competition 207 Competition with differentiated products Advertising and branding 292 Contestable markets 200 Conclusion 257 11 Market failure and externalities zn 16 Market structures III: Oligopoly Characteristics of oligotioly 201 Game theory and the economics of Entry barriers in oligopoly 316 cooperation 307 Market failure 211 Externalities 211 Externalities and market inefficiency 213 Private solutions to externalities 217 Public policies towards externalities 230 Public policy toward oligopolies 216 Publio/private policies towards externalities 223 Conclusion 315 Government tailore 227 Conclusion 232 PART 7 smart 12 Information and behavioural economics 235 Principal and agent 236 Asymmetric information 237 Deviations from the standard economic model 243 Conclusion 246 FACTOR MARKETS 325 17 The economics of factar markets s The marginal product theory of distribution 325 The demand for labour 326 The supply of labour 329 It's ch Egullitnum in the labourmet 320 Other theories of the above market Mencat labour theory 23 Femiar economics and the hour marke The waramics of discrimination 344 The other factors of production Land and capital 347 Economic rent 360 Conchistas 251 PART 8 INEQUALITY 357 18 Income inequality and poverty The measurement of inequality 18 The poitical philosophy of redistributing Policies to reduce poмите это Conclusion 373 PART 10 THE DATA OF MACROECONOMICS 415 20 Measuring a sation's well-being 415 The economy's income and getur The measurement of gross domestic product 417 The components of GD 420 Real versus nominal 003 The imitations of GDP as a mesure of well being 428 Irisemistional differences in GDP and the quality of life 430 Conclusion 4011 THA 21 Measuring the cost of living ass The Cansumer Prices Index 436 Conecting economic viables for the effects of inflabon 442 Conclusion 448 N PART 9 TRADE 379 19 Interdependence and the gains from trade 3 The production ocasibilities font 379 International trade 384 The principle of comparse advantage The determinants of trade 291 The winners and losers from trade 300 Restrictions on trade a Criticisms of comparative advantage theory 400 Conclusion 404 MACROECONOMICS PROLOGUE 409 A world before markets 400 Classical economics 410 Marxist economics 411 The Austrian school 411 Kaynesaniem 412 Monetarism 412 Feminist economics 413 PART 11 THE REAL ECONOMY IN THE LONG RUN 451 22 Production and growth an Economic growth around the world 451 Growth theory 455 Productivity 456 The determinants of economic growth ale Causes of growth 481 Endogenous growth theory 405 Economic growth and public policy see Conclusion. The importance of long-run growth 421 23 Unemployment Identifying unemployment 476 The causes of unemployment 479 The natural rate of unemployment 485 Marx and the reserve army of the unemployed 491 The cost of unemployment 492 Conclusion 434 -Shingles, also known as Herpes Zoster PART 12 INTEREST RATES, MONEY AND PRICES IN THE LONG RUN 499 24 Sering investment and the fancial aystema Financal pretutions the economy Saving and invest The meat for lond Conduson 1 25 The basic tools of finance 19 Present value Measuring these velut of money Managing nak 5 Asset velution 128 Condusion 539 26 Issues in financial markets s The causes of the onse 533 The efficient markets hypothesis 541 Summary 543 27 The monetary system 553 The meaning of money 553 The role of central banks 559 The European Central Bank and the Eurcevstem 500 The Bank of England 561 Banks and the money supply 561 The central bank's tools of monetary cormol 585 28 Money growth and inflation 571 What is inflation? 571 The classical theory of inflation 572 The costs of inflation sed Defiation ses Conclusion tas PART 13 THE MACROECONOMICS OF OPEN ECONOMIES 591 29 Open-economy macroeconomics: Basic concepts 591 The international flows of goods and capital 581 The prices for interriational transactions: Real and nominal exchange rates 596 PART 14 SHORT-RUN ECONOMIC FLUCTUATIONS 621 31 Business cycles Trend growth r522 Causes of changes in the business ce Business cyde nodes Macroeconomic models of the economy Condusion Os 32 Keynesian economics and IS-LM analysis s The Keynesian cross 640 The multiplier effect 644 The IS and LM curves 600 General equilibrium using the IS-LM model 552 From IS-LM to aggregate demand 654 Conclusion 600 33 Aggregate demand and aggregate supply 564 Three key facts about economic fluctuation Explaining short-run economic fluctuations 588 The aggregate demand curve 867 The aggregate supply curve 9 Two causes of economic fluctuations 675 New Keynesian economics 679 Conclusion 680 34 The influence of monetary and fiscal policy on aggregate demand ess How monetary policy influences aggregate demand 685 How fiscal policy influences aggregate demand 632 logitech CONTENTS Uwing moley to stabilize the economy Conclusion 35 The short run trade-off between inflation and unemployment The Phillipe curve 703 Shutte in the Philipe curve. The role of expectatums 108 The long-nin vertical Philips curve as a arpervert for central bank independence 712 Shifts in the Philips curve. The rote of suppily shocks The cost of reducing inflation 714 713 Inflation targeting 220 Reflecting on the Philips curve 724 A 36 Supply-side policies 730 Shifts in the aggregate supply curve 720 Types of supply-side policies 734 Conciueron 1 PART 15 INTERNATIONAL MACROECONOMICS 745 37 Common currency areas and European Monetary Union 245 The eure A The angle european market and the euro 246 The benefits and costs of a commen The musty of optamen currency arвня 200 is Europe an optimum currency area? Tha Fiscal policy and common currency wash Conclusion 700Donly for t 38 The Financial Crisis and sovereign debt 205 introduction 705 The sovereign debt crisis 772 Austerity policies too far too quickly? 777 Glossary 714 Index 794 Credits 1800 List of formules 002 PARETS THE REAL ER -