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Economics / Joseph E. Stiglitz, Carl E. Walsh

Main Author Stiglitz, Joseph E. Coauthor Walsh, Carl E. Country Estados Unidos. Edition 3rd ed Publication New York : W.W. Norton & Company, cop. 2002 Description XXXI, 829, 26 p. : il. ; 27 cm ISBN 0-393-97518-5 CDU 330.1
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Item type Current location Call number Status Date due Barcode Item holds
Monografia Biblioteca Geral da Universidade do Minho
BGUM 330.1 - S Available 317557
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Enhanced descriptions from Syndetics:

Economics offers an introductory approach, integrating contemporary economics into the traditional curriculum. This revised edition places an emphasis on the internet economy and information technology.

Table of contents provided by Syndetics

  • Preface (p. XXIII)
  • Part 1 Introduction
  • Chapter 1 The Motor Industry and Economics (p. 1)
  • The Motor Industry: A Brief History (p. 2)
  • Nationalization (p. 6)
  • Industrial Relations (p. 7)
  • The Extent of the Market (p. 7)
  • What is Economics? (p. 8)
  • Markets and Government in the Mixed Economy (p. 11)
  • Close-up: A Failed Alternative to the Mixed Economy (p. 13)
  • Microeconomics and Macroeconomics: the Two Branches of Economics (p. 14)
  • The Science of Economics (p. 15)
  • Why Economists Disagree (p. 17)
  • Close-up: Economists Agree!! (p. 18)
  • Consensus on the Importance of Scarcity (p. 19)
  • Review and Practice (p. 19)
  • Chapter 2 Basic Principles (p. 22)
  • The Basic Competitive Model (p. 23)
  • Prices, Property Rights, and Profits: Incentives and Information (p. 25)
  • Rationing (p. 27)
  • Opportunity Sets (p. 27)
  • Cost (p. 32)
  • Close-up: Opportunity Costs of Meetings (p. 33)
  • Review and Practice (p. 35)
  • Appendix Reading Graphs (p. 37)
  • Chapter 3 Trade (p. 41)
  • The Benefits of Economic Interdependence (p. 42)
  • Trade Between Countries (p. 43)
  • Using Economics: Calculating the Gains from Trade (p. 49)
  • Close-up: What Does Britain Export and Import? (p. 50)
  • The Perceived Costs of International Interdependence (p. 52)
  • Policy Perspective: Free Trade (p. 53)
  • Review and Practice (p. 55)
  • Chapter 4 Demand, Supply, and Price (p. 57)
  • The Role of Prices (p. 58)
  • Demand (p. 59)
  • Supply (p. 64)
  • Policy Perspective: Stabilising Farm Incomes and Stabilising Agricultural Prices (p. 65)
  • Using Economics: The Late 1980s Boom in House Prices (p. 66)
  • Law of Supply and Demand (p. 71)
  • Close-up: The Structure of Economic Models (p. 72)
  • Price, Value, and Cost (p. 74)
  • Review and Practice (p. 75)
  • Chapter 5 Using Demand and Supply (p. 78)
  • Sensitivity to Price Changes: the Price Elasticity of Demand (p. 79)
  • The Determinants of the Elasticity of Demand (p. 84)
  • The Price Elasticity of Supply (p. 85)
  • Using Demand and Supply Elasticities (p. 88)
  • Shortages and Surpluses (p. 90)
  • Interfering with the Law of Supply and Demand (p. 91)
  • Policy Perspective: Tax Competition and Cross-Border Shopping (p. 92)
  • Close-up: Interfering with the Market for Housing (p. 94)
  • Review and Practice (p. 96)
  • Chapter 6 Time and Risk (p. 99)
  • Interest (p. 100)
  • Using Economics: The Effects of Compound Interest (p. 101)
  • The Market for Loanable Funds (p. 102)
  • Inflation and the Real Rate of Interest (p. 103)
  • The Market for Assets (p. 104)
  • The Market for Risk (p. 106)
  • Close-up: The Lloyd's Insurance Market (p. 108)
  • Policy Perspective: Should the National Health Service Treat Smokers? (p. 110)
  • Entrepreneurship (p. 111)
  • An Overview of Financial Markets (p. 112)
  • Review and Practice (p. 112)
  • Appendix Calculating Present Discounted Value (p. 114)
  • Chapter 7 The Public Sector (p. 115)
  • The Changing Role of Government (p. 116)
  • Adam Smith's "Invisible Hand" and the Central Role of Markets (p. 120)
  • Government and Ignorance of Economics (p. 120)
  • Close-up: Adam Smith--Founder of Modern Economics (p. 121)
  • Government and Redistribution (p. 121)
  • Government and Market Failures (p. 122)
  • Using Economics: Dealing with Externalities (p. 125)
  • Government's Options (p. 128)
  • Policy Perspective: Public Provision of Pensions (p. 129)
  • Close-up: International Perspectives (p. 130)
  • Government Failures (p. 131)
  • Review and Practice (p. 133)
  • Part 2 Perfect Markets
  • Chapter 8 The Consumption Decision (p. 137)
  • The Basic Problem of Consumer Choice (p. 138)
  • A Closer Look at the Demand Curve (p. 142)
  • Policy Perspective: Calculating Tax Revenues (p. 143)
  • Close-up: International Price and Income Elasticities for Food (p. 144)
  • Using Economics: Environmental Taxes (p. 146)
  • Utility and the Description of Preferences (p. 147)
  • Looking Beyond the Basic Model: How Well do the Underlying Assumptions Match Reality? (p. 151)
  • Review and Practice (p. 152)
  • Appendix Indifference Curves and the Consumption Decision (p. 154)
  • Chapter 9 Labour Supply and Savings (p. 161)
  • The Labour Supply Decision (p. 162)
  • Close-up: The "Rational" Couple's Debate (p. 164)
  • Policy Perspective: Growth of Female Participation in the Labour Force (p. 168)
  • Human Capital and Education (p. 169)
  • Budget Constraints and Savings (p. 172)
  • Close-up: Why Are Savings in Britain So Low? (p. 175)
  • Review and Practice (p. 176)
  • Appendix Indifference Curves and the Labour Supply and Savings Decisions (p. 178)
  • Chapter 10 The Firm's Costs (p. 182)
  • Profits, Costs, and Factors of Production (p. 183)
  • Short-run and Long-run Cost Curves (p. 195)
  • Using Economics: Economies of Scale and the Structure of Industries (p. 197)
  • Looking Beyond the Basic Model: Cost Curves and the Competitiveness of Markets (p. 199)
  • Close-up: How Big is Big Industry? (p. 200)
  • Economies of Scope (p. 201)
  • Review and Practice (p. 202)
  • Appendix Cost Minimization with Many Inputs (p. 204)
  • Chapter 11 Production (p. 210)
  • Revenue (p. 211)
  • Costs (p. 211)
  • Basic Conditions of Competitive Supply (p. 213)
  • Entry, Exit, and Market Supply (p. 215)
  • Close-up: Entering the Painting Business (p. 216)
  • Long-run Versus Short-run Supply (p. 219)
  • Accounting Profits and Economic Profits (p. 222)
  • Close-up: Sunk Costs, Contestability, and the Channel Tunnel (p. 224)
  • Factor Demand (p. 225)
  • Close-up: The Fall and Rise of the Railways (p. 229)
  • Review and Practice (p. 230)
  • Appendix Alternative Ways of Calculating the Demand for Labour (p. 232)
  • Chapter 12 Competitive Equilibrium (p. 233)
  • General Equilibrium Analysis (p. 234)
  • The Basic Competitive Equilibrium Model (p. 236)
  • The Circular Flow of Funds (p. 238)
  • Competitive General Equilibrium and Economic Efficiency (p. 240)
  • Close-up: Pareto Improvement in the Skies (p. 242)
  • Looking Beyond the Basic Model: Market Failures and the Role of Government (p. 243)
  • Review and Practice (p. 245)
  • Appendix Pareto Efficiency and Competitive Markets (p. 246)
  • Part 3 Imperfect Markets
  • Chapter 13 Monopolies and Imperfect Competition (p. 249)
  • Market Structures (p. 250)
  • Monopoly Output (p. 251)
  • Close-up: The Soviet Legacy of Monopoly Power (p. 257)
  • Imperfect Competition (p. 258)
  • Close-up: Is Xerox the Same as Photocopy? (p. 261)
  • Barriers to Entry: Why is Competition Limited? (p. 262)
  • Equilibrium with Monopolistic Competition (p. 266)
  • Schumpeterian Competition (p. 267)
  • Close-up: IBM--From the Edge of Monopoly to the Edge of Competition (p. 268)
  • Review and Practice (p. 268)
  • Appendix A Monopsony (p. 270)
  • Appendix B Demand for Inputs Under Monopoly and Imperfect Competition (p. 270)
  • Chapter 14 Oligopolies (p. 272)
  • Collusion (p. 273)
  • Game Theory: The Prisoner's Dilemma (p. 276)
  • Restrictive Practices (p. 277)
  • The Many Dimensions of Competition Among Oligopolists (p. 279)
  • Price and Output Competition (p. 279)
  • Close-up: Off Their Trolleys--The British and Supermarkets (p. 280)
  • Review and Practice (p. 282)
  • Appendix Describing the Market Equilibrium for Oligopoly (p. 284)
  • Chapter 15 Government Policies Towards Competition (p. 287)
  • The Drawbacks of Monopolies and Limited Competition (p. 288)
  • Policies Towards Natural Monopolies (p. 291)
  • Government Policies (p. 295)
  • Close-up: Creating Competition in Privatised Industries (p. 296)
  • Policy Perspective: The European Commission Fights Cartels (p. 300)
  • Review and Practice (p. 301)
  • Chapter 16 Technological Change (p. 303)
  • Links Between Technological Change and Imperfect Competition (p. 304)
  • Close-up: Eli Whitney and the Cotton Gin (p. 305)
  • Close-up: Joseph Schumpeter and Schumpeterian Competition (p. 307)
  • Basic Research as a Public Good (p. 310)
  • Government Promotion of Technological Progress (p. 312)
  • Policy Perspective: Competition versus Cooperation in Aircraft Manufacturing (p. 313)
  • Review and Practice (p. 314)
  • Chapter 17 Imperfect Information in the Product Market (p. 317)
  • The Information Problem (p. 318)
  • The Market for Lemons and Adverse Selection (p. 319)
  • Close-up: Insurance Brokers and Independent Financial Advisers (p. 320)
  • The Incentive Problem (p. 323)
  • Close-up: The Medical Profession and the Medical Care Industry (p. 324)
  • The Search Problem (p. 326)
  • Policy Perspective: Which? Magazine--Providing Information for Consumers (p. 328)
  • Advertising (p. 329)
  • Government and Information (p. 331)
  • Review and Practice (p. 332)
  • Chapter 18 Imperfections in the Labour Market (p. 334)
  • Trade Unions (p. 335)
  • Wage Differentials (p. 341)
  • Policy Perspective: A Minimum Wage (p. 342)
  • Motivating Workers (p. 345)
  • Close-up: Fringe Benefits (p. 347)
  • Review and Practice (p. 348)
  • Part 4 Policy Issues
  • Chapter 19 Externalities and the Environment (p. 351)
  • Negative Externalities and Oversupply (p. 352)
  • Policy Responses to Problems in the Environment (p. 354)
  • Close-up: The Market for Whales (p. 355)
  • Natural Resources (p. 357)
  • Review and Practice (p. 359)
  • Chapter 20 Taxes, Transfers, and Redistribution (p. 361)
  • The Case for Income Redistribution (p. 362)
  • Taxes (p. 362)
  • Transfers (p. 369)
  • The Costs and Benefits of Redistribution (p. 373)
  • Close-up: Welfare Reform--The New Deal and the WFTC (p. 377)
  • Review and Practice (p. 378)
  • Chapter 21 Public Decision Making (p. 380)
  • Decision Making in a Democracy (p. 381)
  • Close-up: Sleaze in Government (p. 384)
  • Incentives and the Efficiency of Government (p. 385)
  • Close-up: Soft Budget Constraints and Cost Overruns (p. 386)
  • Unforeseen Responses to Government Policies (p. 387)
  • Close-up: Devolution (p. 388)
  • Review and Practice (p. 389)
  • Part 5 Full-Employment Macroeconomics
  • Chapter 22 Macroeconomic Goals and Measures (p. 391)
  • The Three Macroeconomic Ills (p. 392)
  • Growth (p. 393)
  • Close-up: Measuring Productivity and Growth (p. 398)
  • Using Economics: National Income Accounts (p. 401)
  • Unemployment (p. 402)
  • Inflation (p. 407)
  • Using Economics: Calculating the Retail Price Index (p. 410)
  • Connecting the Three Major Variables (p. 411)
  • Flows and Stocks (p. 411)
  • Policy Perspective: The Price Index Makes a Difference (p. 412)
  • Review and Practice (p. 413)
  • Chapter 23 The Full-Employment Model (p. 416)
  • Macroeconomic Equilibrium (p. 417)
  • The Labour Market (p. 417)
  • Close-up: The Birth of the Micro-Macro Division (p. 418)
  • The Product Market (p. 421)
  • The Capital Market (p. 424)
  • The General Equilibrium (p. 428)
  • Extending the Basic Full-Employment Model (p. 429)
  • Using Economics: Quantifying Impacts on Investment of Increased Government Expenditures Matched by Increased Taxes (p. 430)
  • Policy Perspective: Global Capital: Shortage or Surplus? (p. 432)
  • Policy Perspective: International Capital Markets (p. 434)
  • Review and Practice (p. 437)
  • Chapter 24 Using the Full-Employment Model (p. 439)
  • The Deficit (p. 440)
  • The Trade Deficit (p. 444)
  • Policy Perspective: Containing Fiscal Deficits (p. 446)
  • Growth (p. 451)
  • Close-up: International Asset Positions (p. 454)
  • Review and Practice (p. 457)
  • Part 6 Unemployment Macroeconomics
  • Chapter 25 Overview of Unemployment Macroeconomics (p. 459)
  • More About Macroeconomic Models (p. 460)
  • The Labour Market (p. 461)
  • The Product Market in the Short Run (p. 464)
  • Close-up: G-7 and the Worldwide Jobs Problem (p. 465)
  • Links with the Capital Market (p. 469)
  • Macroeconomic Lessons from the Postwar Period (p. 470)
  • Policy Perspective: The Role of Economic Data (p. 472)
  • Review and Practice (p. 473)
  • Chapter 26 Aggregate Demand (p. 476)
  • Income-Expenditure Analysis (p. 477)
  • A Look Forwards (p. 481)
  • Consumption (p. 482)
  • Investment (p. 484)
  • Using Economics: Calculating Equilibrium Output (p. 486)
  • Government and Trade (p. 487)
  • Using Economics: Calculating the Multiplier (p. 487)
  • Using Economics: Putting Government into the Equation (p. 491)
  • Back to the Aggregate Demand Curves (p. 494)
  • Using Economics: Putting International Trade into the Equation (p. 495)
  • Limitations of the Income-Expenditure Approach (p. 495)
  • Review and Practice (p. 495)
  • Chapter 27 Consumption and Investment (p. 498)
  • Consumption (p. 499)
  • Close-up: An Empirical Puzzle and an Ingenious Theory--Friedman's Permanent Income Hypothesis (p. 504)
  • Investment (p. 506)
  • Close-up: The Corporate Veil (p. 509)
  • Close-up: Just-in-Time Inventory Management (p. 513)
  • Review and Practice (p. 514)
  • Appendix The Investment-Savings Identity (p. 517)
  • Chapter 28 Money, Banking, and Credit (p. 520)
  • Money is What Money Does (p. 521)
  • Close-up: Alternative Monies (p. 523)
  • Policy Perspective: Bank Failures and Banking Regulation (p. 524)
  • The Financial System in Modern Economies (p. 527)
  • Close-up: A Glossary of Financial Terms (p. 528)
  • Creating Money in Modern Economies (p. 529)
  • Close-up: A Glossary of Financial Intermediaries in Britain (p. 530)
  • The Instruments of Monetary Policy (p. 535)
  • Close-up: The Balance Sheet of Banks in the United Kingdom, End of December 1992 (p. 536)
  • The Stability of the Banking System (p. 538)
  • Review and Practice (p. 540)
  • Chapter 29 Monetary Theory (p. 542)
  • Money Supply and Economic Activity (p. 543)
  • Using Economics: Calculating Velocity (p. 544)
  • Close-up: Targeting the Money Supply (p. 550)
  • Criticisms of the Traditional Theory of the Demand for Money (p. 553)
  • Close-up: Japan in a Liquidity Trap (p. 555)
  • Alternative Mechanisms (p. 556)
  • Monetary Policy in an Open Economy (p. 558)
  • Review and Practice (p. 559)
  • Appendix An Algebraic Derivation of Equilibrium in the Money Market (p. 562)
  • Chapter 30 Fiscal and Monetary Policy (p. 563)
  • Fiscal Policy (p. 564)
  • Monetary Policy (p. 566)
  • Interactions Between Monetary and Fiscal Policies (p. 567)
  • Close-up: The Public Veil and the Impact of Deficits (p. 568)
  • Differences between Monetary and Fiscal Policies (p. 569)
  • Policy Perspective: Coordinating Monetary and Fiscal Policies (p. 570)
  • Policy Perspective: Deficit Reduction and Economic Stimulation (p. 572)
  • Consequences of a Balanced Budget Policy (p. 573)
  • Using Economics: Calculating the Full-Employment Deficit (p. 574)
  • Review and Practice (p. 574)
  • Part 7 Dynamics and Macro Policy
  • Chapter 31 Inflation: Wage and Price Dynamics (p. 579)
  • The Costs of Inflation (p. 580)
  • Close-up: Hyperinflation in Germany in the 1920s (p. 582)
  • Inflation and Unemployment (p. 584)
  • Using Economics: Calculating the Sacrifice Ratio (p. 589)
  • Inflation Aggregate Demand and Supply Analysis (p. 590)
  • Policy Perspective: Indexed Bonds (p. 591)
  • Inflation Inertia (p. 597)
  • Monetary Policy (p. 598)
  • Monetary Policy and Sustaining Inflation Inertia (p. 598)
  • Expectations and Foreign Exchange Rates (p. 599)
  • Causes of Wage and Price Rigidities (p. 600)
  • Review and Practice (p. 603)
  • Chapter 32 Unemployment: Understanding Wage Rigidities (p. 606)
  • The Wage-Employment Puzzle (p. 607)
  • Explanations of Wage Rigidities (p. 609)
  • Close-up: Efficiency Wages in Tanzania (p. 614)
  • Policy Perspective: Minimum Wages (p. 616)
  • Policy Issues (p. 618)
  • Review and Practice (p. 621)
  • Appendix Derivation of the Efficiency Wage (p. 622)
  • Chapter 33 Inflation versus Unemployment: Approaches to Policy (p. 624)
  • The Impact of Inflation and Unemployment (p. 625)
  • Perspectives on Fluctuations and Macroeconomic Policy (p. 626)
  • Close-up: The Political Business Cycle (p. 629)
  • Policies to Improve Economic Performance (p. 632)
  • Policy Perspective: Gradualism in Monetary Policy (p. 634)
  • A Brief History of Macroeconomic Policy (p. 638)
  • Policy Perspective: McJobs (p. 640)
  • Review and Practice (p. 642)
  • Part 8 Issues in Macroeconomic Policy
  • Chapter 34 Growth And Productivity (p. 647)
  • Explaining Productivity (p. 648)
  • Close-up: Endogenous Growth Theory (p. 663)
  • Using Economics: Calculating Total Factor Productivity (p. 665)
  • The Costs of Economic Growth (p. 668)
  • Are there Limits to Economic Growth? (p. 669)
  • The Prognosis (p. 669)
  • Review and Practice (p. 670)
  • Chapter 35 Economic Integration: The European Union (p. 672)
  • The Growth of European Institutions: A Little Bit of History (p. 675)
  • The European Union as a Customs Union (p. 676)
  • The Effects of a Customs Union on Trade and Welfare (p. 677)
  • Integration Among Countries with Imperfectly Competitive Industries (p. 679)
  • The Single European Market (p. 680)
  • The Common Agricultural Policy (p. 680)
  • Close-up: The Single Market--Still Some Way Off (p. 681)
  • The European Monetary System (p. 684)
  • The Maastricht Treaty and Monetary Union (p. 687)
  • Policy Perspective: Stability and Growth (p. 688)
  • The Costs and Benefits of a Single Currency (p. 690)
  • Fiscal Policy with a Single European Currency (p. 692)
  • Close-up: Boom and Bust on the Edge of Europe (p. 693)
  • Policy Perspective: Tax Harmonization (p. 694)
  • The United States of Europe (p. 695)
  • Independent Central Bankers (p. 697)
  • Fiscal Federalism And Subsidiarity (p. 698)
  • Review and Practice (p. 699)
  • Chapter 36 Trade Policy (p. 702)
  • Commercial Policy (p. 703)
  • Using Economics: Quantifying the Losses to Society from Tariffs (p. 705)
  • "Fair Trade" Laws (p. 706)
  • Political and Economic Rationale for Protection (p. 707)
  • International Cooperation (p. 710)
  • Close-up: Mercantilism--Old and New (p. 712)
  • Review And Practice (p. 714)
  • Chapter 37 Alternative Economic Systems (p. 716)
  • Terminology (p. 717)
  • The Origins of Socialism and Communism (p. 717)
  • How Soviet-Style Socialist Economies Work (p. 719)
  • Close-up: Marxist Economics (p. 720)
  • Failure of Socialism (p. 723)
  • Close-up: Environmental Damage in the Soviet Union (p. 724)
  • Reforms in the Soviet-Style Socialist Economies (p. 726)
  • Transition to Market Economies (p. 729)
  • Policy Perspective: Shock Therapy (p. 732)
  • Review And Practice (p. 733)
  • Chapter 38 Development (p. 735)
  • Background (p. 736)
  • Explanations of Lack of Development (p. 740)
  • Using Economics: The Magic of Compounding (p. 742)
  • Close-up: Transnational Corporations as a Source of Capital (p. 743)
  • Failed Government Policies (p. 744)
  • Close-up: The International Debt Crisis (p. 746)
  • The East Asia Miracle (p. 748)
  • Redefining the Role of Government (p. 750)
  • The Role of the Developed Countries (p. 751)
  • Policy Perspective: The Mexican Peso Crisis (p. 752)
  • The Prospects (p. 753)
  • Review and Practice (p. 754)
  • Glossary (p. 1)
  • Index (p. 21)

Author notes provided by Syndetics

Joseph Stiglitz is professor of economics at Columbia University.

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