Table of Contents

Part One: Introduction

1. Economics and the economy
2. Tools of economic analysis
3. Demand, supply and the market

Part Two: Positive microeconomics

4. Elasticities of demand and supply
5. Consumer choice and demand decisions
6. Introducing supply decisions
7. Costs and supply
8. Perfect competition and pure monopoly
9. Market structure and imperfect competition
10. The labour market
11. Different types of labour
12. Factor markets and income distribution
13. Risk and information
14. The information economy

Part Three: Welfare ecomonics

15. Welfare economics
16. Government spending and revenue
17. Industrial policy and competition policy
18. Natural monopoly: public or private?

Part Four: Macroeconomics

19. Introduction to macroeconomics
20. Output and aggregate demand
21. Fiscal policy and foreign trade
22. Money and banking
23. Interest rates and monetary transmission
24. Monetary and fiscal policy
25. Aggregate supply, prices and adjustment to shocks
26. Inflation, expectations and credibility
27. Unemployment
28. Exchange rates and the balance of payments
29. Open economy macroeconomics
30. Economic growth
31. Business cycles
32. Macroeconomics: taking stock

Part Five: The world economy

33. International trade
34. Exchange rate regimes
35. European integration
36. Poverty, development and globalisation

Appendix: Answers to review questions
Glossary
Index

About the Author

David Begg is Principal of the Tanaka Business School at Imperial College London. He has been a Research Fellow of the Centre for Economic Policy Research (a network of leading European economists) since its inception in 1984. David's research focuses mainly on monetary policy, exchange rates, monetary union, and economic transition. He is a Research Fellow of the Centre for Economic Policy Research. He co-authored several of the CEPR annual reports in the series he helped found: Monitoring the European Central Bank, and Monitoring European Integration. The 1997 MEI Report, EMU: Getting the Endgame Right, changed the policy that the European Union adopted to launch the euro in 1999. He was also founding Managing Editor of Economic Policy, now an official journal of the European Economic Association.