Economics for Business potx

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Economicsfor BusinessDermot McAleeseCompetition, Macro-stability and Globalisationthird editionSpecially tailored for a business-oriented audience, this text provides a complete introduction to economics for businessprogrammes. With its non-technical and down-to-earth style this book will help make the economics module on yourbusiness or professional programme a more instructive and enjoyable experience.Economics for Businessis especially suitable for MBA and other executive programmes, as well as for post-experienceconversion courses.Dermot McAleese is Whately Professor of Political Economy, and Dean of the Faculty of Business,Economics and Social Studies, at Trinity College Dublin. He has served on the Board of the Central Bankof Ireland and was visiting professor at the World Bank. He lectures on MBA and executive courses inTrinity College and he is a member of the visiting faculty of the Irish Management Institute and of theENPC School of International Management (Paris). He has written extensively on economic policy andinternational economics."I have used Economics for Businessas a key text on my Managerial Economics module in the Warwick MBAprogramme for a number of years. The book possesses the rare quality of being both accessible and rigorous. It iscomprehensive, yet admirably succinct. The new material on international issues - such as trade agreements,currency crises and the Euro debate - in the latest edition will be greatly appreciated by teachers and students alike." Professor Robin Naylor, University of Warwick"Economics for Businessis an excellent text, which is very well written and demonstrates the wealth of knowledgepossessed by its author."Professor Steve Bradley, Lancaster UniversityCompetition,Macro-stabilityand GlobalisationFeatures• Full coverage of central issues in business-oriented economics courses e.g. interest rates and determinants of exchange rates.• Focuses on the increased openness and globalisation of the economy.• Coverage of both macro and micro topics.• Strikes a balance between theory and application.• Sets economic ideas in their historical and social context.• New! Material on China in the WTO, deflation, Argentina’s currency crisis, the pros and cons of joining the Euro.• New! Even more exercises and questions for imprint of www.pearson-books.comEconomics for BusinessthirdeditionMcAleesemcaleese a/w 27/7/05 2:43 PM Page 1 Economicsfor Business We work with leading authors to develop the strongesteducational material in economics, bringing cutting-edgethinking and best learning practice to a global market.Under a range of well-known imprints, including Financial Times Prentice Hall, we craft high quality printand electronic publications which help readers to understand and apply their content, whether studyingor at work.To find out more about the complete range of ourpublishing please visit us on the World Wide Web Economicsfor BusinessCompetition, Macro-stabilityand GlobalisationDermot McAleeseTrinity College DublinThird Edition Pearson Education LimitedEdinburgh GateHarlowEssex CM20 2JEEnglandand Associated Companies throughout the worldVisit us on the World Wide Web published under the Prentice Hall Europe imprint 1997Second edition 2001Third edition published 2004© Dermot McAleese 1997, 2004The right of Dermot McAleese to be identified as author of thiswork has been asserted by him in accordance with the Copyright, Designsand Patents Act 1988.All rights reserved. No part of this publication may be reproduced, stored ina retrieval system, or transmitted in any form or by any means, electronic,mechanical, photocopying, recording, or otherwise, without either the priorwritten permission of the Publishers or a licence permitting restricted copyingin the United Kingdom issued by the Copyright Licensing Agency Ltd,90 Tottenham Court Road, London W1T 4LP.All trademarks used herein are the property of their respective owners. The use of any trademark in this text does not vest in the author or publisher any trademark ownership rights in such trademarks, nor does the use of such trademarks imply any affiliation with or endorsement of this book by such owners.ISBN 0 273 68398 5British Library Cataloguing-in-Publication DataA catalogue record for this book is available from the British LibraryLibrary of Congress Cataloguing-in-Publication DataMcAleese, Dermot.Economics for business: competition, macro-stability, and globalisation / DermotMcAleese.–– 3rd ed.p. cm.Includes bibliographical references and index.ISBN 0-273-68398-51. Managerial economics. I. Title.HD30.22.M29 2004330’.024’658––dc22200404323710 9876543209 08 07 06 05Typeset in 9.5/12pt Stone Serif by 25Printed and bound in Great Britain by Ashford Colour Press Ltd, GosportThe publisher’s policy is to use paper manufactured from sustainable forests. List of boxes xivPreface to the third edition xviiAcknowledgements xxi1 The economic policy consensus 12What makes nations grow? 13Part I The market system and competition 433 The market system in action 474Market demand and the pricing decision 725 The firm in a competitive market 956 The economics of market power 1257 Competition policy, privatisation and regulation 1558 Government intervention and the market system 1809 Business and the environment 20610 Hiring labour and the investment decision 227Part II The macroeconomic framework 24311 Aggregate supply, aggregate demand and the price level 24612 Price stability and central banks 27613 Understanding interest rates and monetary policy 30514 Unemployment and the labour market 33615 Fiscal policy, budget deficits and government debt 37016 Business fluctuations and forecasting 401Part III The global economy 42117 Foreign trade: patterns and policy 42418 Capital flows and foreign investment 46219 Labour migration 48820 The balance of payments: what it is and why it matters 50121 Coping with exchange rates 52822 Exchange rate regimes and the euro 561Index 595vBrief contents List of boxes xivPreface to the third edition xviiAcknowledgements xxi1 The economic policy consensus 1Introduction 11.1 The economic policy consensus 21.2 Why policy changed 51.3 Implications for the future 61.4 Criticisms of the new consensus 71.5 Will the consensus last? 9Summary 11Questions for discussion 11Exercises 11Further reading 122 What makes nations grow? 13Introduction 132.1 Trends in economic growth 142.2 Growth theories 172.3 Human welfare and sustainable growth 262.4 Policy prescriptions for growth 332.5 Conclusions 36Summary 37Questions for discussion 38Exercises 39Further reading 40Appendix 2.1 The economics of the new economy 40Introduction to Part I 443 The market system in action 47Introduction 473.1 The market system 48viiContentsPart I The market system and competition 3.2 The role of prices 533.3 Movements in demand and supply 563.4 The role of traders and arbitrage 613.5 The efficiency of the market system 633.6 The free market system in social context 653.7 Conclusions 67Summary 68Questions for discussion 69Exercises 70Further reading 714 Market demand and the pricing decision 72Introduction 724.1 What is a ‘rational’ consumer? 724.2 Deriving the market demand curve 754.3 Elasticities of demand 754.4 Estimating the demand function 824.5 Price elasticities and the pricing decision 884.6 Conclusions 90Summary 91Questions for discussion 92Exercises 93Further reading 945 The firm in a competitive market 95Introduction 955.1 Profit maximisation 965.2 Rules for maximising profit 1015.3 Cost structure of the firm 1075.4 The transaction costs approach 1155.5 From cost structure to supply curve 1195.6 Conclusions 119Summary 120Questions for discussion 121Exercises 122Further reading 1246 The economics of market power 125Introduction 1256.1 Firm size 1266.2 The economics of market power 1336.3 How to sustain monopoly power 1416.4 Market power with few firms – the case of oligopoly 1426.5 Conclusions 146Contentsviii Summary 147Questions for discussion 148Exercises 149Further reading 150Case study 6.1: The diamond cartel 1517 Competition policy, privatisation and regulation 155Introduction 1557.1 The case for competition 1567.2 Competition policy 1597.3 Privatisation 1697.4 Regulation 1717.5 Conclusions 175Summary 176Questions for discussion 177Exercises 177Further reading 1798 Government intervention and the market system 180Introduction 1808.1 Income distribution and the equity–efficiency trade-off 1828.2 Market failures 1878.3 Government intervention 1938.4 Government failure 1988.5 Conclusions 202Summary 203Questions for discussion 204Exercises 205Further reading 2059 Business and the environment 206Introduction 2069.1 Economic growth and the environment 2089.2 Environmental policies 2119.3 Policy instruments: design and effects 2149.4 Impact on business 2199.5 Conclusions 222Summary 223Questions for discussion 224Exercises 224Further reading 22610 Hiring labour and the investment decision 227Introduction 227Contentsix[...]... 398 16 Business fluctuations and forecasting 401 Introduction 16.1 Business fluctuations – the facts 16.2 What causes fluctuations? 16.3 Business fluctuations and growth 401 403 407 411 xi Contents 16.4 Forecasting the business cycle 16.5 Macro-forecasts and the firm 16.6 Conclusions Summary Questions for discussion Exercises Further reading Part III The global economy Introduction to Part III 17 Foreign... Preface to the third edition Economics is an integral part of the curriculum for graduate and undergraduate business programmes Most MBA courses contain several economics modules, as do professional courses in banking, insurance, actuarial science and information technology Economics for Business has been written to provide a considered, comprehensive, yet accessible introduction to economics to accompany... central issues in a business- oriented economics course Also, some texts tend to talk down to the reader in a way that is especially alienating to course participants with years of work experience Hence my motivation to write the original edition of Economics for Business By being especially tailored for a business- oriented audience, I hoped that it would make the economics module in a business or professional... where economics is, without enquiring too much about whether this is a useful place to be Economics for Business is selective Subjects are included because they throw light on issues relevant to business Business has to operate in an economic environment that has become vastly more competitive, more open in terms of foreign trade, investment and capital markets, and where government support to business. .. thanks to Camilla for editorial advice and unfailing support, and to Emma and Susannah for tolerating the intrusions of this enterprise on family life A website to accompany this book is available at see below Dermot McAleese Trinity College Dublin www .economics. Website resources for Economics for Business For students:... Although there are many good introductory economics texts, I found that none quite matched the needs of the many MBA and economics for business modules that I had taught over the previous 25 years The standard economics text is over-inclusive in some respects – for example, in the treatment of consumer choice theory, but not comprehensive enough in others – for example, in explaining interest rates... theme of previous editions in examining economics from a business perspective We focus on concepts and information which are helpful in understanding economic performance and policy The book is especially concerned with the interaction between business and practical economic problems We pay attention to points of overlap and contrast between economics and other business subjects such as accountancy,... ‘particularly in economics where it is often impossible to bring one’s ideas to a conclusive test either formal or experimental.’ I owe a great deal to colleagues in the economics department and business school at Trinity College Dublin, and elsewhere, and to interactions and conversations with business people in Ireland and abroad Also, I continue to be indebted to John Martin (OECD) for sharing his... context, the book aims to provide a comprehensive overview of the three branches of economics essential to business: the economics of the market system and competition, macroeconomics, and globalisation Managerial economics textbooks cover microeconomic aspects, and some textbooks address macroeconomic issues from a business point of view This book covers both xvii Preface to the third edition micro-... 1.3 Implications for the future The new consensus policy regime is having major implications for the business environment and living standards Its long-term effects are as yet a matter of speculation For firms, it means widening opportunities, but less safety, as the domestic market becomes more exposed to competition For employees, it means higher productivity and higher salaries for those able to . edition of Economics for Business. Bybeing especially tailored for a business- oriented audience, I hoped that it wouldmake the economics module in a business. questions for imprint of Economics for Business thirdeditionMcAleesemcaleese a/w 27/7/05 2:43 PM Page 1 Economics for
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