Markets for Managers

ANTHONY J. EVANS, PHD, is Associate Professor of Economics at ESCP Europe Business School. He has taught for ESCP Europe, Cotrugli Business School, Danube University, and Helsinki School of Economics, as well as designing and managing custom programmes. Anthony participated in the Global Colloquium for Participant-Centred Learning at Harvard Business School and was a Fulbright Scholar-in-Residence at San Jose State University. He is a member of the Institute of Economic Affairs’ Shadow Monetary Policy Committee. He received his MA and PhD in Economics from George Mason University, USA, and a BA (Hons) from the University of Liverpool, UK.

• Preface ixIntroduction xiCHAPTER 1 Incentives Matter 11.1 Managerial Individualism 21.2 Demand Curves 51.3 Elasticity 12Notes 16CHAPTER 2 Cost and Choice 192.1 Opportunity Cost 202.2 Diminishing Marginal Returns 222.3 The Planning Horizon 262.4 Cost vs. Waste 28Notes 29CHAPTER 3 Market Exchange 333.1 Market Equilibrium 333.2 Comparative Statics 363.3 Information Economics 41Notes 44CHAPTER 4 Prices and Economic Calculation 474.1 Entrepreneurship 484.2 The Firm 524.3 Price Discrimination 544.4 The Knowledge Problem 584.5 Internal Markets 60Notes 63CHAPTER 5 Competition and the Market Process 675.1 Market Concentration 675.2 Collusion 695.3 Market Contestability 725.4 Monopoly Power 77Notes 78CHAPTER 6 Capital Theory and Recalculation 816.1 Microclimate 826.2 Unemployment 846.3 Recalculation 90Notes 93CHAPTER 7 Public Finance 977.1 Taxation 977.2 Bonds 1017.3 Banking 1047.4 Saving 1077.5 Real Business Cycles 1087.6 National Income Accounting 109Notes 112CHAPTER 8 Monetary Theory 1178.1 Inflation 1188.2 Monetary Policy 1268.3 Monetary Regimes 1338.4 Macroeconomic Fluctuations 135Notes 137CHAPTER 9 Fiscal Policy 1419.1 The Great Depression 1429.2 Fiscal Stimulus 1449.3 Expansionary Fiscal Contractions 1509.4 Confidence 1539.5 Laissez-faire 1559.6 The Phillips Curve 156Notes 158CHAPTER 10 International Economics 16310.1 Globalisation and Trade Theory 16410.2 Balance of Payments 16810.3 Foreign Exchange Markets 17010.4 Currency Regimes 175Notes 179CHAPTER 11 Behavioural Economics 18311.1 Behavioural Anomalies 18411.2 Market Efficiency 188Notes 194CHAPTER 12 Global Prosperity 19912.1 Growth Theory 19912.2 Happiness 20212.3 Economic Freedom 20612.4 Public Choice Theory 20812.5 Transition Economics 215Notes 223Bibliography 231Index 000

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