Modern Economics

JACK HARVEY is a pioneer in teaching and writing textbooks about economics. He has taught economics at all levels and is the author of several successful and influential textbooks that have become modern classics.ERNIE JOWSEY is Principal Lecturer in Economics in the School of Environment and Development at Sheffield Hallam University, UK.

• PrefacePART 1: INTRODUCTIONWhat Economics is AboutMethods of Allocating ResourcesPART 2: WHAT TO PRODUCEHow Price is Formed in the Free MarketApplications of Demand and Supply AnalysisA Further Look at DemandPART 3: HOW TO PRODUCE THE THEORY OF PRODUCTIONThe FirmThe Organisation and Scale of ProductionThe Distribution of Goods to the ConsumerThe Location of ProductionCombining the Factors of ProductionDeciding on the Most Profitable OutputThe Supply Curve of the Industry under Perfect CompetitionRewarding the Factors of Production: The Marginal Productivity Theory of DistributionPART 4: THE GOVERNMENT AND THE ALLOCATION OF RESOURCESMarket Failure and the Role of GovernmentMonopolyImperfect Competition: Other FormsExternalities and Cost-Benefit AnalysisThe Environment: Conservation and PollutionThe Provision of Goods and Services by the Public SectorPART 5: REWARDS TO THE DIFFERENT FACTORS OF PRODUCTIONLabour and WagesCapital and InterestLand and RentEntrepreneurship and ProfitPART 6: MONEY AND FINANCIAL INSTITUTIONSMoney and the Rate of InterestFinancial MarketsClearing BanksThe Bank of EnglandPART 7: THE GOVERNMENT AND STABILISATION POLICYMeasuring the Level of Activity: National Income CalculationsUnemploymentThe Level of Output and Aggregate Demand: The Keynesian ExplanationEmployment and the Price LevelInflation: Its EffectsPolicies to Achieve Price StabilityEconomic GrowthBalanced Regional DevelopmentPublic FinancePART 8: INTERNATIONAL TRADEThe Nature of International TradeThe Balance-of-PaymentsForeign Exchange RatesThe Correction of a Balance-of-Payments DisequilibriumThe European UnionPART 9: LOOKING INTO THE FUTUREThe Population of the UKCurrent Problems and Policies in the UK and Europe.