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Tables of Contents for Applied Economics
Chapter/Section Title
Page #
Page Count
Preface
x
Acknowledgements
xii
1 Changes in the UK economic structure
1
34
Synopsis
1
1
Structure defined
2
2
Structural change in the UK
4
7
Causes of structural change
11
15
Consequences of structural change
26
4
Conclusion
30
1
Key points
30
1
Notes
31
1
References and further reading
31
4
Part I: Theory of the firm
2 Company accounts a8 a source of financial information
35
22
Synopsis
35
1
Company accounts and the assessment of company performance
36
14
International Accounting Standards
50
1
External sources of financial information
50
4
Conclusion
54
1
Key points
54
1
Notes
55
1
References and further reading
55
2
3 Firm objectives and firm behaviour
Synopsis
57
1
Firm objectives
58
6
Firm behaviour
64
6
Conclusion
70
1
Key points
71
1
Note
72
1
References and further reading
72
3
4 The small firm
75
18
Synopsis
75
1
Definition of the small firm
76
1
Importance of the small firm
76
3
The neglect of small firms
79
1
The renewed interest in small firms
80
1
Measures to help small firms
81
7
European Union Policy for small firms
88
1
Conclusion
89
1
Key points
90
1
References and further reading
90
3
5 Mergers and acquisitions in the growth of the firm
93
34
Synopsis
93
1
Definitions
94
1
Types of merger
94
2
Economic theory and merger activity
96
7
Mergers and the public interest
103
3
Merger booms
106
2
Control of mergers and acquisitions
108
13
Corporate restructuring
121
1
Conclusion
122
1
Key points
123
1
Note
123
1
References and further reading
124
3
6 Oligopoly
127
20
Synopsis
127
1
Definition and measurement of oligopoly
128
4
Oligopoly in theory and practice
132
12
Conclusion
144
1
Key points
145
1
Notes
146
1
References and further reading
146
1
7 The multinational corporation
147
28
Synopsis
147
1
What is a multinational corporation?
148
1
How important are the multinationals?
149
3
Multinationals and the UK economy
152
2
Why do companies become multinational?
154
9
The impact of multinationals on the UK economy
163
9
Conclusion
172
1
Key points
173
1
References and further reading
174
1
8 Privatization and deregulation
175
22
Synopsis
175
1
Nature and importance
176
1
Reasons for nationalization
176
3
Privatization
179
11
Regulation and deregulation
190
3
Conclusion
193
1
Key points
194
1
Note
195
1
References and further reading
195
2
9 Pricing in practice
197
20
Synopsis
197
1
Pricing in theory
198
2
Pricing in practice
200
12
Conclusion
212
1
Key points
212
1
Note
213
1
References and further reading
213
4
PART II: Environmental, regional and social economics
10 Economics of the environment
217
30
Synopsis
217
1
Role of the environment
218
2
Sustainable growth
220
2
Sustainable economic welfare
222
2
Global environmental changes
224
2
Cost-benefit analysis and the environment
226
3
Market-based and non-market-based incentives
229
4
Applications of environmental policies
233
5
Transport and the environment
238
4
Implementation of policy types
242
1
Conclusion
243
1
Key points
243
1
References and further reading
244
3
11 Regional and urban policy
247
30
Synopsis
247
1
The regions and their characteristics
248
1
The regional problem
248
5
Regional policy in the UK
253
1
The policy instruments
254
4
The effectiveness of regional policy
258
4
The urban problem
262
3
Urban policy in the UK
265
5
The effectiveness of urban policy
270
2
The Regional Development Agencies (RDAs)
272
2
Conclusion
274
1
Key points
274
1
References and further reading
275
2
12 Transport
277
30
Synopsis
277
1
Characteristics of transport
278
2
The demand for transport
280
3
Road transport congestion
283
11
Government transport policy
294
9
Conclusion
303
1
Key points
304
1
References and further reading
304
3
13 Social policy
307
28
Synopsis
307
1
The Welfare State
308
3
Quasi-markets in welfare provision
311
2
Health care
313
11
Education and training
324
4
Housing
328
4
Conclusion
332
1
Key points
333
1
Note
333
1
References and further reading
333
2
14 Distribution of income and wealth
335
22
Synopsis
335
1
Distribution and justice
336
1
Issues in distribution
336
1
Income distribution between people
337
5
Income distribution between factors of production
342
2
The earnings distribution
344
5
Distribution of wealth
349
2
Poverty
351
3
Conclusion
354
1
Key points
354
1
References and further reading
355
2
15 Trade unions, wages and collective bargaining
357
34
Synopsis
357
1
Types of trade union
358
3
Trade unions and change
361
4
The employers
365
3
The government
368
5
The structure of collective bargaining
373
3
Wage determination and collective bargaining
376
6
The effects of collective bargaining
382
2
Conclusion
384
1
Key points
385
1
Notes
386
1
References and further reading
386
5
PART III: Macroeconomics
16 Consumption and saving
391
22
Synopsis
391
1
Consumption
392
1
The Keynesian consumption function
392
5
Post-Keynesian theories of the consumption function
397
6
The savings ratio
403
6
Conclusion
409
1
Key points
410
1
Notes
410
1
References and further reading
411
2
17 Investment
413
18
Synopsis
413
1
Nature of investment
414
1
Gross Domestic Fixed Capital Formation
415
10
The importance of investment
425
3
Conclusion
428
1
Key points
428
1
References and further reading
429
2
18 Public expenditure
431
20
Synopsis
431
1
Trends in UK public spending
432
1
Total managed expenditure (TME)
433
1
Components of UK public spending
434
3
The size of public expenditure
437
1
Explanations of the growth in public expenditure
438
2
International comparisons of public expenditure
440
1
Should public expenditure be restricted?
441
3
Public expenditure planning, monitoring and control
444
4
Conclusion
448
1
Key points
449
1
References and further reading
450
1
19 Taxation
451
30
Synopsis
451
1
The taxes that are collected: some taxation concepts
452
3
The pattern of UK taxation
455
6
Does the level of taxation matter?
461
8
Direct vs indirect taxes
469
2
Tax and social security reform
471
6
Conclusion
477
1
Key points
478
1
Notes
478
1
References and further reading
478
3
20 Money and EMU
481
42
Synopsis
481
1
The nature of money
482
1
Functions of money
482
4
The importance of money
486
8
Issues in counting the money stock
494
4
The money supply process
498
4
Monetary control
502
7
Assessment of monetary policy in the 1980's
509
1
Changing attitudes towards monetary control
510
2
European Monetary Union (EMU)
512
8
Conclusions
520
1
Key points
521
1
Notes
521
1
References
522
1
21 Financial institutions and markets
523
42
Synopsis
523
1
The role of the financial system
524
2
The role of financial intermediaries
526
2
UK financial intermediaries
528
7
The Bank of England
535
6
UK financial markets
541
8
The Bank of England and the sterling wholesale money markets
549
1
The European Single Financial Market
550
3
Competitive pressures and the UK banking sector
553
6
Responses of UK retail banks
559
3
Key points
562
1
References and further reading
563
2
22 Inflation
565
26
Synopsis
565
1
The definition and measurement of inflation
566
6
Low inflation as a policy objective
572
2
The effects of inflation on economic growth
574
1
Economic theory and inflation
575
10
UK inflationary experience
585
2
The National Minimum Wage and prices
587
1
Key points
588
1
Notes
589
1
References and further reading
589
2
23 Unemployment
591
26
Synopsis
591
1
Unemployment in the UK
592
5
International comparisons
597
1
Unemployment and economic theory
598
6
A framework for thinking about unemployment
604
4
Unemployment in the OECD
608
2
Unemployment persistence and hysteresis
610
1
What can be done to reduce unemployment?
611
1
The UK approach to reducing unemployment
612
2
Key points
614
1
Note
614
1
References and further reading
614
3
24 Managing the economy
617
36
Synopsis
617
1
The objectives of policy
618
1
The instruments of policy
619
4
Problems in managing the economy
623
1
The theory of economic policy
624
5
Post-war macroeconomic policy in practice
629
3
Medium-term economic strategy
632
6
Supply-side strategy
638
4
Policy effectiveness
642
1
Economic policy in an international context
643
2
Conclusion
645
1
Key points
646
1
Notes
647
1
References and further reading
648
5
PART IV: International economics
25 Exchange rates
653
26
Synopsis
653
1
The foreign exchange market
654
2
Exchange rate definitions
656
3
Exchange rate determination
659
11
Economic policy and the exchange rate
670
1
The gold standard system
671
2
The IMF system
673
2
The floating exchange rate system
675
2
Key points
677
1
Notes
677
1
References and further reading
678
1
26 United Kingdom trade performance
679
28
Synopsis
679
1
The nature of the problem
680
5
Reasons behind UK trade performance
685
13
The importance of trade in goods for the UK
698
3
Conclusion
701
3
Key points
704
1
References and further reading
704
3
27 Free trade, regional trading blocs and protectionism
707
20
Synopsis
707
1
Free trade
708
3
Trade and the world economy
711
4
Protectionism
715
8
Conclusion
723
1
Key points
724
1
Note
725
1
References and further reading
725
2
28 The European Union
727
34
Synopsis
727
1
Historical background
728
4
Finance and the EU budget
732
5
Policy areas
737
14
Monetary union
751
5
Enlargement
756
1
Opting out?
757
1
Conclusion
758
1
Key points
759
1
Notes
760
1
References and further reading
760
1
29 Transition economies
761
32
Synopsis
761
1
Central and Eastern Europe versus the Commonwealth of Independent States
762
1
The operation of the command economy
763
2
The road from Marx to the market
765
2
Macroeconomic reform
767
9
The balance of payments
776
2
Microeconomic reform
778
1
Creating a dynamic private sector
778
5
Market liberalization
783
1
Financial sector reform
784
1
Legal reforms
785
3
Conclusions
788
1
Key points
789
1
Notes
790
1
References and further reading
790
3
30 Economics of developing countries
793
28
Synopsis
793
1
Classification of economies
794
7
Major features of LDCs
801
2
Theories of economic growth
803
4
Dual economy models
807
1
Money and economic growth
808
2
Foreign aid and economic growth
810
2
Debt and development
812
4
Role of the IMF and World Bank
816
2
Key points
818
1
References and further reading
819
2
A guide to sources
821
14
Notes on contributors
835
4
Index
839