Economics by parkin 7th edition

Chapter 1 also introduces ten issues that are explored at various later points to illustrate the central question: can choices made in the pursuit of self-interest also serve the social interest? Reinforcing the theme of self-interest and social interest, Chapter 2, The Economic Problem presents an early discussion of economic coordination, the roles of firms and markets, and the social arrangement of property rights.

In Chapter 5, Efficiency and Equity , the ideas of allocative efficiency and equity are linked to questions of self-interest and social interest.

The question of whether competitive markets can operate in the social interest is explored, and concepts of marginal social benefit and marginal social cost are discussed in a section on whether a competitive market is efficient. This chapter also has a new section on subsidies and quotas and an extension of the material on the minimum wage to the idea of a living wage. Chapter 13, Monopolistic Competition and Oligopoly , now includes an expanded explanation of the effects of advertising on price and output in monopolistic competition and of the roles of signaling and brand names.

It also includes an expanded range of oligopoly games and a discussion of the insights that game theory provides to illuminate the question of when and whether the pursuit of self-interest leads to outcomes that are in the social interest. The role of government in the economy now begins Chapter 14, Regulation and Antitrust Law. This material is preceded with a general introduction to the ideas of public choice.

Chapter 14 also contains new material on three antitrust policy debates: resale price maintenance, tying arrangements, and predatory pricing, which replaces some historical legal material.

Chapter 16, Public Goods and Common Resources , now presents a broader view of the types of goods and services and gives us an account of the problem of the commons. Chapter 17, Demand and Supply in Factor Markets , now presents an explanation of the Gini coefficient and uses it to examine trends in the distribution of income. A NEW Chapter 19, Uncertainty and Information , explains how markets cope with uncertainty and incomplete information, and explores the ability of self-interested choices to lead to socially efficient outcomes in the face of these problems.

Table of Contents I. What Is Economics? You have successfully signed out and will be required to sign back in should you need to download more resources.

If you're an educator Request a copy Download instructor resources Alternative formats. If you're a student Alternative formats. Overview Features Contents Formats Overview. New to This Edition. Previous editions. Economics European Edition. Global Markets in Action IV. Market Failure and Public Policy Externalities Public Goods and Common Resources Markets with Private Information V.

A Closer Look at Decision Makers Monitoring the Macroeconomy Jobs and Unemployment The Real Economy Economic Growth Finance, Saving, and Investment X. The Money Economy The Monetary System Money, Interest, and Inflation XI. Economic Fluctuations Aggregate Supply and Aggregate Demand Aggregate Expenditure Multiplier Macroeconomic Policy Fiscal Policy Monetary Policy International Finance.

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Connect with us to learn more. What Is Economics? The Economic Problem II. Demand and Supply 4. Elasticity 5. Efficiency and Equity 6. Markets in Action III. Utility and Demand 8. Possibilities, Preferences, and Choices IV. Organizing Production Output and Costs Perfect Competition Monopoly Monopolistic Competition and Oligopoly V.

Regulation and Antitrust Law Externalities Demand and Supply in Factor Markets Economic Inequality Uncertainty and Information VII. A First Look at Macroeconomics Economic Growth Money, the Price Level, and Inflation Aggregate Supply and Aggregate Demand Expenditure Multipliers: The Keynesian Model