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Practical Guide To Contemporary Economics

by Yuri Yevdokimov
(44 ratings)
1 review
210
Language:  English
This book is aimed at readers who - are not economists but want to understand fundamental economic concepts in an easy and straight-forward way.
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This book is aimed at readers who - are not economists but want to understand fundamental economic concepts in an easy and straight-forward way;

- are not majoring in economics but want to take economics as a part of their degree requirements;

- are economists who want to refresh their understanding of fundamental economic concepts quickly without going into complicated details.

The book is organized in 13 chapters of which 7 are dedicated to microeconomics and 6 are dedicated to macroeconomics. Each chapter starts with the list of concepts discussed.

  1. The Issues and Methods of Economics
    1. Economics as a science
    2. Modeling in economics
    3. Economic way of thinking
    4. Production possibilities frontier (PPF)
    5. PPF and opportunity costs
    6. Economic efficiency
    7. Specialization, absolute and comparative advantage
  2. Demand and Supply
    1. Demand as a function
    2. Individual demand versus market demand
    3. Determinants of demand
    4. Supply as a function
    5. Individual supply and market supply
    6. Determinants of supply
    7. Market equilibrium
    8. Price elasticity of demand
    9. Total revenue and price elasticity of demand
    10. Price elasticity of supply
    11. Other types of elasticity
  3. Consumer Choice and Demand
    1. Consumption and rationality
    2. Budget constraint and budget line
    3. Utility
    4. Maximizing total utility
    5. Deriving the demand curve
    6. Consumer surplus
  4. Production and Costs
    1. A firm in economics
    2. Accounting versus economic costs and profits
    3. The short-run and long-run
    4. Short-run production 55
    5. Short-run costs
    6. Simple algebra of the short-run costs
    7. Long-run production and costs
  5. Perfect competition and efficiency of markets
    1. Market structures
    2. Profit-maximizing choices of a perfectly competitive firm
    3. Profit-maximizing output of a perfectly competitive firm in the short-run
    4. Short-run supply curve of a perfectly competitive firm
    5. Output, price and profit of a perfectly competitive firm in the short-run
    6. Output, price and profit of a perfectly competitive firm in the long-run
    7. Efficiency of markets
    8. Fairness of markets
  6. Monopoly and Market Power
    1. Reasons for monopoly
    2. Single-price monopoly: Price and marginal revenue
    3. Single-price monopoly: Output and price decision
    4. Single-price monopoly and perfect competition compared
    5. Price-discriminating monopoly
    6. Natural monopoly
    7. Market power
  7. Market Failures And Government Intervention
    1. Market failures versus market imperfections
    2. Externalities
    3. Private costs versus social costs
    4. Private benefits versus social benefits
    5. Public goods
    6. Asymmetric information
    7. Government intervention
  8. National Accounting, Unemplyment and Inflation
    1. Macroeconomics and national accounting
    2. Total production, national income and aggregate expenditures
    3. Nominal GDP versus real GDP
    4. Employment
    5. Inflation and the cost of living
    6. Nominal versus real values
  9. Real Economy
    1. Real economy and classical dichotomy
    2. Aggregate Supply
    3. Aggregate Demand
    4. Macroeconomic equilibrium
    5. Macroeconomic shocks and business cycles
    6. Self-Correction Mechanism
  10. Money and Monetary System
    1. Money and its functions
    2. Monetary system: Central bank
    3. Monetary system: Commercial banks
    4. How money is created by the monetary system
  11. Fundamentals of Fiscal and Monetary Policy
    1. Fundamentals of fiscal policy
    2. Discretionary fiscal policy and the multiplier process
    3. Discretionary fiscal stabilization
    4. Automatic fiscal policy
    5. Fundamentals of monetary policy
    6. Monetary stabilization
  12. International Finance and Open Economy
    1. Balance of payments
    2. Current account balance and the twin deficits hypothesis
    3. Small open economy
    4. Fiscal Policy in a small open economy with flexible exchange rate
    5. Fiscal Policy in a small open economy with fixed exchange rate
    6. Monetary policy in a small open economy with fixed exchange rate
    7. Monetary policy in a small open economy with flexible exchange rate
    8. Large open economy
    9. Exchange rate expectations
  13. Economic Growth and Development
    1. Economic growth, growth rate and economic development
    2. Sources of economic growth
    3. The productivity curve
    4. Theories of economic growth
    5. Preconditions and policies for economic growth
    6. Sustainable Development
  14. References
Albert A. Gray
The author put very convincing thoughts together in order to widen students', policy makers', etc horizon on contemporary economics. It is very helpful material to academic sojourn. Thanks Dr. Yevdokimav.
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Yuri Yevdokimov

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