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Practical Guide To Contemporary Economics

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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
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.

Yuri Yevdokimov

Dr. Yuri Yevdokimov is Professor at the University of New Brunswick (Fredericton, Canada). Having completed degrees in economics and engineering, he holds a joint appointment in the Departments of Economics and Civil Engineering. Dr. Yevdokimov acquired his degrees in three different countries: former Soviet Union (MSc equivalent in engineering and PhD equivalent in economics), USA (MSc in economics) and Canada (PhD in economics). Dr. Yevdokimov’s research interests lie in the field of sustainable development particularly sustainable transportation and sustainable energy and emerging economies. His work has been published in academic journals and conference proceedings in USA, Canada, UK, France, Greece, Germany, India, China, Croatia and former USSR, particularly in Russia and Ukraine. To date Dr. Yevdokimov has more than 20 publications. One monograph, three textbooks, twenty refereed journal articles, and nine chapters in books are among these publications.

Dr. Yevdokimov is a recognized international expert in the field of sustainable development and climate change. In 2001, he published a monograph The Chernobyl Accident and Soviet Economy dedicated to economic consequences of the Chernobyl accident in 1986 – the largest environmental disaster in the former USSR. In 2004-2005, he participated in a project “Modeling Potential Changes in Demand for Freight Transportation in Atlantic Canada due to Climate Change Impacts” with Natural Resources Canada. In 2006, along with Dr. Molchanov he published in Germany an article “Sustainable Development of the Caspian Sea Energy Resources” in monograph Building a Transnational Civil Society. In 2007-2008, along with experts from 15 countries he participated in an international project which resulted in publication of an international textbook Social and Economic Potential of Sustainable Development. In 2010, he published a chapter “Climate Change and Transportation” in International monograph Climate Change and Variability. In 2011-2015, Dr. Yevdokimov has been working on the project “Economic consequences of climate change impacts on regional transportation in Atlantic Canada” and later during 2016-2019 on a project "Economic evaluation of regional climate change impacts"  with provincial government.

Currently Dr. Yevdokimov teaches in undergraduate and graduate programs in economics and civil engineering at the University of New Brunswick and conducts research in the areas of regional climate change impacts and political economy of emerging economies. During 2005-2013, he has been a Visiting Professor at Kyiv School of Economics and Sumy State University in Ukraine. His textbook "Practical Guide to Contemporary Economics" is a result of teaching economic and non-economic students at the University of New Brunswick and Ukraine for the last 20 years. Dr. Yevdokimov’s official web-site is