Economics, 11th Edition
David Begg, Gianluigi Vernasca, Stanley Fischer and Rudiger Dornbusch
ISBN: 9780077154516
Economics affects almost everything we do: from our decisions at work to our shopping habits, voting preferences and social attitudes.
This edition of the popular text by David Begg and Gianluigi Vernasca enables the reader to understand today's economic environment by examining the underlying theory and applying it to real-world situations. Economics surveys the latest ideas and issues, such as the role of regulation in banking, the consequences of globalization and monetary union, and the efficacy of our current economic models. This coverage, combined with a rich array of pedagogical features, encourages students to explore our economic past and present, and to think critically about where this might lead us in the future. It has been revised to incorporate new developments and latest conceptual frameworks of accounting standards to assist with the practice of key concepts and techniques.
11th Edition is updated to provide a comprehensive analysis of the financial crash: its causes, consequences, and possible policy responses, from fiscal stimulus to quantitative easing.
What's new
Up-to-date content
- A more detailed introduction to economic analysis in Chapter 1
- A revision of the analysis of consumer choice and demand decisions
- A more detailed analysis of cost minimization
- An extended analysis of individuals’ labour supply and wage discrimination
New case studies & activities
- Over 160 contemporary case studies, activities, concepts etc., over 80 of which are new, and which illustrate key ideas with relevance to the real world
- Important new pedagogical features, including topical new case studies, boxes on economic concepts and activity applications, and optional maths boxes for the technically-minded
New structure
- In response to user feedback, the previous Chapter 29 has become Chapter 26, making the three open economy chapters contiguous (24–26), and allowing a summing-up in Chapter 27 (business cycles) and 28 (supply-side and long-run growth)
- This edition also contains a discussion of competing schools of macroeconomic thought, allowing students to enrich their perspective on alternative approaches to macroeconomics
| Part 1: Introduction | Part 4: Macroeconomics |
| 1. Economics and the Economy | 15. Introduction to Macroeconomics |
| 2. Tools of Economics Analysis | 16. Output and Aggregate Demand |
| 3. Demand, Supply and the Market | 17. Fiscal Policy and Foreign Policy |
| Part 2: Positive Microeconomics | 18. Money and Banking |
| 4. Elasticities of Demand and Supply | 19. Interest Rates and Monetary Transmission |
| 5. Consumer Choice and Demand | 20. Monetary and Fiscal Policy |
| 6. Introducing Supply Decisions | 21. Aggregate Supply, Prices and Adjustment to Shocks |
| 7. Costs and Supply | 22. Inflation, Expectations and Credibility |
| 8. Perfect Competition and Pure Monopoly | 23. Unemployment |
| 9. Market Structure and Imperfect Competition | 24. Exchange Rates and the Balance of Payments |
| 10. The Labour Market | 25. Open Economy Macroeconomics |
| 11. Factor Markets and Income Distribution | 26. Exchange Rate Regimes |
| 12. Risk and Information | 27. Business Cycles |
| Part 3: Welfare Economics | 28. Supply-side Economics and Economic Growth |
| 13. Welfare Economics | Part 5: The World Economy |
| 14. Government Spending and Revenue | 29. International Trade |
The eleventh edition has again been thoroughly revised, using feedback from a broad range of actual and potential adopters. A lot has changed in the last three years and it is all reflected in the text. Specific changes to the new edition include:
- A more detailed introduction to economic analysis has been added to Chapter 1
- A revision of the analysis of consumer choice and demand decisions.
- A more detailed analysis of cost minimization
- An extended analysis of individuals’ labour supply and wage discrimination
- A comprehensive analysis of the financial crash – its causes, consequences and possible policy responses, from fiscal stimulus to quantitative easing
- Full updates throughout to include 2012/13 data in graphs and tables
- Over 160 contemporary case studies, activities, concepts etc., over 80 of which are new, and which illustrate key ideas with relevance to the real world
- Important new pedagogical features, including topical new case studies, boxes on economic concepts and activity applications, and optional maths boxes for the technically-minded
- More electronic resources for both students and lecturers
With all this change, the book’s structure is a bit different from the last edition. The main changes are listed below:
- In response to user feedback, the previous Chapter 29 has become Chapter 26, making the three open economy chapters contiguous (24–26), and allowing a summing-up in Chapter 27 (business cycles) and 28 (supply-side and long-run growth)
- This edition also contains a discussion of competing schools of macroeconomic thought, allowing students to enrich their perspective on alternative approaches to macroeconomics. Chapter 16 briefly reviews the history of macroeconomic thought and Chapter 27 takes stock of how different schools of thought interpret output fl uctuations and deviations from potential output
- Chapter 28 contains an expanded discussion of the role of supply-side economics
- Having absorbed open economy macroeconomics into our core discussion, the role of Part Five (on the world economy) is now confined to examination of international trade issues
Click here to view a sample chapter
About the authors
David Begg
Professor David Begg is Professor of Economics at Imperial College Business School. Born in Glasgow, David went to Cambridge in the hope of playing cricket for England but became fascinated with economics. After also studying at Oxford, he won a Kennedy Scholarship to the Massachusetts Institute of Technology, where Stanley Fischer and Rudiger Dornbusch were his PhD supervisors.
Gianluigi Vernasca
Dr. Gianluigi Vernasca is Senior Lecturer in Economics at the University of Essex. Since October 2009 he has also been Director of Undergraduate Studies in the Department of Economics. Gianluigi received his PhD in 2006 from the University of Warwick. His research is mainly in the field of industrial economics. He has taught economics at both undergraduate and postgraduate levels in various institutions.
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