Applied economics / edited by Alan Griffiths, Stuart Wall

Includes index.

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

eng.