Description
Book SynopsisAn accessible text that provides managers with a well-rounded economic awareness Successful managers possess an understanding of economic and market principles as they relate to business itself. Markets for Managers presents managerial economics in a casual, accessible format that will help management professionals take economic realities into account when running their companies or divisions. The book takes a global perspective while covering the full range of micro- and macroeconomic principles that managers around the world need to know. Complete with online resources that include further reading and a YouTube playlist, this guide puts business management practice within its economic context to produce a practical tool for managers.
By understanding market operation and what might cause market failure, management professionals can lead companies that respond to market pressures and align operating strategies with economic realities. Monetary and fiscal polic
Table of Contents
Preface ix
Introduction xi
CHAPTER 1 Incentives Matter 1
1.1 Managerial Individualism 2
1.2 Demand Curves 5
1.3 Elasticity 12
Notes 16
CHAPTER 2 Cost and Choice 19
2.1 Opportunity Cost 20
2.2 Diminishing Marginal Returns 22
2.3 The Planning Horizon 26
2.4 Cost vs. Waste 28
Notes 29
CHAPTER 3 Market Exchange 33
3.1 Market Equilibrium 33
3.2 Comparative Statics 36
3.3 Information Economics 41
Notes 44
CHAPTER 4 Prices and Economic Calculation 47
4.1 Entrepreneurship 48
4.2 The Firm 52
4.3 Price Discrimination 54
4.4 The Knowledge Problem 58
4.5 Internal Markets 60
Notes 63
CHAPTER 5 Competition and the Market Process 67
5.1 Market Concentration 67
5.2 Collusion 69
5.3 Market Contestability 72
5.4 Monopoly Power 77
Notes 78
CHAPTER 6 Capital Theory and Recalculation 81
6.1 Microclimate 82
6.2 Unemployment 84
6.3 Recalculation 90
Notes 93
CHAPTER 7 Public Finance 97
7.1 Taxation 97
7.2 Bonds 101
7.3 Banking 104
7.4 Saving 107
7.5 Real Business Cycles 108
7.6 National Income Accounting 109
Notes 112
CHAPTER 8 Monetary Theory 117
8.1 Inflation 118
8.2 Monetary Policy 126
8.3 Monetary Regimes 133
8.4 Macroeconomic Fluctuations 135
Notes 137
CHAPTER 9 Fiscal Policy 141
9.1 The Great Depression 142
9.2 Fiscal Stimulus 144
9.3 Expansionary Fiscal Contractions 150
9.4 Confidence 153
9.5 Laissez-faire 155
9.6 The Phillips Curve 156
Notes 158
CHAPTER 10 International Economics 163
10.1 Globalisation and Trade Theory 164
10.2 Balance of Payments 168
10.3 Foreign Exchange Markets 170
10.4 Currency Regimes 175
Notes 179
CHAPTER 11 Behavioural Economics 183
11.1 Behavioural Anomalies 184
11.2 Market Efficiency 188
Notes 194
CHAPTER 12 Global Prosperity 199
12.1 Growth Theory 199
12.2 Happiness 202
12.3 Economic Freedom 206
12.4 Public Choice Theory 208
12.5 Transition Economics 215
Notes 223
Bibliography 231
Index 000
