{"product_id":"invitation-to-economics-understanding-argument-and-policy-hardback-9781405183581","title":"Invitation to Economics; Understanding Argument and Policy (Hardback) 9781405183581","description":"\u003cfont face=\"Georgia\"\u003e\r\n\u003cp\u003e\u003cfont size=\"6\"\u003eInvitation to Economics\u003c\/font\u003e\u003cbr\u003e\r\n\u003cfont size=\"5\"\u003eUnderstanding Argument and Policy\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cem\u003e\"I wish I had read a book of this kind when I started studying economics. It is more than an introduction to \u003ci\u003eeconomics\u003c\/i\u003e--it is an introduction to economic \u003ci\u003ethinking\u003c\/i\u003e.\"\u003cbr\u003e \u003ci\u003e\u003cb\u003e–Facundo Albornoz-Crespo, University of Birmingham\u003c\/b\u003e\u003c\/i\u003e\u003cbr\u003e   \u003cp\u003e“This book is classic Mayer—reasonable, knowledgeable, and humble.”\u003cbr\u003e \u003ci\u003e\u003cb\u003e–David Colander, Middlebury College\u003c\/b\u003e\u003c\/i\u003e\u003cbr\u003e \u003c\/p\u003e \u003cp\u003e\"This book will give readers insight into the way economic theory applies to important social issues in the world today.\"\u003cbr\u003e \u003ci\u003e\u003cb\u003e–John Hayfron, Western Washington University\u003c\/b\u003e\u003c\/i\u003e\u003cbr\u003e \u003c\/p\u003e \u003cp\u003e“Mayer’s work is a timely discussion of behavioral economics and other movements within the field. His comments on the subprime mortgage crisis in particular provide the book with an up-to-date flavor.”\u003cbr\u003e \u003ci\u003e\u003cb\u003e–Brandon Dupont, Western Washington University\u003c\/b\u003e\u003c\/i\u003e\u003c\/p\u003e\u003c\/em\u003e\u003c\/p\u003e\r\n\r\n\r\n\u003cp\u003e\u003cfont size=\"4\"\u003eThomas Mayer (Author)\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e9781405183581, Wiley\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003eHardback, published 19 December 2008\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e352 pages\u003cbr\u003e23.8 x 16 x 2.5 cm, 0.635 kg\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\r\n\u003cp align=\"justify\"\u003e\u003cem\u003e\u003cfont size=\"3\"\u003e“This well-written, clearly organized book presents a nontechnical, overarching view of economic theory and how it gets applied and interpreted” (\u003ci\u003eChoice Reviews\u003c\/i\u003e, June 2009)\u003c\/font\u003e\u003c\/em\u003e\u003c\/p\u003e\r\n\r\n\u003cp align=\"justify\"\u003e\u003cstrong\u003e\u003cfont size=\"3\"\u003e\u003cp\u003e\u003cb\u003e\u003ci\u003eInvitation to Economics\u003c\/i\u003e empowers the reader to spot naive and spurious economic arguments by inculcating an intuitive 'feel' for economics.\u003c\/b\u003e\u003c\/p\u003e \u003cul\u003e \u003cli\u003eA unique and critical guide to understanding economic arguments in the media\u003c\/li\u003e \u003cli\u003eFocuses on microeconomics, specifically on the idea that economic policies often have important indirect effects\u003c\/li\u003e \u003cli\u003eKey ideas are applied repeatedly in numerous case studies drawn from newspapers and other media\u003c\/li\u003e \u003cli\u003eEconomic principles are presented in an accessible and non-rigorous format using case studies\u003c\/li\u003e \u003cli\u003eIncorporates the value judgments and political judgments that underlie economic policies\u003c\/li\u003e \u003c\/ul\u003e\u003c\/font\u003e\u003c\/strong\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e\u003cp\u003eList of Boxes xi\u003c\/p\u003e \u003cp\u003ePreface xiii\u003c\/p\u003e \u003cp\u003e\u003cb\u003e1 Introduction 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1.1 What This Book Provides 1\u003c\/p\u003e \u003cp\u003e1.2 Looking around Corners 4\u003c\/p\u003e \u003cp\u003e1.3 Ideological Stance 5\u003c\/p\u003e \u003cp\u003e1.4 Economics Embedded in Philosophy and Sociology 7\u003c\/p\u003e \u003cp\u003e1.5 My Own Biases 8\u003c\/p\u003e \u003cp\u003e1.6 What Is to Come? 9\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart I the Subject of Economics 13\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e2 What Economists Do 15\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e2.1 What Economics Encompasses 15\u003c\/p\u003e \u003cp\u003e2.2 How Economists Work 18\u003c\/p\u003e \u003cp\u003e2.3 Some Characteristics of Economics 32\u003c\/p\u003e \u003cp\u003eAppendix 2.1: Unrealistic Assumptions Can a Good Theory Make 37\u003c\/p\u003e \u003cp\u003eAppendix 2.2: Is the Stock Market Efficient? 39\u003c\/p\u003e \u003cp\u003e\u003cb\u003e3 How Well Do They Do It? 43\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e3.1 Forecasting 43\u003c\/p\u003e \u003cp\u003e3.2 Choosing the Right Policies: The Problem of Value Judgments 47\u003c\/p\u003e \u003cp\u003e3.3 Implementing Economic Policies 51\u003c\/p\u003e \u003cp\u003e3.4 Biases 52\u003c\/p\u003e \u003cp\u003e3.5 Disagreement among Economists 57\u003c\/p\u003e \u003cp\u003eAppendix 3.1: A Survey of American Academic Economists’ Opinions 60\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart II Some Infrastructure 63\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e4 Beguiling Words 65\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e4.1 Some Widely Used Terms and Phrases 66\u003c\/p\u003e \u003cp\u003e4.2 Some Terms and Phrases Relating to Economics and Politics 71\u003c\/p\u003e \u003cp\u003e\u003cb\u003e5 Important Economic Ideas: Often Misunderstood 84\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e5.1 Levels versus Rates of Change 84\u003c\/p\u003e \u003cp\u003e5.2 Stocks versus Flows 86\u003c\/p\u003e \u003cp\u003e5.3 Real versus Nominal 90\u003c\/p\u003e \u003cp\u003e5.4 Future versus Current Dollars 91\u003c\/p\u003e \u003cp\u003e5.5 The Price Level versus Relative Prices 97\u003c\/p\u003e \u003cp\u003e5.6 Stable Prices versus Low Prices 98\u003c\/p\u003e \u003cp\u003e5.7 Gross versus Net and Single versus Double Counting 98\u003c\/p\u003e \u003cp\u003e5.8 Opportunity Costs versus Monetary Costs 99\u003c\/p\u003e \u003cp\u003e5.9 Cost–Benefit Analysis 102\u003c\/p\u003e \u003cp\u003e5.10 Wage Rates versus Labor Costs 104\u003c\/p\u003e \u003cp\u003e5.11 Capital Goods versus Human Capital 105\u003c\/p\u003e \u003cp\u003e5.12 Marginal versus Average Utility 106\u003c\/p\u003e \u003cp\u003e5.13 Marginal versus Average Costs 107\u003c\/p\u003e \u003cp\u003e5.14 Big Business versus Market Power 108\u003c\/p\u003e \u003cp\u003e5.15 Pro-market versus Pro-business 109\u003c\/p\u003e \u003cp\u003e6.16 “Should” and “Can” versus “Will” 109\u003c\/p\u003e \u003cp\u003e5.17 Comparative versus Absolute Advantage 110\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart III Economic Theory and Policy 113\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e6 The Crown Jewel of Economics: The Price Mechanism 115\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e6.1 An Overview of the Price Mechanism 115\u003c\/p\u003e \u003cp\u003e6.2 Equilibrium 118\u003c\/p\u003e \u003cp\u003e6.3 Shortages 120\u003c\/p\u003e \u003cp\u003e6.4 A Digression: The Equilibrium of the Firm 121\u003c\/p\u003e \u003cp\u003e6.5 What Happens in the Absence of a Price Mechanism? 122\u003c\/p\u003e \u003cp\u003e6.6 The Dark Side of the Price Mechanism 126\u003c\/p\u003e \u003cp\u003e6.7 The Upshot 144\u003c\/p\u003e \u003cp\u003eAppendix 6.1: More on Supply and Demand 147\u003c\/p\u003e \u003cp\u003e\u003cb\u003e7 Risk Taking and Incentives 156\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e7.1 Risk Bearing and Entrepreneurship 156\u003c\/p\u003e \u003cp\u003e7.2 Incentives 159\u003c\/p\u003e \u003cp\u003e\u003cb\u003e8 Looking around Corners 175\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e8.1 Do Easier Bankruptcy Laws Help the Poor? 177\u003c\/p\u003e \u003cp\u003e8.2 Should Artists Receive a Share of the Capital Gain When Their Work Is Resold? 179\u003c\/p\u003e \u003cp\u003e8.3 Do We Want Fewer People Exploiting the Poor? 181\u003c\/p\u003e \u003cp\u003e8.4 Cut the Gas Tax to Slow the Rise of Soaring Gas Prices? 183\u003c\/p\u003e \u003cp\u003e8.5 A Costless Way to Alleviate Destitution in Third World Countries? 185\u003c\/p\u003e \u003cp\u003e8.6 Ban or Fine All Speculators? 187\u003c\/p\u003e \u003cp\u003e8.7 Is Limiting Tobacco Advertising an Effective Policy? 191\u003c\/p\u003e \u003cp\u003e8.8 Would Importing Pharmaceuticals from Canada Substantially Lower Drug Prices? 192\u003c\/p\u003e \u003cp\u003e8.9 An Efficient and Humane Way to Reduce Cocaine Production? 193\u003c\/p\u003e \u003cp\u003e8.10 Protecting Lives by Requiring Use of Seatbelts? 195\u003c\/p\u003e \u003cp\u003e8.11 Do You Really Want Your Bid to Win? 196\u003c\/p\u003e \u003cp\u003e8.12 Is Fast Chinese Economic Growth Bad for the United States? 197\u003c\/p\u003e \u003cp\u003e8.13 In Emergencies Should Prices Ration Supply, Thus Letting the Rich Outbid the Poor? 201\u003c\/p\u003e \u003cp\u003e8.14 Is Gaining from Someone’s Misfortune a Moral Wrong? 202\u003c\/p\u003e \u003cp\u003e8.15 Should Those Close at Hand Have a Special Responsibility to Alleviate Misery? 204\u003c\/p\u003e \u003cp\u003e8.16 Seven Short Ones 205\u003c\/p\u003e \u003cp\u003e8.17 On the Other Hand 208\u003c\/p\u003e \u003cp\u003e\u003cb\u003e9 Natural Resources and Environmental Economics 210\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e9.1 Running Out of Privately Owned Natural Resources 210\u003c\/p\u003e \u003cp\u003e9.2 The Tragedy of the Commons 215\u003c\/p\u003e \u003cp\u003e9.3 Pollution Permits and Taxes on Pollutants 217\u003c\/p\u003e \u003cp\u003e9.4 Tail-pipe Pollution 222\u003c\/p\u003e \u003cp\u003e9.5 Protecting Endangered Species 223\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart IV Looking at Data 225\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e10 Empirical Economics 227\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e10.1 Role of Empirical Work in Economics 227\u003c\/p\u003e \u003cp\u003e10.2 Types of Empirical Evidence 228\u003c\/p\u003e \u003cp\u003e10.3 What to Watch Out for in Statistics: Some General Problems 230\u003c\/p\u003e \u003cp\u003eAppendix 10.1: Survey Data 242\u003c\/p\u003e \u003cp\u003eAppendix 10.2: Measuring GDP, Savings Rates, Price Indexes, Employment, and Poverty 244\u003c\/p\u003e \u003cp\u003e\u003cb\u003e11 Some Simple (?) Ways of Presenting Data: Percentages, Figures, and Graphs 252\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e11.1 Percentages 252\u003c\/p\u003e \u003cp\u003e11.2 Figures and Graphs 255\u003c\/p\u003e \u003cp\u003e\u003cb\u003e12 Samples and Their Problems 260\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e12.1 Selecting a Representative Sample 260\u003c\/p\u003e \u003cp\u003e12.2 Watching for Inappropriate Samples 261\u003c\/p\u003e \u003cp\u003e12.3 The Regression Fallacy: Building a Bias into the Sample 262\u003c\/p\u003e \u003cp\u003e12.4 Sample Size and Coincidence 264\u003c\/p\u003e \u003cp\u003e12.5 Sampling Error, Confidence Intervals, and Significance 265\u003c\/p\u003e \u003cp\u003e12.6 Some Warnings about Significance Tests 268\u003c\/p\u003e \u003cp\u003eAppendix 12.1: The Normal Distribution 269\u003c\/p\u003e \u003cp\u003e\u003cb\u003e13 Regressions: The Workhorse of Empirical Economics 272\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e13.1 The Regression Coefficient 273\u003c\/p\u003e \u003cp\u003e13.2 How Well Does the Regression Fit the Data? 275\u003c\/p\u003e \u003cp\u003e13.3 What Should You Look at in a Regression? 277\u003c\/p\u003e \u003cp\u003e13.4 A Summing Up 279\u003c\/p\u003e \u003cp\u003e13.5 Looking the Workhorse in the Mouth 279\u003c\/p\u003e \u003cp\u003e13.6 In Conclusion 290\u003c\/p\u003e \u003cp\u003e\u003cb\u003e14 The Workhorse in Action: Some Examples of Empirical Economics 292\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e14.1 Consumption and Saving 293\u003c\/p\u003e \u003cp\u003e14.2 Should You Choose a Large Mutual Fund? 300\u003c\/p\u003e \u003cp\u003e14.3 The Slave Trade and African Economic Development 303\u003c\/p\u003e \u003cp\u003e14.4 The Effect of Tax Changes on Real GDP 306\u003c\/p\u003e \u003cp\u003eEpilogue 311\u003c\/p\u003e \u003cp\u003eIndex 315\u003c\/p\u003e\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003eSubject Areas: Economics [\u003ca title=\"See our other books on Economics\" href=\"https:\/\/freshlyprintedbooks.co.uk\/search?q=%22Economics%20%5BKC%5D%22\"\u003eKC\u003c\/a\u003e]\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\u003c\/font\u003e","brand":"Wiley-Blackwell","offers":[{"title":"Brand New","offer_id":52437791047960,"sku":"9781405183581","price":89.99,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0730\/2037\/5320\/files\/9781405183581.jpg?v=1784940758","url":"https:\/\/freshlyprintedbooks.co.uk\/products\/invitation-to-economics-understanding-argument-and-policy-hardback-9781405183581","provider":"Freshly Printed Books","version":"1.0","type":"link"}