Modern Economic TheoryThis Edition Includes Several New Topics To Make The Coverage More Comprehensive And Contemporary. Various Concepts And Issues Involved In Economic Analysis Have Been Thoroughly Explained And Illustrated With The Help Of Examples Drawn From Our Daily Experience. The Inter-Relationships Between Different Concepts Have Been Suitably Highlighted. The Application Of Economic Tools For Problem Solving Has Been Emphasised. Review Questions And Exercises Have Been Included In Each Chapter To Help Students To Test Their Understanding And Prepare Confidently For Examinations.The Book Would Serve As Excellent Text For B.A., B.Com And Business Administration Students. Candidates Preparing For Various Professional And Competitive Examinations Would Also Find It Very Useful. |
Contents
PREFACE V | 21 |
ECONOMIC MODELS AND THEIR USES | 28 |
MICROECONOMICS AND MACROECONOMICS | 33 |
THE METHODOLOGY OF ECONOMICS | 55 |
EQUILIBRIUM STATICS AND DYNAMICS | 69 |
THE CENTRAL PROBLEMS OF EVERY ECONOMIC SOCIETY | 81 |
SUPPLY DEMAND | 95 |
ELASTICITIES OF DEMAND AND SUPPLY | 133 |
THEORIES OF PROFITS | 545 |
NATIONAL INCOME AND NATIONAL PRODUCT | 562 |
INCOME INEQUALITY AND POVERTY | 596 |
THE CLASSICAL THEORY OF INCOME AND EMPLOYMENT | 607 |
THE CONSUMPTION FUNCTION | 617 |
THE INVESTMENT FUNCTION | 632 |
THEORY OF INCOME OUTPUT DETERMINATION | 647 |
THE DIRECTION CHANGE | 667 |
THE THEORY OF CONSUMER DEMAND THE UTILITY APPROACH | 171 |
THE THEORY OF CONSUMER DEMAND THE INDIFFERENCE CURVE APPROACH | 186 |
THE FIRM ORGANISATION LOCATION AND FINANCE | 220 |
FACTOR OF PRODUCTION AND FACTOR MOBILITY | 232 |
PRODUCTION AND COST IN THE SHORT RUN | 269 |
THE THEORY OF PRODUCTION LONG RUN ANALYSIS | 290 |
THE NATURE AND BEHAVIOUR OF COST IN THE LONG RUN | 311 |
A BROAD OVERVIEW OF THE PRODUCT MARKET | 329 |
PERFECT COMPETITION AND ECONOMIC EFFICIENCY | 349 |
MONOPOLY AND PRICE DISCRIMINATION | 384 |
ΜΟΝOPOLISTIC COMPETITION | 430 |
OLIGOPOLY AND STRATEGIC BEHAVIOUR | 443 |
AN OVERVIEW OF FACTOR PRICING AND INCOME DISTRIBUTION | 465 |
THE LABOUR MARKET AND COLLECTIVE BARGAINING | 481 |
RENT AND QUASI RENT | 496 |
THEORIES OF INTEREST | 515 |
THE MULTIPLIER PRINCIPLE | 673 |
BUSINESS TRADE CYCLES AND UNEMPLOYMENT | 691 |
THE VALUE OF MONEY AND THE QUANTITY THEORY | 727 |
NATURE CAUSES CONSEQUENCES AND REMEDIES | 736 |
MONEY CREDIT AND BANKING | 754 |
CENTRAL BANKING AND MONETARY POLICY | 790 |
DIRECTION OF THE ECONOMY AND PUBLIC FINANCE | 805 |
FREE TRADE VS PROTECTION | 851 |
THE BALANCE OF PAYMENTS | 874 |
EXCHANGE RATE SYSTEMS AND PRACTICES | 890 |
INSTRUMENTS AND INSTITUTIONS | 910 |
ECONOMIC GROWTH AND DEVELOPMENT | 927 |
OUR INTELLECTUAL HERITAGE | 974 |
| 986 | |
Common terms and phrases
aggregate analysis average cost behaviour budget line buyers capital CAPSULED NOTE ceteris paribus commodity concept consumer consumption cost curve cost of production demand curve determined earn economic economic rent economists efficiency elasticity of demand employment entry equal equilibrium example expenditure factor prices factors of production fall firm's fixed important increase indifference curve individual industry inelastic inputs investment isoquant Keynes labour land less level of output loanable funds long-run macroeconomics marginal cost marginal product marginal revenue marginal utility market price measure monopolistic competition monopoly national income oligopolistic oligopoly perfect competition price changes price discrimination price elasticity production function profit maximizing purchase quantity demanded rate of interest refers rent returns to scale rise saving sell sellers shift short-run slope supply curve surplus theory total cost total revenue units variable cost variable factor wage rate workers