By Donald Rutherford
An A-Z of latest economics in all its varieties, Economics: the most important Concepts is a reasonable, obtainable reference for college students, teachers and economists at each point. The key topics explored include:
- competition and monopoly
- development economics
- game theory
- property rights
Fully cross-referenced with large publications to extra interpreting, this can be the basic finished pocket connection with the tips, concerns and perform of economics in the twenty-first century.
Read Online or Download Economics: The Key Concepts (Routledge Key Guides) PDF
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Extra resources for Economics: The Key Concepts (Routledge Key Guides)
An independent civil service with a tradition of honesty helps to keep corruption at bay. Levels of taxation, if high, can provoke the growth of a shadow economy where much activity is hidden, so potentially corrupt. Also, the structure of industry is important as monopolists lack the challenge of competitors and oligopolists can collude, despite severe competition and antitrust legislation. 35 COST The effects of corruption are severe. It can lead to the refusal of charities to help poor countries, a reduction in trade and investment, and the creation of societies with very unequal income distributions.
If the industry has largely fixed cost production and attendant economies of scale then it could be described as a ‘natural monopoly’. Sometimes it is difficult for an industry to attract firms because the product is unsafe or unsavoury. Monopoly has its rewards – the quiet life of not having to meet competitive challenges and the supernormal profits through its average revenue being in excess of its average cost. It can be difficult for a domestic monopoly to retain its market dominance in its own country, unless there is protection to keep at bay international competitors.
Also the behaviour of a contracting party at the time of forming the contract can be a clue, hence the use of interviewing to detect honesty and attitudes. Established habits and customs in a social group can indicate likely conduct under the contract. The existence of long-term contracts has stimulated the development of incomplete contract theory. To encourage agricultural improvement, long leases are granted. Banks in financial markets and employers of highly skilled staff have to devise contracts for periods of time when much is unforeseen.