Explore the Principles of Political Economy - Third Edition Brief Contents study material pdf and utilize it for learning all the covered concepts as it always helps in improving the conceptual knowledge.
BRIEF CONTENTS PART ONE AN INTRODUCTION TO ECONOMIC THEORY CHAPTER The Discourse of Economics CHAPTER What is a Good Society ?
CHAPTER The Neoclassical Theory of Supply and Demand CHAPTER The Theory of Class Exploitation PART TWO PRINCIPLES OF THEORY CHAPTER The Neoclassical Concept of Elasticity CHAPTER Theories of Utility Maximization CHAPTER Theories of Production Technology and the Cost of Production CHAPTER Theories of Intensely Competitive Markets CHAPTER Theories of Monopolistic Markets CHAPTER 10 Theories of Imperfectly Competitive Markets CHAPTER Theories of the Labor Market
DANIEL SAROS PART THREE PRINCIPLES OF THEORY CHAPTER 12 Measurement CHAPTER 13 The Theory of Effective Demand and the Neoclassical Synthesis Model CHAPTER 14 Unorthodox Theories of Crisis CHAPTER 15 Theories of Financial Markets CHAPTER 16 Money Supply Measures and Theories of Commercial Bank Behavior CHAPTER 17 Monetary Theories and the Role of the Central Bank CHAPTER 18 Theories of Government Budget Deficits and Debt PART FOUR PRINCIPLES OF INTERNATIONAL ECONOMIC THEORY CHAPTER 19 Theories of International Trade CHAPTER 20 Balance of Payments Accounting and Theories of Currency Markets
COMPLETE CONTENTS PART ONE AN INTRODUCTION TO ECONOMIC THEORY CHAPTER THE DISCOURSE OF ECONOMICS Goals and Objectives What is Economics ?
A Brief History of the Discipline of Economics The Dominance of Neoclassical Economics The Entry Point and Logic of Neoclassical Economics The Normative Distinction in Neoclassical Economics The Assumption in Neoclassical Economic Models The Centrality of Graphical Analysis in Neoclassical Economics A Neoclassical Model of Production Cost A Review of Basic Mathematical Concepts Following the Economic News Summary of Key Points List of Key Terms
DANIEL SAROS Problems for Review CHAPTER WHAT IS A GOOD SOCIETY ?
Goals and Objectives Competing Perspectives of What Constitutes a Good Society The Economic Problem and the Scarcity of Resources The Neoclassical Ideal Economic Efficiency The Production Possibilities Model The Role of Societal Preferences in the Production Possibilities Model Relaxing the Assumptions of the Model Applications of the Production Possibilities Model The Neoclassical Classification Scheme for Economic Systems A Classification Scheme for Social Formations Following the Economic News Summary of Key Points List of Key Terms Problems for Review CHAPTER THE NEOCLASSICAL THEORY OF SUPPLY AND DEMAND Goals and Objectives The Neoclassical Circular Flow Model
PRINCIPLES The Buyers Side of the Market The Sellers Side of the Market Equilibrium Comparative Statics Analysis Simultaneous Shifts in Supply and Demand The Measurement of Social Welfare The Economic Efficiency of Competitive Markets The Possibility of Market Failure Following the Economic News Summary of Key Points List of Key Terms Problems for Review CHAPTER THE THEORY OF CLASS EXPLOITATION Goals and Objectives The Early History of Economics A Circular Flow Model Commodities and Money The Circulation of Commodities and the Meaning of Capital The Commodity and the Determination of its Value The Length of the Working Day and the Production of Surplus Value The Rate of Surplus Value and the Rate of Profit
DANIEL SAROS The Production of Absolute Surplus Value and Relative Surplus Value Following the Economic News Summary of Key Points List of Key Terms Problems for Review PART TWO PRINCIPLES OF THEORY CHAPTER THE NEOCLASSICAL CONCEPT OF ELASTICITY Goals and Objectives The Need for a Measure of Consumer Responsiveness Calculating and Interpreting the Price Elasticity of Demand The Arc Elasticity and Point Elasticity Formulas Cases of Extreme Elasticity Key of the Price Elasticity of Demand The Relationship between Price Elasticity of Demand and Sales Revenue Other Measures of Elasticity Supply , Price , and Income Do Economists Use Elasticity Measures ?
Following the Economic News Summary of Key Points List of Key Terms PRINCIPLES Problems for Review CHAPTER THEORIES OF UTILITY MAXIMIZATION Goals and Objectives The Utilitarian Roots of the Theories The Concept of Utility in the Traditional Neoclassical Theory of Utility Maximization The Law of Diminishing Marginal Utility The Traditional Theory of Utility Maximization The Traditional Derivation of the Individual Demand Curve The Paradox of Value Criticisms of the Neoclassical Measure of Welfare The Modern Theory of Utility Maximization The Implicit Ideological Significance of the Ordinal Utility Assumption The Assumptions of the Modern Theory of Utility Maximization Budgets , Preferences , and Utility Maximization The Modern Derivation of the Individual Demand Curve Theories of Endogenous Preferences Following the Economic News Summary of Key Points List of Key Terms Problems for Review
DANIEL SAROS CHAPTER THEORIES OF PRODUCTION TECHNOLOGY AND THE COST OF PRODUCTION Goals and Objectives Short Run Production Technology in the Neoclassical Tradition Short Run Production Cost in the Neoclassical Tradition A Short Run Technology and Cost Example Using Excel Long Run Production Technology in the Neoclassical Tradition Long Run Production Cost in the Neoclassical Tradition The Relationship between Short Run and Long Run Average Total Cost Minimum Efficient Scale The Approach to Technological Change A Approach to Technological Change Following the Economic News Summary of Key Points List of Key Terms Problems for Review CHAPTER THEORIES OF INTENSELY COMPETITIVE MARKETS Goals and Objectives Neoclassical Revenue and Profit Concepts
PRINCIPLES The Concept of Market Structure and the Meaning of Perfect Competition The Revenue Structure of a Perfectly Competitive Firm Methods of Profit Maximization in the Short Run Five Possible Cases of Short Run Profit Maximization The Derivation of the Short Run Supply Curve Long Run Profit Maximization The Derivation of the Long Run Industry Supply Curve Implications and Criticisms of the Neoclassical Model of Perfect Competition The Theory of Competitive Profit Rate Equalization Following the Economic News Summary of Key Points List of Key Terms Problems for Review CHAPTER THEORIES OF MONOPOLISTIC MARKETS Goals and Objectives Neoclassical Monopoly Theory Defining Characteristics and Types of Entry Barriers The Nature of Demand and Marginal Revenue in Neoclassical Monopoly Theory Short Run Profit Rules and Cases
DANIEL SAROS Implications for Efficiency and the Long Run Natural Monopoly and Price Discriminating Monopoly Political Responses to Monopoly The Austrian and Critiques of Neoclassical Monopoly Theory The Theory of Monopoly Capital Following the Economic News Summary of Key Points List of Key Terms Problems for Review CHAPTER 10 THEORIES OF IMPERFECTLY COMPETITIVE MARKETS Goals and Objectives Two Measures of Industry Concentration Characteristics of Monopolistic Competition Characteristics of Oligopoly A Simple Duopoly Model The Kinked Demand Model of Oligopoly Two Additional Models Collusive Oligopoly and Price Leadership A Detour into Game Theory A Markup Pricing Model Following the Economic News Summary of Key Points
PRINCIPLES List of Key Terms Problems for Review CHAPTER 11 THEORIES OF THE LABOR MARKET Goals and Objectives The Neoclassical Theory of the Demand for Labor The Neoclassical Theory of the Supply of Labor The Neoclassical Theory of Labor Market Equilibrium A Neoclassical Theory of Exploitation ?
The Economic Consequences of Labor Union Activity The Theory of the Market for Power Changes in the Productivity of Labor Changes in the Length of the Working Day Changes in the Intensity of Labor Simple Labor versus Complex Labor Following the Economic News Summary of Key Points List of Key Terms Problems for Review
DANIEL SAROS PART THREE PRINCIPLES OF THEORY CHAPTER 12 MEASUREMENT Goals and Objectives The Measurement of Poverty The Measurement of Income Inequality and Wealth Inequality The Measurement of Aggregate Output Heterodox Critiques of National Income Accounting The Measurement of the Labor Force and the Unemployment Rate The Measurement of the Aggregate Price Level and the Rate Following the Economic News Summary of Key Points List of Key Terms Problems for Review CHAPTER 13 THE THEORY OF EFFECTIVE DEMAND AND THE NEOCLASSICAL SYNTHESIS MODEL Goals and Objectives Say Law and the Classical Theory john Maynard Keynes General Theory of Employment , Interest , and Money The Consumption Function and the Saving Function
PRINCIPLES The Cross Model for a Private , Closed Economy The Paradox of Thrift The Multiplier Effect The Cross Model of an Open , Mixed Economy The Lump Sum Tax Multiplier Aggregate Demand Aggregate Supply Equilibrium and Historical Applications of the Model The Neoclassical Synthesis Model and the Critique Following the Economic News Summary of Key Points List of Key Terms Problems for Review CHAPTER 14 UNORTHODOX THEORIES OF CRISIS Goals and Objectives Incorporating Turnover Time into Marx Theory of Competitive Profit Rate Formation The Theory of the Tendency of the General Rate of Profit to Fall The Theory of the Business Cycle and the Industrial Reserve Army
DANIEL SAROS The Theory of across Sectors A Analysis of the Economic Crisis Economic History through the Lens of Social Structure of Accumulation ( SSA ) Theory The Austrian Theory of the Business Cycle Effective Demand Theory versus the Neoclassical Synthesis Model Following the Economic News Summary of Key Points List of Key Terms Problems for Review CHAPTER 15 THEORIES OF FINANCIAL MARKETS Goals and Objectives The Definition and Measurement of the Rate of Interest The Relationship between the Bond Market and the Loanable Funds Market The Market for Money A Neoclassical General Equilibrium Model of Interest Rate Determination Incorporating the Stock Market into the Analysis Real Interest Rates versus Nominal Interest Rates
PRINCIPLES An Austrian Theory of Interest Rate Determination A Theory of Interest Rate Determination Following the Economic News Summary of Key Points List of Key Terms Problems for Review CHAPTER 16 MONEY SUPPLY MEASURES AND THEORIES OF COMMERCIAL BANK BEHAVIOR Goals and Objectives The Traditional Functions of Money Different Types of Money From Mollusk Shells to Bitcoins The Neoclassical Approach to Money Supply Measurement The Austrian Approach to Money Supply Measurement The Origin of Fractional Reserve Banking The Balance Sheet of a Commercial Bank A Neoclassical Theory of Commercial Banks and its Theory of Financial Markets A Marxist Theory of Commercial Banks and its Theory of Financial Markets Following the Economic News Summary of Key Points List of Key Terms
DANIEL SAROS Problems for Review CHAPTER 17 MONETARY THEORIES AND THE ROLE OF THE CENTRAL BANK Goals and Objectives The Organizational Structure and Functions of the Federal Reserve The Primary Central Bank Tools of Monetary Policy The Neoclassical Approach to Monetary Policy Using an Exogenous Money Supply The Quantity Theory of Money and the AS Model The Approach to Monetary Policy Using an Endogenous Money Supply A Theory of Fiat Money and its Relationship to Economic History Monetary Policy Tools within the Context of the Theory of Financial Markets Following the Economic News Summary of Key Points List of Key Terms Problems for Review CHAPTER 18 THEORIES OF GOVERNMENT BUDGET DEFICITS AND DEBT Goals and Objectives The Federal Budget and the Federal Debt
PRINCIPLES Expansionary Fiscal Policy versus Fiscal Policy The Impacts of Government Budget Deficits and Surpluses Marginal Tax Rates and Average Tax Rates Introducing a Flat Tax into the Consumption Function and the Cross Model The Implications of Different Taxation Systems for Stability The Full Employment Budget Balanced Budget Amendments A Comparison of Policies and Austerity Policies A Analysis of Government Borrowing and the Accumulation of Debt Following the Economic News Summary of Key Points List of Key Terms Problems for Review PART FOUR PRINCIPLES OF INTERNATIONAL ECONOMIC THEORY CHAPTER 19 THEORIES OF INTERNATIONAL TRADE Goals and Objectives The Theory of Comparative Advantage
DANIEL SAROS The Modern Theory of Comparative Advantage The Case of Constant Opportunity Cost The Modern Theory of Comparative Advantage The Case of Increasing Opportunity Cost Criticisms of the Neoclassical Theory of Comparative Advantage Developments in New Trade Theory The Potential Impact of Economies of Scale The Neoclassical Critique of Protectionist Policies Import Tariffs and Quotas The Challenge of Dependency Theory The Theory of Unequal Exchange Following the Economic News Summary of Key Points List of Key Terms Problems for Review CHAPTER 20 BALANCE OF PAYMENTS ACCOUNTING AND THEORIES OF CURRENCY MARKETS Goals and Objectives Balance of Payments Accounting The Net International Investment Position Working with Foreign Exchange Rates Explaining Foreign Exchange Rate Fluctuations Building the Supply and Demand Model of Foreign Exchange Markets Floating versus Fixed Exchange Rate Regimes
PRINCIPLES Currency Crises The Theory of Purchasing Power Parity Marxist Approaches to Finance A Approach to Exchange Rate Determination Following the Economic News Summary of Key Points List of Key Terms Problems for Review