Download Economics: The Key Concepts (Routledge Key Guides) by Donald Rutherford PDF

By Donald Rutherford

An A-Z of latest economics in all its kinds, Economics: the foremost Concepts is a cheap, available reference for college kids, academics and economists at each point. The key topics explored include:

  • competition and monopoly
  • development economics
  • game theory
  • property rights
  • taxation.

Fully cross-referenced with wide courses to additional interpreting, this is often the fundamental entire pocket connection with the information, concerns and perform of economics in the twenty-first century.

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Extra info for Economics: The Key Concepts (Routledge Key Guides)

Sample text

For every factor of production a cost is incurred through participation in the productive process. Labour needs sufficient means for its maintenance and subsistence according to the demands of that society. Capital incurs costs in its hire and depreciation. Rent must be paid for land for exclusive use on one occupation rather than another. The accounting cost will be the sum of the expenses incurred to produce a given output and recorded in the books of a firm. It is a narrower concept than economic cost, which includes opportunity cost.

This was devised by Dupuit and extended by the Cambridge economist Marshall, who illustrated the concept in a standard demand and supply diagram. In the case of a downward sloping demand curve at less than equilibrium output, consumers have a reservation price as they would be willing to pay more than the equilibrium price. Thus there is a notional surplus for each part of the demand curve between it and the equilibrium price. Marshall said that there 29 CONSUMPTION could be ‘thin parallelograms’ under the demand curve: when these are summed into the area under the curve they are called the consumer’s surplus.

An Euler equation is used to estimate aggregate consumption growth over time. In this inter-temporal approach consumption can be deferred, encouraged by the prospect of high real interest rates. Veblen in his analysis of the leisure class noted the phenomenon of ‘conspicuous consumption’, which is undertaken for the purpose of flaunting one’s status in society. Hirsch devised the term ‘positional good’ to describe something rare and exclusive which cannot be reproduced in large amounts. Its appeal is its non-availability to more than a few.

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