Economics: Theory in Action Book

Economics Theory in Action (previously Understanding Economics) is a textbook which brings the fascinating subject of economics alive, addressing current and often controversial issues that have a great effect upon us all, including- Why does government worry about inflation? What is a fair wage? Is the Euro a good idea? The state of the Health Service, etc. This text adopts a unique, case-study approach with each of the twenty cases carefully chosen to build up an understanding of economic analysis, showing how economic theory relates to the real world.

For example supply, demand and elasticity are discussed with the help of the case 'The stock market- a quick way to riches or poverty?' and oligopoly is covered with the help of the case 'Europe's airline prices- the sky's the limit?' Building on the strength of previous editions, the fourth edition has been substantially revised to reflect the changes that have occurred in the past few years. All twenty chapters of the book have been updated to reflect these changes and the new edition covers the implications of September 11th, the acceptance of former communist societies into the European Union, the Euro, etc.

Key Features: Case-study approach allows students to see the immediate application of theoretical material to real world examples and problems. Balanced coverage of microeconomic and macroeconomic issues. End-of-chapter discussion questions and key results summary boxes reinforce learning. Comprehensive glossary. New Features: Greater European focus with more European examples and cases including a new European/Middle Eastern case. Each chapter/case has been thoroughly revised and updated. Includes a new case called 'The price of oil- does OPEC hold the West to ransom?' to help explain the theory of Monopoly and Monopolistic Competition.

Economics Theory in Action is an ideal textbook for non-specialist students taking an introductory course in economics, whether as part of a business studies degree or any other course of study requiring a grounding in economics. The unique case based approach means it is also suitable as a supplementary text for specialist Economics courses, particularly for seminar work.

Ken Heather is Senior Lecturer at Portsmouth University. He is also author of 'The Economics of Industries and Firms' and co-author of 'Economics' by Case, Fair, Gartner and Heather, both published by Pearson Education.