Introduction to modern economics / edtied by Philip Hardwick, Bahadur Khan and John Langmead

This book provides a comprehensive, yet concise, introduction to modern economics. It is designed for students in first year degree courses in economics, the social sciences, business studies and other areas of study which include economics among their foundation subjects. The material covered will also be suitable for many Business Education Council and other professional courses.

The text deals with the main concepts and principles of economics with emphasis throughout on economic policy. Micro- and macro-economic activities of the public sector and its interaction with the private sector are discussed in detail. The sections on economic policy not only draw heavily on examples from the economy of the United Kingdom, but also provide statistics for a wide selection of countries and refer to the problems of the less developed nations.

A major feature of the book is the introduction of general equilibrium and welfare economics at an early stage. This enables the authors to compare more rigorously the efficiency and equity aspects of different market structures and policy changes. An important development in modern economics has been the increasing recognition that disequilibrium, rather than equilibrium, may be the normal state of affairs. This book discusses some of the major aspects of micro- and macro-economic disequilibrium analysis.

Each chapter ends with a list of suggested further reading and a set of exercises designed to reinforce the reader's understanding of the chapters and to help in the preparation for examinations.