Download e-book for kindle: Economics: The Key Concepts (Routledge Key Guides) by Donald Rutherford

By Donald Rutherford

ISBN-10: 0203946618

ISBN-13: 9780203946619

ISBN-10: 0415400562

ISBN-13: 9780415400565

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

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

Fully cross-referenced with vast courses to additional analyzing, this can be the basic finished pocket connection with the guidelines, matters and perform of economics in the twenty-first century.

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Additional resources for Economics: The Key Concepts (Routledge Key Guides)

Sample text

Most of collective bargaining is bilateral, but it can be multilateral when interest groups, for example parents’ associations at teacher wage bargaining, are present. Its scope varies according to the aims of the negotiators. Pay and hours of work are the most basic of terms in agreements; more ambitiously a range of fringe benefits, including health insurance, can be included. Collective bargaining can take place annually, when requested by one of the parties or under the terms of a previous agreement.

If there are spill-over benefits of a club, for example when the health of a community is improved by the provision of gardens, there is a case for non-members to subsidise the members. A club which has shared consumption and homogeneous membership is called ‘discriminatory’, as persons lacking the crucial characteristics such as race or gender are excluded. The costs of excluding non-members reduce the amount of resources which could be offered to members. Game theory recognises the usefulness of the theory of clubs in that it discusses the circumstances in which coalitions occasion a welfare benefit.

Competition was regarded as an evil which pushed down wages and added to workers’ misery; cooperation was supposed to guarantee a fair reward. In the more modern view of competition and other market states, the spectrum starts with the largest number of firms in perfect competition, then the number of firms declines through monopolistic competition, oligopoly, duopoly and finally to monopoly: these markets operate according to different principles in determining output and prices. Seen from a buyer’s point of view, a market with a sole buyer would be a monopsony, or with a few dominant sellers, an oligopsony.

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

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