ESCP Europe

"Offering a broad overview of the many ways in which Managerial Economics affects decision making, this book provides the key tools that managers need to think like economists. With a readable style it brings to life the major contributions in economics, and some of the most important debates. It offers readers the chance to understand how markets really work, and how they fail. Most importantly, it shows you how to utilise markets on a day to day basis"--

1 Incentives matter --- 1.1 Managerial individualism --- 1.2 Demand curves --- 1.3 Elasticity --- 2 Cost and choice --- 2.1 Opportunity cost --- 2.2 Diminishing marginal returns --- 2.3 The planning horizon --- 2.4 Cost vs. waste --- 3 Market exchange --- 3.1 Market equilibrium --- 3.2 Comparative statics ---3.3 Information economics --- 4 Prices and economic calculation --- 4.1 Entrepreneurship --- 4.2 The firm --- 4.3 Price discrimination --- 4.4 The knowledge problem --- 4.5 Internal markets --- 5 Competition and the market process --- 5.1 Market concentration --- 5.2 Collusion --- 5.3 Market contestability --- 5.4 Monopoly power --- 6 Capital theory and recalculation --- 6.1 Microclimate --- 6.2 Unemployment --- 6.3 Recalculation --- 7 Public finance --- 7.1 Taxation --- 7.2 Bonds --- 7.3 Banking --- 7.4 Saving --- 7.5 Real business cycles --- 7.6 National income accounting --- 8 Monetary theory --- 8.1 Inflation --- 8.2 Monetary policy --- 8.3 Monetary regimes --- 8.4 Macroeconomic fluctuations --- 9 Fiscal policy --- 9.1 The great depression --- 9.2 Fiscal stimulus --- 9.3 Expansionary fiscal contractions --- 9.4 Confidence --- 9.5 Laissez-faire --- 9.6 The Phillips curve --- 10 International economics --- 10.1 Globalisation and trade theory --- 10.2 Balance of payments --- 10.3 Foreign exchange markets --- 10.4 Currency regimes --- 11 Behavioural economics --- 11.1 Behavioural anomalies --- 11.2 Market efficiency; (i) It is possible to beat the market; (ii) The expected returns of trying to beat the market are negative; (iii) It is very rare to beat the market over time --- 12 Global prosperity --- 12.1 Growth theory --- 12.2 Happiness --- 12.3 Economic freedom --- 12.4 Public choice theory --- 12.5 Transition economics..