This South African edition of Microeconomics is essential reading for all students taking introductory economics modules on undergraduate courses throughout South Africa. It is also ideal for use with the microeconomics component of MBA courses.

The text contains updated case studies, set against a South African context to illustrate how the principles of economics relate to your life. The news articles are based on news events in South Africa along with questions to help you apply your knowledge and to build your understanding.

This text is designed to give you the confidence and ability to think like an economist.

Although South Africa’s informal sector is small compared to other developing countries, it nevertheless provides livelihoods, employment and income for millions of workers and business owners. Almost half of informal-sector workers work in firms with employees. The annual entry of new enterprises is quite high, as is the number of informal enterprises that grow their employment. There is no shortage of entrepreneurship and desire to grow.

However, obstacles and constraints cause hardship and failure, pointing to the need for well-designed policies to enable and support the sector, rather than suppress it. The same goes for formalisation. Recognising the informal sector as an integral part of the economy, rather than ignoring it, is a crucial first step towards instituting a ‘smart’ policy approach.

The South African Informal Sector is strongly evidence- and data-driven, with substantial quantitative contributions combined with qualitative findings – suitable for an era of increased pressure for evidence-based policy-making – and utilises several disciplinary perspectives.

Now firmly established as one of the leading economics principles texts in the UK and Europe, the sixth edition of Microeconomics has been fully updated.

Much revered for its friendly and accessible approach, emphasis on active learning and unrivalled support resources, this edition features brand-new new coverage of the impact of globalization, digitization and the gig economy.

Social enterprises represent a new kind of venture, dedicated to pursuing profits for owners and benefits for society. Social Enterprise Law provides tools that will allow them to raise the capital they need to flourish. Social Enterprise Law weaves innovation in contract and corporate governance into powerful protections against insiders sacrificing goals such as environmental sustainability in the pursuit of short-term profits. Creating a stable balance between financial returns and public benefits will allow social entrepreneurs to team up with impact investors that share their vision of a double bottom line. Brakman Reiser and Dean show how novel legal technologies can allow social enterprises to access capital markets, including unconventional sources such as crowdfunding. With its straightforward insights into complex areas of the law, the book shows how a social mission can even be shielded from the turbulence of an acquisition or bankruptcy. It also shows why, as the metrics available to measure the impact of social missions on individuals and communities become more sophisticated, such legal innovations will continue to become more robust. By providing a comprehensive survey of the U.S. laws and a bold vision for how legal institutions across the globe could be reformed, this book offers new insights and approaches to help social enterprises raise the capital they need to flourish. It offers a rich guide for students, entrepreneurs, investors, and practitioners.

This new text deals with topics that are at the core of microeconomic theory - the economics of uncertainty and the economics of games and decisions. It contains a chapter on non-expected utility theory and very up to date coverage of such topics as risk aversion, stochastic dominance and mean-variance utility theory as well as a number of chapters that discuss and illustrate the use of game theory in making decisions under uncertainty.

Economics and the Business Environment is directed at students who will be taking up managerial positions in trade and industry or in government. The economic environment of European companies is central to the book giving students a good impression of recent developments within the European economy.

The theories described enable students to:

• calculate how much competition firms within a particular business sector are exposed to
• analyze the current economic position of a particular country and make exchange rate prognoses
• gauge the effect of the economic environment on business sales and profits.

Complicated analyses and mathematical models have been avoided as much as possible. Instead, diagrams and graphs illustrate the causal relationships between economic factors, making this book an ideal primer for those needing the basics of economics for their business degree.

Elgar Advanced Introductions are stimulating and thoughtful introductions to major fields in the social sciences, business and law, expertly written by the world's leading scholars. Designed to be accessible yet rigorous, they offer concise and lucid surveys of the substantive and policy issues associated with discrete subject areas. Offering an engaging overview of the concepts of bounded rationality and their applications, this stimulating Advanced Introduction engages with the topic in a constructively critical manner to introduce new ideas. Chapters cover key topics including: optimally imperfect decisions; ecological rationality; the role of bounded rationality in evolutionary economics; satisficing as a response to bounded rationality; desirable types of economic decisions; the relational exercise of foresight; and the impact of bounded rationality on the efficiency of organizations. Key Features: Demonstrates the progress made in the field over the last century Presents a unique, succinct and useful coverage of the core issues in the topic Outlines different concepts of rationality and specifies factors that result in limited rationality Postgraduate and advanced undergraduate economics and business management students will find this a stimulating read. The easy-to-follow exposition of the topic and careful use of diagrams will also make this an interesting book for decision makers, business managers and policy makers who have studied economics or business administration.

The world trade system is at a fork in history's road; WTO members cannot avoid Making a choice. / Take the politically expedient path by putting Doha talks on hold, or / Take the leadership path of engaging constructively and creatively in breaking the deadlock. Published ahead of the 29 April 2011 meeting of WTO members in Geneva, this book argues that if the current deadlock - mainly between the US and China - cannot be broken in 2011, no resolution is likely before 2020. US Congressional politics will be much rougher in 2013 - scared by divisive debates over spending and taxes - and the new Chinese government can hardly afford to start off with major tariff concessions to the US. Think of 2013 as 2011 with less goodwill Internationally, more poisonous politics inside the US, and a Chinese leadership that must prove its toughness. Breaking the deadlock would require an expanded negotiating agenda, but this would add years to the talks. The false promise that it would be harmless to allow Doha to languish for years is deeply dangerous, at best. The authors in this volume - trade experts from across the world - identify the perils of allowing Doha to flounder, and the hard choices governments must make to break the deadlock.

The collapse in commodity prices since 1980 has been a major cause of the economic crisis in a large number of developing countries. This book investigates whether the commodity-producing countries, by joint action, could have prevented the price collapse by appropriate supply management. The analysis is focused on the markets for the tropical beverage crops: coffee, cocoa, and tea. Using new econometric models for each market, the impact of alternative supply management schemes on supply, consumption, prices, and export earnings is simulated for the later 1980s. The results indicate that supply management by producing countries would, indeed, have been a viable alternative to the `free market' approach favoured by the developed countries. This has important implications for current international commodity policy, and, in particular, for future joint action by producing countries to overcome persistent commodity surpluses as a complement to needed diversification.

A market-leading text, Microeconomics presents economic theory in the context of real, data-driven examples, and then helps you develop your intuition through hallmark Solved Problems. The text places emphasis on modern theories, such as industrial organization theory, game theory, and transaction cost theory, which are useful in analyzing actual markets. At the same time, a step-by-step problem-based learning approach demonstrates how to use microeconomic theory to solve business problems and analyze policy. The 9th Edition, Global Edition, has been substantially updated with new or revised real-world examples, applications and problems. This gives you a practical perspective, seeing how models connect to real-world decisions being made in today's firms and policy debates. This print textbook is available for students to rent for their classes. The Pearson print rental program provides students with affordable access to learning materials, so they come to class ready to succeed.

This book collects results from ad hoc surveys on firms pricing behavior conducted in 2003 and 2004 by nine National central banks of the Euro area in the context of a joint research project (Eurosystem Inflation Persistence Network). These surveys have proved to be an efficient way to test theories on the pricing strategies of economic agents, documenting, in qualitative terms, the underlying rationale of the observed pricing patterns. The book provides an unprecedented amount of information from more than 11,000 euro area firms, addressing issues such as the relevance of nominal and real rigidities, the information set used by firms in the price setting process, the strategy followed to review prices, the frequency of both price reviews and price changes, the reasons underlying price stickiness, and asymmetries in price adjustment. It also compares results for the euro area to those obtained for other countries by similar studies. Finally, it draws the main implications for theoretical modeling and for monetary policy.

Exploring why professional team sport clubs are almost always able to survive despite financial mismanagement, inflated player salaries and persistent deficits, this book provides new evidence on how to explain this phenomenon. It looks at the context in which many clubs operate - the soft budget constraint - and how the clubs in this respect resemble state-owned enterprises in socialist countries or big banks in financial crises. Chapters discuss the challenge of hardening the budget constraint, including UEFA's Financial Fair Play regulation. They include new data about the soft budget constraint phenomenon, including evidence from Central and Eastern Europe. Leading scholars in the field develop the theoretical approach to the topic using institutional theory, dialogue with critics and discussions on the merits and limits of soft budgets. The book also investigates key case studies of bailouts and liquidation of professional sports teams. This will be an invigorating read for scholars and students of sports economics and sports management. It will also be helpful to managers and directors in professional sports clubs looking for a better understanding of the soft budget constraint.

Microeconomics: Theory and Applications with Calculus, 5th Edition, Global Edition remains the premiere microeconomics text to marry formal theory with robust, thoroughly analysed real-world problems. Intended as an intermediate microeconomics text, Perloff introduces economic theory through a combination of calculus, algebra, and graphs. It then integrates estimated, real-life problems and applications, using a step-by-step approach to demonstrate how microeconomic theory can be applied to solve practical problems and policy issues. Compared with similar texts, the author places greater emphasis on using contemporary theories to analyse markets, so students are prepared to apply economic theory to the latest policy analysis in the field. New to this edition Solved Problems provide students with a step-by-step model for working out qualitative and quantitative problems using algebra and calculus. Students get the opportunity to practice the method modeled in a series of related exercises at the end of each chapter (744 exercises in total). Challenges combine an Application and a Solved Problem. Each chapter (excluding Chapter 1) begins with a Challenge, which discusses a real-world issue, and concludes with one or more questions based on that discussion. At the end of the chapter, a Challenge Solution answers these questions. Real-World Examples use real people, companies, and data to illustrate basic microeconomic theory and provide students with a practical perspective that showcases the versatility of modern microeconomics. Extensive coverage of problems from resource economics, labour economics, international trade, public finance, and industrial organisation analysed using contemporary theories is included. What-If Policy Analysis sections use microeconomic models to probe the likely outcomes of changes in public policies. Students learn how to conduct what-if analyses of policies such as taxes, subsidies, barriers to entry, price floors and ceilings, quotas and tariffs, zoning, pollution controls, and licensing laws. The text analyses the effects of taxes on virtually every type of market, as well as the limitations of applying economic theory to policy analysis.

Although the dispute over China's exchange rate regime intensified in the run up to the Seoul G20 Summit, pressures for across-the-board protectionist measures have been contained, for now. The latest data on protectionism, summarised in this Report, show that the countries with large current account surpluses have not been targeted unduly in recent months. In addition to presenting statistics on the resort to protectionism by each G20 member, this Report highlights three other systemic developments: - An acceleration since the summer in tariff-cutting on machinery, parts, and components by numerous developing countries. - Even though the G20 countries have avoided a trade war to date, they continue to impose protectionist measures at 2009's heightened rates. - G20 countries account for 101 of the 141 protectionist measures that have harmed the commercial interests of the most vulnerable nations, namely, the Least Developed Countries. Most of that harm is done by the developing country members of the G20. This Report, the eighth produced by the Global Trade Alert team, will be of interest to analysts, government and international officials, and scholars in the run up to the Seoul G20 summit and beyond.

With the economy currently in turmoil, understanding how businesses and consumers interact is more important than ever for business owners and students of economics, alike. A handy, fluff-free resource tool, our 3-panel (6-page) guide simplifies the world of microeconomics through the use of definitions, formulas and full-color tables and charts."

The Seventh Report of Global Trade Alert, drawing upon over 1200 investigations of state measures, reveals that while 2010 has seen a substantial recovery in world trade, governments have continued to discriminate against foreign commercial interests. Moreover, recovery does not seem to have affected the rate at which governments resort to protectionist measures. One reaction to this finding is to argue that the discrimination cannot be that significant if world trade is recovering so quickly. This Report shows that such a reaction overlooks the fact that many of the largest trading nations have implemented export promotion schemes over the past 12-18 months and that the rebound in world trade has been underwritten by subsidies, cheap access to credit, and tax rebates and exemptions for exporters. These findings highlight that contemporary discrimination against foreign commercial interests need not be commerce-reducing, like the across-the-board tariff increases of the 1930s. The composition of contemporary protectionism is very different from its counterpart in the Great Depression. This Report also has a regional focus on developments in Latin America. Governments in this region have differed markedly in their resort to protectionism and several country studies shed light on the factors responsible. Detailed reports of each nation's resort to protectionism and the harm done by the protectionism of others will further facilitate comparisons within the region.

Transport Economics is a revised and refined fourth edition of a well-established textbook which applies economic analysis to transport issues. Each chapter has been carefully reworked and includes new material dealing with the regulation of transport markets. To assist in pedagogy, twenty or so free standing 'Exhibits' now provide a variety of case studies and narratives to supplement the text. More up-to-date examples and illustrations also make the understanding of economic principles easier and assist in the assimilation of economic concepts. The theoretical content is supported with considerable empirical evidence drawn from a wide range of international sources. Although aimed primarily at university students, this volume is accessible to non-specialists who have an interest in transport economics. It has no modal bias but rather examines in general terms the many aspects of the demand for, and supply of, transport together with the various methods of government intervention needed to ensure that social and environmental criteria are attained. This successful and widely adopted textbook has been meticulously revised and updated for the fourth edition. As the best intermediate text currently available, it will be welcomed by students, policymakers and all those concerned with the supply of transport services.

In July 2010, the US Treasury finally released its delayed currency report, which said that China's currency is undervalued, but stopped short of claiming that China is manipulating its exchange rate. This book was first published in ebook form on VoxEU to coincide with the original April 2010 deadline for the Treasury report. At that time commentators such as Paul Krugman, as well as members of Congress, were arguing the case for getting toughA" with China over its exchange rate manipulation. The release of the Treasury report in July appeared to bring a measure of calm to the debate, but this was shortlived and the controversy has erupted again this month. The 28 short essays in this book provide the best available economic, legal, political, and geopolitical thinking on the causes and likely consequences of the dispute.

Elgar Research Agendas outline the future of research in a given area. Leading scholars are given the space to explore their subject in provocative ways, and map out the potential directions of travel. They are relevant but also visionary. With contributions from an international range of active researchers, this Research Agenda provides a timely literature review on core topics related to consumer financial behavior. Chapters cover financial management behavior, desirable financial behavior and any financial behavior that helps improve financial wellbeing. The Research Agenda is split into two parts, first covering determinants of financial behavior and then outcomes. Top scholars in the field explore a broad range of determinants, including financial literacy, education, socialization, access, technology, retirement policies, trading and investment, and neuroscience. The book moves on to explore financial capability, wellbeing, fragility and vulnerability, offering a comprehensive examination of the topic. Economics and financial behavior researchers and students will benefit from the thorough and incisive literature reviews in this Research Agenda. It will also be a valuable resource for business practitioners looking for an up-to-date insight on research in the field.

Abundant with practical advice and ready-to-use teaching examples, this dynamic guide will help both new and experienced instructors of Principles of Microeconomics to reconsider and refine their courses. Mark Maier and Phil Ruder assemble the wisdom of 25 eminent scholars of economic education on how best to introduce students to the discipline and inspire a long-lasting passion for microeconomics. Beyond offering guidance to educators on how to improve students' learning experience, the book proposes measures for addressing many of the vexing challenges that face the economics discipline today. Chapters provide suggestions on (1) how to capture students' attention and ensure their continued engagement, (2) including course content that focuses on important public policy topics and pressing issues within modern society, (3) adopting evidence-based pedagogical strategies in the classroom and online, and (4) tackling issues of diversity, equity, and inclusion within the discipline. The ideas advanced in this illuminating guide highlight the possibility of continued improvement throughout one's teaching career. The jargon-free advice in this insightful teaching guide will also be of interest to deans, teaching and learning center directors, and other administrators of undergraduate institutions.

Written in a comprehensive yet accessible style, this Handbook introduces readers to a range of modern empirical methods with applications in microeconomics, illustrating how to use two of the most popular software packages, Stata and R, in microeconometric applications. International contributors expertly investigate the development of advanced methods driven by the accumulation of numerous data sets at the level of individuals, households and firms, and by an increase in the capacity and speed of computers. The Handbook highlights that, while the more traditional empirical methods were largely limited to establishing correlations, these new methods aim to uncover causality. Examination of these advances shows new possibilities for applied research in microeconomics in the estimation of sophisticated structural models and the evaluation of policy interventions. This insightful Handbook is a must-read for graduate students and instructors in applied microeconomics as well as researchers in government departments and academia pursuing modern advanced methods of policy evaluation and data analysis.

E-Commerce - A Southern African Perspective approaches the theory and practice of e-commerce from a developing-world perspective. It covers theory, business models, case studies and practical issues such as the digital divide and the law governing e-commerce transactions. State of the art technology such as mobile commerce and its potential in the developing world are also included.

The authors are experienced lecturers on e-commerce and are well qualified to trace developments in this fast-paced field of inquiry. This book is essential reading, for students and practitioners.

This timely Modern Guide offers critical insights into developments in both professional and recreational sports through the lens of the economic forces that determine them. It explores the benefits of the relationship between sports and economics, highlighting ways that economic research can help to understand sports better and the ways that sport provides opportunities to test economic theories. With both theoretical and empirical chapters, the book looks at the development of European sports economics over the last 20 years, the relationship between competitive balance and attendance, and the potential economic impact of sports events. Chapters further examine specific issues in sports from an economic perspective, including labour market restrictions on professional leagues, refereeing, team dynamics, the importance of good players versus good results and the sports analytics revolution due to big data. The use of state-of-the-art empirical methods makes this Modern Guide a crucial read for economists and sports science researchers looking to better understand both the relationship between the two fields and their own area of research. Sports policy makers will also appreciate the in-depth discussion on a range of different recreational and professional sports.