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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.
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.
Ever wonder why you have the number of friends that you do? . . . If a tax on soda would really reduce obesity? . . . What is going on with the financial problems in Greece? . . . or whether a tax rebate is better than a tax bonus? MICROECONOMICS, 11e, International Edition answers these questions and many more. Using intriguing pop culture examples, the eleventh edition is revised to include the most comprehensive coverage of the financial and economic crisis available in a principles of microeconomics text. Self-tests help determine how well you're grasping the concepts, and CourseMate for Microeconomics offers a graphing tutorial, quizzes, videos and more. It's all carefully designed to help you get the best grade possible! Building on the Video Office Hours lectures developed by the author for the tenth edition, the eleventh edition features two entirely new video types--See It Solved and GraphIt! See It Solved videos walk you through a worked problem, similar to those found at the end of each chapter, providing an ideal study tool for reference as you do homework. GraphIt! videos demonstrate key concepts in graphing in short (averaging three to five minutes) video pieces that can be played and replayed to see how the graphs are built.
Have you ever wondered how prices are determined, or why you bought a specific quantity of something? The answers to these and other questions, as well as the theories guiding decisions by consumers and producers, are explained in Microeconomics— a southern African perspective.
This book provides a comprehensive introduction to microeconomics theory, offering traditional theories of consumer and producer behaviour set against a contemporary southern African background.
This second edition of Microeconomics – a southern African perspective provides a comprehensive and current introduction to microeconomic theory for the southern African context, while retaining the original ethos from the first edition. It addresses traditional theories of consumer and producer behaviour as prescribed in most introductory microeconomic modules and answers questions around how consumers and producers interact in the market, looking specifically at the choices made by producers in their endeavour to produce optimally.
Suitable for introductory semester-based courses in microeconomics, it facilitates learning through activities and self-evaluation exercises at the end of each chapter, with feedback to activities and answers to the exercises at the end of the book. The study of economics provides the tools for analysis and a framework for thinking that can aid you in making more informed decisions when faced with economic problems, making it suitable for economics students or those requiring an understanding of the economy within a specific financial field.
This defining and original book explores the history of monopoly power and of its relation to competition, focusing on the innovative contributions of the Italian marginalists - Pareto, Pantaleoni, De Viti de Marco and Barone. Manuela Mosca analyses their articulate vision of competition, and the structural and strategic entry barriers considered in their works to enrich existing literature on the history of the sources of market power. The book is not limited to the reconstruction of the elaboration of pure theory, it also highlights its policy implications and how this group applied their theories as cutting-edge experiments in analysing the labour market, socialism, the Great War and gender issues, against the background of the political situation of the period. Monopoly Power and Competition is a vital resource for historians of economic thought, as it explores a relatively untouched area of microeconomics from a historical perspective, and reveals the theories surrounding monopoly power and competition. Microeconomists and industrial organisation scholars would similarly benefit from the knowledge of the origins of many microeconomic tools and notions
This lively book takes Oklahoma history into the world of Wild West
capitalism. It begins with a useful survey of banking from the
early days of the American republic until commercial patterns
coalesced in the East. It then follows the course of American
expansion westward, tracing the evolution of commerce and banking
in Oklahoma from their genesis to the eve of statehood in 1907.
Co-written by Joseph Stiglitz, winner of the Nobel Prize for his research on imperfect markets, and Carl E. Walsh, one of the leading monetary economists in the field, Principles of Microeconomics is the most modern and accurate text available.
This text rigorously blends theory with real-world applications to study the industrial organisation of the ICT sector. Each of the self-contained chapters, which can be studied in isolation, contains theoretical models that are presented in a clear and accessible way. Throughout, a series of useful boxes complements and elucidates the theories with additional empirical/anecdotal evidence. This text will be of great interest to advanced undergraduate students with a background in microeconomics and game theory, particularly those taking courses in industrial organisation, innovation economics and the economics of networks. The authors address the most important issues and are able to explore and explain complex theories and concepts in a clear, logical and coherent manner. Some of the topics covered include: * the economics of innovation * digital markets * network externalities * two-sided networks * imitation, open source and file sharing * antitrust in high-tech sectors.
Most macroeconomists agree that we live in the age of microfoundations. The recent worldwide financial crisis may have emboldened critics of this microfoundational orthodoxy, but it remains the dominant view that macroeconomic models must go beyond supply and demand functions to the level of individual decision-making, taking into account the general dynamic environment where agents live. Microfoundations Reconsidered seeks to reassess how the relationship of micro and macroeconomics evolved over time. The highly regarded contributors to the book argue that the standard narrative of microfoundations is likely to be unreliable. They therefore re-examine the history of the relationship of microeconomics and macroeconomics, starting from their emergence as self-consciously distinct fields within economics in the early 1930s. They seek to go beyond the conventional history that is often told and written by practicing economists. From different perspectives they challenge the association of microfoundations with Robert Lucas and rational expectations and offer both a more complete and a deeper reading of the relationship between micro and macroeconomics. Microfoundations Reconsidered is a valuable addition to the macroeconomic research literature. It is ideally suited to students, scholars, researchers, and practitioners with an interest in macro and microeconomics and the history of economics.
The economic concepts presented in Managerial Economics show students how to use quantitative methods and economic analysis alongside common sense to better understand business and address managerial problems. The text's unique integrative approach demonstrates that important business decisions are interdisciplinary and must involve collaboration between multiple business functions. Including updated real company cases and examples, the 15th edition of this text demonstrates how economic concepts and tools can be applied to real organisations and management situations.
This book presents a comprehensive account of more than 200 years of controversy on the classical theories of value and distribution. The author focuses on four, perhaps most critical, classics, viz., Adam Smith's Wealth of Nations, David Ricardo's Principles of Political Economy, Karl Marx's Capital and Piero Sraffa's Production of Commodities by Means of Commodities. The book highlights several significant differences in the theories of the four authors as it searches for the ?classical standpoint? that separates them from the ?moderns?. It throws fresh light on some old questions while introducing new, controversial interpretations in the literature surrounding it. It is unique in its organisation as it first presents the author's close reading of the theories of value and distribution in the four classics and then critically engages with the major alternative interpretations and criticisms of the theories discussed therein.
Bringing original insights on theoretical positions, the book challenges canonical interpretations so as to discuss and analyse the flaws and weaknesses, in addition to the already obvious strengths, of widely celebrated theories. The theories discussed here emerge from questions like: what role does demand or human psychology play in the determination of value in classical theory? Do classical economists determine the distribution of income within the context of a theory of prices and resource allocation? What role does the notion of ?equilibrium? play in classical theory and the theory of Sraffa?
It will appeal to academics and students of economic theory and philosophy, as well as to the general reader.
THEORY AND APPLICATION OF INTERMEDIATE MICROECONOMICS, INTERNATIONAL EDITION offers an exceptionally clear and concise introduction to the economics of markets. This proven text uses a managerial focus and includes relevant applications and strong examples, with an algebraic approach, and emphasizes activities that allow you to learn by doing. Your purchase also includes two time-saving resources: access to InfoTrac (R) College Edition's online university library, and online study tools through Economic Applications! With Economic Applications, you'll have online access to study and review materials that will help you succeed in the course, and InfoTrac College Edition lets you save time, save money, and eliminate the trek to the library. Simply log in and access a library of more than 5,000 academic and popular magazines, newspapers, and journals.
This is a thorough exploration of the models and methods of financial econometrics by one of the world's leading financial econometricians and is for students in economics, finance, statistics, mathematics, and engineering who are interested in financial applications. Based on courses taught around the world, the up-to-date content covers developments in econometrics and finance over the last twenty years while ensuring a solid grounding in the fundamental principles of the field. Care has been taken to link theory and application to provide real-world context for students. Worked exercises and empirical examples have also been included to make sure complicated concepts are solidly explained and understood.
Richard Curtin has directed the University of Michigan's consumer sentiment surveys for more than four decades. His analyses of recent trends in consumer expectations are regularly covered in the worldwide press. In this book, Curtin presents a new theory of expectations. Whereas conventional theories presume that consumers play a passive role in the macro economy, simply reacting to current trends in incomes, prices, and interest rates, Curtin proposes a new empirically consistent theory. He argues that expectations are formed by an automatic process that utilizes conscious and nonconscious processes, passion and reason, information from public and private sources, and social networks. Consumers ultimately reach a decision that serves both the micro decision needs of individuals and reflects the common influence of the macro environment. Drawing on empirical observations, Curtin not only demonstrates the importance of consumer sentiment, but also how it can foreshadow the cyclical turning points in the economy.
We live in a culture of credit. As wages have stagnated over the past few decades, we've seen a dramatic surge in private borrowing across the western world, with increasing numbers of households sucked into a hopeless vortex of spiralling debt fuelled by exploitative lending. This punchy and original book argues that this situation is chronically dysfunctional, both individually and collectively. Johnna Montgomerie shows that abolishing household debts can help us end austerity and the unsustainable forward march of debt-driven growth. She threads together astute economic analysis with an accessible guide to practical policy solutions, such as extending unconventional monetary policy to the household sector, providing pragmatic and affordable refinancing options, and writing off the most pernicious elements of household debt. This framework, she contends, can help us make our economy fairer and tackle both the housing crisis and accelerating inequality. This book will appeal to the growing numbers of people interested in creating alternative paths to economic renewal, and offers an inspiring agenda that can change our collective future.
Your one-stop guide to understanding Microeconomics Microeconomics For Dummies (with content specific to the UK reader) is designed to help you understand the economics of individuals. Using concise explanations and accessible content that tracks directly to an undergraduate course, this book provides a student-focused course supplement with an in-depth examination of each topic. This invaluable companion provides clear information and real-world examples that bring microeconomics to life and introduces you to all the key concepts. From supply and demand to market competition, you'll understand how the economy works on an individual level, and how it affects you every day. Before long, you'll be conversant in consumers, costs, and competition. Microeconomics is all about the behaviour of individual people and individual firms. It sounds pretty straightforward, but it gets complicated early on. You may not be an economist, but if you're a business student at university, the odds are you need to come to grips with microeconomics. That's where Microeconomics For Dummies comes in, walking you through the fundamental concepts and giving you the understanding you need to master the material. Understand supply, demand, and equilibrium Examine the consumer decision making process Delve into elasticity and costs of production Learn why competition is healthy and monopolies are not Even the brightest business students can find economics intimidating, but the material is essential to a solid grasp of how the business world works. The good news is that you've come to the right place.
This is one of the first texts on the market to provide a foundation for covering the important subject of electronic commerce within college and university economics curricula. Applying basic principles of economics, the book surveys the various ways that economics can be applied to the area of electronic commerce and how the e-commerce revolution affects the economy. It features full coverage of the implications of electronic commerce within the various areas of the discipline; balanced examinations of how basic economic principles continue to apply to the electronic marketplace and of how features of certain products sold in this marketplace have required rethinking some of those principles; and numerous current-interest features underscoring the real-world relevance of the study of e-commerce economics.
This second edition retains the positive features of being clearly written, well organized, and incorporating calculus in the text, while adding expanded coverage on game theory, experimental economics, and behavioural economics. It remains more focused and manageable than similar textbooks, and provides a concise yet comprehensive treatment of the core topics of microeconomics, including theories of the consumer and of the firm, market structure, partial and general equilibrium, and market failures caused by public goods, externalities and asymmetric information. The book includes helpful solved problems in all the substantive chapters, as well as over seventy new mathematical exercises and enhanced versions of the ones in the first edition. The authors make use of the book's full color with sharp and helpful graphs and illustrations. This mathematically rigorous textbook is meant for students at the intermediate level who have already had an introductory course in microeconomics, and a calculus course.
Now firmly established as one of the leading economics principles texts in the UK and Europe, this exciting new fourth edition of Economics by N. Gregory Mankiw (Harvard University) and Mark P. Taylor (Washington University), has been fully updated. There are new sections covering microeconomic topics and concepts in more depth, whilst at the same time retaining the book's reputation for clarity, authority and real world relevance.
This brand new EMEA adaptation of Thomas Nechyba's popular text presents a European, Middle East and African perspective, whilst also being fully updated. This exciting new edition follows Professor Nechyba's five primary goals for any microeconomics course by presenting microeconomics as a way of looking at the world, showing students how and why the world works, how to think more clearly and develop conceptual thinking skills, providing a flexible learning style and by finally providing a roadmap for further study. Each chapter follows the A and B structure developed by Professor Nechyba, allowing students to explore an intuitive approach in Part A and then focus on how the intuitive approach can be represented mathematically approach in Part B. This edition is also available as a MindTap with additional assessments, Graph Builder and video graph presentations. It is also available with Aplia, a comprehensive online learning assessment tool with autograded randomised questions to test students' understanding.
A thoroughly revised new edition of a leading textbook that equips MBA students with the powerful tools of economics This is a thoroughly revised and substantially streamlined new edition of a leading textbook that shows MBA students how understanding economics can help them make smarter and better-informed real-world management decisions. David Kreps, one of the world's most influential economists, has developed and refined Microeconomics for Managers over decades of teaching at Stanford's Graduate School of Business. Stressing game theory and strategic thinking and driven by in-depth, integrated case studies, the book shows future managers how economics can provide practical answers to critical business problems. Focuses on case studies and real companies, such as Amazon, Microsoft, General Motors, United Airlines, and Xerox Covers essential topics for future managers--including price discrimination, Porter's five forces, risk sharing and spreading, signaling and screening, credibility and reputation, and economics and organizational behavior Features an online supplement (available at micro4managers.stanford.edu) for students that provides solutions to the problems in the book, longer caselike exercises, review problems, a calculus review, and more
Now in its fifth edition, Economic Approaches to Organisations remains one of the few texts to emphasize the importance of economic issues and developments in the study of organisations and management. It explains in a non-technical way different economic approaches such as behavioural theory of the firm, game theory, agency theory, transaction cost economics, economics of strategy and evolutionary approaches. This latest edition is packed with practical examples from real-world companies, helping you to understand how the concepts relate to economic and organizational problems happening in the world today.
Now fully adapted for the Europe, Middle East & Africa market, Microeconomic Theory: Basic Principles and Extensions delivers cutting-edge treatment of microeconomics together with an ideal level of mathematical rigour. Aimed directly at upper level undergraduate students and graduate students, the book teaches users how to work directly with theoretical tools, real-world applications, and the latest developments within the study of microeconomics. It provides clear and accurate coverage of advanced microeconomic concepts and illustrates how the theory applies to practical situations. In addition, the text's helps to build student intuition by including a new two-tier end-of-chapter problem that begins with simple numerical/mathematical exercises followed by more analytical, theoretical, and complex problems.
This invaluable book provides the foundations for a new theory of the firm, drawing on Birger Wernerfelt's landmark work on economic theory and the resource-based view of the firm. It addresses a vigorous and long-standing academic debate over what exactly a 'firm' is, both in the field of management and economics. Wernerfelt revisits his classic articles, including an extensively revised 'A Resource-Based View of the Firm' (1984), which have been updated and synthesized to provide precise and accessible concepts and predictions. By offering future directions for research and practice, this book will be of interest to students and scholars of management and economics alike.
Microeconomics, 5th Edition gives students the most effective approach for learning microeconomic tools and concepts. This text provides an accessible, integrated structure with numerous practice problems, exercises, and engaging applications. Worked-out Learning-by-Doing problems, mathematical and graphical data, and verbal explanations enable business and economics majors to recognize significant data, patterns, and trends.
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