Economics: Theory in Action (previously Understanding Economics) is particularly relevant for non-specialist students taking an introductory course in economics, whether as part of a business studies degree or any other course of study requiring a grounding in economics. The unique case based approach means it is also suitable as a supplementary text for specialist Economics courses, particularly for seminar work.
Economics: Theory in Actionbrings the fascinating subject of economics alive, addressing current and often controversial issues that have a great effect upon us all, including: Why does government worry about inflation? What is a fair wage? Is the Euro a good idea? The state of the Health Service, etc.
This text adopts a unique, case-study approach with each of the twenty cases carefully chosen to build up an understanding of economic analysis, showing how economic theory relates to the real world. For example Supply, Demand and Elasticity is discussed with the help of the case â€˜The stock market: a quick way to riches or poverty?â€™ and Oligopoly is covered with the help of the case â€˜Europeâ€™s airline prices: the skyâ€™s the limit?â€™
Building on the strength of previous editions, the fourth edition has been substantially revised to reflect the changes that have occurred in the past few years. All 20 chapters of the book have been updated to reflect these changes and the new edition covers the implications of September 11th, the acceptance of former communist societies into the European Union, the Euro, etc.