Economics for Business Paperback – 1 Nov 2006
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Taken from the Economic Outlook and Business Review Volume 19.4 November/December 2004 The discipline of economics, particularly at the introductory level, is often taught in a multidisciplinary context. Undergraduates specialising in, for example, business, law or politics are often required to take an introductory economics module. From an economics discipline perspective, such students are known as "non specialists" since they will not pursue a full undergraduate programme in economics. The requirements of the non-specialist market in economics are radically different from the specialist market. In the context of contemporary undergraduate economics teaching the vast majority of students are non-specialists. This poses a dilemma for authors of economics texts (and teachers too) - one must be very clear whether the text is aimed at the specialist or non-specialist market. A text aimed at one market will likely be unsuitable for the other market. The marketing of non-specialist economics text is very competitive as publishers seek to attract and hold interest in a particular text. This competitive edge has had a beneficial impact on the quality of non-specialist economics texts. The text reviewed here is an excellent example of the consequences of the very competitive non-specialist market. Economics for Business is a text aimed at business students who need to understand the economics behind business issues. The issues emphasized in the text cover not only key business decisions such as product pricing, profit generation, business governance and business growth strategies, but also factors affecting economic environment within which business decisions are taken - market structure, government policy, exchange rates, globalisation and national economic growth. Significant effort has been taken in this volume to ensure that rationale for the economics included is business focused. In addition, the presentation of the underlying economic principles is excellent. The overall appearance and presentational style is visually striking and extremely attractive. The annotated graphics accompanying the text are also excellent. Each chapter begins with a "chapter map" which is an executive summary of the chapter, followed by an "economics at a glance" text book which highlights the business issue to be addressed in the chapter. The text box also contains a brief statement explaining the relevance of the accompanying economics for understanding the business issue. The use of real-world business examples in every chapter also reinforces the relevance of economics within a business context. This is an excellent introductory economics text aimed specifically at business students. It will, however, be of use to anyone with a business background wishing to know more about the economic environment. Economic Affairs 20041201 --This text refers to an out of print or unavailable edition of this title.
About the Author
David Begg is Principal of the Tanaka Business School at Imperial College London. He has been a Research Fellow of the Centre for Economic Policy Research since its inception in 1984, and an adviser to the Bank of England, the treasury and the IMF.
Damian Ward is Senior Lecturer in Economics at Bradford University School of Management. He has experience of teaching undergraduate and MBA students, including senior managers from the BBC and Emirates Airlines. His research interests focus on the application of economic theory to the workings of the financial services industry.
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Top Customer Reviews
The book's 14 chapters include subjects as diverse as the production possibility frontier, price and demand elasticity, market operation, competition, monopoly and strategic rivalry before going on to consider macroeconomics and the global economy.
There are all the diagrams beloved of economics lecturers, excellent examples, all of which are reasonably contemporaneous, this edition of the book having been published in 2006. At the end of each chapter there are summaries, checklists, questions and exercises, and the whole thing is backed up by an "online learning centre" with additional materials. It is written with a sense of humour - you get a sense that Messrs Begg and Ward's lectures must be quite entertaining. The section on credit creation, for example, is based around a scenario of over-expensive nights out clubbing, and student overdrafts in the morning being funded from the club owner's takings from the night before.
This is an interesting book that will equip readers with a practical economic understanding and vocabulary. For me, a chapter on the development of economic thought, of Keynsianism, monetarism, Austrian libertarianism and perhaps even Marxism would have rounded it off. The authors may well have considered those subjects to be beyond the requirements of business practitioners, but it would have helped readers to understand the world in late 2008 where we are being told that "we are all Keynsians now", and given a national debt to match!
Only complaint I could possibly have is that it glosses over some topics, but it's hard to combine conciseness with thoroughness.
Even better ifs:
* I must admit following some graphs & a few ideas was very difficult;
* It would benefit from more practical cases and advice.
But, on balance, it is still a 'five' because I took lots of interesting ideas from the book and had lots of 'Ha' moments.
Most Recent Customer Reviews
This is a recommended book for a degree in Business Studies. It was delivered quickly and a bargain price. Currently in the process of reading it. Thank you.Published on 25 Jun. 2014 by johan marks