Front Matter: Copyright, Disclaimer, Acknowledgements

Contents
List of Figures
List of Tables
Preface
Notes for the Reader
PART I
PART I: Understanding the Economy We Have
1 Introduction – not for lemmings
1.1 What Is Economics
1.2 Why the Economy Matters
1.3 Questions Part 1 Aims to Answer
2 Economy Fundamentals
2.1 The Ingredients of Production
2.2 Level of Production
2.3 Fluctuations in the Level of Output
2.4 Maximum Production Possible
2.5 Growth in the Maximum
2.6 Summary
3 Rules for a Social Economy
3.1 Ownership
3.2 Trade
3.3 Value
3.4 Government
3.5 Degree of Government Control
3.6 Summary
4 Markets
4.1 Market Operation
4.2 Market Idealism
4.3 Summary
5 Market Exchanges
5.1 A Simple Exchange Economy
5.2 Effects of a Change in Demand
5.3 Effect of a New Product
5.4 Employment
5.5 Effects of Using Money to Carry Out the Swaps
5.6 Optimum Swapping
5.7 Summary
6 Life in the Market Economy
6.1 Horse, Gentleman and Citizen!
6.2 Earning a Living – a game with rules
6.3 Go Forth and Sell Yourself
6.4 Playing the Game to Get Rich
6.5 Game Outcomes
6.6 Summary
7 Dynamics of the Economy: The Labour Market
7.1 The Economy as a System
7.2 Will there be Enough Jobs?
7.3 No Guarantee of Labour Market Clearing
7.4 Summary
8 The Classical Labour Supply and Demand Diagram
8.1 The Labour Supply Curve
8.2 The Labour Demand Curve
8.3 A Realistic Labour Supply-Demand Curve
8.4 Summary
9 Dynamics of the Economy: How Labour Demand is Increased
9.1 The Creation of Wants
9.2 Running out of Resources or Work Effort
9.3 Summary
10 Dynamics of the Economy: Growth
10.1 How Economies Grow
10.2 Limits to the Growth of Capabilities
10.3 Will Technology Become Too Expensive?
10.4 Limits to Growth of Knowledge
10.5 Bad Growth
10.6 Summary
11 Dynamics of the Economy: Booms and Slumps
11.1 Recession and Instability
11.2 Economic Cycles and Positive Feedback
11.3 Credit
11.4 Economic Cycles and Maximum Output
11.5 Summary
12 Connecting Economies
12.1 Joining Unequal Economies
12.2 De-Industrialisation
12.3 Everything Everywhere and the Environment
12.4 Summary
13 Environmental Impact of the Market Economy
13.1 Why Do We Do It?
13.2 The Earth is Used for Free
13.3 Internal and External Costs
13.4 Can a Service Economy Save the Environment?
13.5 Can Consumers Protect the Environment?
13.6 The State and the Citizen
13.7 Summary
14 How the Economy Shapes Society
14.1 How the Economy Affects Our Lives as Workers
14.2 How the Economy Affects Our Lives as Consumers
14.3 How the Economy Affects Our Lives as Citizens
14.4 Summary
15 Spending Alone or Together – Private or Public
15.1 The Need for Public Spending
15.2 Public Property and Ownership
15.3 Wealth and Philanthropy
15.4 Summary
16 Market Impact on Communities and their Responsibilities
16.1 When is it Economic to Work, and When Not To?
16.2 Fair Competition
16.3 Summary
17 The Tragedy of the Commons
17.1 The Mechanism and Examples
17.2 Consumer Choice
17.3 The ‘Tragedy’ in a Local Economy
17.4 Summary
18 Theory of Comparative Advantage
18.1 Background of the Theory
18.2 Assumptions and Limitations
18.3 Summary
19 Inequality
19.1 The Value of Hierarchy
19.2 The Value of Liberty
19.3 Economic Effects of Inequality
19.4 Summary
20 Planned Economies
20.1 Problems of Planned Economies
20.2 Strengths of Planned Economies
20.3 Attractiveness of Planned Economies
20.4 Capitalism and Communism Compared
20.5 Summary
21 Long Term Investment and Discounting the Grandchildren
21.1 Maximising Long Term Economic Benefits
21.2 Discounting Technique
21.3 Discounting Bequests or ‘Gifts’
21.4 Discounting Thefts
21.5 Summary
22 The Finance Sector
22.1 Introduction
22.2 The Need for a Finance Sector
22.3 Casino Capitalism
22.4 The Casino and the Public Good
22.5 Summary
23 Inflation and Money Supply
23.1 Causes of Inflation
23.2 Rationing by Price
23.3 Dealing with Inflation
23.4 Summary
24 What We Have Learnt and Where We are Heading
24.1 Overview of the Analysis So Far
24.2 Given the Analysis, Where Are We Heading?
24.3 We Are Not Addressing the Real Threats
24.4 Summary
PART II
PART II: A Fairer and More Sustainable Economy
25 Changing Direction: Introduction
25.1 The Logic
25.2 Policy Overview
25.3 Summary
26 Changing Direction: Livelihoods
26.1 Jobs for All
26.2 Taxation
26.3 Will Taxation Suppress Demand and Reduce Employment?
26.4 Borrowing and Debt
26.5 Invest for the Long Term
26.6 Governments with Economic Responsibility Need Economic Control
26.7 Summary
27 Changing Direction: Reducing Environmental Impact and Protecting the Natural World
27.1 Introduction
27.2 Limit Consumption
27.3 Manage Population
27.4 Protecting Nature
27.5 Summary
28 Changing Direction: The Politics
28.1 Introduction
28.2 Multiple Challenges
28.3 Education
28.4 Participation
28.5 Co-Benefits as Motivators
28.6 A Future Beyond Consumerism
28.7 Summary
29 Stop the World – Let Me Off
29.1 The Curse of Knowledge
29.2 Just Slow Down?
29.3 Doing Our Best: Regulate and Set a Direction
29.4 A Shared Set of Values
29.5 An Economy that Serves Humanity, Not One Served By It
29.6 To Conclude
End Notes
Summary of the Book’s Main Argument
Further Reading
Bibliography
Index