PREFACE

As any teacher or student of economics well knows, the vitality of the subject depends largely upon a continual synthesis of theory with observa­tion, and observation with theory.

Our hope is that this 12th edition of Applied Economics will take the reader some distance along this route, by combining information with analysis over 30 separate topic areas. The book also examines in detail the major economic issues arising within each topic area. The focus of Applied Economics is increasingly global, with extensive reference made throughout not only to the experiences of the UK, but also to those of other advanced industrialized and emerging economies, helping the reader place any observations on the UK in a broader international context.

Each chapter concentrates on a particular topic area and begins with a synopsis, setting out the issues to be investigated, and ends with a conclusion, reviewing the major findings. The largely self­contained nature of each chapter gives the book a useful degree of flexibility. For instance, chapters can be read selectively, in any order appropriate to the reader’s interest or to the stage reached in a pro­gramme of study. This may be helpful to the reader as courses rarely follow the same sequence of topics. On the other hand, the topics have been arranged with an element of progression, so that the reader may begin at Chapter 1 and read the following chap­ters, arranged in four separate ‘parts’, consecutively. The book then takes the form of a ‘course’ in applied economics.

Applied Economics is designed for undergraduate and postgraduate students taking degree courses in economics, the social sciences, business studies and management, and for those taking professional and postgraduate courses with an economic content.

We are indebted to many individuals for help dur­ing the course of this project, not least the help of so many library staff at Anglia Ruskin University, crucial to our exploring the wide range of journal and on-line sources of data and information captured by this book. We would also like to thank Professor Dr Dieter Lange, Head Central and Eastern Europe, CapGemini and Visiting Professor to Ashcroft Inter­national Business School, for much helpful advice on contemporary corporate strategic initiatives incor­porated into various chapters. The major debt is, however, clearly owed to those who contributed the various chapters, and this is acknowledged more fully at the end of the book. Finally, for patience and forbearance during many months of absence from normal family activities, our thanks go to Sylvia and Eleanor. Of course any errors and omissions are entirely our responsibility.

We were delighted that the first 11 editions of Applied Economics were so well received by teachers and students across a wide range of courses. Our intention is to keep the book at the forefront of economic debate and events. Accordingly, in this twelfth edition we have thoroughly updated all the data and empirical material and added new economic analysis where appropriate. In addition we have incorporated five new chapters, capturing key con­temporary areas of debate, namely Chapter 9 ‘Beyond markets: critical approaches to microeconomics’, Chapter 12 ‘Health economics’, Chapter 15 ‘Corporate social and ethical responsibility’, Chapter 28 ‘The BRIC economies’ and Chapter 30 ‘Managing the global economy: post ‘credit crunch’.

You can find a variety of self-check questions on each chapter and further up-to-date information and data on the Companion Website to this book at www.pearsoned.co.uk/griffithswall.

Alan Griffiths, Stuart Wall Cambridge 2011