- •Друзь ю.М., KoпитькoT.В., Лобановa в.А.,
- •Unit 1. What is economics?
- •Lead-in
- •Text a: What is Economics? Active Vocabulary
- •Vocabulary focus
- •Language skills
- •Writing
- •Discussion points
- •Text b: what economics isn't
- •Text c: Micro, Macro and Fantasy Economics
- •Business communication
- •Introductions How to Say Hello
- •If you're determined not to be caught cardless again, here are some tips to help you remember:
- •Grammar present tenses
- •The present simple tense
- •The present continuous tense
- •The present simple versus the present continuous
- •Unit 2. Factors of production
- •Lead-in
- •Text a: factors of production Active Vocabulary
- •Natural resources – land and mineral deposits
- •Human resources – labour
- •Information as a factor of production
- •Vocabulary focus
- •Language skills
- •Writing
- •Text b:entrepreneurship
- •Text c:Factors of Production for an Innovation Economy
- •Business communication
- •In the office
- •Grammar the present perfect tense
- •The present perfect continuous tense
- •The present continuous versus the present perfect continuous
- •The present perfect versus the present perfect contnuous
- •Present tenses review
- •Unit 3.Types of economic systems
- •Lead-in
- •Text a: types of economic systems
- •Active Vocabulary
- •Vocabulary focus
- •Language skills
- •Writing
- •Discussion points
- •Text b:command economy
- •Text c: the good (and bad) model guide
- •Business communication
- •Grammar exercises
- •Past tenses
- •The past simple tense
- •The past continuous
- •The past simple versus the past continuous
- •The past simple versus the present perfect
- •Unit 4. Demand and supply
- •Lead-in
- •Text a: demand and supply
- •Vocabulary focus
- •Language skills
- •Writing
- •Discussion points
- •Text b. The role of prices
- •Text c: two factors that affect labour supply and demand
- •Business communication
- •Making an appointment
- •Ex.5. Read and study useful phrases.
- •Serge: Hi, Ann. It’s Serge. I’m calling to make an appointment for LeeAnn. She wants to meet Miles next week sometime.
- •A: Good morning. Dr. Brown's office. __________?
- •Grammar
- •Past perfect
- •Past perfect continuous
- •Past Continuous or Past Perfect Continuous?
- •Past Simple, Past Perfect or Past Perfect Continuous?
- •Past tenses review
- •Unit 5. Free-enterprise system
- •Lead-in
- •Text a: what is free enterprise?
- •Vocabulary focus
- •Language skills
- •Writing
- •Discussion points
- •Text b: role of government in a free-enterprise economy
- •Text c: invisible hand
- •Business communication
- •At the airport
- •Look at the picture. What do you think the phrase Live out of a suitcase mean?
- •Going through Customs.
- •2) Role- play the situations in the airport using the vocabulary of the lesson.
- •Grammar
- •Future tenses
- •The future simple tense
- •The future simple versus the present simple
- •The future simple versus be going to
- •Be going to versus the present continuous
- •The future continuous tense
- •The future continuous versus the future simple
- •The future perfect versus the future perfect continuous
- •Future tenses review
- •The imperative mood
- •Unit 6. Forms of business organisations
- •Lead-in
- •Text a: forms of business organisations
- •Active Vocabulary
- •Vocabulary focus
- •Language skills
- •Writing
- •Discussion points
- •Text b: nonprofit organisations
- •Text c: franchising
- •Business communication
- •At the hotel
- •In pairs read the following situations.
- •2). Choose the correct options to the questions.
- •Grammar
- •ArticleS
- •IntoEnglish.
- •Unit 7. Money
- •Lead-in
- •Text a: money and its role in the economy
- •Active Vocabulary
- •Money is a medium of exchange
- •Money is a measure of value or a unit of account
- •Money is a store of value
- •Money is a means of liquidity
- •Vocabulary focus
- •Language skills
- •Discussion points
- •Text b: a glimpse of the american, british and euro
- •Text c: a barter way of doing business
- •Business communication
- •On the phone
- •Inquiring about the telephone number
- •If you answer the phone and offer your help, you can say:
- •Useful Language Box
- •Grammar
- •Determiners
- •Numerals
- •Unit 8. Taxes
- •Lead-in
- •Text a: taxes
- •Active Vocabulary
- •Purposes of Taxation
- •Vocabulary focus
- •Language skills
- •Writing
- •Discussion points
- •Text b: taxation in the uk
- •Text c: taxes are good
- •Business communication
- •In company
- •Grammar
- •Pronouns
- •Adjective and adverb
- •Very, too, far, much, a lot, rather, a bit, a little, any, by far, quite, nearly, almost
- •Test yuorself
- •Test 1
- •Test 2
- •Test 3
- •Test 4
- •Test 5
- •Test 6
- •Test 7
- •Test 8
- •Test 9
- •Test 11
- •Test 12
- •Test 13
- •Test 14
- •Test 15
- •Граматичний довідник дієслово the verb
- •Дієслова to be і to have.
- •Часи дієслова
- •Група теперішніх часів Утворення стверджувальних, заперечних та питальних форм
- •Правила написання дієслівних форм
- •Типи питальних речень
- •Загальна таблиця випадків використання
- •Не мають форми тривалого часу дієслова, що виражають
- •Група минулих часів Утворення стверджувальних, заперечних та питальних форм
- •Типи питальних речень
- •Випадки вживання минулих часів
- •Група майбутніх часів Утворення стверджувальних, заперечних та питальних форм
- •Типи питальних речень
- •Випадки вживання майбутніх часів
- •Інші способи вираження майбутнього часу
- •Наказовий спосіб
- •Іменник thenoun
- •Число іменників
- •Деякі іменники мають особливі форми у множині:
- •Утворення множини іменників
- •Класифікація іменників за ознакою обчислювані/необчислювані
- •Випадки переходу необчислюваних іменників у обчислювані
- •Іменники, які узгоджуються із дієсловом в однині
- •Іменники, які узгоджуються із дієсловом у множині
- •Рід іменників
- •Рід іменників в англійській мові
- •Відмінки іменників
- •Відмінок іменника. Форми та особливості вживання присвійного відмінку
- •Форми присвійного відмінку
- •Особливості вживання присвійного відмінку
- •Вживання іменників - назв неістот у присвійному відмінку
- •Іменники у функції означення
- •Артикль
- •Вживання неозначеного артикля.
- •Вживання неозначеного артикля a/an (тільки із обчислюваними іменниками в однині)
- •A/anабо one
- •Артиклі з деякими необчислюваними іменниками
- •Вживання означеного артикля
- •Вживання означеного артикля the
- •Вживання нульового артикля (відсутність артикля)
- •Детермінанти
- •Присвійні прикметники і займенники
- •Присвійні прикметники
- •Присвійні займенники
- •Вказівніслова
- •Кількісніслова
- •Some/any/no
- •Many/much/a lot (lots) of/ (a) few/ (a) little
- •All (of)/most (of)/both (of)/ none (of)
- •Every/each
- •Another/the other/other
- •Either/neither (of)
- •Числівники
- •Займенник
- •Особові займенники
- •Itабоthere?
- •Неозначено-особовізайменники
- •IndefinitePersonalPronouns
- •Зворотні займенники
- •Прикметник
- •Прислівник
- •Ступені порівняння прикметників
- •Особливі випадки утворення ступенів порівняння прикметників і прислівників
- •Appendices
- •Словотворення Word formation
- •Enjoy your reading
- •I, Pencil My Family Tree as told to Leonard e. Read
- •Innumerable Antecedents
- •Money The History of Money
- •Extract 1
- •Extract 2
- •Extract 3
- •Success story
- •The Financier, by Theodore Dreiser Chapter III
- •The Iron Heel, by JackLondon Chapter 2 Challenges
- •Glossary
- •Internet Resources
- •Contents
Text c: Micro, Macro and Fantasy Economics
Ex.24. Before reading
Can you anticipate what ‘fantasy economics’ is about?
Ex.25. Reading
(1) There are two branches of genuine economics, the micro and the macro, and a third and phoney one, the fantasy economics that feeds on wishful thinking demagogy and the rantings of pretentious charlatans. As micro and macro are tangled up in one of their periodic conflicts of mutual misunderstanding, the hour is to the fantasy economics "new order," "need, not greed," "equitable distribution," "stability," and so forth. None of this rhetoric is harmless, and the seductive apple-pie-and-motherhood language it uses makes it difficult to combat. Micro-economics finds support in common sense, the lessons of everyday life and perhaps also in inherited instincts that favoured genetic survival in evolutionary selection. Micro-economics teaches that no sane man will try to increase his income by borrowing more heavily on his credit card so that his increased consumption should stimulate consumption, fill factory order books, and permit him to earn more by doing overtime. Yet macro-economics suggests that something of the sort is a quite plausible sequence of events. Plausible, however, is sometimes mistaken for necessarily true. "It all depends"; macro-economic plausibility may or may not point to correct conclusions.
(2) When in 2000 France's socialist government reduced the "legal" work week to 35 hours the main plea was that this will spread the available work among more people, i.e. reduce unemployment, which of course it did not. It increased costs and caused much disruption. On the other hand, when in 2008-2009 a large proportion of German employers reduced both the work week and wages, the result was that German unemployment rose significantly less than that in neighbouring countries. Could this be a negation of the French experience? It was nothing of the sort; it was simple that other things were not equal, in one experience labour costs increased, in the other they did not. Micro and macro are fairly unanimous that you do not increase the demand for labour by making it more expensive. Higher unemployment pay has no direct incidence on wage cost, because it is paid out of general tax revenue and leaves unemployment insurance rates (a kind of payroll tax) unchanged. However, wherever the incidence of a higher cost first hits the economy, the indirect incidence will inevitably work through to labour cost, too.
(3) The contemporary quarrel between micro and macro rages around the sustainability of growing government debt, the potential of the fiscal stimulus to induce growth and create jobs, and the risks of unorthodox central banking. In all these areas, the instinctive, micro-oriented "know-nothings" confront the educated Keynesians. The latter keep desperately trying to hammer into the thick skulls of the former the basic blueprint of John Maynard Keynes's system. More government spending (i.e. dissaving) generates income that is greater than the spending itself, with part of the income being consumed and part saved to generate the saving that matches the government dissaving. In Keynesian parlance there is the multiplier effect and it is greater than 1. As long as there is spare capacity (unemployment) in the economy, the government ought to go on spending more, working through the multiplier, because the extra private saving takes care of the government dissaving and the extra consumption is, so to speak, a welcome windfall gain. Timidly refusing to generate it is criminal waste.
(4) Fantasy economics as a study of warfare or at best a bitterly fought football game helps to understand the self-inflicted pain most of Europe is currently suffering in the "crisis" of the euro - a "crisis" that is increasingly looking like a quasi-permanent state of affairs. The euro replaced national currencies in 1999 partly because it was promised to raise economic growth rates "in the region by 5 per cent or more, and partly because it would enable Europe "to look the dollar in the face" or, better still, to become its equal as a global reserve currency. Milton Friedman was convinced that, failing fiscal unification, the euro experiment will collapse in a matter of months. Instead, it is still subsisting, though it has signally failed to fulfil the promises of growth and especially of prestige that had been made for it. It is being maintained by the Herculean efforts of the more solvent of the member states that seem determined to throw good money after bad to save their nearly insolvent fellow members without admitting that at least some of this money can be regarded as already gone down the drain. The mystery is that doing this is unanimously acclaimed as wise, constructive and necessary because it preserves the integrity of the Eurozone. There is ominous talk of "fragilisation" and "contamination" from Greece to Ireland, Ireland to Portugal, Portugal to Spain and so on, ending in some unspecified but catastrophic collapse. Nobody feels the need to ask why such language is the right one to use, and why the "integrity" of the zone and its common currency is so precious as to warrant the most painful economic and political contortions. Heavily loaded metaphors suffice to convince us that Greece, Portugal, Spain or Italy reverting to their own separate currencies would be a bad thing for anyone, let alone (as is being asserted) for everyone.
(5) What is saddening is that it is not solid understanding of micro and macro theory, the depressing history of exchange controls, fixed rates and commodity price stabilisation schemes, not the vacuity of fantasy economics that will preserve us from these hoary panaceas, but rather the sheer unlikelihood of reaching unanimous agreement among sovereign states on anything substantive, however foolish it may be.
Task 1. Discuss how micro and macro are tangled up in conflicts of mutual misunderstanding. (para.1)
Task 2. Explain why higher unemployment pay has no direct incidence on wage cost.(para.2)
Task 3. If something is constructive (para.4), is it
a) involving the use of imagination to produce new ideas or things;
b) useful and helpful, or likely to produce good results;
c) designed for building?
Task 4. What way out of the crisis does the author see? (para.5)
Task 5. What does the author mean by “hoary panaceas”? (para.5) Which of them does he focus on in the above text?