Author Description

The most important new features in this book are: •The content of «Economics today» is not simply theory but is of great importance in apractical world. For illustration, a number of well-known personalities were interviewed who make use of the knowledge from the corresponding chapter in their practical work. •Chapter 15 «Exchange rates and exchange rate systems» has been completely revised. •More weight has been placed on the importance of property rights in this new edition, with a separate sub-chapter. •A new chapter has been dedicated to the importance of entrepreneurship as a basis for the success of a market economy, thereby underlining an increase in its significance. •In view of the recent events, a new chapter regarding financial markets and bank crises has been added. A new digression should also ensure a better understanding of the financial market. •Games theoryis also becoming an increasingly necessary component of any economics textbook. A digression therefore provides an initial insight into Game Theory. The graphs and tables have, of course, also been brought up to the latest standards and many small changes and updates have been carried out in the text.