Invitation to economics: understanding argument and policy
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Chichester, West Sussex, U.K.
Wiley-Blackwell
2009
|
| Ausgabe: | 1. publ. |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | Literaturangaben Includes bibliographical references and indexes |
| Beschreibung: | XV, 334 S. graph. Darst. |
| ISBN: | 9781405183581 9781405183932 |
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| 245 | 1 | 0 | |a Invitation to economics |b understanding argument and policy |c Thomas Mayer |
| 250 | |a 1. publ. | ||
| 264 | 1 | |a Chichester, West Sussex, U.K. |b Wiley-Blackwell |c 2009 | |
| 300 | |a XV, 334 S. |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
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| 500 | |a Literaturangaben | ||
| 500 | |a Includes bibliographical references and indexes | ||
| 650 | 7 | |a Economie |2 gtt | |
| 650 | 4 | |a Wirtschaft | |
| 650 | 4 | |a Wirtschaftspolitik | |
| 650 | 4 | |a Economics | |
| 650 | 4 | |a Economists | |
| 650 | 4 | |a Economic policy | |
| 650 | 4 | |a Reasoning | |
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Datensatz im Suchindex
| _version_ | 1804138364093333505 |
|---|---|
| adam_text | Contents
List of Boxes
xi
Preface
xiii
1
Introduction
1
1.1
What This Book Provides
1
1.2
Looking around Corners
4
1.3
Ideological Stance
5
1.4
Economics Embedded in Philosophy and Sociology
7
1.5
My Own Biases
8
1.6
What Is to Come?
9
PART I THE SUBJECT OF ECONOMICS
13
2
What Economists Do
15
2.1
What Economics Encompasses
15
2.2
How Economists Work
18
2.3
Some Characteristics of Economics
32
Appendix
2.1:
Unrealistic Assumptions Can a Good
Theory Make
37
Appendix
2.2:
Is the Stock Market Efficient?
39
3
How Well Do They Do It?
43
3.1
Forecasting
43
3.2
Choosing the Right Policies: The Problem of Value
Judgments
47
3.3
Implementing Economic Policies
51
3.4
Biases
52
viii Contents
3.5
Disagreement among Economists
57
Appendix
3.1:
A Survey of American Academic Economists
Opinions
60
PART II SOME INFRASTRUCTURE
63
4
Beguiling Words
65
4.1
Some Widely Used Terms and Phrases
66
4.2
Some Terms and Phrases Relating to Economics
and Politics
71
5
Important Economic Ideas: Often Misunderstood
84
5.1
Levels versus Rates of Change
84
5.2
Stocks versus Flows
86
5.3
Real versus Nominal
90
5.4
Future versus Current Dollars
91
5.5
The Price Level versus Relative Prices
97
5.6
Stable Prices versus Low Prices
98
5.7
Gross versus Net and Single versus Double Counting
98
5.8
Opportunity Costs versus Monetary Costs
99
5.9
Cost-Benefit Analysis
102
5.10
Wage Rates versus Labor Costs
104
5.11
Capital Goods versus Human Capital
105
5.12
Marginal versus Average Utility
106
5.13
Marginal versus Average Costs
107
5.14
Big Business versus Market Power
108
5.15
Pro-market versus Pro-business
109
6.16
Should and Can versus Will
109
5.17
Comparative versus Absolute Advantage
110
PART III ECONOMIC THEORY AND POLICY
113
6
The Crown Jewel of Economics: The Price Mechanism
115
6.1
An Overview of the Price Mechanism
115
6.2
Equilibrium
118
6.3
Shortages
120
6.4
A Digression: The Equilibrium of the Firm
121
6.5
What Happens in the Absence of a Price Mechanism?
122
6.6
The Dark Side of the Price Mechanism
126
6.7
The Upshot
144
Appendix
6.1:
More on Supply and Demand
147
Contents ix
7
Risk Taking and Incentives
156
7.1
Risk Bearing and
Entrepreneurship
156
7.2
Incentives
159
8
Looking around Corners
175
8.1
Do Easier Bankruptcy Laws Help the Poor?
177
8.2
Should Artists Receive a Share of the Capital Gain
When Their Work Is Resold?
179
8.3
Do We Want Fewer People Exploiting the Poor?
181
8.4
Cut the Gas Tax to Slow the Rise of Soaring Gas Prices?
183
8.5
A Costless Way to Alleviate Destitution in Third World
Countries?
185
8.6
Ban or Fine All Speculators?
187
8.7
Is Limiting Tobacco Advertising an Effective Policy?
191
8.8
Would Importing Pharmaceuticals from Canada
Substantially Lower Drug Prices?
192
8.9
An Efficient and Humane Way to Reduce Cocaine
Production?
193
8.10
Protecting Lives by Requiring Use of Seatbelts?
195
8.11
Do You Really Want Your Bid to Win?
196
8.12
Is Fast Chinese Economic Growth Bad for the
United States?
197
8.13
In Emergencies Should Prices Ration Supply, Thus
Letting the Rich Outbid the Poor?
201
8.14
Is Gaining from Someone s Misfortune a Moral Wrong?
202
8.15
Should Those Close at Hand Have a Special
Responsibility to Alleviate Misery?
204
8.16
Seven Short Ones
205
8.17
On the Other Hand
208
9
Natural Resources and Environmental Economics
210
9.1
Running Out of Privately Owned Natural Resources
210
9.2
The Tragedy of the Commons
215
9.3
Pollution Permits and Taxes on Pollutants
217
9.4
Tail-pipe Pollution
222
9.5
Protecting Endangered Species
223
PART IV LOOKING AT DATA
225
10
Empirical Economics
227
10.1
Role of Empirical Work in Economics
227
χ
Contents
10.2
Types of Empirical
Evidence
228
10.3
What to Watch Out for in Statistics: Some General
Problems
230
Appendix
10.1:
Survey Data
242
Appendix
10.2:
Measuring GDP, Savings Rates, Price Indexes,
Employment, and Poverty
244
11
Some Simple
(?)
Ways of Presenting Data: Percentages,
Figures, and Graphs
252
11.1
Percentages
252
11.2
Figures and Graphs
255
12
Samples and Their Problems
260
12.1
Selecting a Representative Sample
260
12.2
Watching for Inappropriate Samples
261
12.3
The Regression Fallacy: Building a Bias into the Sample
262
12.4
Sample Size and Coincidence
264
12.5
Sampling Error, Confidence Intervals, and Significance
265
12.6
Some Warnings about Significance Tests
268
Appendix
12.1:
The Normal Distribution
269
13
Regressions: The Workhorse of Empirical Economics
272
13.1
The Regression Coefficient
273
13.2
How Well Does the Regression Fit the Data?
275
13.3
What Should You Look at in a Regression?
277
13.4
A Summing Up
279
13.5
Looking the Workhorse in the Mouth
279
13.6
In Conclusion
290
14
The Workhorse in Action: Some Examples of
Empirical Economics
292
14.1
Consumption and Saving
293
14.2
Should You Choose a Large Mutual Fund?
300
14.3
The Slave Trade and African Economic Development
303
14.4
The Effect of Tax Changes on Real GDP
306
Epilogue
311
Index
315
|
| adam_txt |
Contents
List of Boxes
xi
Preface
xiii
1
Introduction
1
1.1
What This Book Provides
1
1.2
Looking around Corners
4
1.3
Ideological Stance
5
1.4
Economics Embedded in Philosophy and Sociology
7
1.5
My Own Biases
8
1.6
What Is to Come?
9
PART I THE SUBJECT OF ECONOMICS
13
2
What Economists Do
15
2.1
What Economics Encompasses
15
2.2
How Economists Work
18
2.3
Some Characteristics of Economics
32
Appendix
2.1:
Unrealistic Assumptions Can a Good
Theory Make
37
Appendix
2.2:
Is the Stock Market Efficient?
39
3
How Well Do They Do It?
43
3.1
Forecasting
43
3.2
Choosing the Right Policies: The Problem of Value
Judgments
47
3.3
Implementing Economic Policies
51
3.4
Biases
52
viii Contents
3.5
Disagreement among Economists
57
Appendix
3.1:
A Survey of American Academic Economists'
Opinions
60
PART II SOME INFRASTRUCTURE
63
4
Beguiling Words
65
4.1
Some Widely Used Terms and Phrases
66
4.2
Some Terms and Phrases Relating to Economics
and Politics
71
5
Important Economic Ideas: Often Misunderstood
84
5.1
Levels versus Rates of Change
84
5.2
Stocks versus Flows
86
5.3
Real versus Nominal
90
5.4
Future versus Current Dollars
91
5.5
The Price Level versus Relative Prices
97
5.6
Stable Prices versus Low Prices
98
5.7
Gross versus Net and Single versus Double Counting
98
5.8
Opportunity Costs versus Monetary Costs
99
5.9
Cost-Benefit Analysis
102
5.10
Wage Rates versus Labor Costs
104
5.11
Capital Goods versus Human Capital
105
5.12
Marginal versus Average Utility
106
5.13
Marginal versus Average Costs
107
5.14
Big Business versus Market Power
108
5.15
Pro-market versus Pro-business
109
6.16
"Should" and "Can" versus "Will"
109
5.17
Comparative versus Absolute Advantage
110
PART III ECONOMIC THEORY AND POLICY
113
6
The Crown Jewel of Economics: The Price Mechanism
115
6.1
An Overview of the Price Mechanism
115
6.2
Equilibrium
118
6.3
Shortages
120
6.4
A Digression: The Equilibrium of the Firm
121
6.5
What Happens in the Absence of a Price Mechanism?
122
6.6
The Dark Side of the Price Mechanism
126
6.7
The Upshot
144
Appendix
6.1:
More on Supply and Demand
147
Contents ix
7
Risk Taking and Incentives
156
7.1
Risk Bearing and
Entrepreneurship
156
7.2
Incentives
159
8
Looking around Corners
175
8.1
Do Easier Bankruptcy Laws Help the Poor?
177
8.2
Should Artists Receive a Share of the Capital Gain
When Their Work Is Resold?
179
8.3
Do We Want Fewer People Exploiting the Poor?
181
8.4
Cut the Gas Tax to Slow the Rise of Soaring Gas Prices?
183
8.5
A Costless Way to Alleviate Destitution in Third World
Countries?
185
8.6
Ban or Fine All Speculators?
187
8.7
Is Limiting Tobacco Advertising an Effective Policy?
191
8.8
Would Importing Pharmaceuticals from Canada
Substantially Lower Drug Prices?
192
8.9
An Efficient and Humane Way to Reduce Cocaine
Production?
193
8.10
Protecting Lives by Requiring Use of Seatbelts?
195
8.11
Do You Really Want Your Bid to Win?
196
8.12
Is Fast Chinese Economic Growth Bad for the
United States?
197
8.13
In Emergencies Should Prices Ration Supply, Thus
Letting the Rich Outbid the Poor?
201
8.14
Is Gaining from Someone's Misfortune a Moral Wrong?
202
8.15
Should Those Close at Hand Have a Special
Responsibility to Alleviate Misery?
204
8.16
Seven Short Ones
205
8.17
On the Other Hand
208
9
Natural Resources and Environmental Economics
210
9.1
Running Out of Privately Owned Natural Resources
210
9.2
The Tragedy of the Commons
215
9.3
Pollution Permits and Taxes on Pollutants
217
9.4
Tail-pipe Pollution
222
9.5
Protecting Endangered Species
223
PART IV LOOKING AT DATA
225
10
Empirical Economics
227
10.1
Role of Empirical Work in Economics
227
χ
Contents
10.2
Types of Empirical
Evidence
228
10.3
What to Watch Out for in Statistics: Some General
Problems
230
Appendix
10.1:
Survey Data
242
Appendix
10.2:
Measuring GDP, Savings Rates, Price Indexes,
Employment, and Poverty
244
11
Some Simple
(?)
Ways of Presenting Data: Percentages,
Figures, and Graphs
252
11.1
Percentages
252
11.2
Figures and Graphs
255
12
Samples and Their Problems
260
12.1
Selecting a Representative Sample
260
12.2
Watching for Inappropriate Samples
261
12.3
The Regression Fallacy: Building a Bias into the Sample
262
12.4
Sample Size and Coincidence
264
12.5
Sampling Error, Confidence Intervals, and Significance
265
12.6
Some Warnings about Significance Tests
268
Appendix
12.1:
The Normal Distribution
269
13
Regressions: The Workhorse of Empirical Economics
272
13.1
The Regression Coefficient
273
13.2
How Well Does the Regression Fit the Data?
275
13.3
What Should You Look at in a Regression?
277
13.4
A Summing Up
279
13.5
Looking the Workhorse in the Mouth
279
13.6
In Conclusion
290
14
The Workhorse in Action: Some Examples of
Empirical Economics
292
14.1
Consumption and Saving
293
14.2
Should You Choose a Large Mutual Fund?
300
14.3
The Slave Trade and African Economic Development
303
14.4
The Effect of Tax Changes on Real GDP
306
Epilogue
311
Index
315 |
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| index_date | 2024-07-02T23:00:24Z |
| indexdate | 2024-07-09T21:27:01Z |
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| publisher | Wiley-Blackwell |
| record_format | marc |
| spelling | Mayer, Thomas 1927- Verfasser (DE-588)119302284 aut Invitation to economics understanding argument and policy Thomas Mayer 1. publ. Chichester, West Sussex, U.K. Wiley-Blackwell 2009 XV, 334 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Literaturangaben Includes bibliographical references and indexes Economie gtt Wirtschaft Wirtschaftspolitik Economics Economists Economic policy Reasoning Critical thinking Wirtschaftstheorie (DE-588)4079351-5 gnd rswk-swf Wirtschaftspolitik (DE-588)4066493-4 gnd rswk-swf (DE-588)4151278-9 Einführung gnd-content Wirtschaftstheorie (DE-588)4079351-5 s Wirtschaftspolitik (DE-588)4066493-4 s DE-604 Digitalisierung UB Bayreuth application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016994274&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Mayer, Thomas 1927- Invitation to economics understanding argument and policy Economie gtt Wirtschaft Wirtschaftspolitik Economics Economists Economic policy Reasoning Critical thinking Wirtschaftstheorie (DE-588)4079351-5 gnd Wirtschaftspolitik (DE-588)4066493-4 gnd |
| subject_GND | (DE-588)4079351-5 (DE-588)4066493-4 (DE-588)4151278-9 |
| title | Invitation to economics understanding argument and policy |
| title_auth | Invitation to economics understanding argument and policy |
| title_exact_search | Invitation to economics understanding argument and policy |
| title_exact_search_txtP | Invitation to economics understanding argument and policy |
| title_full | Invitation to economics understanding argument and policy Thomas Mayer |
| title_fullStr | Invitation to economics understanding argument and policy Thomas Mayer |
| title_full_unstemmed | Invitation to economics understanding argument and policy Thomas Mayer |
| title_short | Invitation to economics |
| title_sort | invitation to economics understanding argument and policy |
| title_sub | understanding argument and policy |
| topic | Economie gtt Wirtschaft Wirtschaftspolitik Economics Economists Economic policy Reasoning Critical thinking Wirtschaftstheorie (DE-588)4079351-5 gnd Wirtschaftspolitik (DE-588)4066493-4 gnd |
| topic_facet | Economie Wirtschaft Wirtschaftspolitik Economics Economists Economic policy Reasoning Critical thinking Wirtschaftstheorie Einführung |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016994274&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT mayerthomas invitationtoeconomicsunderstandingargumentandpolicy |