Foundations of economics:
Saved in:
| Main Authors: | , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Boston, Mass. [u.a.]
Addison-Wesley
2011
|
| Edition: | 5. ed., internat. ed. |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Item Description: | Includes bibliographical references and index |
| Physical Description: | getr. Zählung Ill., graph. Darst., Kt. 29 cm |
| ISBN: | 0132547090 9780132547093 |
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MARC
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| 100 | 1 | |a Bade, Robin |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Foundations of economics |c Robin Bade ; Michael Parkin |
| 250 | |a 5. ed., internat. ed. | ||
| 264 | 1 | |a Boston, Mass. [u.a.] |b Addison-Wesley |c 2011 | |
| 300 | |a getr. Zählung |b Ill., graph. Darst., Kt. |c 29 cm | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 500 | |a Includes bibliographical references and index | ||
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Record in the Search Index
| _version_ | 1804143835653079040 |
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| adam_text | IMAGE 1
FOUNDATIONS OF
ROBIN BADE
MICHAEL PARKIN UNIVERSITY OF WESTERN ONTARIO
FIFTH EDITION
ADDISON-WESLEY
BOSTON COLUMBUS INDIANAPOLIS NEW YORK SAN FRANCISCO UPPER SADDLE RIVER
AMSTERDAM CAPE TOWN DUBAI LONDON MADRID MILAN MUNICH PARIS MONTREAL
TORONTO DELHI MEXICO CITY SAO PAULO SYDNEY HONG KONG SEOUL SINGAPORE
TAIPEI TOKYO
IMAGE 2
PART 1 INTRODUCTION
1 GETTING STARTED, 1
2 THE U.S. AND GLOBAL ECONOMIES, 33 3 THE ECONOMIC PROBLEM, 61 4 DEMAND
AND SUPPLY, 83
PART 2 A CLOSER LOOK AT MARKETS 5 ELASTICITIES OF DEMAND AND SUPPLY, 113
6 EFFICIENCY AND FAIRNESS OF MARKETS, 139
PART 3 HOW GOVERNMENTS INFLUENCE THE ECONOMY 7 GOVERNMENT ACTIONS IN
MARKETS, 169 8 TAXES, 191
9 GLOBAL MARKETS IN ACTION, 215 10 PUBLIC GOODS AND PUBLIC CHOICES, 243
11 EXTERNALITIES AND THE ENVIRONMENT, 269
PART 4 , A CLOSER LOOK AT DECISION MAKERS 12 CONSUMER CHOICE AND DEMAND,
291 13 PRODUCTION AND COST, 319
PART 5 PRICES, PROFITS, AND INDUSTRY PERFORMANCE 14 PERFECT COMPETITION,
347 15 MONOPOLY, 375
16 MONOPOLISTIC COMPETITION, 407 17 OLIGOPOLY, 431
PART 6 INCOMES AND INEQUALITY 18 MARKETS FOR FACTORS OF PRODUCTION, 459
19 INEQUALITY AND POVERTY, 483
IMAGE 3
VI CONTENTS
PART 7 MONITORING THE MACROECONOMY
20 GDP: A MEASURE OF TOTAL PRODUCTION AND INCOME, 509 21 JOBS AND
UNEMPLOYMENT, 539 22 THE CPI AND THE COST OF LIVING, 563
PART 8 THE REAL ECONOMY 23 POTENTIAL GDP AND THE NATURAL UNEMPLOYMENT
RATE 587 24 ECONOMIC GROWTH 611
25 FINANCE, SAVING, AND INVESTMENT, 637
PART 9 THE MONEY ECONOMY 26 THE MONETARY SYSTEM, 663 27 MONEY, INTEREST,
AND INFLATION, 693
PART 10 ECONOMIC FLUCTUATIONS 28 AGGREGATE SUPPLY AND AGGREGATE DEMAND,
721 29 AGGREGATE EXPENDITURE MULTIPLIER, 747 30 THE SHORT-RUN POLICY
TRADEOFF, 773
PART 11 MACROECONOMIC POLICY 31 FISCAL POLICY, 795 32 MONETARY POLICY,
821 33 INTERNATIONAL FINANCE, 849
GLOSSARY G-1 INDEX 1-1 CREDITS C-1
IMAGE 4
CONTENTS
1.1
1.2
PART 1 INTRODUCTION * -
CHAPTER 1 GETTING STARTED I
CHAPTER CHECKLIST 1
DEFINITION AND QUESTIONS 2 SCARCITY, 2 ECONOMICS DEFINED, 3 WHAT, HOW,
AND FOR WHOM? 3 WHEN IS THE PURSUIT OF SELF-INTEREST IN THE
SOCIAL INTEREST? 4 CHECKPOINT 1.1 9 THE ECONOMIC WAY OF THINKING 10 CORE
ECONOMIC IDEAS, 10
RATIONAL CHOICE, 10 COST: WHAT YOU MUST GIVE UP, 11 BENEFIT: GAIN
MEASURED BY WHAT YOU ARE WILLING TO GIVE UP, 11
ON THE MARGIN, 12 RESPONDING TO INCENTIVES, 13 THE MICRO AND MACRO VIEWS
OF THE WORLD, 14 ECONOMICS AS SOCIAL SCIENCE,! 15
ECONOMICS AS POLICY TOOL, 16 CHECKPOINT 1.2 18
CHAPTER SUMMARY 19
CHAPTER CHECKPOINT 20
APPENDIX: M A K I NG A ND U S I NG G R A P HS 23
BASIC IDEA, 23 INTERPRETING DATA GRAPHS, 24 INTERPRETING GRAPHS USED IN
ECONOMIC MODELS, 26
THE SLOPE OF A RELATIONSHIP, 29 RELATIONSHIPS AMONG MORE THAN TWO
VARIABLES, 30 APPENDIX CHECKPOINT 32
* EYE ON WALL STREET DID GREEDY WALL STREET BANKERS CAUSE THE GLOBAL
SLUMP? 14
* EYE ON THE PAST ADAM SMITH AND THE BIRTH OF ECONOMICS AS A SOCIAL
SCIENCE, 17
2.1
2.2
CHAPTER 2 THE U.S. AND GLOBAL ECONOMIES 33
CHAPTER CHECKLIST 33
WHAT, HOW, AND FOR WHOM? 34 WHAT DO WE PRODUCE? 34 HOW DO WE PRODUCE? 36
FOR WHOM DO WE PRODUCE? 39
CHECKPOINT 2.1 40
THE GLOBAL ECONOMY 41 THE PEOPLE, 41 THE COUNTRIES, 41 WHAT IN THE
GLOBAL ECONOMY? 42 HOW IN THE GLOBAL ECONOMY? 44
FOR WHOM IN THE GLOBAL ECONOMY?
CHECKPOINT 2.2 47
45
2.3 THE CIRCULAR FLOWS 48 HOUSEHOLDS AND FIRMS, 48 MARKETS, 48 REAL
FLOWS AND MONEY FLOWS, 48
GOVERNMENTS, 50 GOVERNMENTS IN THE CIRCULAR FLOW, 51 FEDERAL GOVERNMENT
EXPENDITURES AND REVENUE, 52 STATE AND LOCAL GOVERNMENT EXPENDITURES AND
REVENUE, 53 CIRCULAR FLOWS IN THE GLOBAL ECONOMY, 54 CHECKPOINT 2.3 56
CHAPTER SUMMARY 57
CHAPTER CHECKPOINT 58
B EYE ON T HE U.S. ECONOMY WHAT WE PRODUCE , 35
M EYE ON T HE PAST CHANGES IN WHAT WE PRODUCE, 36
0 EYE ON THE U.S. ECONOMY CHANGES IN HOW WE PRODUCE IN THE INFORMATION
ECONOMY, 38
VII
IMAGE 5
VIII
CONTENTS
* EYE ON THE IPHONE WHO MAKES THE IPHONE? 44 * EYE ON YOUR LIFE
THE U.S. AND GLOBAL ECONOMIES IN YOUR LIFE, * EYE ON THE PAST GROWING
GOVERNMENT, 54 * EYE ON THE GLOBAL ECONOMY THE 2009 SLUMP IN
INTERNATIONAL TRADE, 56
CHAPTER 3
THE ECONOMIC PROBLEM 6I
CHAPTER CHECKLIST 61
3.1 PRODUCTION POSSIBILITIES 62 PRODUCTION POSSIBILITIES FRONTIER, 62
CHECKPOINT 3.1 67
3.2
3.3
3.4
47
OPPORTUNITY COST 68 THE OPPORTUNITY COST OF A CELL PHONE, 68 OPPORTUNITY
COST AND THE SLOPE OF THE PPF, 69 OPPORTUNITY COST IS A RATIO, 69
INCREASING OPPORTUNITY COSTS ARE EVERYWHERE, 70 YOUR INCREASING
OPPORTUNITY COST, 70
CHECKPOINT 3.2 72
ECONOMIC GROWTH 73
CHECKPOINT 3.3 74
SPECIALIZATION AND TRADE 75 COMPARATIVE ADVANTAGE, 75 ACHIEVING GAINS
FROM TRADE) 76
CHECKPOINT 3.4 78
CHAPTER SUMMARY 79
CHAPTER CHECKPOINT 80
* EYE ON YOUR LIFE YOUR PRODUCTION POSSIBILITIES FRONTIER, 66 * EYE ON
THE ENVIRONMENT IS WIND POWER FREE? 70
* EYE ON THE U.S. ECONOMY GUNS VERSUS BUTTER, 71 * EYE ON THE GLOBAL
ECONOMY HONG KONG S RAPID ECONOMIC GROWTH, 74
M EYE ON YOUR LIFE YOUR COMPARATIVE ADVANTAGE, 77
CHAPTER *§
DEMAND AND SUPPLY 83
CHAPTER CHECKLIST 83
COMPETITIVE MARKETS 84
4.1 DEMAND 85 THE LAW OF DEMAND, 85 DEMAND SCHEDULE AND DEMAND CURVE, 85
INDIVIDUAL DEMAND AND MARKET DEMAND, 87 CHANGES IN DEMAND, 88
CHANGE IN QUANTITY DEMANDED VERSUS CHANGE IN DEMAND, 90 CHECKPOINT 4.1
91
4.2 SUPPLY 92 THE LAW OF SUPPLY, 92 SUPPLY SCHEDULE AND SUPPLY CURVE, 92
INDIVIDUAL SUPPLY AND MARKET SUPPLY, 94 CHANGES IN SUPPLY, 95 CHANGE IN
QUANTITY SUPPLIED VERSUS CHANGE IN
SUPPLY, 97 CHECKPOINT 4.2 98
4.3 MARKET EQUILIBRIUM 99 PRICE: A MARKET S AUTOMATIC REGULATOR, 99
PREDICTING PRICE CHANGES: THREE QUESTIONS, 100 EFFECTS OF CHANGES IN
DEMAND, 101 EFFECTS OF CHANGES IN SUPPLY, 102 CHANGES IN BOTH DEMAND AND
SUPPLY, 104
CHECKPOINT 4.3 108
CHAPTER SUMMARY 109
CHAPTER CHECKPOINT 110
* EYE ON THE U.S. ECONOMY THE U.S. MARKET FOR AUTOMOBILES IN 2008 AND
2009, 103
* EYE ON THE GLOBAL ECONOMY THE GLOBAL MARKET FOR WHEAT IN 2008, 103 *
EYE ON YOUR LIFE USING DEMAND AND SUPPLY, 105
* EYE ON HOME PRICES WHY DID HOME PRICES BOOM AND BUST? 106
IMAGE 6
CONTENTS
5.1
PART 2 A CLOSER LOOK AT MARKETS
CHAPTER 5 ELASTICITIES OF
DEMAND AND SUPPLY 113 CHAPTER CHECKLIST 113
114
115
THE PRICE ELASTICITY OF DEMAND PERCENTAGE CHANGE IN PRICE, 114
PERCENTAGE CHANGE IN QUANTITY DEMANDED, ELASTIC AND INELASTIC DEMAND,
116
INFLUENCES ON THE PRICE ELASTICITY OF DEMAND, 116 COMPUTING THE PRICE
ELASTICITY OF DEMAND, 118 INTERPRETING THE PRICE ELASTICITY OF DEMAND
NUMBER, 119
ELASTICITY ALONG A LINEAR DEMAND CURVE, 120 TOTAL REVENUE AND THE PRICE
ELASTICITY OF DEMAND, 122 APPLICATIONS OF THE PRICE ELASTICITY OF
DEMAND, 124
CHECKPOINT 5.1 125
5.2 THE PRICE ELASTICITY OF SUPPLY 126 ELASTIC AND INELASTIC SUPPLY, 126
INFLUENCES ON THE PRICE ELASTICITY OF SUPPLY, 126 COMPUTING THE PRICE
ELASTICITY OF SUPPLY, 128
CHECKPOINT 5.2 130
5.3 CROSS ELASTICITY AND INCOME ELASTICITY 131 CROSS ELASTICITY OF
DEMAND, 131 INCOME ELASTICITY OF DEMAND, 132 CHECKPOINT 5.3 134
CHAPTER SUMMARY 135
CHAPTER CHECKPOINT 136
* EYE ON THE GLOBAL ECONOMY PRICE ELASTICITIES OF DEMAND, 121 * EYE ON
THE PRICE OF GAS WHAT DO YOU DO WHEN THE PRICE OF GASOLINE
RISES? 123
* EYE ON YOUR LIFE YOUR PRICE ELASTICITIES OF DEMAND, 133
6.1 140
148
CHAPTER
EFFICIENCY AND FAIRNESS
OF MARKETS 139 CHAPTER CHECKLIST 139
ALLOCATION METHODS AND EFFICIENCY RESOURCE ALLOCATION METHODS, 140 USING
RESOURCES EFFICIENTLY, 143 CHECKPOINT 6.1 147
6.2 VALUE, PRICE, AND CONSUMER SURPLUS DEMAND AND MARGINAL BENEFIT, 148
CONSUMER SURPLUS, 149 CHECKPOINT 6.2 150
6.3 COST, PRICE, AND PRODUCER SURPLUS 151 SUPPLY AND MARGINAL COST, 151
PRODUCER SURPLUS, 152 CHECKPOINT 6.3 153
6.4 ARE MARKETS EFFICIENT? 154 MARGINAL BENEFIT EQUALS MARGINAL COST,
154 TOTAL SURPLUS IS MAXIMIZED, 155 THE INVISIBLE HAND, 155
UNDERPRODUCTION AND OVERPRODUCTION, 157
OBSTACLES TO EFFICIENCY, 158 ALTERNATIVES TO THE MARKET, 159 CHECKPOINT
6.4 160
6.5 ARE MARKETS FAIR? 161 IT S NOT FAIR IF THE RULES AREN T FAIR, 161
IT S NOT FAIR IF THE RESULT ISN T FAIR, 161 COMPROMISE, 163
CHECKPOINT 6.5 164
CHAPTER SUMMARY 165
CHAPTER CHECKPOINT 166
* EYE ON THE U.S. ECONOMY THE INVISIBLE HAND AND E-COMMERCE, 156 * EYE
ON PRICE GOUGING
SHOULD PRICE GOUGING BE ILLEGAL? 162
* EYE ON YOUR LIFE ALLOCATION METHODS, EFFICIENCY AND FAIRNESS, 163
IMAGE 7
CONTENTS
PART 3 HOW GOVERNMENTS INFLUENCE THE ECONOMY
CHAPTER 7 GOVERNMENT ACTIONS
IN MARKETS 169 CHAPTER CHECKLIST 169
7.1 PRICE CEILINGS 170 A RENT CEILING, 170 ARE RENT CEILINGS EFFICIENT?
173 ARE RENT CEILINGS FAIR? 174
IF RENT CEILINGS ARE SO BAD, WHY DO WE HAVE THEM? 174 CHECKPOINT 7.1 175
7.2 PRICE FLOORS 176 THE MINIMUM WAGE, 177 IS THE MINIMUM WAGE
EFFICIENT? 180 IS THE MINIMUM WAGE FAIR? 181 IF THE MINIMUM WAGE IS SO
BAD, WHY DO WE
HAVE IT? 181 CHECKPOINT 7.2 182
7.3 PRICE SUPPORTS IN AGRICULTURE 183 HOW GOVERNMENTS INTERVENE IN
MARKETS FOR FARM PRODUCTS, 183 PRICE SUPPORT: AN ILLUSTRATION, 183
CHECKPOINT 7.3 186
CHAPTER SUMMARY 187
CHAPTER CHECKPOINT 188
* EYE ON THE U.S. ECONOMY THE FEDERAL MINIMUM WAGE, 179 EYE ON PRICE
REGULATION HOW POWERFUL IS THE PRESIDENT S PEN? 181
* EYE ON YOUR LIFE PRICE CEILINGS AND PRICE FLOORS, 185
CHAPTER 8
TAXES 191 CHAPTER CHECKLIST 191
8.1 TAXES ON BUYERS AND SELLERS 192 TAX INCIDENCE, 192 TAXES AND
EFFICIENCY, 193 INCIDENCE, INEFFICIENCY, AND ELASTICITY, 194
INCIDENCE, INEFFICIENCY, AND THE ELASTICITY OF DEMAND, 195
INCIDENCE, INEFFICIENCY, AND THE ELASTICITY OF SUPPLY, 196 CHECKPOINT
8.1 197
8.2 INCOME TAX AND SOCIAL SECURITY TAX 198 THE PERSONAL INCOME TAX, 198
THE EFFECTS OF THE INCOME TAX, 200 THE SOCIAL SECURITY TAX, 204
CHECKPOINT 8.2 207
8.3 FAIRNESS AND THE BIG TRADEOFF 208 THE BENEFITS PRINCIPLE, 208 THE
ABILITY-TO-FAY PRINCIPLE, 208 THE MARRIAGE TAX PROBLEM, 209 THE BIG
TRADEOFF, 210
CHECKPOINT 8.3 210
CHAPTER SUMMARY 211
CHAPTER CHECKPOINT 212
* EYE ON THE U.S. ECONOMY TAXES IN THE UNITED STATES TODAY, 198 D EYE ON
CONGRESS WHO PAYS THE TAXES? 202
11 EYE ON THE PAST THE ORIGINS AND HISTORY OF THE U.S. INCOME TAX, 206
* EYE ON YOUR LIFE TAX FREEDOM DAY, 206
CHAPTER 9
GLOBAL MARKETS IN ACTION 215 CHAPTER CHECKLIST 215
9.1
9.2
HOW GLOBAL MARKETS WORK 216 INTERNATIONAL TRADE TODAY, 216 WHAT DRIVES
INTERNATIONAL TRADE? 216 WHY THE UNITED STATES IMPORTS T-SHIRTS, 218 WHY
THE UNITED STATES EXPORTS AIRPLANES, 219
CHECKPOINT 9.1 220
WINNERS, LOSERS, AND NET GAINS - FROM TRADES 221 GAINS AND LOSSES FROM
IMPORTS, 222 GAINS AND LOSSES FROM EXPORTS, 223
CHECKPOINT 9.2 224
IMAGE 8
CONTENTS XI
9.3 INTERNATIONAL TRADE RESTRICTIONS 225
TARIFFS, 225 IMPORT QUOTAS, 229 OTHER IMPORT BARRIERS, 231 EXPORT
SUBSIDIES, 231
CHECKPOINT 9.3 232
9.4 THE CASE AGAINST PROTECTION 233 THREE TRADITIONAL ARGUMENTS FOR
PROTECTION, 233 - FOUR NEWER ARGUMENTS FOR PROTECTION, 235 WHY IS
INTERNATIONAL TRADE RESTRICTED? 236
CHECKPOINT 9.4 238
CHAPTER SUMMARY 239
CHAPTER CHECKPOINT 240
* EYE ON THE U.S. ECONOMY U.S. EXPORTS AND IMPORTS, 217 B EYE ON
GLOBALIZATION WHO WINS AND WHO LOSES FROM GLOBALIZATION? 221
* EYE ON THE PAST THE HISTORY OF U.S. TARIFFS, 225
* EYE ON YOUR LIFE INTERNATIONAL TRADE, 237
10.3 EDUCATION AND HEALTH-CARE SERVICES PRIVATE BENEFIT, EXTERNAL
BENEFIT, AND SOCIAL BENEFIT, 257 GOVERNMENT ACTIONS IN THE FACE OF
EXTERNAL
BENEFITS, 259 UNDERPROVISION OF HEALTH CARE, 262 CHECKPOINT 10.3 264
CHAPTER SUMMARY 265
CHAPTER CHECKPOINT 266
* EYE ON HEALTH CARE DOES HEALTH CARE NEED FIXING? 262 * EYE ON YOUR
LIFE A STUDENT S FREE-RIDER PROBLEM, 263
CHAPTER 1 1
EXTERNALITIES AND THE ENVIRONMENT 269 CHAPTER CHECKLIST 269
257
11.1 270
CHAPTER
PUBLIC GOODS AND PUBLIC
CHOICES 243 CHAPTER CHECKLIST 243
10.1 CLASSIFYING GOODS AND RESOURCES 244 EXCLUDABLE, 244 RIVAL, 244 A
FOURFOLD CLASSIFICATION, 244
MIXED GOODS, 246 CHECKPOINT 10.1 248
10.2 PUBLIC GOODS AND THE FREE-RIDER PROBLEM 249 THE FREE-RIDER PROBLEM,
249 THE MARGINAL BENEFIT OF A PUBLIC GOOD, 250
THE MARGINAL COST OF A PUBLIC GOOD, 250 THE EFFICIENT QUANTITY OF A
PUBLIC GOOD, 252 PRIVATE PROVISION: UNDERPRODUCTION, 252 PUBLIC
PROVISION: EFFICIENT PRODUCTION, 253
PUBLIC PROVISION: OVERPRODUCTION, 254 WHY GOVERNMENT IS LARGE AND
GROWING, 255 CHECKPOINT 10.2 256
11.2
NEGATIVE EXTERNALITIES: POLLUTION PRIVATE COSTS AND SOCIAL COSTS, 270
PRODUCTION AND POLLUTION: HOW MUCH? 272 PROPERTY RIGHTS, 273
THE COASE THEOREM, 274 GOVERNMENT ACTIONS IN THE FACE OF EXTERNAL COSTS,
275
CHECKPOINT 11.1 279
COMMON RESOURCES 280 THE TRAGEDY OF THE COMMONS, 280 THE EFFICIENT USE
OF THE COMMONS, 282 ACHIEVING AN EFFICIENT OUTCOME, 284
CHECKPOINT 1 1 .2 286
CHAPTER SUMMARY 287
CHAPTER CHECKPOINT 262
D EYE ON CLIMATE CHANGE HOW CAN WE SLOW GLOBAL WARMING? 277 * EYE ON THE
U.S. ECONOMY U.S. AIR POLLUTION TRENDS, 278
* EYE ON YOUR LIFE EXTERNALITIES IN YOUR LIFE, 278 * EYE ON THE PAST THE
COMMONS OF ENGLAND S MIDDLE AGES, 283
IMAGE 9
X II
CONTENTS
PART 4 A CLOSER LOOK AT DECISION MAKERS
CHAPTER 1 2 CONSUMER CHOICE AND DEMAND 291
CHAPTER CHECKLIST 291
12.1 CONSUMPTION POSSIBILITIES 292 THE BUDGET LINE, 292 A CHANGE IN THE
BUDGET, 293 CHANGES IN PRICES, 294 PRICES AND THE SLOPE OF THE BUDGET
LINE, 295
CHECKPOINT 12.1 297
12.2 MARGINAL UTILITY THEORY 298 TOTAL UTILITY, 298 MARGINAL UTILITY,
298 GRAPHING TINA S UTILITY SCHEDULES, 300 MAXIMIZING TOTAL UTILITY, 300
FINDING AN INDIVIDUAL DEMAND CURVE, 302
CHECKPOINT 12.2 304
12.3 EFFICIENCY, PRICE, AND VALUE 305 CONSUMER EFFICIENCY, 305 THE
PARADOX OF VALUE, 305 CHECKPOINT 12.3 308
CHAPTER SUMMARY 309
CHAPTER CHECKPOINT 310
APPENDIX: INDIFFERENCE CURVES 313 AN INDIFFERENCE CURVE, 313, MARGINAL
RATE OF SUBSTITUTION, 314 CONSUMER EQUILIBRIUM, 315
DERIVING THE DEMAND CURVE, 316 APPENDIX CHECKPOINT 318
M EYE ON THE U.S. ECONOMY RELATIVE PRICES ON THE MOVE, 296 M EYE ON THE
PAST JEREMY BENTHAM, WILLIAM STANLEY JEVONS, AND THE
BIRTH OF UTILITY, 299 * EYE ON SONG DOWNLOADS HOW MUCH WOULD YOU PAY FOR
A SONG? 306 * EYE ON YOUR LIFE
DO YOU MAXIMIZE YOUR UTILITY? 308
CHAPTER 1 3 PRODUCTION AND COST 319 CHAPTER CHECKLIST 319
13.1 ECONOMIC COST AND PROFIT 320 THE FIRM S GOAL, 320 ACCOUNTING COST
AND PROFIT, 320 OPPORTUNITY COST, 320 ECONOMIC PROFIT, 321
CHECKPOINT 13.1 323
SHORT RUN AND LONG RUN 324
13.2 SHORT-RUN PRODUCTION 325 TOTAL PRODUCT, 325 MARGINAL PRODUCT, 326
AVERAGE PRODUCT, 328
CHECKPOINT 13.2 330
13.3 SHORT-RUN COST 331 TOTAL COST, 331 MARGINAL COST, 332 AVERAGE COST,
333
WHY THE AVERAGE TOTAL COST CURVE IS U-SHAPED, COST CURVES AND PRODUCT
CURVES, 336 SHIFTS IN THE COST CURVES, 336 CHECKPOINT 13.3 338
13.4 LONG-RUN COST 339 PLANT SIZE AND COST, 339 THE LONG-RUN AVERAGE
COST CURVE, 340
CHECKPOINT 13.4 342
CHAPTER SUMMARY 343
CHAPTER CHECKPOINT 344
* EYE ON YOUR LIFE YOUR AVERAGE AND MARGINAL GRADES, 329 EL EYE ON
RETAILERS COSTS WHICH STORE HAS THE LOWER COSTS: WAL-MART
OR 7-11? 341
335
IMAGE 10
CONTENTS
XIII
PART 5 PRICES, PROFITS, AND INDUSTRY PERFORMANCE
CHAPTER 1 4 FBCL CHAPTER 1 5
PERFECT COMPETITION CHAPTER CHECKLIST 347 347 MONOPOLY 375
CHAPTER CHECKLIST 375
MARKET TYPES 348 PERFECT COMPETITION, 348 OTHER MARKET TYPES, 348
14.1 A FIRM S PROFIT-MAXIMIZING CHOICES PRICE TAKER, 349 REVENUE
CONCEPTS, 349 PROFIT-MAXIMIZING OUTPUT, 350
MARGINAL ANALYSIS AND THE SUPPLY DECISION, TEMPORARY SHUTDOWN DECISION,
353 THE FIRM S SHORT-RUN SUPPLY CURVE, 354 CHECKPOINT 14.1 356
14.2 OUTPUT, PRICE, AND PROFIT IN THE SHORT RUN 357 MARKET SUPPLY IN THE
SHORT RUN, 357 SHORT-RUN EQUILIBRIUM IN NORMAL TIMES, 358
SHORT-RUN EQUILIBRIUM IN GOOD TIMES, 359 SHORT-RUN EQUILIBRIUM IN BAD
TIMES, 360 CHECKPOINT 14.2 361
14.3 OUTPUT, PRICE, AND PROFIT IN THE LONG RUN 362 ENTRY AND EXIT, 363
CHANGE IN DEMAND, 365 TECHNOLOGICAL CHANGE, 365
IS PERFECT COMPETITION EFFICIENT? 368 IS PERFECT COMPETITION FAIR? 369
CHECKPOINT 14.3 370
CHAPTER SUMMARY 371
CHAPTER CHECKPOINT 372
* EYE ON THE AUTO INDUSTRY WHY DID GM FAIL? 366 0 EYE ON YOUR LIFE THE
PERFECT COMPETITION THAT YOU ENCOUNTER,
349
352
15.1 MONOPOLY AND HOW IT ARISES HOW MONOPOLY ARISES, 376 MONOPOLY
PRICE-SETTING STRATEGIES, CHECKPOINT 15.1 379
376
378
15.2 SINGLE-PRICE MONOPOLY 380 PRICE AND MARGINAL REVENUE, 380 MARGINAL
REVENUE AND ELASTICITY, 381 OUTPUT AND PRICE DECISION, 382
CHECKPOINT 15.2 384
15.3 MONOPOLY AND COMPETITION COMPARED 385 OUTPUT AND PRICE, 385 IS
MONOPOLY EFFICIENT? 386 IS MONOPOLY FAIR? 387
RENT SEEKING, 387 CHECKPOINT 15.3 389
15.4 PRICE DISCRIMINATION 390 PRICE DISCRIMINATION AND CONSUMER SURPLUS,
390 PROFITING BY PRICE DISCRIMINATING, 391 PERFECT PRICE DISCRIMINATION,
392 PRICE DISCRIMINATION AND EFFICIENCY, 394
CHECKPOINT 15.4 395
369
15.5 MONOPOLY REGULATION 396 EFFICIENT REGULATION OF A NATURAL MONOPOLY,
SECOND-BEST REGULATION OF A NATURAL MONOPOLY, 397
CHECKPOINT 15.5 402
CHAPTER SUMMARY 403
CHAPTER CHECKPOINT 404
E3 EYE ON THE U.S. ECONOMY AIRLINE PRICE DISCRIMINATION, 394 M EYE ON
MICROSOFT ARE MICROSOFT S PRICES TOO HIGH? 399
* EYE ON YOUR LIFE MONOPOLY IN YOUR EVERYDAY LIFE, 401
396
IMAGE 11
XIV CONTENTS
[PFT] CHAPTER 1
FES MONOPOLISTIC
CHAPTER CHECKLIST 407
[ P N] CHAPTER
407
17
16.1 WHAT IS MONOPOLISTIC COMPETITION? 408 LARGE NUMBER OF FIRMS, 408
PRODUCT DIFFERENTIATION, 408 V COMPETING ON QUALITY, PRICE, AND
MARKETING, 408
ENTRY AND EXIT, 409 IDENTIFYING MONOPOLISTIC COMPETITION, 409 CHECKPOINT
16.1 413
16.2 OUTPUT AND PRICE DECISIONS 414 THE FIRM S PROFIT-MAXIMIZING
DECISION, 414 PROFIT MAXIMIZING MIGHT BE LOSS MINIMIZING, 415 LONG RUN:
ZERO ECONOMIC PROFIT, 416 MONOPOLISTIC COMPETITION AND PERFECT
COMPETITION, 417 IS MONOPOLISTIC COMPETITION EFFICIENT? 418 CHECKPOINT
16.2 419
16.3 PRODUCT DEVELOPMENT AND MARKETING 420 INNOVATION AND PRODUCT
DEVELOPMENT, 420 ADVERTISING, 421 USING ADVERTISING TO SIGNAL QUALITY,
424 BRAND NAMES, 425
EFFICIENCY OF ADVERTISING AND BRAND NAMES, 425
CHECKPOINT 16.3 426
CHAPTER SUMMARY 427
CHAPTER CHECKPOINT 428
* EYE ON THE U.S. ECONOMY EXAMPLES OF MONOPOLISTIC COMPETITION, * EYE ON
CELL PHONES WHICH CELL PHONE? 421
* EYE ON YOUR LIFE SOME SELLING COSTS YOU PAY, 424
412
431
CHAPTER CHECKLIST 431
17.1 WHAT IS OLIGOPOLY? 432 SMALL NUMBER OF FIRMS, 432 BARRIERS TO
ENTRY, 432 IDENTIFYING OLIGOPOLY, 434
CHECKPOINT 17.1 435
17.2 THE OLIGOPOLIST S DILEMMA 436
MONOPOLY OUTCOME, 436 PERFECT COMPETITION OUTCOME, 437 OTHER POSSIBLE
CARTEL BREAKDOWNS, 437 THE OLIGOPOLY CARTEL DILEMMA, 438
CHECKPOINT 17.2 440
17.3 GAME THEORY 441 WHAT IS A GAME? 441 THE PRISONERS DILEMMA, 441 THE
DUOPOLIST S DILEMMA, 443
ADVERTISING AND RESEARCH GAMES IN OLIGOPOLY, 444 REPEATED GAMES, 446 IS
OLIGOPOLY EFFICIENT? 447 CHECKPOINT 17.3 448
17.4 ANTITRUST LAW 449 THE ANTITRUST LAWS, 449 THREE ANTITRUST POLICY
DEBATES, 449 RECENT ANTITRUST SHOWCASE: THE UNITED STATES VERSUS
MICROSOFT, 451 MERGER RULES, 452 CHECKPOINT 1 7 .4 454
CHAPTER SUMMARY 455
CHAPTER CHECKPOINT 456
* EYE ON THE U.S. ECONOMY EXAMPLES OF OLIGOPOLY, 434 * EYE ON THE GLOBAL
ECONOMY THE OPEC GLOBAL OIL CARTEL, 439
* EYE ON YOUR LIFE A GAME YOU MIGHT PLAY, 446 * EYE ON THE CHIPS DUOPOLY
IS TWO TOO FEW? 447
* EYE ON THE U.S. ECONOMY NO SODA MERGER, 453
IMAGE 12
CONTENTS
PART 6 INCOMES AND INEQUALITY
CHAPTER 1 8 MARKETS FOR FACTORS
OF PRODUCTION 459 CHAPTER CHECKLIST 459
CHAPTER 1 9
INEQUALITY AND POVERTY 483 CHAPTER CHECKLIST 483
THE ANATOMY OF FACTOR MARKETS 460
18.1 THE DEMAND FOR A FACTOR OF PRODUCTION 461 VALUE OF MARGINAL
PRODUCT, 461 A FIRM S DEMAND FOR LABOR, 462 A FIRM S DEMAND FOR LABOR
CURVE, 463 CHANGES IN THE DEMAND FOR LABOR, 464
CHECKPOINT 18.1 465
18.2 LABOR MARKETS 466 THE SUPPLY OF LABOR, 466 INFLUENCES ON THE SUPPLY
OF LABOR, 467 COMPETITIVE LABOR MARKET EQUILIBRIUM, 468
LABOR UNIONS, 470 CHECKPOINT 18.2 472
18.3 CAPITAL AND NATURAL RESOURCE MARKETS 473 CAPITAL MARKETS, 473 LAND
MARKETS, 474 NONRENEWABLE NATURAL RESOURCE MARKETS, 475
CHECKPOINT 18.3 478
CHAPTER SUMMARY 479
CHAPTER CHECKPOINT 480
M EYE ON T HE COACH WHY IS A COACH WORTH $4 MILLION? 469 * EYE ON YOUR
LIFE JOB CHOICE AND INCOME PROSPECTS, 475
* EYE ON THE GLOBAL ECONOMY OIL AND METAL PRICES, 476
19.1 ECONOMIC INEQUALITY IN THE UNITED STATES 484 LORENZ CURVES, 485
INEQUALITY OVER TIME, 486
ECONOMIC MOBILITY, 486 POVERTY, 489 CHECKPOINT 19.1 491
19.2 HOW INEQUALITY AND POVERTY ARISE 492 HUMAN CAPITAL, 492
DISCRIMINATION, 495 FINANCIAL AND PHYSICAL CAPITAL, 496 ENTREPRENEURIAL
ABILITY, 496
PERSONAL AND FAMILY CHARACTERISTICS, 496 CHECKPOINT 19.2 497
19.3 INCOME REDISTRIBUTION 498 HOW GOVERNMENTS REDISTRIBUTE INCOME, 498
THE SCALE OF INCOME REDISTRIBUTION, 499 WHY WE REDISTRIBUTE INCOME, 501
THE MAJOR WELFARE CHALLENGE, 502
CHECKPOINT 19.3 504
CHAPTER SUMMARY 505
CHAPTER CHECKPOINT 506
* EYE ON THE GLOBAL ECONOMY GLOBAL INEQUALITY, 487 0 EYE ON INEQUALITY
WHO ARE THE RICH AND THE POOR? 488 * EYE ON THE U.S. ECONOMY
DOES EDUCATION PAY? 494 * EYE ON THE U.S. ECONOMY SEX AND RACE EARNINGS
DIFFERENCES, 495 * EYE ON YOUR LIFE WHAT YOU PAY AND GAIN THROUGH
REDISTRIBUTION, 503
IMAGE 13
CONTENTS
PART 7 MONITORING THE MACROECONOMY
CHAPTER 20 CHAPTER
GDP: A MEASURE OF TOTAL E=N~FL JOBS AND UNEMPLOYMENT 539
PRODUCTION AND INCOME 509 CHAPTER CHECKLIST 539
CHAPTER CHECKLIST 509
21.1 LABOR MARKET INDICATORS 540
20.1 GDP, INCOME, AND EXPENDITURE 510 CURRENT POPULATION SURVEY,
540 GDP DEFINED, 510 POPULATION SURVEY CRITERIA, 540
CIRCULAR FLOWS IN THE U.S. ECONOMY, 511 T WO M A IN L A B OR M A R K ET
INDICATORS, 541
EXPENDITURE EQUALS INCOME, 512 ALTERNATIVE MEASURES OF UNEMPLOYMENT, 542
CHECKPOINT 20.1 514 CHECKPOINT 21.1 544
20.2 MEASURING U.S. GDP 515 2 1 - 2 LABOR MARKET TRENDS AND FLUCTUATIONS
545 THE EXPENDITURE APPROACH, 515 UNEMPLOYMENT RATE, 545
THE INCOME APPROACH, 517 THE PARTICIPATION RATE, 546
GDP AND RELATED MEASURES OF PRODUCTION ALTERNATIVE MEASURES OF
UNEMPLOYMENT, 548 AND INCOME 519 ^ CLOSER LOOK AT PART-TIME EMPLOYMENT,
549
REAL GDP AND NOMINAL GDP, 520 C H E C K P O I NT 2 12 550
CALCULATING REAL GDP, 520 21.3 UNEMPLOYMENT AND FULL EMPLOYMENT 551
USING THE REAL GDP NUMBERS, 521 SOURCES OF UNEMPLOYMENT, 551
CHECKPOINT 20.2 522 TYPES OF UNEMPLOYMENT, 552
20.3 THE USES AND LIMITATIONS OF REAL GDP 523 FULL EMPLOYMENT, 555 THE
STANDARD OF LIVING OVER TIME, 523 UNEMPLOYMENT AND REAL GDP, 556
TRACKING THE COURSE OF THE BUSINESS CYCLE, 524 CHECKPOINT 21.3 558
THE STANDARD OF LIVING AMONG COUNTRIES, 526 . CHAPTER SUMMARY 559 GOODS
AND SERVICES OMITTED FROM GDP, 527 OTHER INFLUENCES ON THE STANDARD OF
LIVING, 528 CHAPTER CHECKPOINT 560
CHECKPOINT 20.3 530 N E Y E ON THE U.S. ECONOMY
CHAPTER SUMMARY 531 THE CURRENT POPULATION SURVEY, 543
CHAPTER CHECKPOINT 532 ^ TH ^ ^ W T^
UNEMPLOYMENT AROUND THE WORLD, 546
APPENDIX: MEASURING REAL GDP 535 * E Y E ON THE GLOBAL ECONOMY
THE PROBLEM WITH BASE-YEAR PRICES, 535 WOMEN IN THE LABOR FORCE, 547
VALUE PRODUCTION IN THE PRICES OF ADJACENT YEARS, 535 _, . UR . M L L ,
R . J N I N W RN
C -A U, A CT V, I RU C ,/ N EYE ON THE U N EM PLOYED
FIND THE AVERAGE OF TWO PERCENTAGE CHANGES, 536 TT T . , ,_,, . , , * W
HOW LONG DOES IT TAKE TO FIND A NEW JOB? 554
LINK (CHAM) TO THE BASE YEAR, 537 6
APPENDIX CHECKPOINT 538 D E YE ON YOUR LIFE
YOUR LABOR MARKET STATUS AND ACTIVITY, 556
* EYE ON THE U.S. ECONOMY IS A COMPUTER PROGRAM AN INTERMEDIATE GOOD OR
A FINAL GOOD? 516 II EYE ON THE BUSINESS CYCLE
HOW DO WE TRACK THE BOOMS AND BUSTS OF THE BUSINESS CYCLE? 526 * EYE ON
YOUR LIFE MAKING GDP PERSONAL, 528
* EYE ON THE GLOBAL ECONOMY WHICH COUNTRY HAS THE HIGHEST STANDARD OF
LIVING? 529
IMAGE 14
CONTENTS XVII
22.1
CHAPTER 22
THE CPI AND THE COST OF LIVING 563 CHAPTER CHECKLIST 563
THE CONSUMER PRICE INDEX 564 READING THE CPI NUMBERS, 564 CONSTRUCTING
THE CPI, 564 THE CPI MARKET BASKET, 564 THE MONTHLY PRICE SURVEY, 565
CALCULATING THE CPI, 566 MEASURING INFLATION AND DEFLATION, 567
CHECKPOINT 22.1 569
22.2 THE CPI AND OTHER PRICE LEVEL MEASURES 570 SOURCES OF BIAS IN THE
CPI, 570 THE MAGNITUDE OF THE BIAS, 571 TWO CONSEQUENCES OF THE CPI
BIAS, 572
ALTERNATIVE MEASURES OF THE PRICE LEVEL AND INFLATION RATE, 573
CHECKPOINT 22.2 575
22.3 NOMINAL AND REAL VALUES 576 DOLLARS AND CENTS AT DIFFERENT DATES,
576 NOMINAL AND REAL VALUES IN MACROECONOMICS, 577 NOMINAL GDP AND REAL
GDP, 577
NOMINAL WAGE RATE AND REAL WAGE RATE, 578 NOMINAL INTEREST RATE AND REAL
INTEREST RATE, 580 CHECKPOINT 22.3 582
CHAPTER SUMMARY 583
CHAPTER CHECKPOINT 584
* EYE ON THE PAST 700 YEARS OF INFLATION AND DEFLATION, 568 * EYE ON THE
U.S. ECONOMY DEFLATING THE GDP BALLOON, 577
* EYE ON THE PAST THE NOMINAL AND REAL WAGE RATES OF PRESIDENTS OF THE
UNITED STATES, 579 * EYE ON THE VALUE OF MONEY
HOW DO WE MEASURE THE CHANGING VALUE OF MONEY? 580 D EYE ON YOUR LIFE A
STUDENT S CPI, 581
PART 8 THE REAL ECONOMY
CHAPTER POTENTIAL GDP AND THE NATURAL
UNEMPLOYMENT RATE 587 CHAPTER CHECKLIST 587
MACROECONOMIC APPROACHES AND PATHWAYS 588 THE THREE MAIN SCHOOLS OF
THOUGHT, TODAY S CONSENSUS, 589 THE ROAD AHEAD, 590
588
23.1 POTENTIAL GDP 591 THE PRODUCTION FUNCTION, THE LABOR MARKET, 593
CHECKPOINT 23.1 599
592
23.2 THE NATURAL UNEMPLOYMENT RATE 600 JOB SEARCH, 601 JOB RATIONING,
602 CHECKPOINT 23.2 606
CHAPTER SUMMARY 607
CHAPTER CHECKPOINT 608
* EYE ON THE U.S. ECONOMY THE LUCAS WEDGE AND THE OKUN GAP, 590 * EYE ON
THE GLOBAL ECONOMY POTENTIAL GDP IN THE UNITED STATES AND THE
EUROPEAN UNION, 591 * EYE ON U.S. POTENTIAL GDP WHY DO AMERICAN EARN
MORE AND PRODUCE MORE THAN EUROPEANS? 598
* EYE ON THE PAST AVERAGE UNEMPLOYMENT RATES OVER SIX DECADES, 600 D EYE
ON THE GLOBAL ECONOMY UNEMPLOYMENT BENEFITS AND THE NATURAL
UNEMPLOYMENT RATE, 602
* EYE ON THE U.S. ECONOMY THE FEDERAL MINIMUM WAGE, 605 * EYE ON YOUR
LIFE NATURAL UNEMPLOYMENT, 605
IMAGE 15
XVIII CONTENTS
CHAPTER 24
ECONOMIC G R O W TH 6II CHAPTER CHECKLIST 611
24.1 THE BASICS OF ECONOMIC GROWTH 612 CALCULATING GROWTH RATES, 612 THE
MAGIC OF SUSTAINED GROWTH, 613 CHECKPOINT 24.1 615
24.2 THE SOURCES OF ECONOMIC GROWTH 616 QUANTITY OF LABOR, 616 LABOR
PRODUCTIVITY, 616 SOURCES OF GROWTH: A SUMMARY, 618
CHECKPOINT 24.2 620
24.3 THEORIES OF ECONOMIC GROWTH 621 CLASSICAL GROWTH THEORY, 621
NEOCLASSICAL GROWTH THEORY, 623 NEW GROWTH THEORY, 623
ILLUSTRATING THE EFFECTS OF LABOR PRODUCTIVITY GROWTH, 624 CHECKPOINT
24.3 627
24.4 ACHIEVING FASTER GROWTH 628 PRECONDITIONS FOR ECONOMIC GROWTH, 628
POLICIES TO ACHIEVE FASTER GROWTH, 629 HOW MUCH DIFFERENCE CAN POLICY
MAKE? 630
CHECKPOINT 24.4 632
CHAPTER SUMMARY 633
CHAPTER CHECKPOINT 634
M EYE ON T HE PAST HOW FAST HAS REAL GDP PER PERSON GROWN? 614
H EYE ON THE U.S. ECONOMY U.S. LABOR PRODUCTIVITY GROWTH SINCE 1960, 619
* EYE ON YOUR LIFE HOW YOU INFLUENCE AND ARE INFLUENCED BY ECONOMIC
GROWTH, 626
H EYE ON CONVERGENCE AND GAPS WHY ARE SOME NATIONS RICH AND OTHERS POOR?
631
25.1
CHAPTER 25 FINANCE, SAVING, AND INVESTMENT 637
CHAPTER CHECKLIST 637
FINANCIAL INSTITUTIONS AND MARKETS 638 SOME FINANCE DEFINITIONS, 638
MARKETS FOR FINANCIAL CAPITAL, 639 FINANCIAL INSTITUTIONS, 641
INSOLVENCY AND ILLIQUIDITY, 642
INTEREST RATES AND ASSET PRICES, 642 CHECKPOINT 25.1 643
25.2 THE MARKET FOR LOANABLE FUNDS 644 FLOWS IN THE MARKET FOR LOANABLE
FUNDS, 644 THE DEMAND FOR LOANABLE FUNDS, 644 THE SUPPLY OF LOANABLE
FUNDS, 647
EQUILIBRIUM IN THE MARKET FOR LOANABLE FUNDS, 650 CHANGES IN DEMAND AND
SUPPLY, 651 CHECKPOINT 25.2 653
25.3 GOVERNMENT IN LOANABLE FUNDS MARKET 654 A GOVERNMENT BUDGET
SURPLUS, 654 A GOVERNMENT BUDGET DEFICIT, 655 CHECKPOINT 25.3 658
CHAPTER SUMMARY 659
CHAPTER CHECKPOINT 660
* EYE ON FINANCIAL CRISIS WHAT CREATED THE GLOBAL FINANCIAL CRISIS? 652
* EYE ON THE U.S. ECONOMY DID THE RESCUE PLAN CROWD OUT INVESTMENT? 656
* EYE ON YOUR LIFE YOUR PARTICIPATION IN THE LOANABLE FUNDS MARKET, 657
IMAGE 16
CONTENTS
X IX
PART 9 THE MONEY ECONOMY
CHAPTER 26 THE MONETARY SYSTEM
CHAPTER CHECKLIST 663 663
667
26.1 WHAT IS MONEY? 664 DEFINITION OF MONEY, 664 THE FUNCTIONS OF MONEY,
664 MONEY TODAY, 666
OFFICIAL MEASURES OF MONEY: ML AND M2, 666 CHECKS, CREDIT CARDS, DEBIT
CARDS, AND E-CHECKS, AN EMBRYONIC NEW MONEY: E-CASH, 668 CHECKPOINT 26.1
669
26.2 THE BANKING SYSTEM 670 COMMERCIAL BANKS, 670 THRIFT INSTITUTIONS,
673 MONEY MARKET FUNDS, 673
CHECKPOINT 26.2 674
26.3 THE FEDERAL RESERVE SYSTEM 675 THE STRUCTURE OF THE FEDERAL
RESERVE, 675 THE FED S POLICY TOOLS, 676 HOW THE FED S POLICY TOOLS
WORK, 677
CHECKPOINT 26.3 678
26.4 REGULATING THE QUANTITY OF MONEY 679 CREATING DEPOSITS BY MAKING
LOANS, 679 HOW OPEN MARKET OPERATIONS CHANGE THE MONETARY BASE, 681
THE MULTIPLIER EFFECT OF AN OPEN MARKET OPERATION, 684 THE MONEY
MULTIPLIER, 685 CHECKPOINT 26.4 688
CHAPTER SUMMARY 689
CHAPTER CHECKPOINT 690
* EYE ON T HE PAST THE INVENTION OF BANKING, 671
* EYE ON THE U.S. ECONOMY COMMERCIAL BANKS UNDER STRESS IN THE FINANCIAL
CRISIS, 673 M EYE ON YOUR LIFE
MONEY AND YOUR ROLE IN ITS CREATION, 679
* EYE ON CREATING MONEY HOW DID THE FED REGULATE THE QUANTITY OF MONEY
IN THE 2008 FINANCIAL CRISIS? 686
CHAPTER 27
MONEY, INTEREST, AND INFLATION 693 CHAPTER CHECKLIST 693
WHERE WE ARE AND WHERE WE RE HEADING 694 THE REAL ECONOMY, 694 THE MONEY
ECONOMY, 694
REAL AND MONEY INTERACTIONS AND POLICY, 694
27.1 MONEY AND THE INTEREST RATE 695 THE DEMAND FOR MONEY, 695 CHANGES
IN THE DEMAND FOR MONEY, 697 THE SUPPLY OF MONEY, 698 THE NOMINAL
INTEREST RATE, 698
CHANGING THE INTEREST RATE, 700 CHECKPOINT 27.1 702
27.2 MONEY, THE PRICE LEVEL, AND INFLATION 703 THE MONEY MARKET IN THE
LONG RUN, 703 A CHANGE IN THE QUANTITY OF MONEY, 705 THE PRICE LEVEL IN
A BABY-SITTING CLUB, 706 THE QUANTITY THEORY OF MONEY, 706 INFLATION AND
THE QUANTITY THEORY OF MONEY, 708
HYPERINFLATION, 710 , CHECKPOINT 27.2 712
27.3 THE COST OF INFLATION 713 TAX COSTS, 713 SHOE-LEATHER COSTS, 714
CONFUSION COSTS, 714 UNCERTAINTY COSTS, 715
HOW BIG IS THE COST OF INFLATION? 715
CHECKPOINT 27.3 716
CHAPTER SUMMARY 717
CHAPTER CHECKPOINT 718
0 EYE ON THE U.S. ECONOMY CREDIT CARDS AND MONEY, 700 * EYE ON YOUR LIFE
MONEY HOLDING AND FED WATCHING, 701
B EYE ON THE PAST HYPERINFLATION IN GERMANY IN THE 1920S, 710 M EYE ON
THE CAUSE OF INFLATION
DOES INFLATION, DEFLATION, OR A STABLE PRICE LEVEL LIE IN OUR FUTURE?
711
IMAGE 17
XX
CONTENTS
PART 10 ECONOMIC FLUCTUATIONS
CHAPTER
ILNJAGGREGATE SUPPLY AND
AGGREGATE DEMAND 721 CHAPTER CHECKLIST 721
28.1 AGGREGATE SUPPLY 722 AGGREGATE SUPPLY BASICS, 722 CHANGES IN
AGGREGATE SUPPLY, 725 CHECKPOINT 28.1 727
28.2 AGGREGATE DEMAND 728 AGGREGATE DEMAND BASICS, 728 CHANGES IN
AGGREGATE DEMAND, 730 THE AGGREGATE DEMAND MULTIPLIER, 732
CHECKPOINT 28.2 733
28.3 UNDERSTANDING THE BUSINESS CYCLE 734 AGGREGATE DEMAND FLUCTUATIONS,
735 ADJUSTMENT TOWARD FULL EMPLOYMENT, 736 AGGREGATE SUPPLY
FLUCTUATIONS, 737
DEFLATION AND THE GREAT DEPRESSION, 740 CHECKPOINT 28.3 742
CHAPTER SUMMARY 743
CHAPTER CHECKPOINT 744
* EYE ON T HE PAST OIL PRICE CYCLES IN THE U.S. AND GLOBAL ECONOMIES,
* EYE ON THE BUSINESS CYCLE WHAT CAUSES THE BUSINESS CYCLE? 739 01 EYE
ON YOUR LIFE USING THE AS-AD MODEL, 740
D EYE ON THE U.S. ECONOMY REAL GDP GROWTH, INFLATION, AND THE BUSINESS
CYCLE, 741
737
CHAPTER ,Y
AGGREGATE EXPENDITURE
MULTIPIIER 747 CHAPTER CHECKLIST 747
29.1 EXPENDITURE PLANS AND REAL GDP 748 THE CONSUMPTION FUNCTION, 748
IMPORTS AND GDP, 752 CHECKPOINT 29.1 753
29.2 EQUILIBRIUM EXPENDITURE 754 AGGREGATE PLANNED EXPENDITURE AND REAL
GDP, 754 EQUILIBRIUM EXPENDITURE, 756 CONVERGENCE TO EQUILIBRIUM, 757
CHECKPOINT 29.2 759
29.3 EXPENDITURE MULTIPLIERS 760 THE BASIC IDEA OF THE MULTIPLIER, 760
THE SIZE OF THE MULTIPLIER, 761 THE MULTIPLIER AND THE MPC, 761
THE MULTIPLIER, IMPORTS, AND INCOME TAXES, 762 BUSINESS-CYCLE TURNING
POINTS, 764 CHECKPOINT 29.3 765
29.4 THE AD CURVE AND EQUILIBRIUM EXPENDITURE 766 DERIVING THE AD CURVE
FROM EQUILIBRIUM EXPENDITURE, 766 CHECKPOINT 29.4 768
CHAPTER SUMMARY 769
CHAPTER CHECKPOINT 770
* EYE ON THE U.S. ECONOMY THE U.S. CONSUMPTION FUNCTION, 752 * EYE ON
THE PAST SAY S LAW AND KEYNES PRINCIPLE OF EFFECTIVE
DEMAND, 758 * EYE ON YOUR LIFE LOOKING FOR MULTIPLIERS, 763 D EYE ON THE
MULTIPLIER HOW BIG IS THE GOVERNMENT EXPENDITURE
MULTIPLIER? 764
IMAGE 18
CONTENTS
XXI
CHAPTER 30
THE SHORT-RUN POLICY TRADEOFF 773 CHAPTER CHECKLIST 773
30.1 THE SHORT-RUN PHILLIPS CURVE 774 AGGREGATE SUPPLY AND THE SHORT-RUN
PHILLIPS V CURVE, 775
WHY BOTHER WITH THE PHILLIPS CURVE? 778 CHECKPOINT 30.1 779
30.2 SHORT-RUN AND LONG-RUN PHILLIPS CURVES 780 THE LONG-RUN PHILLIPS
CURVE, 780 EXPECTED INFLATION, 781
THE NATURAL RATE HYPOTHESIS, 782 CHANGES IN THE NATURAL UNEMPLOYMENT
RATE, 783 HAVE CHANGES IN THE NATURAL UNEMPLOYMENT RATE CHANGED THE
TRADEOFF? 784
CHECKPOINT 30.2 786
30.3 EXPECTED INFLATION 787 WHAT DETERMINES THE EXPECTED INFLATION RATE?
787 WHAT CAN POLICY DO TO LOWER EXPECTED INFLATION? 788 CHECKPOINT 30.3
790
CHAPTER SUMMARY 791
CHAPTER CHECKPOINT 792
* EYE ON THE GLOBAL ECONOMY INFLATION AND UNEMPLOYMENT, 777 M EYE ON THE
PAST THE U.S. PHILLIPS CURVE, 778
M EYE ON THE PAST A LIVE TEST OF THE NATURAL RATE HYPOTHESIS, 783 Q EYE
ON THE TRADEOFF CAN WE HAVE LOW UNEMPLOYMENT AND LOW
INFLATION? 785
* EYE ON YOUR LIFE THE SHORT-RUN TRADEOFF IN YOUR LIFE, 789
PART 11 MACROECONOMIC POLICY
CHAPTER 31 FISCAL POLICY 795 CHAPTER CHECKLIST 795
31.1 THE FEDERAL BUDGET 796 THE INSTITUTIONS AND LAWS, 796 BUDGET
SURPLUS, DEFICIT, 797 SURPLUS, DEFICIT, AND DEBT, 797 THE FEDERAL BUDGET
IN 2010, 798
CHECKPOINT 3 1 .1 800
31.2 THE DEMAND SIDE: STABILIZING REAL GDP 801 SCHOOLS OF THOUGHT AND
CRACKS IN TODAY S CONSENSUS, 801
FISCAL POLICY AND AGGREGATE DEMAND, 802 A SUCCESSFUL FISCAL STIMULUS,
803 A SUCCESSFUL CONTRACTIONARY FISCAL POLICY, 804 AUTOMATIC AND
DISCRETIONARY FISCAL STIMULUS, 805
AUTOMATIC FISCAL POLICY, 805 DISCRETIONARY FISCAL POLICY, 806 CHECKPOINT
3 1 .2 807
31.3 THE SUPPLY SIDE: POTENTIAL GDP AND GROWTH 808 FULL EMPLOYMENT AND
POTENTIAL GDP, 808 FISCAL POLICY, EMPLOYMENT, AND POTENTIAL GDP, 808
FISCAL POLICY AND POTENTIAL GDP: A GRAPHICAL ANALYSIS, 810 TAXES,
DEFICITS, AND ECONOMIC GROWTH, 811 THE SUPPLY SIDE DEBATE, 812
COMBINED DEMAND-SIDE AND SUPPLY-SIDE EFFECTS, LONG-RUN FISCAL POLICY
EFFECTS, 815 CHECKPOINT 3 1 .3 816
814
CHAPTER SUMMARY 817
CHAPTER CHECKPOINT 818
H EYE ON THE PAST FEDERAL REVENUES, OUTLAYS, DEFICITS, AND DEBT, 799 *
EYE ON THE GLOBAL ECONOMY THE U.S. BUDGET IN GLOBAL PERSPECTIVE, 800
* EYE ON THE GLOBAL ECONOMY SOME REAL-WORLD TAX WEDGES, 809 B EYE ON
FISCAL STIMULUS DID FISCAL STIMULUS END THE RECESSION? 813
* EYE ON YOUR LIFE YOUR VIEWS ON FISCAL POLICY AND HOW FISCAL POLICY
AFFECTS YOU, 815
IMAGE 19
XXII CONTENTS
JG] CHAPTER
MONETARY POLICY 821
CHAPTER CHECKLIST 821
32.1 HOW THE FED CONDUCTS MONETARY POLICY 822 MONETARY POLICY
OBJECTIVES, 822 OPERATIONAL MAXIMUM EMPLOYMENT GOAL, 823 OPERATIONAL
STABLE PRICES GOAL, 823 RESPONSIBILITY FOR MONETARY POLICY, 824
CHOOSING A POLICY INSTRUMENT, 824
THE FEDERAL FUNDS RATE, 824 THE FED S DECISION-MAKING STRATEGY, 825
HITTING THE FEDERAL FUNDS RATE TARGET, 826 RESTORING FINANCIAL STABILITY
IN A FINANCIAL CRISIS, 828
CHECKPOINT 32.1 829
32.2 MONETARY POLICY TRANSMISSION 830 QUICK OVERVIEW, 830 INTEREST RATE
CHANGES, 830 EXCHANGE RATE CHANGES, 832 MONEY AND BANK LOANS, 832
THE LONG-TERM REAL INTEREST RATE, 833 EXPENDITURE PLANS, 833 THE FED
FIGHTS RECESSION, 834 THE FED FIGHTS INFLATION, 836 LOOSE LINKS AND LONG
AND VARIABLE LAGS, 838 A FINAL REALITY CHECK, 838 CHECKPOINT 32.2 839
32.3 ALTERNATIVE MONETARY POLICY STRATEGIES 840 WHY RULES? 840 INFLATION
TARGETING RULE, 840 MONEY TARGETING RULE, 841
GOLD PRICE TARGETING RULE, 843 CHECKPOINT 32.3 844
CHAPTER SUMMARY 845
CHAPTER CHECKPOINT 846
* EYE ON THE U.S. ECONOMY THE FED S INTEREST RATE DECISIONS AND THE
TAYLOR RULE, 827 * EYE ON THE GLOBAL ECONOMY
INFLATION TARGETING AROUND THE WORLD, 841 * EYE ON THE FED IN A CRISIS
DID THE FED SAVE US FROM ANOTHER GREAT DEPRESSION? 842
Q EYE ON YOUR LIFE YOUR VIEWS ON MONETARY POLICY AND HOW MONETARY POLICY
AFFECTS YOU, 843
CHAPTER 33 INTERNATIONAL FINANCE CHAPTER CHECKLIST 849 849
850
852
861
868
33.1 FINANCING INTERNATIONAL TRADE BALANCE OF PAYMENTS ACCOUNTS, 850
BORROWERS AND LENDERS, DEBTORS AND CREDITORS, CURRENT ACCOUNT BALANCE,
853 NET EXPORTS, 853
CHECKPOINT 33.1 856
33.2 THE EXCHANGE RATE 857 DEMAND IN THE FOREIGN EXCHANGE MARKET, 858
THE LAW OF DEMAND FOR FOREIGN EXCHANGE, 858 CHANGES IN THE DEMAND FOR
DOLLARS, 859 SUPPLY IN THE FOREIGN EXCHANGE MARKET, 861 THE LAW OF
SUPPLY OF FOREIGN EXCHANGE,
CHANGES IN THE SUPPLY OF DOLLARS, 862 MARKET EQUILIBRIUM, 864 EXCHANGE
RATE EXPECTATIONS, 866 MONETARY POLICY AND THE EXCHANGE RATE,
PEGGING THE EXCHANGE RATE, 868 THE PEOPLE S BANK OF CHINA IN THE FOREIGN
EXCHANGE MARKET, 869 CHECKPOINT 33.2 872
CHAPTER SUMMARY 873
CHAPTER CHECKPOINT 874
* EYE ON THE PAST THE U.S. BALANCE OF PAYMENTS, 851 * EYE ON THE GLOBAL
ECONOMY CURRENT ACCOUNT BALANCES AROUND THE WORLD,
* EYE ON THE PAST THE DOLLAR AND THE EURO SINCE 1999, 857 * EYE ON THE
DOLLAR WHY HAS OUR DOLLAR BEEN SINKING? 865
N EYE ON THE GLOBAL ECONOMY PURCHASING POWER PARITY, 867 * EYE ON THE
GLOBAL ECONOMY THE FIXED YUAN, 871
* EYE ON YOUR LIFE YOUR FOREIGN EXCHANGE TRANSACTIONS, 871
GLOSSARY G-L INDEX 1-1 CREDITS C-L
855
|
| any_adam_object | 1 |
| author | Bade, Robin Parkin, Michael 1939- |
| author_GND | (DE-588)132243555 |
| author_facet | Bade, Robin Parkin, Michael 1939- |
| author_role | aut aut |
| author_sort | Bade, Robin |
| author_variant | r b rb m p mp |
| building | Verbundindex |
| bvnumber | BV037230312 |
| classification_rvk | QC 072 |
| ctrlnum | (OCoLC)731237777 (DE-599)BVBBV037230312 |
| dewey-full | 330 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 330 - Economics |
| dewey-raw | 330 |
| dewey-search | 330 |
| dewey-sort | 3330 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| edition | 5. ed., internat. ed. |
| format | Book |
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| genre | (DE-588)4123623-3 Lehrbuch gnd-content |
| genre_facet | Lehrbuch |
| geographic | Economics |
| geographic_facet | Economics |
| id | DE-604.BV037230312 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T22:53:59Z |
| institution | BVB |
| isbn | 0132547090 9780132547093 |
| language | English |
| lccn | 2009050138 |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-021144002 |
| oclc_num | 731237777 |
| open_access_boolean | |
| owner | DE-11 |
| owner_facet | DE-11 |
| physical | getr. Zählung Ill., graph. Darst., Kt. 29 cm |
| publishDate | 2011 |
| publishDateSearch | 2011 |
| publishDateSort | 2011 |
| publisher | Addison-Wesley |
| record_format | marc |
| spelling | Bade, Robin Verfasser aut Foundations of economics Robin Bade ; Michael Parkin 5. ed., internat. ed. Boston, Mass. [u.a.] Addison-Wesley 2011 getr. Zählung Ill., graph. Darst., Kt. 29 cm txt rdacontent n rdamedia nc rdacarrier Includes bibliographical references and index Wirtschaft Wirtschaftswissenschaften (DE-588)4066528-8 gnd rswk-swf Volkswirtschaftslehre (DE-588)4078943-3 gnd rswk-swf Economics (DE-588)4123623-3 Lehrbuch gnd-content Volkswirtschaftslehre (DE-588)4078943-3 s DE-604 Wirtschaftswissenschaften (DE-588)4066528-8 s 1\p DE-604 Parkin, Michael 1939- Verfasser (DE-588)132243555 aut GBV Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=021144002&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Bade, Robin Parkin, Michael 1939- Foundations of economics Wirtschaft Wirtschaftswissenschaften (DE-588)4066528-8 gnd Volkswirtschaftslehre (DE-588)4078943-3 gnd |
| subject_GND | (DE-588)4066528-8 (DE-588)4078943-3 (DE-588)4123623-3 |
| title | Foundations of economics |
| title_auth | Foundations of economics |
| title_exact_search | Foundations of economics |
| title_full | Foundations of economics Robin Bade ; Michael Parkin |
| title_fullStr | Foundations of economics Robin Bade ; Michael Parkin |
| title_full_unstemmed | Foundations of economics Robin Bade ; Michael Parkin |
| title_short | Foundations of economics |
| title_sort | foundations of economics |
| topic | Wirtschaft Wirtschaftswissenschaften (DE-588)4066528-8 gnd Volkswirtschaftslehre (DE-588)4078943-3 gnd |
| topic_facet | Wirtschaft Wirtschaftswissenschaften Volkswirtschaftslehre Economics Lehrbuch |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=021144002&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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