Essentials of economics:
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Boston [u.a.]
Pearson
2015
|
| Ausgabe: | 4. ed., global ed. |
| Schriftenreihe: | Pearson series in economics
Always Learning |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | 735 S. Ill., graph. Darst. |
| ISBN: | 9781292059433 1292059435 |
Internformat
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| 245 | 1 | 0 | |a Essentials of economics |c R. Glenn Hubbard ; Anthony Patrick O'Brien |
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Datensatz im Suchindex
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| adam_text | Titel: Essentials of economics
Autor: Hubbard, Robert Glenn
Jahr: 2015
DETAILED
CONTENTS
Preface 25
A Word of Thanks 53
PARTI: Introduction
Chapter 1: Economics: Foundations
and Models 54
Is the Private Doctor s Office Going to Disappear? 55
1.1 Three Key Economic Ideas 56
People Are Rational 57
People Respond to Economic Incentives 57
Making the Connection: Does Health Insurance
Give People an Incentive to Become Obese? 57
Optimal Decisions Are Made at the Margin 59
Solved Problem 1.1: A Doctor Makes a Decision
at the Margin 59
1.2 The Economic Problem That Every Society
Must Solve 60
What Goods and Services Will Be Produced? 61
How Will the Goods and Services Be Produced? 61
Who Will Receive the Goods and Services Produced? 61
Centrally Planned Economies versus Market
Economies 61
The Modern Mixed Economy 62
Efficiency and Equity 63
1.3 Economic Models 63
The Role of Assumptions in Economic Models 64
Forming and Testing Hypotheses in Economic Models 64
Positive and Normative Analysis 65
Don t Let This Happen to You: Don t Confuse
Positive Analysis with Normative Analysis 66
Economics as a Social Science 66
Making the Connection: Should Medical School
Be Free? 66
1.4 Microeconomics and Macroeconomics 67
1.5 A Preview of Important Economic Terms 68
Conclusion 69
An Inside Look: Look Into Your Smartphone
and Say Ahh 70
Chapter Summary and Problems 72
Key Terms, Summary, Review Questions,
Problems and Applications
Appendix: Using Graphs and Formulas 76
Graphs of One Variable 77
Graphs of Two Variables 78
Slopes of Lines 78
Taking into Account More Than Two Variables
on a Graph 79
Positive and Negative Relationships 81
Determining Cause and Effect 81
Are Graphs of Economic Relationships Always
Straight Lines? 83
Slopes of Nonlinear Curves 83
Formulas 83
Formula for a Percentage Change 84
Formulas for the Areas of a Rectangle and a Triangle 85
Summary of Using Formulas 86
Chapter 2: Trade-offs, Comparative Advantage,
and the Market System 88
Managers at Tesla Motors Face Trade-Offs 89
2.1 Production Possibilities Frontiers and
Opportunity Costs 90
Graphing the Production Possibilities Frontier 90
Solved Problem 2.1: Drawing a Production
Possibilities Frontier for Tesla Motors 92
Increasing Marginal Opportunity Costs 94
Economic Growth 95
2.2 Comparative Advantage and Trade 95
Specialization and Gains from Trade 96
Absolute Advantage versus Comparative Advantage 97
Comparative Advantage and the Gains from Trade 98
Don t Let This Happen to You: Don t Confuse
Absolute Advantage and Comparative
Advantage 99
Solved Problem 2.2: Comparative Advantage and
the Gains from Trade 99
Making the Connection: Comparative Advantage,
Opportunity Cost, and Housework 101
2.3 The Market System 102
The Circular Flow of Income 102
The Gains from Free Markets 104
The Market Mechanism 104
Making the Connection: A Story of the Market
System in Action: How Do You Make an iPad? 105
The Role of the Entrepreneur 106
The Legal Basis of a Successful Market System 108
Making the Connection: Who Owns The Wizard
of Oz7 109
Conclusion 111
An Inside Look: What s on the Horizon at
Mercedes-Benz? 112
Chapter 3: Where Prices Come From: The
Interaction of Demand and Supply 120
Smartphones: The Indispensible Product? 121
3.1 The Demand Side of the Market 122
Demand Schedules and Demand Curves 122
The Law of Demand 123
*These end-of-chapter resource materials repeat in all chapters. Select chapters also include Real-Time-Data Exercises.
13
What Explains the Law of Demand? 123
Holding Everything Else Constant: The Ceteris
paribus Condition 124
Variables That Shift Market Demand 124
Making the Connection: Are Tablet Computers
Substitutes for E-Readers? 125
Making the Connection: Coke and Pepsi Are
Hit by U.S. Demographics 126
A Change in Demand versus a Change in Quantity
Demanded 127
Making the Connection: Forecasting the Demand
for iPhones 129
3.2 The Supply Side of the Market 130
Supply Schedules and Supply Curves 130
The Law of Supply 131
Variables That Shift Market Supply 132
A Change in Supply versus a Change in Quantity
Supplied 133
3.3 Market Equilibrium: Putting Demand and
Supply Together 134
How Markets Eliminate Surpluses and Shortages 135
Demand and Supply Both Count 136
Solved Problem 3.3: Demand and Supply Both
Count: A Tale of Two Letters 136
3.4 The Effect of Demand and Supply Shifts on
Equilibrium 137
The Effect of Shifts in Supply on Equilibrium 137
Making the Connection: The Falling Price of
Blu-ray Players 138
The Effect of Shifts in Demand on Equilibrium 139
The Effect of Shifts in Demand and Supply over
Time 139
Solved Problem 3.4: What Has Caused the
Decline in Beef Consumption? 140
Shifts in a Curve versus Movements along a Curve 142
Don t Let This Happen to You: Remember:
A Change in a Good s Price Does Not Cause
the Demand or Supply Curve to Shift 142
Conclusion 143
An Inside Look: Google and Apple Face
Supply and Demand Concerns in the
Smartphone Market 144
PART 2: Markets in Action: Policy and
Applications
Chapter 4: Market Efficiency and Market
Failure 152
The Sharing Economy, Phone Apps, and Rent
Control 153
4.1 Consumer Surplus and Producer Surplus 154
Consumer Surplus 154
Making the Connection: The Consumer Surplus
from Broadband Internet Service 156
Producer Surplus 157
What Consumer Surplus and Producer Surplus
Measure 158
4.2 The Efficiency of Competitive Markets 158
Marginal Benefit Equals Marginal Cost in
Competitive Equilibrium 159
Economic Surplus 159
Deadweight Loss 160
Economic Surplus and Economic Efficiency 161
4.3 Government Intervention in the Market: Price
Floors and Price Ceilings 161
Price Floors: Government Policy in Agricultural
Markets 161
Making the Connection: Price Floors in Labor
Markets: The Debate over Minimum Wage Policy 163
Price Ceilings: Government Rent Control Policy in
Housing Markets 164
Don t Let This Happen to You: Don t Confuse
Scarcity with Shortage 165
Black Markets and Peer-to-Peer Sites 165
Solved Problem 4.3: What s the Economic Effect
of a Black Market in Renting Apartments? 166
The Results of Government Price Controls:
Winners, Losers, and Inefficiency 167
Positive and Normative Analysis of Price Ceilings
and Price Floors 167
4.4 Externalities and Economic Efficiency 168
The Effect of Externalities 168
Externalities and Market Failure 170
What Causes Externalities? 170
4.5 Government Policies to Deal with Externalities 171
Making the Connection: Should the Government
Tax Cigarettes and Soda? 172
Solved Problem 4.5: Dealing with the Externalities
of Car Driving 174
Command-and-Control versus Market-Based
Approaches 175
The End of the Sulfur Dioxide Cap-and-Trade
System 176
Are Tradable Emission Allowances Licenses to
Pollute? 176
Making the Connection: Can a Carbon Tax
Reduce Global Warming? 177
Conclusion 179
An Inside Look: Does the Sharing Economy
Increase Efficiency? 180
Chapter 5: The Economics of Health
Care 192
How Much Will You Pay for Health Insurance? 193
5.1 The Improving Health of People in the
United States 194
Changes over Time in U.S. Health 194
Reasons for Long-Run Improvements in U.S.
Health 195
5.2 Health Care around the World 196
The U.S. Health Care System 196
The Health Care Systems of Canada, Japan, and
the United Kingdom 198
Comparing Health Care Outcomes around the
World 199
5.3 Information Problems and Externalities in
the Market for Health Care 201
Adverse Selection and the Market for Lemons 201
Asymmetric Information in the Market for Health
Insurance 201
Don t Let This Happen to You: Don t Confuse
Adverse Selection with Moral Hazard 203
Solved Problem 5.3: If You Are Young and
Healthy, Should You Buy Health Insurance? 204
Externalities in the Market for Health Care 205
Making the Connection: Should the Government
Run the Health Care System? 207
5.4 The Debate over Health Care Policy in the
United States 208
The Rising Cost of Health Care 208
Making the Connection: Are U.S. Firms
Handicapped by Paying for Their Employees
Health Insurance? 210
Explaining Rapid Increases in Health Care Spending 211
The Continuing Debate over Health Care Policy 213
Making the Connection: How Much Is That
MRI Scan? 215
Conclusion 217
PART 3: Microeconomic Foundations:
Consumers and Firms
Chapter 6: Firms, the Stock Market and
Corporate Governance 224
Facebook Learns the Benefits and Costs of
Becoming a Publicly Owned Firm 225
6.1 Types of Firms 226
Who Is Liable? Limited and Unlimited Liability 226
Corporations Earn the Majority of Revenue and
Profits 227
Making the Connection: How Important Are
Small Businesses to the U.S. Economy? 228
6.2 The Structure of Corporations and the
Principal-Agent Problem 229
Corporate Structure and Corporate Governance 229
Solved Problem 6.2: Should a Firm s CEO Also
Be the Chairman of the Board? 230
6.3 How Firms Raise Funds 230
Sources of External Funds 231
Making the Connection: The Rating Game:
Is the U.S. Treasury Likely to Default on
Its Bonds? 232
Stock and Bond Markets Provide Capital—and
Information 234
Don t Let This Happen to You: When Facebook
Shares Are Sold, Facebook Doesn t Get the
Money 234
Why Do Stock Prices Fluctuate So Much? 235
Making the Connection: Following Abercrombie
Fitch s Stock Price in the Financial Pages 236
6.4 Using Financial Statements to Evaluate a
Corporation 237
The Income Statement 238
The Balance Sheet 239
6.5 Corporate Governance Policy and the
Financial Crisis of 2007-2009 239
The Accounting Scandals of the Early 2000s 239
The Financial Crisis of 2007-2009 240
Did Principal-Agent Problems Help Cause the
2007-2009 Financial Crisis? 241
Making the Connection: The Ups and Downs of
Investing in Facebook 242
Conclusion 243
Chapter 7: Consumer Choice and Elasticity 250
J.C. Penney Learns That Simplifying Prices Isn t
Simple
7.1 Utility and Consumer Decision Making
The Economic Model of Consumer Behavior
in a Nutshell
Utility
The Principle of Diminishing Marginal Utility
The Rule of Equal Marginal Utility per Dollar
Spent
Solved Problem 7.1: Finding the Optimal
Level of Consumption
What If the Rule of Equal Marginal Utility per
Dollar Does Not Hold?
Don t Let This Happen to You: Equalize Marginal
Utilities per Dollar
7.2 Where Demand Curves Come From
Making the Connection: Are There Any
Upward-Sloping Demand Curves in the
Real World?
7.3 Social Influences on Decision Making
The Effects of Celebrity Endorsements
Network Externalities
Does Fairness Matter?
Making the Connection: What s Up with Fuel
Surcharges ?
7.4 Behavioral Economics: Do People Make
Their Choices Rationally?
Pitfalls in Decision Making
Making the Connection: A Blogger Who
Understands the Importance of Ignoring
Sunk Costs
The Behavioral Economics of Shopping
Making the Connection: J.C. Penney Meets
Behavioral Economics
251
252
252
252
253
253
256
257
258
259
261
262
262
262
263
266
267
267
269
270
271
7.5 The Price Elasticity of Demand and Its
Measurement 272
Measuring the Price Elasticity of Demand 272
Elastic Demand and Inelastic Demand 273
An Example of Computing Price Elasticities 273
The Midpoint Formula 274
Solved Problem 7.5: Calculating the Price
Elasticity of Demand 275
When Demand Curves Intersect, the Flatter
Curve Is More Elastic 276
Polar Cases of Perfectly Elastic and Perfectly
Inelastic Demand 277
Don t Let This Happen to You: Dont Confuse
Inelastic with Perfectly Inelastic 277
7.6 The Determinants of the Price Elasticity
of Demand 279
Availability of Close Substitutes 279
Passage of Time 279
Luxuries versus Necessities 279
Definition of the Market 279
Share of a Good in a Consumer s Budget 279
Some Estimated Price Elasticities of Demand 280
Making the Connection: The Price Elasticity
of Demand for Breakfast Cereal 280
7.7 The Relationship between Price Elasticity
of Demand and Total Revenue 281
Elasticity and Revenue with a Linear Demand Curve 282
Solved Problem 7.7: Price and Revenue Don t
Always Move in the Same Direction 284
Estimating Price Elasticity of Demand 285
Conclusion 285
Chapter 8: Technology, Production,
and Costs 296
Tracking, Marginal Costs, and Energy Prices 297
8.1 Technology: An Economic Definition 298
Making the Connection: Improving Inventory
Control at Wal-Mart 298
8.2 The Short Run and the Long Run in Economics 299
The Difference between Fixed Costs and Variable
Costs 299
Making the Connection: Fixed Costs in the
Publishing Industry 300
Implicit Costs Versus Explicit Costs 300
The Production Function 301
A First Look at the Relationship between
Production and Cost 302
8.3 The Marginal Product of Labor and the
Average Product of Labor 303
The Law of Diminishing Returns 303
Graphing Production 304
Making the Connection: Adam Smith s Famous
Account of the Division of Labor in a Pin
Factory 305
The Relationship between Marginal Product
and Average Product 305
An Example of Marginal and Average Values:
College Grades 306
8.4 The Relationship between Short-Run
Production and Short-Run Cost 307
Marginal Cost 307
Why Are the Marginal and Average Cost Curves
U Shaped? 307
Solved Problem 8.4: Calculating Marginal
Cost and Average Cost 309
8.5 Graphing Cost Curves 310
8.6 Costs in the Long Run 312
Economies of Scale 312
Long-Run Average Cost Curves for Automobile
Factories 313
Solved Problem 8.6: Using Long-Run Average
Cost Curves to Understand Business Strategy 313
Making the Connection: The Colossal River
Rouge: Diseconomies of Scale at Ford Motor
Company 315
Don t Let This Happen to You: Don t Confuse
Diminishing Returns with Diseconomies
of Scale 316
Conclusion 317
PART 4: Market Structure and Firm
Strategy
Chapter 9: Firms in Perfectly Competitive
Markets 326
Perfect Competition in Farmers Markets 327
9.1 Perfectly Competitive Markets 329
A Perfectly Competitive Firm Cannot Affect
the Market Price 329
The Demand Curve for the Output of a Perfectly
Competitive Firm 330
Don t Let This Happen to You: Don t Confuse
the Demand Curve for Farmer Parker s
Wheat with the Market Demand Curve
for Wheat 330
9.2 How a Firm Maximizes Profit in a Perfectly
Competitive Market 331
Revenue for a Firm in a Perfectly Competitive
Market 331
Determining the Profit-Maximizing Level of
Output 332
9.3 Illustrating Profit or Loss on the Cost Curve
Graph 334
Showing a Profit on the Graph 335
Solved Problem 9.3: Determining Profit-
Maximizing Price and Quantity 335
Don t Let This Happen to You: Remember
That Firms Maximize Their Total Profit,
Not Their Profit per Unit 337
Illustrating When a Firm Is Breaking Even or
Operating at a Loss 338
Making the Connection: Losing Money in the
Solar Panel Industry 338
9.4 Deciding Whether to Produce or to Shut
Down in the Short Run 339
Solved Problem 9.4: When to Pull the Plug
on a Movie 340
The Supply Curve of a Firm in the Short Run 341
The Market Supply Curve in a Perfectly
Competitive Industry 342
9.5 If Everyone Can Do It, You Can t Make
Money at It : The Entry and Exit of Firms in the
Long Run 343
Economic Profit and the Entry or Exit Decision 343
Long-Run Equilibrium in a Perfectly Competitive
Market 345
The Long-Run Supply Curve in a Perfectly
Competitive Market 345
Making the Connection: In the Apple iPhone
Apps Store, Easy Entry Makes the Long
Run Pretty Short 348
Increasing-Cost and Decreasing-Cost Industries 348
9.6 Perfect Competition and Efficiency 349
Productive Efficiency 349
Solved Problem 9.6: How Productive Efficiency Benefits
Consumers 349
Allocative Efficiency 351
Conclusion 351
Chapter 10: Monopoly and Antitrust Policy 360
A Monopoly on Lobster Dinners in Maine? 361
10.1 Is Any Firm Ever Really a Monopoly? 362
Making the Connection: Is Google a Monopoly? 362
10.2 Where Do Monopolies Come From? 363
Government Action Blocks Entry 364
Making the Connection: Does Hasbro Have
a Monopoly on Monopoly? 364
Control of a Key Resource 366
Making the Connection: Are Diamond Profits
Forever? The De Beers Diamond Monopoly 366
Network Externalities 367
Natural Monopoly 367
Solved Problem 10.2: Can a Seafood Restaurant
Be a Natural Monopoly? 368
10.3 How Does a Monopoly Choose Price and
Output? 370
Marginal Revenue Once Again 370
Profit Maximization for a Monopolist 370
Solved Problem 10.3: Finding the Profit-
Maximizing Price and Output for a Cable
Monopoly 372
Don t Let This Happen to You: Don t Assume
That Charging a Higher Price Is Always More
Profitable for a Monopolist 373
10.4 Does Monopoly Reduce Economic Efficiency? 374
Comparing Monopoly and Perfect Competition 374
Measuring the Efficiency Losses from Monopoly 374
How Large Are the Efficiency Losses Due to
Monopoly? 376
Market Power and Technological Change 376
10.5 Government Policy toward Monopoly 377
Antitrust Laws and Antitrust Enforcement 377
Making the Connection: Did Apple Violate
the Law in Pricing e-Books? 378
Mergers: The Trade-off between Market Power
and Efficiency 379
The Department of Justice and FTC Merger
Guidelines 380
Regulating Natural Monopolies 382
Conclusion 383
Chapter 11: Monopolistic Competition and
Oligopoly 390
Starbucks: The Limits to Growth through Product
Differentiation 391
11.1 Demand and Marginal Revenue for a Firm in a
Monopolistically Competitive Market 392
The Demand Curve for a Monopolistically
Competitive Firm 392
Marginal Revenue for a Firm with a Downward-
Sloping Demand Curve 393
11.2 How a Monopolistically Competitive Firm
Maximizes Profit in the Short Run 394
Solved Problem 11.2: Does Minimizing Cost
Maximize Profit at Apple? 396
11.3 What Happens to Profits in the Long Run? 397
How Does the Entry of New Firms Affect the
Profits of Existing Firms? 397
Don t Let This Happen to You: Don t Confuse
Zero Economic Profit with Zero Accounting
Profit 398
Making the Connection: The Rise and Decline
and Rise of Starbucks 399
Is Zero Economic Profit Inevitable in the
Long Run? 400
Solved Problem 11.3: Can It Be Profitable to Be
the High-Price Seller? 400
11.4 Comparing Monopolistic Competition and
Perfect Competition 402
Excess Capacity under Monopolistic Competition 402
Is Monopolistic Competition Inefficient? 402
How Consumers Benefit from Monopolistic
Competition 403
Making the Connection: Peter Thiel, e-Cigarettes,
and the Monopoly in Monopolistic
Competition 403
11.5 Oligopoly and Barriers to Entry 404
Barriers to Entry 404
11.6 Using Game Theory to Analyze Oligopoly 407
A Duopoly Game: Price Competition between
Two Firms 407
Firm Behavior and the Prisoner s Dilemma 408
Solved Problem 11.6: Is Same-Day Delivery
a Prisoner s Dilemma for Wal-Mart and
Amazon? 409
Can Firms Escape the Prisoner s Dilemma? 410
Making the Connection: With Price Collusion,
More Is Not Merrier 411
Cartels: The Case of OPEC 412
Conclusion 414
PART 5: Macroeconomic Foundations
Chapter 12: GDP: Measuring Total
Production and Income 426
Ford Motor Company Rides the Business Cycle 427
12.1 Gross Domestic Product Measures Total
Production 429
Measuring Total Production: Gross Domestic
Product 429
Solved Problem 12.1: Calculating GDP 430
Production, Income, and the Circular-Flow
Diagram 430
Components of GDP 432
Don t Let This Happen to You: Remember What
Economists Mean by Investment 433
An Equation for GDP and Some Actual Values 433
Making the Connection: Adding More of Lady
Gaga to GDP 434
Measuring GDP Using the Value-Added Method 435
12.2 Does GDP Measure What We Want It to
Measure? 436
Shortcomings in GDP as a Measure of Total
Production 436
Making the Connection: Why Do Many
Developing Countries Have Such Large
Underground Economies? 437
Shortcomings of GDP as a Measure of Well-Being 437
Making the Connection: Did World War II Bring
Prosperity? 438
12.3 Real GDP versus Nominal GDP 439
Calculating Real GDP 440
Solved Problem 12.3: Calculating Real GDP 440
Comparing Real GDP and Nominal GDP 441
The GDP Deflator 442
12.4 Other Measures of Total Production and
Total Income 443
Gross National Product 443
National Income 443
Personal Income 443
Disposable Personal Income 444
The Division of Income 444
Conclusion 445
Chapter 13: Unemployment and Inflation 452
Caterpillar Announces Plans to Lay Off Workers 453
13.1 Measuring the Unemployment Rate, the
Labor Force Participation Rate, and the
Employment-Population Ratio 454
The Household Survey 454
Solved Problem 13.1: What Happens if the
BLS Includes the Military? 456
Problems with Measuring the Unemployment Rate 457
Trends in Labor Force Participation 458
Unemployment Rates for Different Groups 459
How Long Are People Typically Unemployed? 459
Making the Connection: How Unusual Was the
Unemployment Situation Following the
2007-2009 Recession? 460
The Establishment Survey: Another Measure of
Employment 461
Revisions in the Establishment Survey Employment
Data: How Bad Was the 2007-2009 Recession? 462
Job Creation and Job Destruction over Time 463
13.2 Types of Unemployment 463
Frictional Unemployment and Job Search 464
Structural Unemployment 464
Cyclical Unemployment 465
Full Employment 465
Making the Connection: How Should We
Categorize Unemployment at Caterpillar? 465
13.3 Explaining Unemployment 466
Government Policies and the Unemployment Rate 466
Labor Unions 468
Efficiency Wages 468
13.4 Measuring Inflation 468
The Consumer Price Index 469
Is the CPI Accurate? 470
Don t Let This Happen to You: Don t
Miscalculate the Inflation Rate 471
The Producer Price Index 472
13.5 Using Price Indexes to Adjust for the Effects
of Inflation 472
Solved Problem 13.5: Calculating Real Wages at
Caterpillar 473
13.6 Nominal Interest Rates versus Real Interest
Rates 474
13.7 Does Inflation Impose Costs on the Economy? 475
Inflation Affects the Distribution of Income 476
The Problem with Anticipated Inflation 476
The Problem with Unanticipated Inflation 477
Making the Connection: What s So Bad about
Falling Prices? 477
Conclusion 479
PART 6: Long-Run and Short-Run
Fluctuations
Chapter 14: Economic Growth, the Financial
System, and Business Cycles 488
Economic Growth and the Business Cycle at
Whirlpool 489
14.1 Long-Run Economic Growth 490
Making the Connection: The Connection between
Economic Prosperity and Health 492
Calculating Growth Rates and the Rule of 70 493
What Determines the Rate of Long-Run Growth? 494
Solved Problem 14.1: Explaining Economic
Growth in Singapore 495
Making the Connection: Can India Sustain Its
Rapid Growth? 496
Potential GDP 497
14.2 Saving, Investment, and the Financial System 498
An Overview of the Financial System 498
The Macroeconomics of Saving and Investment 500
The Market for Loanable Funds 501
Making the Connection: Ebenezer Scrooge:
Accidental Promoter of Economic Growth? 502
Solved Problem 14.2: How Would a Consumption
Tax Affect Saving, Investment, the Interest
Rate, and Economic Growth? 505
14.3 The Business Cycle 506
Some Basic Business Cycle Definitions 506
How Do We Know When the Economy Is in a
Recession? 507
Making the Connection: Can a Recession Be a
Good Time for a Business to Expand? 508
What Happens during the Business Cycle? 509
Don t Let This Happen to You: Don t Confuse
the Price Level and the Inflation Rate 512
Will the U.S. Economy Return to Stability? 514
Conclusion 515
Chapter 15: Aggregate Demand and
Aggregate Supply Analysis 522
The Fortunes of FedEx Follow the Business Cycle 523
15.1 Aggregate Demand 524
Why Is the Aggregate Demand Curve Downward
Sloping? 525
Shifts of the Aggregate Demand Curve versus
Movements along It 526
The Variables That Shift the Aggregate Demand
Curve 526
Don t Let This Happen to You: Understand
Why the Aggregate Demand Curve Is
Downward Sloping 527
Solved Problem 15.1: Movements along the
Aggregate Demand Curve versus Shifts of the
Aggregate Demand Curve 527
Making the Connection: Which Components of
Aggregate Demand Changed the Most during
the 2007-2009 Recession? 530
15.2 Aggregate Supply 531
The Long-Run Aggregate Supply Curve 531
The Short-Run Aggregate Supply Curve 532
Making the Connection: How Sticky Are Wages? 533
Shifts of the Short-Run Aggregate Supply Curve
versus Movements along It 535
Variables That Shift the Short-Run Aggregate
Supply Curve 535
15.3 Macroeconomic Equilibrium in the Long
Run and the Short Run 536
Recessions, Expansions, and Supply Shocks 538
Making the Connection: Does It Matter
What Causes a Decline in Aggregate Demand? 539
Making the Connection: How Long Does It Take to
Return to Potential GDP? Economic Forecasts
Following the Recession of 2007-2009 542
15.4 A Dynamic Aggregate Demand and
Aggregate Supply Model 544
What Is the Usual Cause of Inflation? 545
The Recession of 2007-2009 545
Solved Problem 15.4: Showing the Oil Shock
of 1974-1975 on a Dynamic Aggregate
Demand and Aggregate Supply Graph 548
Conclusion 549
Appendix: Macroeconomic Schools of Thought 557
The Monetarist Model 557
The New Classical Model 558
The Real Business Cycle Model 558
The Austrian Model 558
Making the Connection: Karl Marx: Capitalism s
Severest Critic 559
PART 7: Monetary and Fiscal Policy
Chapter 16: Money, Banks, and the Federal
Reserve System 562
Washing Dollar Bills to Save the Economy
of Zimbabwe 563
16.1 What Is Money, and Why Do We Need It? 564
Barter and the Invention of Money 564
The Functions of Money 565
What Can Serve as Money? 566
Making the Connection: Apple Didn t Want
My Cash! 567
16.2 How Is Money Measured in the United States
Today? 567
Ml: A Narrow Definition of the Money Supply 568
M2: A Broad Definition of Money 569
Don t Let This Happen to You: Don t Confuse
Money with Income or Wealth 569
Solved Problem 16.2: The Definitions of
Ml and M2 570
What about Credit Cards and Debit Cards? 570
Making the Connection: Are Bitcoins Money? 570
16.3 How Do Banks Create Money? 571
Bank Balance Sheets 572
Using T-Accounts to Show How a Bank Can
Create Money 572
The Simple Deposit Multiplier 575
Don t Let This Happen to You: Don t Confuse
Assets and Liabilities 576
Solved Problem 16.3: Showing How Banks
Create Money 576
The Simple Deposit Multiplier versus the
Real-World Deposit Multiplier 578
16.4 The Federal Reserve System 579
The Establishment of the Federal Reserve
System 579
How the Federal Reserve Manages the Money
Supply 581
The Shadow Banking System and the Financial
Crisis of 2007-2009 583
16.5 The Quantity Theory of Money 585
Connecting Money and Prices: The Quantity
Equation 585
The Quantity Theory Explanation of Inflation 586
How Accurate Are Forecasts of Inflation Based
on the Quantity Theory? 586
High Rates of Inflation 587
Making the Connection: The German
Hyperinflation of the Early 1920s 588
Conclusion 589
Chapter 17: Monetary Policy 596
Why Do Businesses Care What the Federal
Reserve Does? 597
17.1 What Is Monetary Policy? 598
The Goals of Monetary Policy 598
17.2 The Money Market and the Fed s Choice
of Monetary Policy Targets 600
Monetary Policy Targets 600
The Demand for Money 600
Shifts in the Money Demand Curve 601
How the Fed Manages the Money Supply: A Quick
Review 601
Equilibrium in the Money Market 602
A Tale of Two Interest Rates 603
Choosing a Monetary Policy Target 604
The Importance of the Federal Funds Rate 604
17.3 Monetary Policy and Economic Activity 605
How Interest Rates Affect Aggregate Demand 606
The Effects of Monetary Policy on Real GDP
and the Price Level 606
Making the Connection: Too Low for Zero:
The Fed Tries Quantitative Easing and
Operation Twist 608
Can the Fed Eliminate Recessions? 609
Fed Forecasts 610
Making the Connection: Trying to Hit a Moving
Target: Making Policy with Real-Time Data 611
A Summary of How Monetary Policy Works 612
Don t Let This Happen to You: Remember That
with Monetary Policy, It s the Interest
Rates—Not the Money—That Counts 613
17.4 Monetary Policy in the Dynamic Aggregate
Demand and Aggregate Supply Model* 613
The Effects of Monetary Policy on Real GDP
and the Price Level: A More Complete Account 613
Using Monetary Policy to Fight Inflation 615
Solved Problem 17.4: The Effects of Monetary
Policy 616
17.5 A Closer Look at the Fed s Setting of Monetary
Policy Targets 617
Should the Fed Target the Money Supply? 617
Why Doesn t the Fed Target Both the Money
Supply and the Interest Rate? 618
The Taylor Rule 619
Inflation Targeting 620
Making the Connection: How Does the
Fed Measure Inflation? 620
17.6 Fed Policies during the 2007-2009 Recession 622
The Inflation and Deflation of the Housing
Market Bubble 622
The Changing Mortgage Market 624
The Role of Investment Banks 624
Making the Connection: The Wonderful
World of Leverage 625
The Fed and the Treasury Department Respond 626
Conclusion 627
Chapter 18: Fiscal Policy 636
Does Government Spending Create Jobs? 637
18.1 What Is Fiscal Policy? 638
What Fiscal Policy Is and What It Isn t 638
Automatic Stabilizers versus Discretionary
Fiscal Policy 638
An Overview of Government Spending and
Taxes 639
Making the Connection: Is Spending on
Social Security and Medicare a Fiscal
Time Bomb? 641
18.2 The Effects of Fiscal Policy on Real GDP
and the Price Level 642
Expansionary and Contractionary Fiscal Policy 643
Don t Let This Happen to You: Don t Confuse
Fiscal Policy and Monetary Policy 644
A Summary of How Fiscal Policy Affects
Aggregate Demand 644
18.3 Fiscal Policy in the Dynamic Aggregate
Demand and Aggregate Supply Model 645
18.4 The Government Purchases and Tax
Multipliers 646
The Effect of Changes in the Tax Rate 649
Taking into Account the Effects of
Aggregate Supply 649
The Multipliers Work in Both Directions 650
Solved Problem 18.4: Fiscal Policy Multipliers 650
18.5 The Limits of Using Fiscal Policy to
Stabilize the Economy 651
Does Government Spending Reduce Private
Spending? 652
Crowding Out in the Short Run 652
Crowding Out in the Long Run 653
Fiscal Policy in Action: Did the Stimulus Package
of 2009 Succeed? 654
Making the Connection: Why Was the Recession
of 2007-2009 So Severe? 657
18.6 Deficits, Surpluses, and Federal Government
Debt 658
How the Federal Budget Can Serve as an Automatic
Stabilizer 660
Making the Connection: Did Fiscal Policy Fail
during the Great Depression? 661
Solved Problem 18.6: The Effect of Economic
Fluctuations on the Budget Deficit 662
Should the Federal Budget Always Be Balanced? 662
The Federal Government Debt 663
Is Government Debt a Problem? 664
18.7 The Effects of Fiscal Policy in the
Long Run 664
The Long-Run Effects of Tax Policy 664
Tax Simplification 665
The Economic Effect of Tax Reform 665
How Large Are Supply-Side Effects? 666
Conclusion 667
Chapter 19: Comparative Advantage,
International Trade, and Exchange Rates 674
Saving Jobs in the U.S. Tire Industry? 675
19.1 The United States in the International Economy 676
The Importance of Trade to the U.S. Economy 676
Making the Connection: Goodyear and the Tire
Tariff 677
U.S. International Trade in a World Context 678
19.2 Comparative Advantage in International Trade 679
A Brief Review of Comparative Advantage 679
Comparative Advantage and Absolute Advantage 680
19.3 How Countries Gain from International Trade 681
Increasing Consumption through Trade 681
Why Don t We See Complete Specialization? 682
Don t Let This Happen to You: Remember That
Trade Creates Both Winners and Losers 683
Does Anyone Lose as a Result of International
Trade? 683
Where Does Comparative Advantage Come From? 683
Making the Connection: Leaving New York City
Is Risky for Financial Firms 684
Comparative Advantage over Time: The Rise and
Fall—and Rise—of the U.S. Consumer Electronics
Industry 685
19.4 Government Policies That Restrict International
Trade 686
Tariffs 687
Quotas and Voluntary Export Restraints 688
Measuring the Economic Effect of the Sugar Quota 689
Solved Problem 19.4: Measuring the Economic
Effect of a Quota 690
Making the Connection: The Effect on the U.S.
Economy of the Tariff on Chinese Tires 691
19.5 The Arguments over Trade Policies and
Globalization 691
Why Do Some People Oppose the World Trade
Organization? 692
Making the Connection: The Unintended
Consequences of Banning Goods Made
with Child Labor 693
Dumping 695
Positive versus Normative Analysis (Once Again) 695
19.6 The Foreign Exchange Market and
Exchange Rates 696
Equilibrium in the Market for Foreign Exchange 697
How Do Shifts in Demand and Supply Affect the
Exchange Rate? 698
Some Exchange Rates Are Not Determined by the
Market 699
How Movements in the Exchange Rate Affect
Exports and Imports 699
Don t Let This Happen to You: Don t Confuse
What Happens When a Currency Appreciates
with What Happens When It Depreciates 700
Solved Problem 19.6: Why Did Honda Move Some
Production to the United States? 700
Conclusion 701
Glossary 712
Company Index 718
Subject Index 720
Credits 734
|
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| institution | BVB |
| isbn | 9781292059433 1292059435 |
| language | English |
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| spelling | Hubbard, R. Glenn 1958- Verfasser (DE-588)124552064 aut Essentials of economics R. Glenn Hubbard ; Anthony Patrick O'Brien 4. ed., global ed. Boston [u.a.] Pearson 2015 735 S. Ill., graph. Darst. txt rdacontent n rdamedia nc rdacarrier Pearson series in economics Always Learning Economics Wirtschaft Volkswirtschaftslehre (DE-588)4078943-3 gnd rswk-swf (DE-588)4123623-3 Lehrbuch gnd-content Volkswirtschaftslehre (DE-588)4078943-3 s DE-604 O'Brien, Anthony Patrick Verfasser (DE-588)170606597 aut HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=027582589&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Hubbard, R. Glenn 1958- O'Brien, Anthony Patrick Essentials of economics Economics Wirtschaft Volkswirtschaftslehre (DE-588)4078943-3 gnd |
| subject_GND | (DE-588)4078943-3 (DE-588)4123623-3 |
| title | Essentials of economics |
| title_auth | Essentials of economics |
| title_exact_search | Essentials of economics |
| title_full | Essentials of economics R. Glenn Hubbard ; Anthony Patrick O'Brien |
| title_fullStr | Essentials of economics R. Glenn Hubbard ; Anthony Patrick O'Brien |
| title_full_unstemmed | Essentials of economics R. Glenn Hubbard ; Anthony Patrick O'Brien |
| title_short | Essentials of economics |
| title_sort | essentials of economics |
| topic | Economics Wirtschaft Volkswirtschaftslehre (DE-588)4078943-3 gnd |
| topic_facet | Economics Wirtschaft Volkswirtschaftslehre Lehrbuch |
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