Essentials of economics in context:
"Essentials of Economics in Context is specifically designed to meet the requirements of a one-semester introductory economics course. It addresses current economic challenges, paying specific attention to issues of inequality, globalization, unpaid work, technology, financialization and climat...
Gespeichert in:
| Hauptverfasser: | , , , , |
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| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
New York
Routledge
2021
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| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Zusammenfassung: | "Essentials of Economics in Context is specifically designed to meet the requirements of a one-semester introductory economics course. It addresses current economic challenges, paying specific attention to issues of inequality, globalization, unpaid work, technology, financialization and climate change, making the text a genuinely 21st century introduction to economics. In addition to rigorously covering core micro and macro material, this textbook also incorporates insights from behavioral economics and on economic and social institutions. Theoretical expositions in the text are kept close to reality by integrating numerous real-world examples, and by presenting the material in the recognised accessible and engaging style of this experienced author team. Key features of Essentials of Economics in Context include: an inclusive approach to economics, where the economy is analyzed within its social and environmental context an innovative chapter examining data on various economic indicators a wealth of online materials such as slides, test banks and answers to exercises in the book This text is the ideal resource for one-semester introductory economics courses globally"-- |
| Beschreibung: | Includes bibliographical references and index |
| Beschreibung: | xxxiv, 599 Seiten Illustrationen |
| ISBN: | 9780367245610 9780367245474 |
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| 245 | 1 | 0 | |a Essentials of economics in context |c Neva Goodwin, Jonathan M. Harris, Pratistha Joshi Rajkarnikar, Brian Roacha and Tim B. Thornton |
| 264 | 1 | |a New York |b Routledge |c 2021 | |
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| 500 | |a Includes bibliographical references and index | ||
| 520 | 3 | |a "Essentials of Economics in Context is specifically designed to meet the requirements of a one-semester introductory economics course. It addresses current economic challenges, paying specific attention to issues of inequality, globalization, unpaid work, technology, financialization and climate change, making the text a genuinely 21st century introduction to economics. In addition to rigorously covering core micro and macro material, this textbook also incorporates insights from behavioral economics and on economic and social institutions. Theoretical expositions in the text are kept close to reality by integrating numerous real-world examples, and by presenting the material in the recognised accessible and engaging style of this experienced author team. Key features of Essentials of Economics in Context include: an inclusive approach to economics, where the economy is analyzed within its social and environmental context an innovative chapter examining data on various economic indicators a wealth of online materials such as slides, test banks and answers to exercises in the book This text is the ideal resource for one-semester introductory economics courses globally"-- | |
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Datensatz im Suchindex
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Contents List of Figures List of Tables List of Boxes Preface Acknowledgments Sample Course Outlines Parti xiii xvii xviii xx xxviii xxxi The Context for Economic Analysis 1 0 ECONOMICS AND WELL-BEING 1 ECONOMIC ACTIVITY IN CONTEXT 21 1. 2. 21 23 24 26 31 31 35 36 37 40 3. 4. 2 3 OUR STARTING POINT THE GOALS OF AN ECONOMY 2.1 TRADITIONAL ECONOMIC GOALS 2.2 MOVING BEYONDTHETRADITIONAL GOALS THE ISSUES THAT DEFINE ECONOMICS 3.1 THE FOUR ESSENTIAL ECONOMIC ACTIVITIES 3.2 THE THREE BASIC ECONOMIC QUESTIONS ECONOMIC TRADEOFFS 4.1 SOCIETY'S PRODUCTION-POSSIBILITIES FRONTIER 4.2 TRADEOFFS OVER TIME FOUNDATIONS OF ECONOMIC ANALYSIS 46 1. 46 46 49 50 2. 3. OUR TOOLS FOR UNDERSTANDING 1.1 EMPIRICISM 1.2 RATIONALISM 1.3 THEORY AND EVIDENCE DIFFERENT ECONOMIC THEORIES: EXAMPLES OF TWO BASIC MODELS 2.1 THE BASIC NEOCLASSICAL MODEL 2.2 THE CONTEXTUAL MODEL THE ROLE OF MARKETS 3.1 THE MEANING OF MARKETS 3.2 THE INSTITUTIONAL REQUIREMENTS OF MARKETS 3.3 INFRASTRUCTURE FOR FLOW OF GOODS AND INFORMATION 3.4 TYPES OF MARKETS 3.5 THE ADVANTAGES AND LIMITATIONS OF MARKETS 3.6 ASSESSING MARKET OUTCOMES 51 52 53 61 61 62 66 67 69 73 V
CONTENTS Part II Microeconomic Analysis: Consumption, Production, and Markets 3 SUPPLY AND DEMAND 1. 2. 3. 4. 5. 6. 4 INTRODUCTION TO THE MICROECONOMIC MARKET MODEL THETHEORY OF SUPPLY 2.1 THE SUPPLY SCHEDULE AND SUPPLY CURVE 2.2 CHANGES IN SUPPLY THE THEORY OF DEMAND 3.1 THE DEMAND SCHEDULE AND DEMAND CURVE 3.2 CHANGES IN DEMAND THE THEORY OF MARKET ADJUSTMENT 4.1 SURPLUS, SHORTAGE, AND EQUILIBRIUM 4.2 MARKET FORCES AND OTHER CONSIDERATIONS 4.3 SHIFTS IN SUPPLY AND DEMAND ELASTICITY 5.1 THE PRICE ELASTICITY OF DEMAND 5.2 MEASURING ELASTICITY 5.3 ELASTICITY AND REVENUES 5.4 PRICE ELASTICITY OF SUPPLY 5.5 INCOME ELASTICITY OF DEMAND TOPICS IN MARKET ANALYSIS 6.1 REAL-WORLD PRICES 6.2 MARKETS AND EQUITY 6.3 SCARCITY AND INADEQUACY 01 81 83 83 85 88 88 90 93 93 95 96 101 101 103 104 105 106 107 107 108 109 CONSUMPTION AND DECISION-MAKING 114 1. 114 114 115 116 116 116 118 2. 3. 4. 5. 6. VI HISTORICAL PERSPECTIVES ON ECONOMIC BEHAVIOR 1.1 CLASSICAL ECONOMIC VIEWS OF HUMAN NATURE 1.2 THE NEOCLASSICAL MODEL THE NEOCLASSICALTHEORY OF CONSUMER BEHAVIOR 2.1 CONSUMER SOVEREIGNTY 2.2 THE BUDGET LINE 2.3 CONSUMER UTILITY MODERN PERSPECTIVES ON CONSUMER BEHAVIOR 3.1 BEHAVIORAL ECONOMICS AND RATIONALITY 3.2 THE ROLE OFTIME, EMOTIONS, AND OTH ER INFLUENTIAL FACTORS 3.3 CONSUMER BEHAVIOR IN CONTEXTUAL ECONOMICS CONSUMPTION IN SOCIAL CONTEXT 4.1 SOCIAL COMPARISONS 4.2 ADVERTISING 4.3 PRIVATE VERSUS PUBLIC CONSUMPTION 4.4 AFFLUENZAAND VOLUNTARY SIMPLICITY CONSUMPTION IN AN ENVIRONMENTAL CONTEXT 5.1 THE LINK BETWEEN CONSUMPTION AND THE ENVIRONMENT 5.2 GREEN CONSUMERISM POLICY INFERENCES FROM
OUR MODEL OF CONSUMER BEHAVIOR 6.1 PREDICTABLE IRRATIONALITY AND NUDGES 6.2 CONSUMPTION AND PUBLIC POLICY 121 122 123 126 128 129 131 132 132 134 135 136 137 137 139
CONTENTS 5 PRODUCTION 1. 2. 3. 4. 6 147 147 149 150 150 151 153 154 ՛ 154 156 157 160 160 164 167 MARKET STRUCTURE 173 1. 173 2. 3. 4. 5. 6. 7 AN OVERVIEW OF PRODUCTION 1.1 THE GOALS OF PRODUCTION 1.2 AN ECONOMIC PERSPECTIVE ON PRODUCTION TYPES OF PRODUCTION COSTS 2.1 FIXED VERSUS VARIABLE COSTS 2.2 ACCOUNTING VERSUS ECONOMIC COSTS 2.3 PRIVATE VERSUS EXTERNAL COSTS THE PRODUCTION FUNCTION 3.1 THINKING ABOUT INPUTS AND OUTPUTS 3.2 GRAPHING PRODUCTION FUNCTIONS 3.3 PRODUCTION IN THE SHORT RUN PRODUCTION COSTS 4.1 PRODUCTION COSTS IN THE SHORTRUN 4.2 PRODUCTION COSTS IN THE LONG RUN 4.3 PRODUCTION PROCESS CHOICE 147 UNDERSTANDING MARKET POWER AND COMPETITION 1.1 THE BUSINESS PERSPECTIVE ON COMPETITION AND MARKET POWER 1.2 THE CONSUMER PERSPECTIVE ON COMPETITION AND MARKET POWER 1.3 THE CITIZEN PERSPECTIVE ON COMPETITION AND MARKET POWER 1.4 THE ECONOMISTS' PERSPECTIVE ON COMPETITION AND MARKET POWER PERFECT COMPETITION 2.1 THE CONDITIONS OF PERFECT COMPETITION 2.2 PROFIT MAXIMIZATION UNDER PERFECT COMPETITION 2.3 LOSSES AND EXIT PURE MONOPOLY: ONE SELLER 3.1 THE CONDITIONS OF MONOPOLY 3.2 EXAMPLES OF MONOPOLY 3.3 PROFIT MAXIMIZATION FOR A MONOPOLIST 3.4 MONOPOLY AND INEFFICIENCY MONOPOLISTIC COMPETITION 4.1 THE CONDITIONS OF MONOPOLISTIC COMPETITION 4.2 PROFIT MAXIMIZATION WITH MONOPOLISTIC COMPETITION 4.3 MONOPOLISTIC COMPETITION AND LONG-RUN EFFICIENCY OLIGOPOLY 5.1 MARKET STRUCTURE OF AN OLIGOPOLISTIC INDUSTRY 5.2 OLIGOPOLY ANDTHE BEHAVIOR OF FIRMS 5.3 EXAMPLES OF OLIGOPOLY MARKET POWER, EFFICIENCY, AND EQUITY 6.1 MARKET INEFFICIENCIES 6.2 MARKET POWER AND POLITICS 174 174
175 175 176 176 177 182 184 184 186 187 189 194 194 194 196 196 197 197 198 199 200 201 MARKETS FOR LABOR 209 1. 209 210 ECONOMIC THEORY OF LABOR MARKETS 1.1 THE FIRM'S DECISION TO HIRE LABOR vii
CONTENTS 2. 3. 4. Part III 8 Macroeconomic Theory and Policy 211 213 214 215 216 217 218 220 222 225 225 227 228 229 230 232 234 243 MACROECONOMIC MEASUREMENT 245 1. 2. 245 247 247 249 252 3. 4. 9 1.2 THE INDIVIDUALS DECISION TO SUPPLY LABOR 1.3 THE MARKETSUPPLY FOR LABOR 1.4 MARKET DEMAND CURVES 1.5 MARKET ADJUSTMENT EXPLAINING VARIATIONS IN WAGES 2.1 WAGE VARIATIONS IN THE NEOCLASSICAL LABOR MODEL 2.2 SOCIAL NORMS, WAGE REGULATIONS, AND BARGAINING POWER 2.3 EFFICIENCY WAGES AND DUAL LABOR MARKETS 2.4 DISCRIMINATION SPECIAL ISSUES FOR THE TWENTY-FIRST CENTU RY 3.1 LABOR FORCE PARTICIPATION RATES 3.2 LABOR MARKET FLEXIBILITY 3.3 LABOR MARKETS AND IMMIGRATION 3.4 COOPERATIVES 3.5 WORK-LIFE BALANCE 3.6 TECHNOLOGICAL CHANGE, PRODUCTIVITY, WORK, AND LEISURE LABOR MARKETS, INEQUALITY, AND POWER AN OVERVIEW OF NATIONAL ACCOUNTING GROSS DOMESTIC PRODUCT 2.1 DEFINING GROSS DOMESTIC PRODUCT 2.2 MEASURING GROSS DOMESTIC PRODUCT 2.3 NOMINAL AND REAL GROSS DOMESTIC PRODUCT KEY MACROECONOMIC INDICATORS: GROSS DOMESTIC PRODUCT GROWTH, INFLATION, AND UNEMPLOYMENT 3.1 GROSS DOMESTIC PRODUCT GROWTH 3.2 PRICE INDEXES AND INFLATION RATES 3.3 MEASURING EMPLOYMENT AND UNEMPLOYMENT ALTERNATIVE MEASURES OF ECONOMIC WELL-BEING 4.1 WHY GROSS DOMESTIC PRODUCT IS NOT A MEASURE OF WELL-BEING 4.2 A BROADER VIEW OF NATIONAL INCOME ACCOUNTING 255 255 255 259 264 2fe5 268 ECONOMIC FLUCTUATIONS AND MACROECONOMIC THEORY 281 1. 281 282 284 286 288 290 290 291 296 297 2. 3. VUI THE BUSINESS CYCLE 1.1 STYLIZED FACTS 1.2 A CLOSER LOOK AT UNEMPLOYMENT 1.3 A CLOSER LOOK AT INFLATION 1.4 A STYLIZED BUSINESS CYCLE
MACROECONOMIC THEORIES 2.1 SIMPLIFYING ASSUMPTIONS 2.2 THE CLASSICAL MODEL THE GREAT DEPRESSION AND KEYNES 3.1 THE KEYNESIAN THEORY 3.2 PERSISTENT UN EMPLOYMENT AND THE KEYNESIAN LABOR MARKETTHEORY 300
CONTENTS 4. 10 302 304 305 305 306 FISCAL POLICY 310 1. 310 311 316 320 320 321 2. 3. 4. 11 3.3 THE MULTIPLIER 3.4 COMPARING CLASSICALAND KEYNESIAN VIEWS MACROECONOMIC HISTORY AND RECENT DEVELOPMENTS 4.1 THE CRISIS OFTHE 1970S AND RETREAT FROM KEYNESIAN ECONOMICS 4.2 MACROECONOMICS FOR TH E TWENTY-FIRST CENTU RY THE 1.1 1.2 THE 2.1 2.2 2.3 GOVERNMENT'S BUDGET UNDERSTANDING TAXES FEDERAL REVENUE AND OUTLAYS ROLE OF GOVERNMENT SPENDING ANDTAXES A CHANGE IN GOVERNMENT SPENDING TAXES AND TRANSFER PAYMENTS THE CIRCULAR FLOW WITH GOVERNMENT SPENDING ANDTAXES 2.4 EXPANSIONARY AND CONTRACTIONARY FISCAL POLICY 2.5 AUTOMATIC STABILIZERS AND DISCRETIONARY POLICY POLICY ISSUES 3.1 CROWDING OUT AND CROWDING IN 3.2 DIFFERENT MULTIPLIER EFFECTS DEBT AND DEFICITS 4.1 DEFICITS ANDTHE NATIONAL DEBT 4.2 GOVERNMENT DEBT: POTENTIAL PROBLEMS 4.3 THE BALANCED BUDGET DEBATE 4.4 DEFICIT PROJECTIONS AND POLICY RESPONSES 323 324 326 329 329 331 332 333 334 337 338 MONEY AND MONETARY POLICY 345 1. 345 345 347 348 350 352 353 354 355 355 356 359 2. 3. 4. 5. UNDERSTANDING MONEY 1.1 WHY MONEY? 1.2 WHAT IS MONEY? 1.3 TYPES OF MONEY 1.4 MEASURES OF MONEY THE BANKING SYSTEM 2.1 COMMERCIAL BANKS 2.2 THE FEDERAL RESERVE SYSTEM HOW BANKS CREATE MONEY 3.1 COMMERCIAL BANKS AND MONEY CREATION 3.2 HOWTHE FED CREATES MONEY 3.3 OTHER MONETARY POLICYTOOLS THETHEORY OF MONEY, INTEREST RATES, AND AGGREGATE DEMAND 4.1 THE FEDERAL FUNDS RATE AND OTHER INTEREST RATES 4.2 INTEREST RATES AND INVESTMENT 4.3 MONETARY POLICY AND AGGREGATE DEMAND 4.4 THE LIQUIDITYTRAP AND CREDIT RATIONING THEORIES OF MONEY AND POLICY
COMPLEXITIES 5.1 THE QUANTITY EQUATION 5.2 COMPETING THEORIES 5.3 POLICY COMPLICATIONS 361 361 363 365 366 368 368 370 372 IX
CONTENTS 12 AGGREGATE SUPPLY, AGGREGATE DEMAND, AND INFLATION PUTTING IT ALL TOGETHER 1. 2. 3. 4. Part IV 13 The Global Economy, Development, and Sustainability 378 378 380 380 381 382 384 386 387 387 391 392 394 395 398 399 400 407 FINANCIAL INSTABILITY AND ECONOMIC INEQUALITY 409 1. 409 409 2. 3. 4. 14 AGGREGATE DEMAND AND INFLATION 1.1 THE AGGREGATE DEMAND CURVE 1.2 SHIFTS OFTHE AGGREGATE DEMAND CURVE: SPENDING AND TAXATION 1.3 SHIFTS OFTHE AGGREGATE DEMAND CURVE: MONETARY POLICY CAPACITY ANDTHE AGGREGATE SUPPLY CURVE 2.1 THE AGGREGATE SUPPLY CURVE 2.2 SHIFTS OFTHE AGGREGATE SUPPLY CURVE: INFLATIONARY EXPECTATIONS 2.3 SHIFTS OFTHE AGGREGATE SUPPLY CURVE: SUPPLY SHOCKS PUTTING THE AGGREGATE SUPPLY/AGGREGATE DEMAND MODELTO WORK 3.1 AN ECONOMY IN RECESSION 3.2 AN OVERHEATED ECONOMY 3.3 STAGFLATION 3.4 A HARD LINE AGAINST INFLATION 3.5 TECHNOLOGY AND GLOBALIZATION COMPETING THEORIES 4.1 CLASSICAL MACROECONOMICS 4.2 KEYNESIAN MACROECONOMICS 378 THE 2007-2008 FINANCIAL CRISIS 1.1 ENTERING THE CRISIS 1.2 THE COLLAPSE OFTHE HOUSING BUBBLE AND IMPACTS OFTHE CRISIS 1.3 POLICY RESPONSES FOR RECOVERY UNDERSTANDING FINANCIAL INSTABILITY 2.1 THE FINANCIAL SYSTEM 2.2 DEREGULATION AND FINANCIALIZATION 2.3 THEORIES OF FINANCIAL INSTABILITY THE CREATION OF AN UNEQUAL SOCIETY 3.1 TRENDS IN INEQUALITY 3.2 CAUSES OF RISING IN EQUALITY 3.3 CONSEQUENCES OF INEQUALITY POLICIES TO PROMOTE FINANCIAL STABILITY AND GREATER EQUALITY THE GLOBAL ECONOMY AND POLICY 1. 2. X TRADE, SPECIALIZATION, AND PRODUCTIVITY GAINS FROM TRADE 2.1 THEORY OF COMPARATIVE ADVANTAGE 2.2 FACTOR PRICE EQUALIZATION 2.3
OTHER BENEFITS OF FREE TRADE 413 416 419 419 421 424 426 426 429 434 435 444 444 445 445 450 451
CONTENTS 3. 4. 5. 15 452 452 453 453 454 456 456 457 461 462 462 464 471 HOW ECONOMIES GROW AND DEVELOP 479 1. 479 480 2. 3. 4. 5. 6. 16 DRAWBACKS OF FREE TRADE 3.1 VULNERABILITY AND LOCK-IN 3.2 POWER DIFFERENTIALS 3.3 TRADE ANDTHE ENVIRONMENT 3.4 INEQUALITY AND OTHER SOCIAL IMPACTS OFTRADE GLOBALIZATION AND POLICY 4.1 PATTERNS OFTRADE 4.2 NATIONALTRADE POLICIES 4.3 INTERNATIONALTRADE AGREEMENTS GLOBALIZATION AND MACROECONOMICS 5.1 THE TRADE BALANCE: COMPLETING THE MACROECONOMIC PICTURE 5.2 INTERNATIONAL FINANCE 5.3 THE BALANCE OF PAYMENTS ECONOMIC GROWTH AND DEVELOPMENT 1.1 STANDARD ECONOMIC GROWTH THEORY 1.2 EXPERIENCES OF ECONOMIC GROWTH AROUND THE WORLD 1.3 DEFINING POVERTY ECONOMIC DEVELOPMENT IN THE WORLD TODAY 2.1 EARLY EXPERIENCES ANDTHEORIES OF DEVELOPMENT 2.2 ASECOND WAVE OF DEVELOPM ENT TH EORY TWENTY-FIRST CENTURY RECONSIDERATIONS OF THE SOURCES OF ECONOMIC GROWTH INEQUALITY AND DEVELOPMENT 4.1 INTERNATIONAL DATA ON INEQUALITY 4.2 INEQUALITY ANDTHE KUZNETS HYPOTHESIS 4.3 INEQUALITY AND ECONOMIC WELL-BEING RECENT PERSPECTIVES AND SUSTAINABLE DEVELOPMENT GOALS DIFFERENT KINDS OF ECONOMIES 481 483 487 487 490 493 501 501 502 503 504 506 ECONOMICS OF THE ENVIRONMENT 513 1. 514 515 516 517 517 519 520 520 524 2. 3. OVERVIEW OF GLOBAL ENVIRONMENTAL ISSUES 1.1 GLOBAL POPULATION 1.2 NONRENEWABLE RESOURCES 1.3 RENEWABLE RESOURCES 1.4 POLLUTION AND WASTES 1.5 CLIMATE CHANGE: SCIENCE AND IMPACTS EXTERNALITIES 2.1 NEGATIVE EXTERNALITIES 2.2 POSITIVE EXTERNALITIES MANAGING COMMON PROPERTY RESOURCES AND PUBLIC GOODS 3.1 DEFINING COMMON PROPERTY RESOURCES AND PUBLIC GOODS 3.2
MANAGEMENT OF COMMON PROPERTY RESOURCES 3.3 MANAGEMENTOF PUBLIC GOODS 525 525 526 528 XI
CONTENTS 4. 5. 6. 7. Glossary Index XII ECONOMIC GROWTH AND THE ENVIRONMENT 4.1 THE ENVIRONMENTAL KUZNETSCURVE HYPOTHESIS 4.2 DOES PROTECTING THE ENVIRONMENT HARM EMPLOYMENTAND ECONOMIC GROWTH? 4.3 ECONOMIC PERSPECTIVES ON THE TRANSITION TO A SUSTAINABLE ECONOMY POLICIES FOR SUSTAINABLE DEVELOPMENT 5.1 DEFINING SUSTAINABILITY 5.2 GREEN TAXES AND SUBSIDY REFORM 5.3 GREEN MACROECONOMIC POLICIES CLIMATE CHANGE: ECONOMICS AND POLICY 6.1 ECONOMIC ANALYSIS OF CLIMATE CHANGE 6.2 CLIMATE CHANGE POLICY FINAL THOUGHTS 530 530 533 534 537 537 539 541 542 542 544 548 555 577 |
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Contents List of Figures List of Tables List of Boxes Preface Acknowledgments Sample Course Outlines Parti xiii xvii xviii xx xxviii xxxi The Context for Economic Analysis 1 0 ECONOMICS AND WELL-BEING 1 ECONOMIC ACTIVITY IN CONTEXT 21 1. 2. 21 23 24 26 31 31 35 36 37 40 3. 4. 2 3 OUR STARTING POINT THE GOALS OF AN ECONOMY 2.1 TRADITIONAL ECONOMIC GOALS 2.2 MOVING BEYONDTHETRADITIONAL GOALS THE ISSUES THAT DEFINE ECONOMICS 3.1 THE FOUR ESSENTIAL ECONOMIC ACTIVITIES 3.2 THE THREE BASIC ECONOMIC QUESTIONS ECONOMIC TRADEOFFS 4.1 SOCIETY'S PRODUCTION-POSSIBILITIES FRONTIER 4.2 TRADEOFFS OVER TIME FOUNDATIONS OF ECONOMIC ANALYSIS 46 1. 46 46 49 50 2. 3. OUR TOOLS FOR UNDERSTANDING 1.1 EMPIRICISM 1.2 RATIONALISM 1.3 THEORY AND EVIDENCE DIFFERENT ECONOMIC THEORIES: EXAMPLES OF TWO BASIC MODELS 2.1 THE BASIC NEOCLASSICAL MODEL 2.2 THE CONTEXTUAL MODEL THE ROLE OF MARKETS 3.1 THE MEANING OF MARKETS 3.2 THE INSTITUTIONAL REQUIREMENTS OF MARKETS 3.3 INFRASTRUCTURE FOR FLOW OF GOODS AND INFORMATION 3.4 TYPES OF MARKETS 3.5 THE ADVANTAGES AND LIMITATIONS OF MARKETS 3.6 ASSESSING MARKET OUTCOMES 51 52 53 61 61 62 66 67 69 73 V
CONTENTS Part II Microeconomic Analysis: Consumption, Production, and Markets 3 SUPPLY AND DEMAND 1. 2. 3. 4. 5. 6. 4 INTRODUCTION TO THE MICROECONOMIC MARKET MODEL THETHEORY OF SUPPLY 2.1 THE SUPPLY SCHEDULE AND SUPPLY CURVE 2.2 CHANGES IN SUPPLY THE THEORY OF DEMAND 3.1 THE DEMAND SCHEDULE AND DEMAND CURVE 3.2 CHANGES IN DEMAND THE THEORY OF MARKET ADJUSTMENT 4.1 SURPLUS, SHORTAGE, AND EQUILIBRIUM 4.2 MARKET FORCES AND OTHER CONSIDERATIONS 4.3 SHIFTS IN SUPPLY AND DEMAND ELASTICITY 5.1 THE PRICE ELASTICITY OF DEMAND 5.2 MEASURING ELASTICITY 5.3 ELASTICITY AND REVENUES 5.4 PRICE ELASTICITY OF SUPPLY 5.5 INCOME ELASTICITY OF DEMAND TOPICS IN MARKET ANALYSIS 6.1 REAL-WORLD PRICES 6.2 MARKETS AND EQUITY 6.3 SCARCITY AND INADEQUACY 01 81 83 83 85 88 88 90 93 93 95 96 101 101 103 104 105 106 107 107 108 109 CONSUMPTION AND DECISION-MAKING 114 1. 114 114 115 116 116 116 118 2. 3. 4. 5. 6. VI HISTORICAL PERSPECTIVES ON ECONOMIC BEHAVIOR 1.1 CLASSICAL ECONOMIC VIEWS OF HUMAN NATURE 1.2 THE NEOCLASSICAL MODEL THE NEOCLASSICALTHEORY OF CONSUMER BEHAVIOR 2.1 CONSUMER SOVEREIGNTY 2.2 THE BUDGET LINE 2.3 CONSUMER UTILITY MODERN PERSPECTIVES ON CONSUMER BEHAVIOR 3.1 BEHAVIORAL ECONOMICS AND RATIONALITY 3.2 THE ROLE OFTIME, EMOTIONS, AND OTH ER INFLUENTIAL FACTORS 3.3 CONSUMER BEHAVIOR IN CONTEXTUAL ECONOMICS CONSUMPTION IN SOCIAL CONTEXT 4.1 SOCIAL COMPARISONS 4.2 ADVERTISING 4.3 PRIVATE VERSUS PUBLIC CONSUMPTION 4.4 AFFLUENZAAND VOLUNTARY SIMPLICITY CONSUMPTION IN AN ENVIRONMENTAL CONTEXT 5.1 THE LINK BETWEEN CONSUMPTION AND THE ENVIRONMENT 5.2 GREEN CONSUMERISM POLICY INFERENCES FROM
OUR MODEL OF CONSUMER BEHAVIOR 6.1 PREDICTABLE IRRATIONALITY AND NUDGES 6.2 CONSUMPTION AND PUBLIC POLICY 121 122 123 126 128 129 131 132 132 134 135 136 137 137 139
CONTENTS 5 PRODUCTION 1. 2. 3. 4. 6 147 147 149 150 150 151 153 154 ՛ 154 156 157 160 160 164 167 MARKET STRUCTURE 173 1. 173 2. 3. 4. 5. 6. 7 AN OVERVIEW OF PRODUCTION 1.1 THE GOALS OF PRODUCTION 1.2 AN ECONOMIC PERSPECTIVE ON PRODUCTION TYPES OF PRODUCTION COSTS 2.1 FIXED VERSUS VARIABLE COSTS 2.2 ACCOUNTING VERSUS ECONOMIC COSTS 2.3 PRIVATE VERSUS EXTERNAL COSTS THE PRODUCTION FUNCTION 3.1 THINKING ABOUT INPUTS AND OUTPUTS 3.2 GRAPHING PRODUCTION FUNCTIONS 3.3 PRODUCTION IN THE SHORT RUN PRODUCTION COSTS 4.1 PRODUCTION COSTS IN THE SHORTRUN 4.2 PRODUCTION COSTS IN THE LONG RUN 4.3 PRODUCTION PROCESS CHOICE 147 UNDERSTANDING MARKET POWER AND COMPETITION 1.1 THE BUSINESS PERSPECTIVE ON COMPETITION AND MARKET POWER 1.2 THE CONSUMER PERSPECTIVE ON COMPETITION AND MARKET POWER 1.3 THE CITIZEN PERSPECTIVE ON COMPETITION AND MARKET POWER 1.4 THE ECONOMISTS' PERSPECTIVE ON COMPETITION AND MARKET POWER PERFECT COMPETITION 2.1 THE CONDITIONS OF PERFECT COMPETITION 2.2 PROFIT MAXIMIZATION UNDER PERFECT COMPETITION 2.3 LOSSES AND EXIT PURE MONOPOLY: ONE SELLER 3.1 THE CONDITIONS OF MONOPOLY 3.2 EXAMPLES OF MONOPOLY 3.3 PROFIT MAXIMIZATION FOR A MONOPOLIST 3.4 MONOPOLY AND INEFFICIENCY MONOPOLISTIC COMPETITION 4.1 THE CONDITIONS OF MONOPOLISTIC COMPETITION 4.2 PROFIT MAXIMIZATION WITH MONOPOLISTIC COMPETITION 4.3 MONOPOLISTIC COMPETITION AND LONG-RUN EFFICIENCY OLIGOPOLY 5.1 MARKET STRUCTURE OF AN OLIGOPOLISTIC INDUSTRY 5.2 OLIGOPOLY ANDTHE BEHAVIOR OF FIRMS 5.3 EXAMPLES OF OLIGOPOLY MARKET POWER, EFFICIENCY, AND EQUITY 6.1 MARKET INEFFICIENCIES 6.2 MARKET POWER AND POLITICS 174 174
175 175 176 176 177 182 184 184 186 187 189 194 194 194 196 196 197 197 198 199 200 201 MARKETS FOR LABOR 209 1. 209 210 ECONOMIC THEORY OF LABOR MARKETS 1.1 THE FIRM'S DECISION TO HIRE LABOR vii
CONTENTS 2. 3. 4. Part III 8 Macroeconomic Theory and Policy 211 213 214 215 216 217 218 220 222 225 225 227 228 229 230 232 234 243 MACROECONOMIC MEASUREMENT 245 1. 2. 245 247 247 249 252 3. 4. 9 1.2 THE INDIVIDUALS DECISION TO SUPPLY LABOR 1.3 THE MARKETSUPPLY FOR LABOR 1.4 MARKET DEMAND CURVES 1.5 MARKET ADJUSTMENT EXPLAINING VARIATIONS IN WAGES 2.1 WAGE VARIATIONS IN THE NEOCLASSICAL LABOR MODEL 2.2 SOCIAL NORMS, WAGE REGULATIONS, AND BARGAINING POWER 2.3 EFFICIENCY WAGES AND DUAL LABOR MARKETS 2.4 DISCRIMINATION SPECIAL ISSUES FOR THE TWENTY-FIRST CENTU RY 3.1 LABOR FORCE PARTICIPATION RATES 3.2 LABOR MARKET FLEXIBILITY 3.3 LABOR MARKETS AND IMMIGRATION 3.4 COOPERATIVES 3.5 WORK-LIFE BALANCE 3.6 TECHNOLOGICAL CHANGE, PRODUCTIVITY, WORK, AND LEISURE LABOR MARKETS, INEQUALITY, AND POWER AN OVERVIEW OF NATIONAL ACCOUNTING GROSS DOMESTIC PRODUCT 2.1 DEFINING GROSS DOMESTIC PRODUCT 2.2 MEASURING GROSS DOMESTIC PRODUCT 2.3 NOMINAL AND REAL GROSS DOMESTIC PRODUCT KEY MACROECONOMIC INDICATORS: GROSS DOMESTIC PRODUCT GROWTH, INFLATION, AND UNEMPLOYMENT 3.1 GROSS DOMESTIC PRODUCT GROWTH 3.2 PRICE INDEXES AND INFLATION RATES 3.3 MEASURING EMPLOYMENT AND UNEMPLOYMENT ALTERNATIVE MEASURES OF ECONOMIC WELL-BEING 4.1 WHY GROSS DOMESTIC PRODUCT IS NOT A MEASURE OF WELL-BEING 4.2 A BROADER VIEW OF NATIONAL INCOME ACCOUNTING 255 255 255 259 264 2fe5 268 ECONOMIC FLUCTUATIONS AND MACROECONOMIC THEORY 281 1. 281 282 284 286 288 290 290 291 296 297 2. 3. VUI THE BUSINESS CYCLE 1.1 STYLIZED FACTS 1.2 A CLOSER LOOK AT UNEMPLOYMENT 1.3 A CLOSER LOOK AT INFLATION 1.4 A STYLIZED BUSINESS CYCLE
MACROECONOMIC THEORIES 2.1 SIMPLIFYING ASSUMPTIONS 2.2 THE CLASSICAL MODEL THE GREAT DEPRESSION AND KEYNES 3.1 THE KEYNESIAN THEORY 3.2 PERSISTENT UN EMPLOYMENT AND THE KEYNESIAN LABOR MARKETTHEORY 300
CONTENTS 4. 10 302 304 305 305 306 FISCAL POLICY 310 1. 310 311 316 320 320 321 2. 3. 4. 11 3.3 THE MULTIPLIER 3.4 COMPARING CLASSICALAND KEYNESIAN VIEWS MACROECONOMIC HISTORY AND RECENT DEVELOPMENTS 4.1 THE CRISIS OFTHE 1970S AND RETREAT FROM KEYNESIAN ECONOMICS 4.2 MACROECONOMICS FOR TH E TWENTY-FIRST CENTU RY THE 1.1 1.2 THE 2.1 2.2 2.3 GOVERNMENT'S BUDGET UNDERSTANDING TAXES FEDERAL REVENUE AND OUTLAYS ROLE OF GOVERNMENT SPENDING ANDTAXES A CHANGE IN GOVERNMENT SPENDING TAXES AND TRANSFER PAYMENTS THE CIRCULAR FLOW WITH GOVERNMENT SPENDING ANDTAXES 2.4 EXPANSIONARY AND CONTRACTIONARY FISCAL POLICY 2.5 AUTOMATIC STABILIZERS AND DISCRETIONARY POLICY POLICY ISSUES 3.1 CROWDING OUT AND CROWDING IN 3.2 DIFFERENT MULTIPLIER EFFECTS DEBT AND DEFICITS 4.1 DEFICITS ANDTHE NATIONAL DEBT 4.2 GOVERNMENT DEBT: POTENTIAL PROBLEMS 4.3 THE BALANCED BUDGET DEBATE 4.4 DEFICIT PROJECTIONS AND POLICY RESPONSES 323 324 326 329 329 331 332 333 334 337 338 MONEY AND MONETARY POLICY 345 1. 345 345 347 348 350 352 353 354 355 355 356 359 2. 3. 4. 5. UNDERSTANDING MONEY 1.1 WHY MONEY? 1.2 WHAT IS MONEY? 1.3 TYPES OF MONEY 1.4 MEASURES OF MONEY THE BANKING SYSTEM 2.1 COMMERCIAL BANKS 2.2 THE FEDERAL RESERVE SYSTEM HOW BANKS CREATE MONEY 3.1 COMMERCIAL BANKS AND MONEY CREATION 3.2 HOWTHE FED CREATES MONEY 3.3 OTHER MONETARY POLICYTOOLS THETHEORY OF MONEY, INTEREST RATES, AND AGGREGATE DEMAND 4.1 THE FEDERAL FUNDS RATE AND OTHER INTEREST RATES 4.2 INTEREST RATES AND INVESTMENT 4.3 MONETARY POLICY AND AGGREGATE DEMAND 4.4 THE LIQUIDITYTRAP AND CREDIT RATIONING THEORIES OF MONEY AND POLICY
COMPLEXITIES 5.1 THE QUANTITY EQUATION 5.2 COMPETING THEORIES 5.3 POLICY COMPLICATIONS 361 361 363 365 366 368 368 370 372 IX
CONTENTS 12 AGGREGATE SUPPLY, AGGREGATE DEMAND, AND INFLATION PUTTING IT ALL TOGETHER 1. 2. 3. 4. Part IV 13 The Global Economy, Development, and Sustainability 378 378 380 380 381 382 384 386 387 387 391 392 394 395 398 399 400 407 FINANCIAL INSTABILITY AND ECONOMIC INEQUALITY 409 1. 409 409 2. 3. 4. 14 AGGREGATE DEMAND AND INFLATION 1.1 THE AGGREGATE DEMAND CURVE 1.2 SHIFTS OFTHE AGGREGATE DEMAND CURVE: SPENDING AND TAXATION 1.3 SHIFTS OFTHE AGGREGATE DEMAND CURVE: MONETARY POLICY CAPACITY ANDTHE AGGREGATE SUPPLY CURVE 2.1 THE AGGREGATE SUPPLY CURVE 2.2 SHIFTS OFTHE AGGREGATE SUPPLY CURVE: INFLATIONARY EXPECTATIONS 2.3 SHIFTS OFTHE AGGREGATE SUPPLY CURVE: SUPPLY SHOCKS PUTTING THE AGGREGATE SUPPLY/AGGREGATE DEMAND MODELTO WORK 3.1 AN ECONOMY IN RECESSION 3.2 AN OVERHEATED ECONOMY 3.3 STAGFLATION 3.4 A HARD LINE AGAINST INFLATION 3.5 TECHNOLOGY AND GLOBALIZATION COMPETING THEORIES 4.1 CLASSICAL MACROECONOMICS 4.2 KEYNESIAN MACROECONOMICS 378 THE 2007-2008 FINANCIAL CRISIS 1.1 ENTERING THE CRISIS 1.2 THE COLLAPSE OFTHE HOUSING BUBBLE AND IMPACTS OFTHE CRISIS 1.3 POLICY RESPONSES FOR RECOVERY UNDERSTANDING FINANCIAL INSTABILITY 2.1 THE FINANCIAL SYSTEM 2.2 DEREGULATION AND FINANCIALIZATION 2.3 THEORIES OF FINANCIAL INSTABILITY THE CREATION OF AN UNEQUAL SOCIETY 3.1 TRENDS IN INEQUALITY 3.2 CAUSES OF RISING IN EQUALITY 3.3 CONSEQUENCES OF INEQUALITY POLICIES TO PROMOTE FINANCIAL STABILITY AND GREATER EQUALITY THE GLOBAL ECONOMY AND POLICY 1. 2. X TRADE, SPECIALIZATION, AND PRODUCTIVITY GAINS FROM TRADE 2.1 THEORY OF COMPARATIVE ADVANTAGE 2.2 FACTOR PRICE EQUALIZATION 2.3
OTHER BENEFITS OF FREE TRADE 413 416 419 419 421 424 426 426 429 434 435 444 444 445 445 450 451
CONTENTS 3. 4. 5. 15 452 452 453 453 454 456 456 457 461 462 462 464 471 HOW ECONOMIES GROW AND DEVELOP 479 1. 479 480 2. 3. 4. 5. 6. 16 DRAWBACKS OF FREE TRADE 3.1 VULNERABILITY AND LOCK-IN 3.2 POWER DIFFERENTIALS 3.3 TRADE ANDTHE ENVIRONMENT 3.4 INEQUALITY AND OTHER SOCIAL IMPACTS OFTRADE GLOBALIZATION AND POLICY 4.1 PATTERNS OFTRADE 4.2 NATIONALTRADE POLICIES 4.3 INTERNATIONALTRADE AGREEMENTS GLOBALIZATION AND MACROECONOMICS 5.1 THE TRADE BALANCE: COMPLETING THE MACROECONOMIC PICTURE 5.2 INTERNATIONAL FINANCE 5.3 THE BALANCE OF PAYMENTS ECONOMIC GROWTH AND DEVELOPMENT 1.1 STANDARD ECONOMIC GROWTH THEORY 1.2 EXPERIENCES OF ECONOMIC GROWTH AROUND THE WORLD 1.3 DEFINING POVERTY ECONOMIC DEVELOPMENT IN THE WORLD TODAY 2.1 EARLY EXPERIENCES ANDTHEORIES OF DEVELOPMENT 2.2 ASECOND WAVE OF DEVELOPM ENT TH EORY TWENTY-FIRST CENTURY RECONSIDERATIONS OF THE SOURCES OF ECONOMIC GROWTH INEQUALITY AND DEVELOPMENT 4.1 INTERNATIONAL DATA ON INEQUALITY 4.2 INEQUALITY ANDTHE KUZNETS HYPOTHESIS 4.3 INEQUALITY AND ECONOMIC WELL-BEING RECENT PERSPECTIVES AND SUSTAINABLE DEVELOPMENT GOALS DIFFERENT KINDS OF ECONOMIES 481 483 487 487 490 493 501 501 502 503 504 506 ECONOMICS OF THE ENVIRONMENT 513 1. 514 515 516 517 517 519 520 520 524 2. 3. OVERVIEW OF GLOBAL ENVIRONMENTAL ISSUES 1.1 GLOBAL POPULATION 1.2 NONRENEWABLE RESOURCES 1.3 RENEWABLE RESOURCES 1.4 POLLUTION AND WASTES 1.5 CLIMATE CHANGE: SCIENCE AND IMPACTS EXTERNALITIES 2.1 NEGATIVE EXTERNALITIES 2.2 POSITIVE EXTERNALITIES MANAGING COMMON PROPERTY RESOURCES AND PUBLIC GOODS 3.1 DEFINING COMMON PROPERTY RESOURCES AND PUBLIC GOODS 3.2
MANAGEMENT OF COMMON PROPERTY RESOURCES 3.3 MANAGEMENTOF PUBLIC GOODS 525 525 526 528 XI
CONTENTS 4. 5. 6. 7. Glossary Index XII ECONOMIC GROWTH AND THE ENVIRONMENT 4.1 THE ENVIRONMENTAL KUZNETSCURVE HYPOTHESIS 4.2 DOES PROTECTING THE ENVIRONMENT HARM EMPLOYMENTAND ECONOMIC GROWTH? 4.3 ECONOMIC PERSPECTIVES ON THE TRANSITION TO A SUSTAINABLE ECONOMY POLICIES FOR SUSTAINABLE DEVELOPMENT 5.1 DEFINING SUSTAINABILITY 5.2 GREEN TAXES AND SUBSIDY REFORM 5.3 GREEN MACROECONOMIC POLICIES CLIMATE CHANGE: ECONOMICS AND POLICY 6.1 ECONOMIC ANALYSIS OF CLIMATE CHANGE 6.2 CLIMATE CHANGE POLICY FINAL THOUGHTS 530 530 533 534 537 537 539 541 542 542 544 548 555 577 |
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| illustrated | Illustrated |
| index_date | 2024-07-03T16:32:33Z |
| indexdate | 2025-01-29T13:21:05Z |
| institution | BVB |
| isbn | 9780367245610 9780367245474 |
| language | English |
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| spelling | Goodwin, Neva R. 1944- Verfasser (DE-588)170644359 aut Essentials of economics in context Neva Goodwin, Jonathan M. Harris, Pratistha Joshi Rajkarnikar, Brian Roacha and Tim B. Thornton New York Routledge 2021 xxxiv, 599 Seiten Illustrationen txt rdacontent n rdamedia nc rdacarrier Includes bibliographical references and index "Essentials of Economics in Context is specifically designed to meet the requirements of a one-semester introductory economics course. It addresses current economic challenges, paying specific attention to issues of inequality, globalization, unpaid work, technology, financialization and climate change, making the text a genuinely 21st century introduction to economics. In addition to rigorously covering core micro and macro material, this textbook also incorporates insights from behavioral economics and on economic and social institutions. Theoretical expositions in the text are kept close to reality by integrating numerous real-world examples, and by presenting the material in the recognised accessible and engaging style of this experienced author team. Key features of Essentials of Economics in Context include: an inclusive approach to economics, where the economy is analyzed within its social and environmental context an innovative chapter examining data on various economic indicators a wealth of online materials such as slides, test banks and answers to exercises in the book This text is the ideal resource for one-semester introductory economics courses globally"-- Wirtschaftswissenschaften (DE-588)4066528-8 gnd rswk-swf Wirtschaftswissenschaft / (DE-627)091401372 / (DE-STW)10032-2 Economics Wirtschaftswissenschaften (DE-588)4066528-8 s DE-604 Harris, Jonathan M. 1948- Verfasser (DE-588)130583863 aut Joshi Rajkarnikar, Pratistha Verfasser (DE-588)1177836459 aut Roach, Brian A. Verfasser (DE-588)171083520 aut Thornton, Tim B. Verfasser (DE-588)1111521174 aut Erscheint auch als Onlineausgabe, ebk 978-0-429-28308-6 Digitalisierung UB Bamberg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=032537485&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Goodwin, Neva R. 1944- Harris, Jonathan M. 1948- Joshi Rajkarnikar, Pratistha Roach, Brian A. Thornton, Tim B. Essentials of economics in context Wirtschaftswissenschaften (DE-588)4066528-8 gnd |
| subject_GND | (DE-588)4066528-8 |
| title | Essentials of economics in context |
| title_auth | Essentials of economics in context |
| title_exact_search | Essentials of economics in context |
| title_exact_search_txtP | Essentials of economics in context |
| title_full | Essentials of economics in context Neva Goodwin, Jonathan M. Harris, Pratistha Joshi Rajkarnikar, Brian Roacha and Tim B. Thornton |
| title_fullStr | Essentials of economics in context Neva Goodwin, Jonathan M. Harris, Pratistha Joshi Rajkarnikar, Brian Roacha and Tim B. Thornton |
| title_full_unstemmed | Essentials of economics in context Neva Goodwin, Jonathan M. Harris, Pratistha Joshi Rajkarnikar, Brian Roacha and Tim B. Thornton |
| title_short | Essentials of economics in context |
| title_sort | essentials of economics in context |
| topic | Wirtschaftswissenschaften (DE-588)4066528-8 gnd |
| topic_facet | Wirtschaftswissenschaften |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=032537485&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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