Microeconomics:
Gespeichert in:
| Hauptverfasser: | , |
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| Format: | Buch |
| Sprache: | English |
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New York, NY
Macmillan International Higher Education
[2021]
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| Ausgabe: | sixth edition |
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| Online-Zugang: | Inhaltsverzeichnis Klappentext |
| Beschreibung: | xxx, 605 Seiten und 3 Anhänge (S-26, G-9, I-14) Illustrationen, Diagramme |
| ISBN: | 9781319385842 |
Internformat
MARC
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| 245 | 1 | 0 | |a Microeconomics |c Paul Krugman (Graduate Center of the City University of New York), Robin Wells |
| 250 | |a sixth edition | ||
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Datensatz im Suchindex
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| adam_text | Contents Preface xii ECONOMICS » in Action Wait, Then Hurry Up, and Wait Again 17 PART 1 What Is Economics? Economy-Wide Interactions 18 Principle #9: One Person’s Spending Is Another Person’s Income 19 INTRODUCTION An Engine for Growth and Discovery / 1 A Day in the Megacity 1 The Invisible Hand 2 Principle #10: Overall Spending Sometimes Gets Out of Line with the Economy’s Productive Capacity; When It Does, Government Policy Can Change Spending 19 Principle #11 : Increases in the Economy’s Potential Lead to Economic Growth Over Time 20 BUSINESS CASE How Priceline Revolutionized the Travel Industry 22 My Benefit, Your Cost 3 Good Times, Bad Times 3 Onward and Upward 4 An Engine for Discovery 4 CHAPTER 1 First Principles / 7 Common Ground 7 Principles That Underlie Individual Choice: The Core of Economics 8 Principle #1 : Choices Are Necessary Because Resources Are Scarce 8 Principle #2: The True Cost of Something Is Its Opportunity Cost 9 CHAPTER 2 Economic Models: Trade-offs and Trade / 27 From Kitty Hawk to Dreamliner 27 Models in Economics: Some Important Examples 28 Trade-offs: The Production Possibility Frontier 29 Comparative Advantage and Gains from Trade 34 Comparative Advantage and International Trade, in Reality 37 GLOBAL COMPARISON Pajama Republics 38 Transactions: The Circular-Flow Diagram 38 ECONOMICS » in Action Rich Nation, Poor Nation 40 Principle #3: “How Much” Is a Decision at the Margin 10 Principle #4: People Respond to Incentives, Exploiting Opportunities to Make Themselves Better Off 10 ECONOMICS » in Action The Cost of Marriage: China s One-Child
Policy Creates Millions of Lonely Bachelors 11 Interaction: How Economies Work 12 Using Models 41 Positive versus Normative Economics 41 When and Why Economists Disagree 42 ECONOMICS »in Action When Economists Agree 43 BUSINESS CASE Efficiency, Opportunity Cost, and the Logic of Lean Production 45 Principle #5: There Are Gains from Trade 13 xxii Principle #6: Markets Move Toward Equilibrium 14 CHAPTER 2 Principle #7: Resources Should Be Used Efficiently to Achieve Society’s Goals 15 Appendix: Graphs in Economics / 51 Principle #8: Markets Usually Lead to Efficiency, But When They Don’t, Government Intervention Can Improve Society s Welfare 16 Getting the Picture 51 Graphs, Variables, and Economic Models 51
CONTENTS How Graphs Work 51 І ХХІІІ Competitive Markets —and Others 95 Two-Variable Graphs 51 BUSINESS CASE Uber Gives Riders a Lesson in Supply and Curves on a Graph 53 Demand 96 A Key Concept: The Slope of a Curve 54 The Slope of a Linear Curve 54 Horizontal and Vertical Curves and Their Slopes 55 The Slope of a Nonlinear Curve 56 Calculating the Slope Along a Nonlinear Curve 56 Maximum and Minimum Points 58 Calculating the Area Below or Above a Curve 59 Graphs That Depict Numerical Information 59 Types of Numerical Graphs 60 Challenges with Interpreting Numerical Graphs 62 PART 2 Supply and Demand CHAPTER 4 Consumer and Producer Surplus / 103 Mastering Textbook Economics 103 Consumer Surplus and the Demand Curve 104 Willingness to Pay and the Demand Curve 104 Willingness to Pay and Consumer Surplus 104 How Changing Prices Affect Consumer Surplus 107 FOR INQUIRING MINDS A Matter of Life and Death 109 ECONOMICS » in Action Is Facebook Really Free? 110 Producer Surplus and the Supply Curve 110 Cost and Producer Surplus 111 How Changing Prices Affect Producer Surplus 113 ECONOMICS » in Action CHAPTER 3 Supply and Demand / 67 A Natural Gas Boom and Bust 67 Supply and Demand: A Model of a Competitive Market 68 Consumer Surplus, Producer Surplus, and the Gains from Trade 115 The Gains from Trade 115 The Efficiency of Markets 116 Equity and Efficiency 120 The Demand Curve 68 The Demand Schedule and the Demand Curve 69 ECONOMICS » in Action Shifts of the Demand Curve 70 A Market Economy 121 GLOBAL COMPARISON Pay More, Pump Less 70 Understanding Shifts of the Demand Curve 72
ECONOMICS » in Action Beating the Traffic 77 The Supply Schedule and the Supply Curve 78 Shifts of the Supply Curve 79 Understanding Shifts of the Supply Curve 80 The Plunging Cost of Solar Panels 84 Supply, Demand, and Equilibrium 85 Finding the Equilibrium Price and Quantity 86 Using Equilibrium to Describe Markets 89 ECONOMICS » in Action Take the Keys, Please 120 Why Markets Typically Work So Well 122 A Few Words of Caution 123 ECONOMICS » in Action A Great Leap —Backward 123 BUSINESS CASE Ticket Prices and Music’s Reigning Couple, The Supply Curve 78 ECONOMICS »in Action Highs and Lows on Iowa s Farms 114 The Price of Admission 89 Beyoncé and Jay-Z 125 CHAPTER 5 Price Controls and Quotas: Meddling with Markets /131 A Bronx Tale 131 Why Governments Control Prices 132 Price Ceilings 132 Modeling a Price Ceiling 133 Changes in Supply and Demand 90 What Happens When the Demand Curve Shifts 90 What Happens When the Supply Curve Shifts 91 Simultaneous Shifts of Supply and Demand Curves 92 ECONOMICS » in Action Holy Guacamole! 94 How a Price Ceiling Causes Inefficiency 134 FOR INQUIRING MINDS Mumbai s Rent-Control Millionaires 137 Winners, Losers, and Rent Control 138 So Why Are There Price Ceilings? 139
XXIV I CONTENTS ECONOMICS » in Action How Price Controls in Venezuela PART 3 Individuals and Markets Proved Disastrous 139 Price Floors 141 GLOBAL COMPARISON Check Out Our Low, Low CHAPTER 7 Taxes /185 Wages! 141 How a Price Floor Causes Inefficiency 143 So Why Are There Price Floors? 146 ECONOMICS » in Action The Rise and Fall of the Unpaid The Founding Taxers 185 The Economics of Taxes: A Preliminary View 186 The Effect of an Excise Tax on Quantities and Prices 186 Intern 146 Controlling Quantities 147 Price Elasticities and Tax Incidence 189 The Anatomy of Quantity Controls 148 ECONOMICS » in Action The Costs of Quantity Controls 151 The Benefits and Costs of Taxation 192 ECONOMICS » in Action Crabbing, Quotas, and Saving Lives in Alaska 151 Who Pays the FICA? 191 The Revenue from an Excise Tax 192 Tax Rates and Revenue 193 BUSINESS CASE A Market Disruptor Gets Disrupted by the Market 153 FOR INQUIRING MINDS French Tax Rates and L ArcLaffer 195 The Costs of Taxation 196 Elasticities and the Deadweight Loss of a Tax 199 CHAPTER 6 ECONOMICS » in Action Elasticity /159 Tax Fairness and Tax Efficiency 202 Taxing Tobacco 200 Two Principles of Tax Fairness 202 Taken for a Ride 159 Equity versus Efficiency 202 Defining and Measuring Elasticity 160 ECONOMICS » in Action Federal Tax Philosophy 203 Calculating the Price Elasticity of Demand 160 An Alternative Way to Calculate Elasticities: The Midpoint Method 161 ECONOMICS » in Action Estimating Elasticities 163 Interpreting the Price Elasticity of Demand 163 How Elastic Is Elastic? 164 Tax Bases and Tax Structure 204 Equity,
Efficiency, and Progressive Taxation 205 Taxes in the United States 206 Different Taxes, Different Principles 207 GLOBAL COMPARISON Price Elasticity Along the Demand Curve 168 What Factors Determine the Price Elasticity of Demand? 168 ECONOMICS » in Action Understanding the Tax System 204 Responding to Your Tuition Bill 171 Other Demand Elasticities 172 You Think Your Taxes Are High? 207 FOR INQUIRING MINDS Taxing Income versus Taxing Consumption 208 ECONOMICS » in Action State Tax Choices 208 BUSINESS CASE A Welcome Tax Hike: Microsoft Raises Its Internal Carbon Tax 210 The Cross-Price Elasticity of Demand 172 The Income Elasticity of Demand 173 GLOBAL COMPARISON Food’s Bite in World Budgets 173 CHAPTER 8 International Trade /215 ECONOMICS » in Action Spending It 174 The Everywhere Phone 215 The Price Elasticity of Supply 175 Comparative Advantage and International Trade 216 Measuring the Price Elasticity of Supply 175 What Factors Determine the Price Elasticity of Supply? 176 ECONOMICS » in Action A Global Commodities Glut 177 Production Possibilities and Comparative Advantage, Revisited 217 The Gains from International Trade 219 An Elasticity Menagerie 178 Comparative Advantage versus Absolute Advantage 220 BUSINESS CASE The American Airline Industry: Fly Less and Popular Misconceptions Arising from Misunderstanding Comparative Advantage 221 Charge More 179
CONTENTS GLOBAL COMPARISON Productivity and Wages Around the World 222 Sources of Comparative Advantage 222 FOR INQUIRING MINDS How Scale Effects Drive International Trade 224 ECONOMICS » in Action How Hong Kong Lost Its Shirts 224 Supply, Demand, and International Trade 225 The Effects of Imports 226 The Effects of Exports 228 International Trade and Wages 229 ECONOMICS » in Action The China Shock 231 The Effects of Trade Protection 232 The Effects of a Tariff 232 The Effects of an Import Quota 234 XXV GLOBAL COMPARISON House Sizes Around the World 259 A Principle with Many Uses 259 A Preview: How Consumption Decisions Are Different 259 ECONOMICS » in Action The Cost of a Life 260 Sunk Costs 261 ECONOMICS » in Action Biotech:The World s Biggest Loser 262 Behavioral Economics 262 Rational, but Human, Too 263 irrationality: An Economist’s View 264 FOR INQUIRING MINDS The Jingle Mall Blues” 265 Rational Models for Irrational People? 267 ECONOMICS » in Action In Praise of Hard Deadlines 268 ECONOMICS » in Action The Steel Tariffs of2018-2019 235 BUSINESS CASE J.C. Penney’s One-Price Strategy Upsets Its The Political Economy of Trade Protection 236 Customers 270 Arguments for Trade Protection 236 The Politics of Trade Protection 237 International Trade Agreements and the World Trade Organization 237 Challenges to Globalization 238 ECONOMICS »in Action Trade War, What Is It Good For? 239 BUSINESS CASE Li Fung: From Guangzhou to You 241 Economics and Decision Making PART 4 CHAPTER 9 CHAPTER 9 Appendix: How to Make Decisions Involving Time: Understanding Present Value /275 How to
Calculate the Present Value of a One-Year Project 275 How to Calculate the Present Value of Multiyear Projects 276 How to Calculate the Present Value of Projects with Revenues and Costs 277 part 5 The Consumer Decision Making by Individuals and Firms / 247 CHAPTER 10 Making Decisions in Good Times and Bad 247 The Rational Consumer / 279 Costs, Benefits, and Profits 248 The Absolute Last Bite 279 Explicit versus Implicit Costs 248 Accounting Profit versus Economic Profit 249 Making “Either-Or” Decisions 251 Utility: Getting Satisfaction 280 Utility and Consumption 280 The Principle of Diminishing Marginal Utility 281 ECONOMICS » in Action Airbnb and the Rising Cost of ECONOMICS » in Action Is Salmon a Luxury? It Privacy 252 Depends 282 Making “How Much” Decisions: The Role of Marginal Analysis 252 Budgets and Optimal Consumption 283 Marginal Cost 253 Marginal Benefit 255 Marginal Analysis 256 Budget Constraints and Budget Lines 283 Optimal Consumption Choice 285 FOR INQUIRING MINDS Food for Thought on Budget Constraints 287
xxvi I CONTENTS ECONOMICS » in Action The Great Condiment Craze 287 Spending the Marginal Dollar 288 Marginal Utility per Dollar 288 Optimal Consumption 290 ECONOMICS » in Action Inputs and Output 328 GLOBAL COMPARISON Wheat Yields Around the World 330 From the Production Function to Cost Curves 332 ECONOMICS » in Action Buying Your Way Out of Finding the Optimal Team Size 334 Temptation 291 From Utility to the Demand Curve 292 Marginal Utility, the Substitution Effect, and the Law of Demand 292 Two Key Concepts: Marginal Cost and Average Cost 335 Marginal Cost 335 Average Total Cost 337 The Income Effect 293 Minimum Average Total Cost 340 » in Urge to Splurge 294 ECONOMICS Action Lower Gasoline Prices and the BUSINESS CASE Beyond Impossible: McDonald’s and Burger King’s Beef-Free Battle 295 Does the Marginal Cost Curve Always Slope Upward? 341 ECONOMICS » in Action Smart Grid Economics 342 Short-Run versus Long-Run Costs 343 CHAPTER 10 Appendix: Consumer Preferences and Consumer Choice / 301 Returns to Scale 346 Summing Up Costs: The Short and Long of It 347 ECONOMICS » in Action How the Sharing Economy Reduces Fixed Cost 347 Mapping the Utility Function 301 Indifference Curves 301 BUSINESS CASE The Rise of the Machine at Amazon 349 Properties of Indifference Curves 304 Indifference Curves and Consumer Choice 305 The Marginal Rate of Substitution 306 The Tangency Condition 309 The Slope of the Budget Line 310 CHAPTER 12 Perfect Competition and the Supply Curve/355 Prices and the Marginal Rate of Substitution 311 Deck the Halls 355 Preferences and Choices 312 Perfect
Competition 356 Using Indifference Curves: Substitutes and Complements 314 Perfect Substitutes 314 Perfect Complements 316 Less Extreme Cases 316 Prices, Income, and Demand 317 The Effects of a Price Increase 317 Defining Perfect Competition 356 Two Necessary Conditions for Perfect Competition 356 FOR INQUIRING MINDS What s a Standardized Product? 357 Free Entry and Exit 358 ECONOMICS » in Action Pay-for-Delay Runs Out of Time 358 Income and Consumption 318 Income and Substitution Effects 321 The Production Decision PART б Production and Profits 359 Using Marginal Analysis to Choose the Profit-Maximizing Quantity of Output 360 When Is Production Profitable? 362 The Short-Run Production Decision 365 Changing Fixed Cost 368 CHAPTER 11 Behind the Supply Curve: Inputs and Costs / 327 Summing Up: The Perfectly Competitive Firm’s Profitability and Production Conditions 368 ECONOMICS » in Action Farmers Know How 369 The Industry Supply Curve 370 The Farmer’s Margin 327 The Short-Run Industry Supply Curve 370 The Production Function 328 The Long-Run Industry Supply Curve 371
The Cost of Production and Efficiency in Long-Run Equilibrium 375 ECONOMICS » in Action A Global Pork Shortage Hits Chinese Diners Hard 376 BUSINESS CASE Retail Wars: Big Box Stores in the Age of Amazon 377 Market Structure: Beyond Perfect Competition PART 7 CHAPTER 14 Oligopoly /421 CHAPTER 13 Regulators Give Bridgestone a Flat Tire 421 Monopoly / 383 The Prevalence of Oligopoly 422 “Shine Bright Like a Diamond” 383 Types of Market Structure 384 The Meaning of Monopoly 385 Monopoly: Our First Departure from Perfect Competition 385 ECONOMICS » in Action Understanding Oligopoly 424 A Duopoly Example 424 Collusion and Competition 425 What Monopolists Do 385 ECONOMICS » in Action Why Monopolies Exist 386 Producers Melts 426 GLOBAL COMPARISON What Accounts for America’s High Drug Prices? 389 The Case Against Chocolate Games Oligopolists Play 427 The Prisoners’ Dilemma 428 ECONOMICS » in Action The Monopoly That Wasn t: China and the Market for Rare Earths 390 How a Monopolist Maximizes Profit 391 The Monopolist’s Demand Curve and Marginai Revenue 391 The Monopolist’s Profit-Maximizing Output and Price 395 Monopoly versus Perfect Competition 396 Monopoly: The General Picture 396 ECONOMICS » in Action Is It a Beer-opoly or Not? 423 Shocked by the High Price of Electricity 397 Monopoly and Public Policy 399 Welfare Effects of Monopoly 399 Policy Remedies to Monopoly 400 Dealing with Natural Monopoly 401 A New Generation of Market Power 403 A New Generation of Market Power and Monopoly 404 FOR INQUIRING MINDS Prisoners of the Arms Race and the Resurgent Cold War 430 Overcoming the
Prisoners’ Dilemma: Repeated Interaction and Tacit Collusion 431 ECONOMICS » in Action The Ups and Downs of a Cartel: OPEC Hits the Skids on U.S. Shale Oil 433 Oligopoly in Practice 434 The Legal Framework 434 GLOBAL COMPARISON The European Union and the United States: Differing Approaches to Antitrust Regulation 435 Tacit Collusion and Price Wars 436 Product Differentiation and Price Leadership 437 How Important Is Oligopoly? 438 ECONOMICS » in Action The Price Wars of Christmas: Amazon and Walmart Slug It Out 439 BUSINESS CASE Virgin Atlantic Blows the Whistle ... or Blows It? 441 A New Generation of Market Power and Monopsony 404 CHAPTER 15 Policies to Address the New Generation of Market Power 405 Monopolistic Competition and Product Differentiation / 447 ECONOMICS » in Action Are American Antitrust Policy Makers Behind the Digital Times? 406 The Food Court of America 447 Price Discrimination 408 The Meaning of Monopolistic Competition 448 The Logic of Price Discrimination 408 Large Numbers 448 Price Discrimination and Elasticity 409 Differentiated Products 448 Perfect Price Discrimination 410 Free Entry and Exit in the Long Run 449 BUSINESS CASE Amazon and Hachette Go to War 414 Monopolistic Competition: In Sum 449
xxviii I CONTENTS Product Differentiation 449 Differentiation by Style or Type 449 Differentiation by Location 450 Differentiation by Quality 450 Product Differentiation: In Sum 450 ECONOMICS » in Action Abbondanza! 451 Understanding Monopolistic Competition 452 Monopolistic Competition in the Short Run 452 Monopolistic Competition in the Long Run 453 ECONOMICS » in Action Hits and Flops in the App Store 455 Monopolistic Competition versus Perfect Competition 456 Price, Marginal Cost, and Average Total Cost 456 Is Monopolistic Competition Inefficient? 458 Controversies About Product Differentiation 459 ECONOMICS » in Action Cap and Trade 478 The Economics of Climate Change 479 The Causes of Climate Change 480 Policies to Address Climate Change 480 Climate Change Mitigation: Costs and Benefits 481 ECONOMICS » in Action Over 3,500 Economists Agree: Tax Greenhouse Gas Emissions 482 The Economics of Positive Externalities 482 Preserved Farmland: A Positive Externality 483 Positive Externalities in Today’s Economy 484 ECONOMICS » in Action The Impeccable Economic Logic of Early-Childhood Intervention Programs 485 Network Externalities 485 The External Benefits of a Network Externality 486 ECONOMICS » in Action The Microsoft Case 487 BUSINESS CASE Xcel Energy Goes for a Win-Win 489 The Role of Advertising 459 Brand Names 460 ECONOMICS » in Action CHAPTER 17 The Perfume Industry: Leading Consumers by the Nose 461 BUSINESS CASE Harry’s and the Dollar Shave Club Nick the Profits of Schick and Gillette 463 part 8 Microeconomics and Public Policy Public Goods and Common Resources /
493 The Great Stink 493 Private Goods —and Others 494 Characteristics of Goods 494 Why Markets Can Supply Only Private Goods Efficiently 495 ECONOMICS » in Action CHAPTER 16 From Mayhem to Renaissance 496 Externalities / 467 Public Goods 496 Trouble Underfoot 467 Providing Public Goods 497 Understanding Externalities 468 How Much of a Public Good Should Be Provided? 497 FOR INQUIRING MINDS Driving While Distracted 468 The Economics of a Negative Externality: Pollution 469 The Costs and Benefits of Pollution 469 Why a Market Economy Produces Too Much Pollution 470 Private Solutions to Externalities 472 ECONOMICS » in Action How Much Does Your Electricity Really Cost? 472 Government Policy and Pollution 473 Environmental Standards 474 Emissions Taxes 474 GLOBAL COMPARISON Economic Growth and Greenhouse Gases in Six Countries 475 Tradable Emissions Permits 476 Comparing Environmental Policies with an Example 477 FOR INQUIRING MINDS Voting as a Public Good 498 GLOBAL COMPARISON Voting as a Public Good: The Global Perspective 500 Cost-Benefit Analysis 501 ECONOMICS » in Action American Infrastructure Gets a D+ 501 Common Resources 503 The Problem of Overuse 503 The Efficient Use and Maintenance of a Common Resource 504 FOR INQUIRING MINDS When Fertile Farmland Turned to Dust 505 ECONOMICS ITQs 506 » in Action - Saving the Oceans with
CONTENTS Artificially Scarce Goods 507 ECONOMICS in Action » PART 9 І ХХІХ Factor Markets and Risk Twenty-First Century Piracy 508 BUSINESS CASE Saving the “Beast”: Ecotourism Protects the CHAPTER 19 Jaguars of Brazil 509 Factor Markets and the Distribution of Income / 543 CHAPTER 18 The Economics of the Welfare State / 515 The Value of a Degree 543 The Economy’s Factors of Production 544 An Affair of the Heart 515 The Factors of Production 544 Poverty, Inequality, and Public Policy 516 Why Factor Prices Matter: The Allocation of Resources 544 The Logic of the Welfare State 516 The Problem of Poverty 517 Factor Incomes and the Distribution of Income 544 Trends in Poverty 517 FOR INQUIRING MINDS The Factor Distribution of Income and Social Change in the Industrial Revolution 545 Who Are the Poor? 518 ECONOMICS » in Action What Causes Poverty? 519 in the United States 545 Consequences of Poverty 519 Marginal Productivity and Factor Demand 546 The Factor Distribution of Income Economic Inequality 520 Value of the Marginal Product 546 Mean versus Median Household Income 520 Value of the Marginal Product and Factor Demand 548 International Comparisons of Inequality 521 Shifts of the Factor Demand Curve 550 When Is Inequality a Problem? 521 Market Equilibrium in the Factor Market 551 Economic Insecurity 522 The Markets for Land and Capital 553 GLOBAL COMPARISON Income, Redistribution, and Inequality in Rich Countries 523 The Marginal Productivity Theory of Income Distribution 554 ECONOMICS » in Action Long-Term Trends in Income Inequality in the United States 523 ECONOMICS » in
Action The U.S. Welfare State 525 Is the Marginal Productivity Theory of Income Distribution Really True? 556 Means-Tested Programs 526 Social Security and Unemployment Insurance 526 The Effects of the Welfare State on Poverty and Inequality 527 Help Wanted at Flexl 555 Wage Disparities In Practice 557 Wage Disparities and Marginal Productivity 557 Market Power 559 Efficiency Wages 560 ECONOMICS » in Action Welfare State Programs and Poverty Rates in the Great Recession, 2007-2010 528 The Economics of Health Care 529 The Need for Health Insurance 529 Health Care in Other Countries 531 Discrimination 560 FOR INQUIRING MINDS How Labor Works the German Way 561 So Does Marginal Productivity Theory Work? 562 ECONOMICS » in Action Marginal Productivity and the Minimum Wage Puzzle 562 The Affordable Care Act 532 The Supply of Labor 563 Effects of the АСА 533 ECONOMICS » in Action What Medicaid Does 534 Work versus Leisure 563 Wages and Labor Supply 564 The Debate over the Welfare State 535 Shifts of the Labor Supply Curve 565 Problems with the Welfare State 535 GLOBAL COMPARISON The Politics of the Welfare State 536 American? 566 ECONOMICS » in Action The Not-So Melancholy The Overworked ECONOMICS » in Action The Real Housewives of the Danes? 537 United States 567 BUSINESS CASE Can the Entrepreneurial Spirit of the United BUSINESS CASE Walmart Revolutionizes Its Labor States Survive Threats to the АСА? 538 Practices 568
XXX I CONTENTS Buying, Selling, and Reducing Risk 586 CHAPTER 19 Appendix: Indifference Curve Analysis of Labor Supply /573 Trading Risk 587 Making Risk Disappear: The Power of Diversification 590 FOR INQUIRING MINDS Those Pesky Emotions 592 The Time Allocation Budget Line 573 The Limits of Diversification 592 The Effect of a Higher Wage Rate 574 ECONOMICS » in Action Indifference Curve Analysis 576 Private Information: What You Don’t Know Can Hurt You 594 CHAPTER 20 When Lloyd s Almost Lost It 593 Adverse Selection: The Economics of Lemons 595 Uncertainty, Risk, and Private Information / 579 Moral Hazard 596 ECONOMICS » in Action Franchise Owners Try Harder 598 Extreme Weather 579 BUSINESS CASE PURE—An Insurance Company That The Economics of Risk Aversion 580 Withstands Hurricanes 600 Expectations and Uncertainty 580 The Logic of Risk Aversion 581 FOR INQUIRING MINDS The Paradox of Gambling 585 Glossary G-l Paying to Avoid Risk 585 ECONOMICS » in Action Solutions to Check Your Understanding Questions S-l Warranties 586 Index 1-І
Krugman and Wells help you understand the global economy. When it comes to explaining fundamental economic principles by drawing on current economic issues and events, there is no one more effective than Nobel Laureate and The New York Times columnist Paul Krugman and co-author, Robin Wells. In this introductory textbook, Krugman and Wells’ signature storytelling style and uncanny eye for revealing examples will help you understand how economic concepts play out in our world. The new edition has been revised and enhanced throughout, including incisive new looks at long-run growth and at market power, and extensive coverage of the economiţ: impacts and policy responses to the coronavirus pandemic.
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Contents Preface xii ECONOMICS » in Action Wait, Then Hurry Up, and Wait Again 17 PART 1 What Is Economics? Economy-Wide Interactions 18 Principle #9: One Person’s Spending Is Another Person’s Income 19 INTRODUCTION An Engine for Growth and Discovery / 1 A Day in the Megacity 1 The Invisible Hand 2 Principle #10: Overall Spending Sometimes Gets Out of Line with the Economy’s Productive Capacity; When It Does, Government Policy Can Change Spending 19 Principle #11 : Increases in the Economy’s Potential Lead to Economic Growth Over Time 20 BUSINESS CASE How Priceline Revolutionized the Travel Industry 22 My Benefit, Your Cost 3 Good Times, Bad Times 3 Onward and Upward 4 An Engine for Discovery 4 CHAPTER 1 First Principles / 7 Common Ground 7 Principles That Underlie Individual Choice: The Core of Economics 8 Principle #1 : Choices Are Necessary Because Resources Are Scarce 8 Principle #2: The True Cost of Something Is Its Opportunity Cost 9 CHAPTER 2 Economic Models: Trade-offs and Trade / 27 From Kitty Hawk to Dreamliner 27 Models in Economics: Some Important Examples 28 Trade-offs: The Production Possibility Frontier 29 Comparative Advantage and Gains from Trade 34 Comparative Advantage and International Trade, in Reality 37 GLOBAL COMPARISON Pajama Republics 38 Transactions: The Circular-Flow Diagram 38 ECONOMICS » in Action Rich Nation, Poor Nation 40 Principle #3: “How Much” Is a Decision at the Margin 10 Principle #4: People Respond to Incentives, Exploiting Opportunities to Make Themselves Better Off 10 ECONOMICS » in Action The Cost of Marriage: China's One-Child
Policy Creates Millions of Lonely Bachelors 11 Interaction: How Economies Work 12 Using Models 41 Positive versus Normative Economics 41 When and Why Economists Disagree 42 ECONOMICS »in Action When Economists Agree 43 BUSINESS CASE Efficiency, Opportunity Cost, and the Logic of Lean Production 45 Principle #5: There Are Gains from Trade 13 xxii Principle #6: Markets Move Toward Equilibrium 14 CHAPTER 2 Principle #7: Resources Should Be Used Efficiently to Achieve Society’s Goals 15 Appendix: Graphs in Economics / 51 Principle #8: Markets Usually Lead to Efficiency, But When They Don’t, Government Intervention Can Improve Society's Welfare 16 Getting the Picture 51 Graphs, Variables, and Economic Models 51
CONTENTS How Graphs Work 51 І ХХІІІ Competitive Markets —and Others 95 Two-Variable Graphs 51 BUSINESS CASE Uber Gives Riders a Lesson in Supply and Curves on a Graph 53 Demand 96 A Key Concept: The Slope of a Curve 54 The Slope of a Linear Curve 54 Horizontal and Vertical Curves and Their Slopes 55 The Slope of a Nonlinear Curve 56 Calculating the Slope Along a Nonlinear Curve 56 Maximum and Minimum Points 58 Calculating the Area Below or Above a Curve 59 Graphs That Depict Numerical Information 59 Types of Numerical Graphs 60 Challenges with Interpreting Numerical Graphs 62 PART 2 Supply and Demand CHAPTER 4 Consumer and Producer Surplus / 103 Mastering Textbook Economics 103 Consumer Surplus and the Demand Curve 104 Willingness to Pay and the Demand Curve 104 Willingness to Pay and Consumer Surplus 104 How Changing Prices Affect Consumer Surplus 107 FOR INQUIRING MINDS A Matter of Life and Death 109 ECONOMICS » in Action Is Facebook Really Free? 110 Producer Surplus and the Supply Curve 110 Cost and Producer Surplus 111 How Changing Prices Affect Producer Surplus 113 ECONOMICS » in Action CHAPTER 3 Supply and Demand / 67 A Natural Gas Boom and Bust 67 Supply and Demand: A Model of a Competitive Market 68 Consumer Surplus, Producer Surplus, and the Gains from Trade 115 The Gains from Trade 115 The Efficiency of Markets 116 Equity and Efficiency 120 The Demand Curve 68 The Demand Schedule and the Demand Curve 69 ECONOMICS » in Action Shifts of the Demand Curve 70 A Market Economy 121 GLOBAL COMPARISON Pay More, Pump Less 70 Understanding Shifts of the Demand Curve 72
ECONOMICS » in Action Beating the Traffic 77 The Supply Schedule and the Supply Curve 78 Shifts of the Supply Curve 79 Understanding Shifts of the Supply Curve 80 The Plunging Cost of Solar Panels 84 Supply, Demand, and Equilibrium 85 Finding the Equilibrium Price and Quantity 86 Using Equilibrium to Describe Markets 89 ECONOMICS » in Action Take the Keys, Please 120 Why Markets Typically Work So Well 122 A Few Words of Caution 123 ECONOMICS » in Action A Great Leap —Backward 123 BUSINESS CASE Ticket Prices and Music’s Reigning Couple, The Supply Curve 78 ECONOMICS »in Action Highs and Lows on Iowa's Farms 114 The Price of Admission 89 Beyoncé and Jay-Z 125 CHAPTER 5 Price Controls and Quotas: Meddling with Markets /131 A Bronx Tale 131 Why Governments Control Prices 132 Price Ceilings 132 Modeling a Price Ceiling 133 Changes in Supply and Demand 90 What Happens When the Demand Curve Shifts 90 What Happens When the Supply Curve Shifts 91 Simultaneous Shifts of Supply and Demand Curves 92 ECONOMICS » in Action Holy Guacamole! 94 How a Price Ceiling Causes Inefficiency 134 FOR INQUIRING MINDS Mumbai's Rent-Control Millionaires 137 Winners, Losers, and Rent Control 138 So Why Are There Price Ceilings? 139
XXIV I CONTENTS ECONOMICS » in Action How Price Controls in Venezuela PART 3 Individuals and Markets Proved Disastrous 139 Price Floors 141 GLOBAL COMPARISON Check Out Our Low, Low CHAPTER 7 Taxes /185 Wages! 141 How a Price Floor Causes Inefficiency 143 So Why Are There Price Floors? 146 ECONOMICS » in Action The Rise and Fall of the Unpaid The Founding Taxers 185 The Economics of Taxes: A Preliminary View 186 The Effect of an Excise Tax on Quantities and Prices 186 Intern 146 Controlling Quantities 147 Price Elasticities and Tax Incidence 189 The Anatomy of Quantity Controls 148 ECONOMICS » in Action The Costs of Quantity Controls 151 The Benefits and Costs of Taxation 192 ECONOMICS » in Action Crabbing, Quotas, and Saving Lives in Alaska 151 Who Pays the FICA? 191 The Revenue from an Excise Tax 192 Tax Rates and Revenue 193 BUSINESS CASE A Market Disruptor Gets Disrupted by the Market 153 FOR INQUIRING MINDS French Tax Rates and L'ArcLaffer 195 The Costs of Taxation 196 Elasticities and the Deadweight Loss of a Tax 199 CHAPTER 6 ECONOMICS » in Action Elasticity /159 Tax Fairness and Tax Efficiency 202 Taxing Tobacco 200 Two Principles of Tax Fairness 202 Taken for a Ride 159 Equity versus Efficiency 202 Defining and Measuring Elasticity 160 ECONOMICS » in Action Federal Tax Philosophy 203 Calculating the Price Elasticity of Demand 160 An Alternative Way to Calculate Elasticities: The Midpoint Method 161 ECONOMICS » in Action Estimating Elasticities 163 Interpreting the Price Elasticity of Demand 163 How Elastic Is Elastic? 164 Tax Bases and Tax Structure 204 Equity,
Efficiency, and Progressive Taxation 205 Taxes in the United States 206 Different Taxes, Different Principles 207 GLOBAL COMPARISON Price Elasticity Along the Demand Curve 168 What Factors Determine the Price Elasticity of Demand? 168 ECONOMICS » in Action Understanding the Tax System 204 Responding to Your Tuition Bill 171 Other Demand Elasticities 172 You Think Your Taxes Are High? 207 FOR INQUIRING MINDS Taxing Income versus Taxing Consumption 208 ECONOMICS » in Action State Tax Choices 208 BUSINESS CASE A Welcome Tax Hike: Microsoft Raises Its Internal Carbon Tax 210 The Cross-Price Elasticity of Demand 172 The Income Elasticity of Demand 173 GLOBAL COMPARISON Food’s Bite in World Budgets 173 CHAPTER 8 International Trade /215 ECONOMICS » in Action Spending It 174 The Everywhere Phone 215 The Price Elasticity of Supply 175 Comparative Advantage and International Trade 216 Measuring the Price Elasticity of Supply 175 What Factors Determine the Price Elasticity of Supply? 176 ECONOMICS » in Action A Global Commodities Glut 177 Production Possibilities and Comparative Advantage, Revisited 217 The Gains from International Trade 219 An Elasticity Menagerie 178 Comparative Advantage versus Absolute Advantage 220 BUSINESS CASE The American Airline Industry: Fly Less and Popular Misconceptions Arising from Misunderstanding Comparative Advantage 221 Charge More 179
CONTENTS GLOBAL COMPARISON Productivity and Wages Around the World 222 Sources of Comparative Advantage 222 FOR INQUIRING MINDS How Scale Effects Drive International Trade 224 ECONOMICS » in Action How Hong Kong Lost Its Shirts 224 Supply, Demand, and International Trade 225 The Effects of Imports 226 The Effects of Exports 228 International Trade and Wages 229 ECONOMICS » in Action The China Shock 231 The Effects of Trade Protection 232 The Effects of a Tariff 232 The Effects of an Import Quota 234 XXV GLOBAL COMPARISON House Sizes Around the World 259 A Principle with Many Uses 259 A Preview: How Consumption Decisions Are Different 259 ECONOMICS » in Action The Cost of a Life 260 Sunk Costs 261 ECONOMICS » in Action Biotech:The World's Biggest Loser 262 Behavioral Economics 262 Rational, but Human, Too 263 irrationality: An Economist’s View 264 FOR INQUIRING MINDS "The Jingle Mall Blues” 265 Rational Models for Irrational People? 267 ECONOMICS » in Action In Praise of Hard Deadlines 268 ECONOMICS » in Action The Steel Tariffs of2018-2019 235 BUSINESS CASE J.C. Penney’s One-Price Strategy Upsets Its The Political Economy of Trade Protection 236 Customers 270 Arguments for Trade Protection 236 The Politics of Trade Protection 237 International Trade Agreements and the World Trade Organization 237 Challenges to Globalization 238 ECONOMICS »in Action Trade War, What Is It Good For? 239 BUSINESS CASE Li Fung: From Guangzhou to You 241 Economics and Decision Making PART 4 CHAPTER 9 CHAPTER 9 Appendix: How to Make Decisions Involving Time: Understanding Present Value /275 How to
Calculate the Present Value of a One-Year Project 275 How to Calculate the Present Value of Multiyear Projects 276 How to Calculate the Present Value of Projects with Revenues and Costs 277 part 5 The Consumer Decision Making by Individuals and Firms / 247 CHAPTER 10 Making Decisions in Good Times and Bad 247 The Rational Consumer / 279 Costs, Benefits, and Profits 248 The Absolute Last Bite 279 Explicit versus Implicit Costs 248 Accounting Profit versus Economic Profit 249 Making “Either-Or” Decisions 251 Utility: Getting Satisfaction 280 Utility and Consumption 280 The Principle of Diminishing Marginal Utility 281 ECONOMICS » in Action Airbnb and the Rising Cost of ECONOMICS » in Action Is Salmon a Luxury? It Privacy 252 Depends 282 Making “How Much” Decisions: The Role of Marginal Analysis 252 Budgets and Optimal Consumption 283 Marginal Cost 253 Marginal Benefit 255 Marginal Analysis 256 Budget Constraints and Budget Lines 283 Optimal Consumption Choice 285 FOR INQUIRING MINDS Food for Thought on Budget Constraints 287
xxvi I CONTENTS ECONOMICS » in Action The Great Condiment Craze 287 Spending the Marginal Dollar 288 Marginal Utility per Dollar 288 Optimal Consumption 290 ECONOMICS » in Action Inputs and Output 328 GLOBAL COMPARISON Wheat Yields Around the World 330 From the Production Function to Cost Curves 332 ECONOMICS » in Action Buying Your Way Out of Finding the Optimal Team Size 334 Temptation 291 From Utility to the Demand Curve 292 Marginal Utility, the Substitution Effect, and the Law of Demand 292 Two Key Concepts: Marginal Cost and Average Cost 335 Marginal Cost 335 Average Total Cost 337 The Income Effect 293 Minimum Average Total Cost 340 » in Urge to Splurge 294 ECONOMICS Action Lower Gasoline Prices and the BUSINESS CASE Beyond Impossible: McDonald’s and Burger King’s Beef-Free Battle 295 Does the Marginal Cost Curve Always Slope Upward? 341 ECONOMICS » in Action Smart Grid Economics 342 Short-Run versus Long-Run Costs 343 CHAPTER 10 Appendix: Consumer Preferences and Consumer Choice / 301 Returns to Scale 346 Summing Up Costs: The Short and Long of It 347 ECONOMICS » in Action How the Sharing Economy Reduces Fixed Cost 347 Mapping the Utility Function 301 Indifference Curves 301 BUSINESS CASE The Rise of the Machine at Amazon 349 Properties of Indifference Curves 304 Indifference Curves and Consumer Choice 305 The Marginal Rate of Substitution 306 The Tangency Condition 309 The Slope of the Budget Line 310 CHAPTER 12 Perfect Competition and the Supply Curve/355 Prices and the Marginal Rate of Substitution 311 Deck the Halls 355 Preferences and Choices 312 Perfect
Competition 356 Using Indifference Curves: Substitutes and Complements 314 Perfect Substitutes 314 Perfect Complements 316 Less Extreme Cases 316 Prices, Income, and Demand 317 The Effects of a Price Increase 317 Defining Perfect Competition 356 Two Necessary Conditions for Perfect Competition 356 FOR INQUIRING MINDS What's a Standardized Product? 357 Free Entry and Exit 358 ECONOMICS » in Action Pay-for-Delay Runs Out of Time 358 Income and Consumption 318 Income and Substitution Effects 321 The Production Decision PART б Production and Profits 359 Using Marginal Analysis to Choose the Profit-Maximizing Quantity of Output 360 When Is Production Profitable? 362 The Short-Run Production Decision 365 Changing Fixed Cost 368 CHAPTER 11 Behind the Supply Curve: Inputs and Costs / 327 Summing Up: The Perfectly Competitive Firm’s Profitability and Production Conditions 368 ECONOMICS » in Action Farmers Know How 369 The Industry Supply Curve 370 The Farmer’s Margin 327 The Short-Run Industry Supply Curve 370 The Production Function 328 The Long-Run Industry Supply Curve 371
The Cost of Production and Efficiency in Long-Run Equilibrium 375 ECONOMICS » in Action A Global Pork Shortage Hits Chinese Diners Hard 376 BUSINESS CASE Retail Wars: Big Box Stores in the Age of Amazon 377 Market Structure: Beyond Perfect Competition PART 7 CHAPTER 14 Oligopoly /421 CHAPTER 13 Regulators Give Bridgestone a Flat Tire 421 Monopoly / 383 The Prevalence of Oligopoly 422 “Shine Bright Like a Diamond” 383 Types of Market Structure 384 The Meaning of Monopoly 385 Monopoly: Our First Departure from Perfect Competition 385 ECONOMICS » in Action Understanding Oligopoly 424 A Duopoly Example 424 Collusion and Competition 425 What Monopolists Do 385 ECONOMICS » in Action Why Monopolies Exist 386 Producers Melts 426 GLOBAL COMPARISON What Accounts for America’s High Drug Prices? 389 The Case Against Chocolate Games Oligopolists Play 427 The Prisoners’ Dilemma 428 ECONOMICS » in Action The Monopoly That Wasn't: China and the Market for Rare Earths 390 How a Monopolist Maximizes Profit 391 The Monopolist’s Demand Curve and Marginai Revenue 391 The Monopolist’s Profit-Maximizing Output and Price 395 Monopoly versus Perfect Competition 396 Monopoly: The General Picture 396 ECONOMICS » in Action Is It a Beer-opoly or Not? 423 Shocked by the High Price of Electricity 397 Monopoly and Public Policy 399 Welfare Effects of Monopoly 399 Policy Remedies to Monopoly 400 Dealing with Natural Monopoly 401 A New Generation of Market Power 403 A New Generation of Market Power and Monopoly 404 FOR INQUIRING MINDS Prisoners of the Arms Race and the Resurgent Cold War 430 Overcoming the
Prisoners’ Dilemma: Repeated Interaction and Tacit Collusion 431 ECONOMICS » in Action The Ups and Downs of a Cartel: OPEC Hits the Skids on U.S. Shale Oil 433 Oligopoly in Practice 434 The Legal Framework 434 GLOBAL COMPARISON The European Union and the United States: Differing Approaches to Antitrust Regulation 435 Tacit Collusion and Price Wars 436 Product Differentiation and Price Leadership 437 How Important Is Oligopoly? 438 ECONOMICS » in Action The Price Wars of Christmas: Amazon and Walmart Slug It Out 439 BUSINESS CASE Virgin Atlantic Blows the Whistle . or Blows It? 441 A New Generation of Market Power and Monopsony 404 CHAPTER 15 Policies to Address the New Generation of Market Power 405 Monopolistic Competition and Product Differentiation / 447 ECONOMICS » in Action Are American Antitrust Policy Makers Behind the Digital Times? 406 The Food Court of America 447 Price Discrimination 408 The Meaning of Monopolistic Competition 448 The Logic of Price Discrimination 408 Large Numbers 448 Price Discrimination and Elasticity 409 Differentiated Products 448 Perfect Price Discrimination 410 Free Entry and Exit in the Long Run 449 BUSINESS CASE Amazon and Hachette Go to War 414 Monopolistic Competition: In Sum 449
xxviii I CONTENTS Product Differentiation 449 Differentiation by Style or Type 449 Differentiation by Location 450 Differentiation by Quality 450 Product Differentiation: In Sum 450 ECONOMICS » in Action Abbondanza! 451 Understanding Monopolistic Competition 452 Monopolistic Competition in the Short Run 452 Monopolistic Competition in the Long Run 453 ECONOMICS » in Action Hits and Flops in the App Store 455 Monopolistic Competition versus Perfect Competition 456 Price, Marginal Cost, and Average Total Cost 456 Is Monopolistic Competition Inefficient? 458 Controversies About Product Differentiation 459 ECONOMICS » in Action Cap and Trade 478 The Economics of Climate Change 479 The Causes of Climate Change 480 Policies to Address Climate Change 480 Climate Change Mitigation: Costs and Benefits 481 ECONOMICS » in Action Over 3,500 Economists Agree: Tax Greenhouse Gas Emissions 482 The Economics of Positive Externalities 482 Preserved Farmland: A Positive Externality 483 Positive Externalities in Today’s Economy 484 ECONOMICS » in Action The Impeccable Economic Logic of Early-Childhood Intervention Programs 485 Network Externalities 485 The External Benefits of a Network Externality 486 ECONOMICS » in Action The Microsoft Case 487 BUSINESS CASE Xcel Energy Goes for a Win-Win 489 The Role of Advertising 459 Brand Names 460 ECONOMICS » in Action CHAPTER 17 The Perfume Industry: Leading Consumers by the Nose 461 BUSINESS CASE Harry’s and the Dollar Shave Club Nick the Profits of Schick and Gillette 463 part 8 Microeconomics and Public Policy Public Goods and Common Resources /
493 The Great Stink 493 Private Goods —and Others 494 Characteristics of Goods 494 Why Markets Can Supply Only Private Goods Efficiently 495 ECONOMICS » in Action CHAPTER 16 From Mayhem to Renaissance 496 Externalities / 467 Public Goods 496 Trouble Underfoot 467 Providing Public Goods 497 Understanding Externalities 468 How Much of a Public Good Should Be Provided? 497 FOR INQUIRING MINDS Driving While Distracted 468 The Economics of a Negative Externality: Pollution 469 The Costs and Benefits of Pollution 469 Why a Market Economy Produces Too Much Pollution 470 Private Solutions to Externalities 472 ECONOMICS » in Action How Much Does Your Electricity Really Cost? 472 Government Policy and Pollution 473 Environmental Standards 474 Emissions Taxes 474 GLOBAL COMPARISON Economic Growth and Greenhouse Gases in Six Countries 475 Tradable Emissions Permits 476 Comparing Environmental Policies with an Example 477 FOR INQUIRING MINDS Voting as a Public Good 498 GLOBAL COMPARISON Voting as a Public Good: The Global Perspective 500 Cost-Benefit Analysis 501 ECONOMICS » in Action American Infrastructure Gets a D+ 501 Common Resources 503 The Problem of Overuse 503 The Efficient Use and Maintenance of a Common Resource 504 FOR INQUIRING MINDS When Fertile Farmland Turned to Dust 505 ECONOMICS ITQs 506 » in Action - Saving the Oceans with
CONTENTS Artificially Scarce Goods 507 ECONOMICS in Action » PART 9 І ХХІХ Factor Markets and Risk Twenty-First Century Piracy 508 BUSINESS CASE Saving the “Beast”: Ecotourism Protects the CHAPTER 19 Jaguars of Brazil 509 Factor Markets and the Distribution of Income / 543 CHAPTER 18 The Economics of the Welfare State / 515 The Value of a Degree 543 The Economy’s Factors of Production 544 An Affair of the Heart 515 The Factors of Production 544 Poverty, Inequality, and Public Policy 516 Why Factor Prices Matter: The Allocation of Resources 544 The Logic of the Welfare State 516 The Problem of Poverty 517 Factor Incomes and the Distribution of Income 544 Trends in Poverty 517 FOR INQUIRING MINDS The Factor Distribution of Income and Social Change in the Industrial Revolution 545 Who Are the Poor? 518 ECONOMICS » in Action What Causes Poverty? 519 in the United States 545 Consequences of Poverty 519 Marginal Productivity and Factor Demand 546 The Factor Distribution of Income Economic Inequality 520 Value of the Marginal Product 546 Mean versus Median Household Income 520 Value of the Marginal Product and Factor Demand 548 International Comparisons of Inequality 521 Shifts of the Factor Demand Curve 550 When Is Inequality a Problem? 521 Market Equilibrium in the Factor Market 551 Economic Insecurity 522 The Markets for Land and Capital 553 GLOBAL COMPARISON Income, Redistribution, and Inequality in Rich Countries 523 The Marginal Productivity Theory of Income Distribution 554 ECONOMICS » in Action Long-Term Trends in Income Inequality in the United States 523 ECONOMICS » in
Action The U.S. Welfare State 525 Is the Marginal Productivity Theory of Income Distribution Really True? 556 Means-Tested Programs 526 Social Security and Unemployment Insurance 526 The Effects of the Welfare State on Poverty and Inequality 527 Help Wanted at Flexl 555 Wage Disparities In Practice 557 Wage Disparities and Marginal Productivity 557 Market Power 559 Efficiency Wages 560 ECONOMICS » in Action Welfare State Programs and Poverty Rates in the Great Recession, 2007-2010 528 The Economics of Health Care 529 The Need for Health Insurance 529 Health Care in Other Countries 531 Discrimination 560 FOR INQUIRING MINDS How Labor Works the German Way 561 So Does Marginal Productivity Theory Work? 562 ECONOMICS » in Action Marginal Productivity and the Minimum Wage Puzzle 562 The Affordable Care Act 532 The Supply of Labor 563 Effects of the АСА 533 ECONOMICS » in Action What Medicaid Does 534 Work versus Leisure 563 Wages and Labor Supply 564 The Debate over the Welfare State 535 Shifts of the Labor Supply Curve 565 Problems with the Welfare State 535 GLOBAL COMPARISON The Politics of the Welfare State 536 American? 566 ECONOMICS » in Action The Not-So Melancholy The Overworked ECONOMICS » in Action The Real Housewives of the Danes? 537 United States 567 BUSINESS CASE Can the Entrepreneurial Spirit of the United BUSINESS CASE Walmart Revolutionizes Its Labor States Survive Threats to the АСА? 538 Practices 568
XXX I CONTENTS Buying, Selling, and Reducing Risk 586 CHAPTER 19 Appendix: Indifference Curve Analysis of Labor Supply /573 Trading Risk 587 Making Risk Disappear: The Power of Diversification 590 FOR INQUIRING MINDS Those Pesky Emotions 592 The Time Allocation Budget Line 573 The Limits of Diversification 592 The Effect of a Higher Wage Rate 574 ECONOMICS » in Action Indifference Curve Analysis 576 Private Information: What You Don’t Know Can Hurt You 594 CHAPTER 20 When Lloyd's Almost Lost It 593 Adverse Selection: The Economics of Lemons 595 Uncertainty, Risk, and Private Information / 579 Moral Hazard 596 ECONOMICS » in Action Franchise Owners Try Harder 598 Extreme Weather 579 BUSINESS CASE PURE—An Insurance Company That The Economics of Risk Aversion 580 Withstands Hurricanes 600 Expectations and Uncertainty 580 The Logic of Risk Aversion 581 FOR INQUIRING MINDS The Paradox of Gambling 585 Glossary G-l Paying to Avoid Risk 585 ECONOMICS » in Action Solutions to Check Your Understanding Questions S-l Warranties 586 Index 1-І
Krugman and Wells help you understand the global economy. When it comes to explaining fundamental economic principles by drawing on current economic issues and events, there is no one more effective than Nobel Laureate and The New York Times columnist Paul Krugman and co-author, Robin Wells. In this introductory textbook, Krugman and Wells’ signature storytelling style and uncanny eye for revealing examples will help you understand how economic concepts play out in our world. The new edition has been revised and enhanced throughout, including incisive new looks at long-run growth and at market power, and extensive coverage of the economiţ: impacts and policy responses to the coronavirus pandemic. |
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| format | Book |
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| illustrated | Illustrated |
| index_date | 2024-07-03T16:42:17Z |
| indexdate | 2024-07-10T09:04:32Z |
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| isbn | 9781319385842 |
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| spelling | Krugman, Paul R. 1953- Verfasser (DE-588)121368033 aut Microeconomics Paul Krugman (Graduate Center of the City University of New York), Robin Wells sixth edition New York, NY Macmillan International Higher Education [2021] © 2021 xxx, 605 Seiten und 3 Anhänge (S-26, G-9, I-14) Illustrationen, Diagramme txt rdacontent n rdamedia nc rdacarrier Mikroökonomie (DE-588)4039225-9 gnd rswk-swf Mikroökonomie (DE-588)4039225-9 s DE-604 Wells, Robin 1959- Verfasser (DE-588)131677853 aut Erscheint auch als Online-Ausgabe 978-1-319-18813-9 Digitalisierung UB Regensburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=032574474&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis Digitalisierung UB Regensburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=032574474&sequence=000003&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA Klappentext |
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| title | Microeconomics |
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| title_full | Microeconomics Paul Krugman (Graduate Center of the City University of New York), Robin Wells |
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| topic_facet | Mikroökonomie |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=032574474&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=032574474&sequence=000003&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT krugmanpaulr microeconomics AT wellsrobin microeconomics |