Macroeconomics:
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 |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | xxix, 561, 19, 10, 16 Seiten Illustrationen, Diagramme |
| ISBN: | 9781319384067 1319384064 |
Internformat
MARC
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| 245 | 1 | 0 | |a Macroeconomics |c Paul Krugman (Graduate Center of the University of New York), Robin Wells |
| 250 | |a sixth edition | ||
| 264 | 1 | |a New York, NY |b macmillan international, Higher Education |c [2021] | |
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| 650 | 0 | |a Macroeconomics | |
| 650 | 0 | |a Macroeconomics / Study and teaching | |
| 650 | 7 | |a Makroökonomik |2 stw | |
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| 650 | 4 | |a Macroeconomics | |
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Datensatz im Suchindex
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| adam_text | Contents Preface xii ECONOMICS »in Action Wait, Then Hurry Upland 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 m 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 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: Chanais One-ChHd Polky Creates Millions of Lonely Bachelors 11 Interaction: How Economies Work 12 Principle #5: There Are Gains from Trade 13 Principle #6: Markets Move Toward Equilibrium 14 xxii CHAPTER 2 Economic Models: Trade-offs and Trade / 27 From t(itty 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 Patama Republics 38 Transactions: The Circular-Flow Diagram 38 ECONOMICS » in Action Rich Nation, Poor Nation 40 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 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
How Graphs Work 51 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 CHAPTER 4 The Slope of a Nonlinear Curve 56 Price Controls and Quotas: Meddling with Markets /103 Calculating the Slope Along a Nonlinear Curve 56 A Bronx Tale 103 Horizontal and Vertical Curves and Their Slopes 55 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 Why Governments Control Prices 104 Price Ceilings 104 Modeling a Price Ceiling 105 How a Price Ceiling Causes Inefficiency 106 FOR INQUIRING MINDS Mumbai s Rent-Control Millionaires 108 So Why Are There Price Ceilings? 109 ECONOMICS » in Proved Disastrous 110 Action How Price Controls in Venezuela Price Floors 111 CHAPTER 3 Supply and Demand / 67 A Natural Gas Boom and Bust 67 Supply and Demand: A Model of a Competitive Market 68 GLOBAL COMPARISON Check Out Our Low, Low Wages! 112 How a Price Floor Causes Inefficiency 113 So Why Are There Price Floors? 116 ECONOMICS » in Action The Rise and Fall of the Unpaid Intern 116 The Demand Curve 68 The Demand Schedule and the Demand Curve 69 Shifts of the Demand Curve 70 GLOBAL COMPARISON Pay More, Pump Less 70 Understanding Shifts of the Demand Curve 72 ECONOMICS » in Action Controlling Quantities 117 The Anatomy of Quantity Controls 118 The Costs of Quantity Controls 121
ECONOMICS » Lives in Alaska 121 in Action Crabbing, Quotas, and Saving Beating the Traffic 77 BUSINESS CASE A Market Disruptor Gets Disrupted by the The Supply Curve 78 Market 123 The Supply Schedule and the Supply Curve 78 Shifts of the Supply Curve 79 CHAPTER 5 Understanding Shifts of the Supply Curve 80 International Trade / 129 ECONOMICS »in Action 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 » іи Action The Price of Admission 89 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 The Everywhere Phone 129 Comparative Advantage and International Trade 130 Production Possibilities and Comparative Advantage, Revisited 131 The Gains from International Trade 133 Comparative Advantage versus Absolute Advantage 134 Popular Misconceptions Arising from Misunderstanding Comparative Advantage 135 GLOBAL COMPARISON Productivity and Wages Around the World 136 Sources of Comparative Advantage 136
xxiv I CONTENTS Macroeconomics: Theory and Policy 171 FOR INQUIRING MINDS How Scale Effects Drive International Trade 138 ECONOMICS » in ECONOMICS Action How Hong Kong Lost Its » in Action Fending Off Depression 171 The Business Cycle 173 Shirts 138 Charting the Business Cycle 174 Supply, Demand, and International Trade 139 The Pain of Recession 174 The Effects of Imports 140 Taming the Business Cycle 175 The Effects of Exports 142 FOR INQUIRING MINDS Defining Recessions and Expansions 176 International Trade and Wages 143 GLOBAL COMPARISON ECONOMICS »in Action ECONOMICS The Effects of Trade Protection 146 » in Action Bad Times in Brazil 177 Long-Run Economic Growth 177 The Effects of a Tariff 146 ECONOMICS The Effects of an Import Quota 148 ECONOMICS » in Action Recessions, Here and There 176 The China Shock 145 » in Action A Tale of Two Countries 178 Inflation and Deflation 179 The Steel Tariffs of 2018-2019 149 The Causes of Inflation and Deflation 180 The Political Economy of Trade Protection 150 The Pain of Inflation and Deflation 180 Arguments for Trade Protection 150 ECONOMICS The Politics of Trade Protection 151 Inflation 181 International Trade Agreements and the World Trade Organization 151 International Imbalances 181 » in Action Trade War, What Is It Good For? in Action A Fast (Food) Measure of ECONOMICS » in Action Greece s Costly Surplus 182 Challenges to Globalization 152 ECONOMICS » 153 BUSINESS CASE GM Survives 184 BUSINESS CASE Li Fung: From Guangzhou to You 155 CHAPTER 7 CHAPTER 5 Appendix: Consumer and Producer Surplus / 161 Consumer Surplus and the
Demand Curve 161 Willingness to Pay and the Demand Curve 161 Willingness to Pay and Consumer Surplus 162 Producer Surplus and the Supply Curve 164 Cost and Producer Surplus 164 The Gains from Trade 166 Introduction to Macroeconomics PART з GDP and the CPI: Tracking the Macroeconomy /189 China Hits the Big Time 189 The National Accounts 190 Following the Money: The Expanded Circular-Flow Diagram 190 Gross Domestic Product 191 Calculating GDP 192 FOR INQUIRING MINDS Our Imputed Lives 194 What GDP Tells Us 197 Real GDP: A Measure of Aggregate Output 197 Calculating Real GDP 198 What Real GDP Doesn’t Measure 199 GLOBAL COMPARISON GDP and The Meaning of CHAPTER 6 Life 200 Macroeconomics: The Big Picture /169 ECONOMICS » in Action Argentina s Peso Perplex 200 Price Indexes and the Aggregate Price Level 201 Market Baskets and Price Indexes 201 Greek Tragedies 169 The Consumer Price Index 202 The Nature of Macroeconomics 170 Other Price Measures 203 Macroeconomic Questions 170 Macroeconomics: The Whole Is Greater Than the Sum of Its Parts 170 ECONOMICS » in Action Indexing to the CPI 204 BUSINESS CASE Paying for a Heads-Up on Inflation 206
CONTENTS CHAPTER 8 The Great Mistake of 2011 213 The Unemployment Rate 214 Defining and Measuring Unemployment 214 The Significance of the Unemployment Rate 215 Growth and Unemployment 217 » XXV Why Growth Rates Differ 253 Unemployment and Inflation /213 ECONOMICS I in Action Opportunity Knocks 219 The Natural Rate of Unemployment 220 Job Creation and Job Destruction 220 Frictional Unemployment 221 Explaining Differences in Growth Rates 254 The Role of Government in Promoting Economic Growth 255 ECONOMICS » in Action What s the Matter with Italy? 257 Success, Disappointment, and Failure 258 East Asia’s Miracle 258 Latin America’s Disappointment 260 Africa’s Troubles and Promise 260 Left Behind by Growth? 261 GLOBAL COMPARISON Lagging Regions in Rich Countries 261 in Action Structural Unemployment 222 ECONOMICS The Natural Rate of Unemployment 225 Is World Growth Sustainable? 264 Changes In the Natural Rate of Unemployment 226 ECONOMICS » in Action Men Networking 227 Inflation and Deflation 228 The Level of Prices Doesn’t Matter. . . 228 » Global Winners and Losers 263 Natural Resources and Growth, Revisited 264 Economic Growth and the Environment 265 ECONOMICS » in Action China s War on Pollution 267 BUSINESS CASE Raising the Bar(code) 268 ... But the Rate of Change of Prices Does 229 Winners and Losers from Inflation 232 Inflation Is Easy. Disinflation Is Hard. 233 ECONOMICS » in Action Israel s Experience with Inflation 234 BUSINESS CASE TaskRabbit 235 Long-Run Economic Growth PART 4 CHAPTER 10 Savings, Investment Spending, and the Financial System /275 Paying for a
Hidden Empire 275 Matching Up Savings and Investment Spending 276 The Savings-lnvestment Spending Identity 276 The Market for Loanable Funds 280 FOR INQUIRING MINDS Using Present Value 281 CHAPTER 9 ECONOMICS Long-Run Economic Growth / 241 Comparing Economies Across Time and Space 242 Real GDP per Capita 242 in Action Types of Financial Assets 293 Financial Intermediaries 295 Corporate Bonds in the United States and the Euro Area 297 An Economic Breakthrough in Bangladesh 245 The Sources of Long-Run Growth 246 The Crucial Importance of Productivity 246 Explaining Growth in Productivity 246 Accounting for Growth: The Aggregate Production Function 247 What About Natural Resources? 251 » in Action The Rise, Fall, and Return of the Productivity Paradox 252 ECONOMICS Three Generations of U.S. Interest Three Tasks of a Financial System 292 GLOBAL COMPARISON Growth Rates 243 » in Action The Financial System 291 The Smog of Prosperity 241 ECONOMICS » Rates 289 ECONOMICS » in Action Banks, Success, and South America 298 Financial Fluctuations 298 The Demand for Stocks 299 FOR INQUIRING MINDS How Now, Dow Jones? 299 The Demand for Other Assets 300 Asset Price Expectations 301 FOR INQUIRING MINDS Behavioral Finance 302 Asset Prices and Macroeconomics 303
xxvi I CONTENTS ECONOMICS » Delinquencies 303 in Action The Rise and Fall of Mortgage ECONOMICS » in Action Inventories and the End of a Recession 339 BUSINESS CASE Grameen Bank: Banking Against BUSINESS CASE What’s Good for America Is Poverty 305 Good for GM 341 CHAPTER 10 CHAPTER 11 Appendix: Toward a Fuller Understanding of Present Value /311 Appendix: Deriving the Multiplier Algebraically / 347 How to Calculate the Present Value of One-Year Projects 311 CHAPTER 12 How to Calculate the Present Value of Multiyear Projects 312 Aggregate Demand and Aggregate Supply / 349 How to Calculate the Present Value of Projects with Revenues and Costs 312 Different Generations, Different Policies 349 How to Calculate the Price of a Bond Using Present Value 313 How to Calculate the Price of a Share of Stock Using Present Value 314 Aggregate Demand 350 Why Is the Aggregate Demand Curve Downward Sloping? 351 The Aggregate Demand Curve and the Income-Expenditure Model 352 Shifts of the Aggregate Demand Curve 354 Short-Run Economic Fluctuations PART 5 Government Policies and Aggregate Demand 356 ECONOMICS » in Action Moving Along the Aggregate Demand Curve, 1979-1980 357 Aggregate Supply 358 CHAPTER 11 The Short-Run Aggregate Supply Curve 359 Income and Expenditure /317 FOR INQUIRING MINDS Whaťs Truly Flexible, What’s Truly Sticky 361 The Malts in Spain Have Mainly Dodged the Pain 317 Shifts of the Short-Run Aggregate Supply Curve 361 The Multiplier: An Informal Introduction 318 The Long-Run Aggregate Supply Curve 364 ECONOMICS »in Action From the Short Run to the Long Run 366 To Shale and
Back 320 ECONOMICS Consumer Spending 321 » in Action Sticky Wages in the Great Recession 367 Current Disposable Income and Consumer Spending 321 Shifts of the Aggregate Consumption Function 324 ECONOMICS » in Action Famous Hrst Forecasting The AD-AS Model 368 Short-Run Macroeconomic Equilibrium 368 Shifts of Aggregate Demand: Short-Run Effects 369 Failures 326 Investment Spending 327 Shifts of the SRAS Curve 370 Long-Run Macroeconomic Equilibrium 372 1. The Interest Rate and Investment Spending 328 2. Expected Future Real GDP, Production Capacity, and Investment Spending 329 3. Inventories and Unplanned Investment Spending 329 ECONOMICS » in Action Business Investment in the Great Recession 331 The Income-Expenditure Model 331 Planned Aggregate Spending and Real GDP 332 FOR INQUIRING MINDS Where s the Deflation? 373 ECONOMICS » in Shocks in Practice 375 Action Supply Shocks versus Demand Macroeconomic Policy 376 Policy in the Face of Demand Shocks 376 FOR INQUIRING MINDS Keynes and the Long Run 376 Responding to Supply Shocks 377 Income-Expenditure Equilibrium 334 ECONOMICS The Multiplier Process and Inventory Adjustment 336 Stabilizing? 378 What About Exports and Imports? 339 BUSINESS CASE Toyota Makes Its Move 379 » in Action Is Stabilization Policy
PART 6 Stabilization Policy CHAPTER 14 Money, Banking, and the Federal Reserve System / 417 CHAPTER 13 Fiscal Policy / 385 Not So Funny Money 417 Spending to Fight a Recession 385 The Meaning of Money 418 What Is Money? 418 Fiscal Policy: The Basics 386 Taxes, Purchases of Goods and Services, Government Transfers, and Borrowing 386 The Government Budget and Total Spending 387 Expansionary and Contractionary Fiscal Policy 388 Can Expansionary Fiscal Policy Actually Work? 390 A Cautionary Noté: Lags in Fiscal Policy 391 ECONOMICS » in Action ATale of Two Stimuli 392 Fiscal Policy and the Multiplier 393 Multiplier Effects of an Increase in Government Purchases of Goods and Services 393 Multiplier Effects of Changes in Government Transfers and Taxes 394 How Taxes Affect the Multiplier 395 ECONOMICS » in Action Austerity and the Multiplier 396 Roles of Money 419 GLOBAL COMPARISON The Cash of Nations 419 Types of Money 420 Measuring the Money Supply 421 FOR INQUIRING MINDS All About the Benjamins 422 ECONOMICS » in Action The History of the Dollar 422 The Monetary Role of Banks 423 What Banks Do 424 The Problem of Bank Runs 425 Bank Regulation 426 ECONOMICS » in Action It s a Wonderful Banking System 427 Determining the Money Supply 428 How Banks Create Money 428 Reserves, Bank Deposits, and the Money Multiplier 430 The Budget Balance 397 The Money Multiplier in Reality 431 The Budget Balance as a Measure of Fiscal Policy 398 The Business Cycle and the Cyclically Adjusted Budget Balance 398 Should the Budget Be Balanced? 400 ECONOMICS » in a Recession 401 in Action Trying to
Balance Budgets ECONOMICS » in Action Multiplying Money Down 432 The Federal Reserve System 433 The Structure of the Fed 433 What the Fed Does: Reserve Requirements and the Discount Rate 434 Open-Market Operations 435 Long-Run Implications of Fiscal Policy 402 Deficits, Surpluses, and Debt 403 Potential Dangers Posed by Rising Government Debt 403 GLOBAL COMPARISON The American Way of Debt 404 Deficits and Debt in Practice 405 FOR INQUIRING MINDS What Happened to die Debt from World Warll? 406 » in Action The European Central Bank 437 ECONOMICS » and Abnormal 438 in Action The Fed s Balance Sheet, Normal The Evolution of the U.S. Banking System 439 The Crisis in U.S. Banking in the Early Twentieth Century 439 Responding to Banking Crises: The Creation of the Federal Reserve 440 Implicit Liabilities 406 ECONOMICS FOR INQUIRING MINDS Who Gets the Interest on the Fed s Assets? 436 Who s Afraid of a Debt Spiral? 408 BUSINESS CASE Here Comes the Sun 409 The Savings and Loan Crisis of the 1980s 441 Back to the Future: The Financial Crisis of 2008 and Its Aftermath 442 Shadow Banking and Its Vulnerabilities 442 CHAPTER 13 ECONOMICS Appendix: Taxes and the Multiplier /415 2008 Crisis 444 » in Action Financial Regulation After die BUSINESS CASE The Perfect Gift: Cash or a Gift Card? 446
CHAPTER 15 Money and Inflation 484 Monetary Policy / 453 The Classical Model of Money and Prices 484 The Inflation Tax 486 The Most Powerful Person In Government 453 The Demand for Money 454 The Opportunity Cost of Holding Money 454 The Money Demand Curve 456 Shifts of the Money Demand Curve 457 ECONOMICS » in Action The Equilibrium Interest Rate 459 Two Models of Interest Rates? 461 Monetary Policy and the Interest Rate 461 Long-Term Interest Rates 463 Action Up the Down Staircase 464 Monetary Policy and Aggregate Demand 465 Expansionary and Contractionary Monetary Policy 465 Monetary Policy in Practice 466 The Taylor Rule Method of Setting Monetary Policy 467 GLOBAL COMPARISON Inflation Targets 468 The Zero Lower Bound Problem 469 Action in Action Behind Venezuela s Inflation 489 Moderate Inflation and Disinflation 489 The Output Gap and the Unemployment Rate 490 The Short-Run Phillips Curve 492 FOR INQUIRING MINDS The Aggregate Supply Curve and the Short-Run Phillips Curve 494 Inflation Expectations and the Short-Run Phillips Curve 495 ECONOMICS » in Action The Spanish Squeeze 497 Inflation and Unemployment in the Long Run 498 The Long-Run Phillips Curve 498 The Natural Rate of Unemployment, Revisited 499 The Costs of Disinflation 500 • GLOBAL COMPARISON Disinflation Around the World 500 Inflation Targeting 468 ECONOMICS » in Gets 470 ECONOMICS » FOR INQUIRING MINDS Okun s Law 492 A Yen for Cash 458 Money and Interest Rates 459 ECONOMICS » in The Logic of Hyperinflation 487 What the Fed Wants, the Fed Money, Output, and Prices in the Long Run 470 Short-Run and Long-Run
Effects of an Increase in the Money Supply 471 ECONOMICS » 1980s 501 in Action The Great Disinflation ofthe Deflation 502 Debt Deflation 502 Effects of Expected Deflation 502 ECONOMICS » in Action Is Europe Turning Japanese? 504 BUSINESS CASE Hyperinflation as a Business Opportunity 506 Monetary Neutrality 472 Changes in the Money Supply and the Interest Rate in the Long Run 472 ECONOMICS » in Action International Evidence of Monetary Neutrality 473 BUSINESS CASE Parking Your Money at PayPal 475 CHAPTER 15 Appendix: Reconciling the Two Models of the Interest Rate /479 The Interest Rate in the Short Run 479 The Interest Rate in the Long Run 480 CHAPTER 16 part 7 Events and Ideas CHAPTER 17 Macroeconomics: Events and Ideas / 511 Sympathy for the deficit 511 Classical Macroeconomics 512 Money and the Price Level 512 The Business Cycle 512 The Great Depression and the Keynesian Revolution 513 Keynes’s Theory 513 Inflation, Disinflation, and Deflation / 483 FOR INQUIRING MINDS The Politics of Keynes 515 That and 900,000 Bolivars Will Qet You a Cup of Coffee 483 ECONOMICS Depression 516 Policy to Fight Recessions 515 »in Action The End ofthe Great
Challenges to Keynesian Economics 517 GLOBAL COMPARISON Big Surpluses 536 The Revival of Monetary Policy 517 Underlying Determinants of International Capital Flows 537 Monetarism 517 Two-Way Capital Flows 537 Limits to Macroeconomic Policy: Inflation and the Natural Rate of Unemployment 518 Rational Expectations and New Classical Economics 519 FOR INQUIRING MINDS Supply-Side Economics 520 The Political Business Cycle 521 ECONOMICS » in Action Leprechaun Economics 538 The Role of the Exchange Rate 539 Understanding Exchange Rates 539 The Equilibrium Exchange Rate 540 Inflation and Real Exchange Rates 543 ECONOMICS » in Action Did the Fed Cause the Great Depression? 521 From Great Moderation to Secular Stagnation 523 The Limits of Monetary Policy 523 Purchasing Power Parity 545 FOR INQUIRING MINDS Burgernomics 545 ECONOMICS » in Action Strong Dollar Woes 546 Exchange Rate Policy 547 The Revival of Fiscal Policy 524 Exchange Rate Regimes 547 Policy in a Low-Interest-Rate World 525 How Can an Exchange Rate Be Held Fixed? 548 ECONOMICS » in U.S. Recovery 526 Action Debt Fears, Austerity, and the The International Economy part 8 шштшшшшш/ттвшшшшштямЁШИяяЁЖштвшЁітшшЁЯШ CHAPTER 18 The Exchange Rate Regime Dilemma 550 FOR INQUIRING MINDS From Bretton Woods to the Euro 551 ECONOMICS » in Action China Pegs the Yuan 551 Exchange Rates and Macroeconomic Policy 552 Devaluation and Revaluation of Fixed Exchange Rates 553 Monetary Policy Under Floating Exchange Rates 553 International Business Cycles 554 ECONOMICS » in Action The Little Currency That International Macroeconomics /531 Could
555 Switzerland Doesn’t Want Your Money 531 BUSINESS CASE German Cars, Made in Spain 557 Capital Flows and the Balance of Payments 532 Balance of Payments Accounts 532 FOR INQUIRING MINDS GDP, GNP, and the Current Account 534 Modeling the Financial Account 536 Solutions to Check Your Understanding Questions S-1 Glossary G-1 Index 1-1
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Contents Preface xii ECONOMICS »in Action Wait, Then Hurry Upland 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 m 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 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: Chanais One-ChHd Polky Creates Millions of Lonely Bachelors 11 Interaction: How Economies Work 12 Principle #5: There Are Gains from Trade 13 Principle #6: Markets Move Toward Equilibrium 14 xxii CHAPTER 2 Economic Models: Trade-offs and Trade / 27 From t(itty 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 Patama Republics 38 Transactions: The Circular-Flow Diagram 38 ECONOMICS » in Action Rich Nation, Poor Nation 40 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 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
How Graphs Work 51 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 CHAPTER 4 The Slope of a Nonlinear Curve 56 Price Controls and Quotas: Meddling with Markets /103 Calculating the Slope Along a Nonlinear Curve 56 A Bronx Tale 103 Horizontal and Vertical Curves and Their Slopes 55 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 Why Governments Control Prices 104 Price Ceilings 104 Modeling a Price Ceiling 105 How a Price Ceiling Causes Inefficiency 106 FOR INQUIRING MINDS Mumbai's Rent-Control Millionaires 108 So Why Are There Price Ceilings? 109 ECONOMICS » in Proved Disastrous 110 Action How Price Controls in Venezuela Price Floors 111 CHAPTER 3 Supply and Demand / 67 A Natural Gas Boom and Bust 67 Supply and Demand: A Model of a Competitive Market 68 GLOBAL COMPARISON Check Out Our Low, Low Wages! 112 How a Price Floor Causes Inefficiency 113 So Why Are There Price Floors? 116 ECONOMICS » in Action The Rise and Fall of the Unpaid Intern 116 The Demand Curve 68 The Demand Schedule and the Demand Curve 69 Shifts of the Demand Curve 70 GLOBAL COMPARISON Pay More, Pump Less 70 Understanding Shifts of the Demand Curve 72 ECONOMICS » in Action Controlling Quantities 117 The Anatomy of Quantity Controls 118 The Costs of Quantity Controls 121
ECONOMICS » Lives in Alaska 121 in Action Crabbing, Quotas, and Saving Beating the Traffic 77 BUSINESS CASE A Market Disruptor Gets Disrupted by the The Supply Curve 78 Market 123 The Supply Schedule and the Supply Curve 78 Shifts of the Supply Curve 79 CHAPTER 5 Understanding Shifts of the Supply Curve 80 International Trade / 129 ECONOMICS »in Action 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 » іи Action The Price of Admission 89 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 The Everywhere Phone 129 Comparative Advantage and International Trade 130 Production Possibilities and Comparative Advantage, Revisited 131 The Gains from International Trade 133 Comparative Advantage versus Absolute Advantage 134 Popular Misconceptions Arising from Misunderstanding Comparative Advantage 135 GLOBAL COMPARISON Productivity and Wages Around the World 136 Sources of Comparative Advantage 136
xxiv I CONTENTS Macroeconomics: Theory and Policy 171 FOR INQUIRING MINDS How Scale Effects Drive International Trade 138 ECONOMICS » in ECONOMICS Action How Hong Kong Lost Its » in Action Fending Off Depression 171 The Business Cycle 173 Shirts 138 Charting the Business Cycle 174 Supply, Demand, and International Trade 139 The Pain of Recession 174 The Effects of Imports 140 Taming the Business Cycle 175 The Effects of Exports 142 FOR INQUIRING MINDS Defining Recessions and Expansions 176 International Trade and Wages 143 GLOBAL COMPARISON ECONOMICS »in Action ECONOMICS The Effects of Trade Protection 146 » in Action Bad Times in Brazil 177 Long-Run Economic Growth 177 The Effects of a Tariff 146 ECONOMICS The Effects of an Import Quota 148 ECONOMICS » in Action Recessions, Here and There 176 The China Shock 145 » in Action A Tale of Two Countries 178 Inflation and Deflation 179 The Steel Tariffs of 2018-2019 149 The Causes of Inflation and Deflation 180 The Political Economy of Trade Protection 150 The Pain of Inflation and Deflation 180 Arguments for Trade Protection 150 ECONOMICS The Politics of Trade Protection 151 Inflation 181 International Trade Agreements and the World Trade Organization 151 International Imbalances 181 » in Action Trade War, What Is It Good For? in Action A Fast (Food) Measure of ECONOMICS » in Action Greece's Costly Surplus 182 Challenges to Globalization 152 ECONOMICS » 153 BUSINESS CASE GM Survives 184 BUSINESS CASE Li Fung: From Guangzhou to You 155 CHAPTER 7 CHAPTER 5 Appendix: Consumer and Producer Surplus / 161 Consumer Surplus and the
Demand Curve 161 Willingness to Pay and the Demand Curve 161 Willingness to Pay and Consumer Surplus 162 Producer Surplus and the Supply Curve 164 Cost and Producer Surplus 164 The Gains from Trade 166 Introduction to Macroeconomics PART з GDP and the CPI: Tracking the Macroeconomy /189 China Hits the Big Time 189 The National Accounts 190 Following the Money: The Expanded Circular-Flow Diagram 190 Gross Domestic Product 191 Calculating GDP 192 FOR INQUIRING MINDS Our Imputed Lives 194 What GDP Tells Us 197 Real GDP: A Measure of Aggregate Output 197 Calculating Real GDP 198 What Real GDP Doesn’t Measure 199 GLOBAL COMPARISON GDP and The Meaning of CHAPTER 6 Life 200 Macroeconomics: The Big Picture /169 ECONOMICS » in Action Argentina's Peso Perplex 200 Price Indexes and the Aggregate Price Level 201 Market Baskets and Price Indexes 201 Greek Tragedies 169 The Consumer Price Index 202 The Nature of Macroeconomics 170 Other Price Measures 203 Macroeconomic Questions 170 Macroeconomics: The Whole Is Greater Than the Sum of Its Parts 170 ECONOMICS » in Action Indexing to the CPI 204 BUSINESS CASE Paying for a Heads-Up on Inflation 206
CONTENTS CHAPTER 8 The Great Mistake of 2011 213 The Unemployment Rate 214 Defining and Measuring Unemployment 214 The Significance of the Unemployment Rate 215 Growth and Unemployment 217 » XXV Why Growth Rates Differ 253 Unemployment and Inflation /213 ECONOMICS I in Action Opportunity Knocks 219 The Natural Rate of Unemployment 220 Job Creation and Job Destruction 220 Frictional Unemployment 221 Explaining Differences in Growth Rates 254 The Role of Government in Promoting Economic Growth 255 ECONOMICS » in Action What's the Matter with Italy? 257 Success, Disappointment, and Failure 258 East Asia’s Miracle 258 Latin America’s Disappointment 260 Africa’s Troubles and Promise 260 Left Behind by Growth? 261 GLOBAL COMPARISON Lagging Regions in Rich Countries 261 in Action Structural Unemployment 222 ECONOMICS The Natural Rate of Unemployment 225 Is World Growth Sustainable? 264 Changes In the Natural Rate of Unemployment 226 ECONOMICS » in Action Men Networking 227 Inflation and Deflation 228 The Level of Prices Doesn’t Matter. . . 228 » Global Winners and Losers 263 Natural Resources and Growth, Revisited 264 Economic Growth and the Environment 265 ECONOMICS » in Action China's War on Pollution 267 BUSINESS CASE Raising the Bar(code) 268 . But the Rate of Change of Prices Does 229 Winners and Losers from Inflation 232 Inflation Is Easy. Disinflation Is Hard. 233 ECONOMICS » in Action Israel's Experience with Inflation 234 BUSINESS CASE TaskRabbit 235 Long-Run Economic Growth PART 4 CHAPTER 10 Savings, Investment Spending, and the Financial System /275 Paying for a
Hidden Empire 275 Matching Up Savings and Investment Spending 276 The Savings-lnvestment Spending Identity 276 The Market for Loanable Funds 280 FOR INQUIRING MINDS Using Present Value 281 CHAPTER 9 ECONOMICS Long-Run Economic Growth / 241 Comparing Economies Across Time and Space 242 Real GDP per Capita 242 in Action Types of Financial Assets 293 Financial Intermediaries 295 Corporate Bonds in the United States and the Euro Area 297 An Economic Breakthrough in Bangladesh 245 The Sources of Long-Run Growth 246 The Crucial Importance of Productivity 246 Explaining Growth in Productivity 246 Accounting for Growth: The Aggregate Production Function 247 What About Natural Resources? 251 » in Action The Rise, Fall, and Return of the Productivity Paradox 252 ECONOMICS Three Generations of U.S. Interest Three Tasks of a Financial System 292 GLOBAL COMPARISON Growth Rates 243 » in Action The Financial System 291 The Smog of Prosperity 241 ECONOMICS » Rates 289 ECONOMICS » in Action Banks, Success, and South America 298 Financial Fluctuations 298 The Demand for Stocks 299 FOR INQUIRING MINDS How Now, Dow Jones? 299 The Demand for Other Assets 300 Asset Price Expectations 301 FOR INQUIRING MINDS Behavioral Finance 302 Asset Prices and Macroeconomics 303
xxvi I CONTENTS ECONOMICS » Delinquencies 303 in Action The Rise and Fall of Mortgage ECONOMICS » in Action Inventories and the End of a Recession 339 BUSINESS CASE Grameen Bank: Banking Against BUSINESS CASE What’s Good for America Is Poverty 305 Good for GM 341 CHAPTER 10 CHAPTER 11 Appendix: Toward a Fuller Understanding of Present Value /311 Appendix: Deriving the Multiplier Algebraically / 347 How to Calculate the Present Value of One-Year Projects 311 CHAPTER 12 How to Calculate the Present Value of Multiyear Projects 312 Aggregate Demand and Aggregate Supply / 349 How to Calculate the Present Value of Projects with Revenues and Costs 312 Different Generations, Different Policies 349 How to Calculate the Price of a Bond Using Present Value 313 How to Calculate the Price of a Share of Stock Using Present Value 314 Aggregate Demand 350 Why Is the Aggregate Demand Curve Downward Sloping? 351 The Aggregate Demand Curve and the Income-Expenditure Model 352 Shifts of the Aggregate Demand Curve 354 Short-Run Economic Fluctuations PART 5 Government Policies and Aggregate Demand 356 ECONOMICS » in Action Moving Along the Aggregate Demand Curve, 1979-1980 357 Aggregate Supply 358 CHAPTER 11 The Short-Run Aggregate Supply Curve 359 Income and Expenditure /317 FOR INQUIRING MINDS Whaťs Truly Flexible, What’s Truly Sticky 361 The Malts in Spain Have Mainly Dodged the Pain 317 Shifts of the Short-Run Aggregate Supply Curve 361 The Multiplier: An Informal Introduction 318 The Long-Run Aggregate Supply Curve 364 ECONOMICS »in Action From the Short Run to the Long Run 366 To Shale and
Back 320 ECONOMICS Consumer Spending 321 » in Action Sticky Wages in the Great Recession 367 Current Disposable Income and Consumer Spending 321 Shifts of the Aggregate Consumption Function 324 ECONOMICS » in Action Famous Hrst Forecasting The AD-AS Model 368 Short-Run Macroeconomic Equilibrium 368 Shifts of Aggregate Demand: Short-Run Effects 369 Failures 326 Investment Spending 327 Shifts of the SRAS Curve 370 Long-Run Macroeconomic Equilibrium 372 1. The Interest Rate and Investment Spending 328 2. Expected Future Real GDP, Production Capacity, and Investment Spending 329 3. Inventories and Unplanned Investment Spending 329 ECONOMICS » in Action Business Investment in the Great Recession 331 The Income-Expenditure Model 331 Planned Aggregate Spending and Real GDP 332 FOR INQUIRING MINDS Where's the Deflation? 373 ECONOMICS » in Shocks in Practice 375 Action Supply Shocks versus Demand Macroeconomic Policy 376 Policy in the Face of Demand Shocks 376 FOR INQUIRING MINDS Keynes and the Long Run 376 Responding to Supply Shocks 377 Income-Expenditure Equilibrium 334 ECONOMICS The Multiplier Process and Inventory Adjustment 336 Stabilizing? 378 What About Exports and Imports? 339 BUSINESS CASE Toyota Makes Its Move 379 » in Action Is Stabilization Policy
PART 6 Stabilization Policy CHAPTER 14 Money, Banking, and the Federal Reserve System / 417 CHAPTER 13 Fiscal Policy / 385 Not So Funny Money 417 Spending to Fight a Recession 385 The Meaning of Money 418 What Is Money? 418 Fiscal Policy: The Basics 386 Taxes, Purchases of Goods and Services, Government Transfers, and Borrowing 386 The Government Budget and Total Spending 387 Expansionary and Contractionary Fiscal Policy 388 Can Expansionary Fiscal Policy Actually Work? 390 A Cautionary Noté: Lags in Fiscal Policy 391 ECONOMICS » in Action ATale of Two Stimuli 392 Fiscal Policy and the Multiplier 393 Multiplier Effects of an Increase in Government Purchases of Goods and Services 393 Multiplier Effects of Changes in Government Transfers and Taxes 394 How Taxes Affect the Multiplier 395 ECONOMICS » in Action Austerity and the Multiplier 396 Roles of Money 419 GLOBAL COMPARISON The Cash of Nations 419 Types of Money 420 Measuring the Money Supply 421 FOR INQUIRING MINDS All About the Benjamins 422 ECONOMICS » in Action The History of the Dollar 422 The Monetary Role of Banks 423 What Banks Do 424 The Problem of Bank Runs 425 Bank Regulation 426 ECONOMICS » in Action It's a Wonderful Banking System 427 Determining the Money Supply 428 How Banks Create Money 428 Reserves, Bank Deposits, and the Money Multiplier 430 The Budget Balance 397 The Money Multiplier in Reality 431 The Budget Balance as a Measure of Fiscal Policy 398 The Business Cycle and the Cyclically Adjusted Budget Balance 398 Should the Budget Be Balanced? 400 ECONOMICS » in a Recession 401 in Action Trying to
Balance Budgets ECONOMICS » in Action Multiplying Money Down 432 The Federal Reserve System 433 The Structure of the Fed 433 What the Fed Does: Reserve Requirements and the Discount Rate 434 Open-Market Operations 435 Long-Run Implications of Fiscal Policy 402 Deficits, Surpluses, and Debt 403 Potential Dangers Posed by Rising Government Debt 403 GLOBAL COMPARISON The American Way of Debt 404 Deficits and Debt in Practice 405 FOR INQUIRING MINDS What Happened to die Debt from World Warll? 406 » in Action The European Central Bank 437 ECONOMICS » and Abnormal 438 in Action The Fed's Balance Sheet, Normal The Evolution of the U.S. Banking System 439 The Crisis in U.S. Banking in the Early Twentieth Century 439 Responding to Banking Crises: The Creation of the Federal Reserve 440 Implicit Liabilities 406 ECONOMICS FOR INQUIRING MINDS Who Gets the Interest on the Fed's Assets? 436 Who's Afraid of a Debt Spiral? 408 BUSINESS CASE Here Comes the Sun 409 The Savings and Loan Crisis of the 1980s 441 Back to the Future: The Financial Crisis of 2008 and Its Aftermath 442 Shadow Banking and Its Vulnerabilities 442 CHAPTER 13 ECONOMICS Appendix: Taxes and the Multiplier /415 2008 Crisis 444 » in Action Financial Regulation After die BUSINESS CASE The Perfect Gift: Cash or a Gift Card? 446
CHAPTER 15 Money and Inflation 484 Monetary Policy / 453 The Classical Model of Money and Prices 484 The Inflation Tax 486 The Most Powerful Person In Government 453 The Demand for Money 454 The Opportunity Cost of Holding Money 454 The Money Demand Curve 456 Shifts of the Money Demand Curve 457 ECONOMICS » in Action The Equilibrium Interest Rate 459 Two Models of Interest Rates? 461 Monetary Policy and the Interest Rate 461 Long-Term Interest Rates 463 Action Up the Down Staircase 464 Monetary Policy and Aggregate Demand 465 Expansionary and Contractionary Monetary Policy 465 Monetary Policy in Practice 466 The Taylor Rule Method of Setting Monetary Policy 467 GLOBAL COMPARISON Inflation Targets 468 The Zero Lower Bound Problem 469 Action in Action Behind Venezuela's Inflation 489 Moderate Inflation and Disinflation 489 The Output Gap and the Unemployment Rate 490 The Short-Run Phillips Curve 492 FOR INQUIRING MINDS The Aggregate Supply Curve and the Short-Run Phillips Curve 494 Inflation Expectations and the Short-Run Phillips Curve 495 ECONOMICS » in Action The Spanish Squeeze 497 Inflation and Unemployment in the Long Run 498 The Long-Run Phillips Curve 498 The Natural Rate of Unemployment, Revisited 499 The Costs of Disinflation 500 • GLOBAL COMPARISON Disinflation Around the World 500 Inflation Targeting 468 ECONOMICS » in Gets 470 ECONOMICS » FOR INQUIRING MINDS Okun's Law 492 A Yen for Cash 458 Money and Interest Rates 459 ECONOMICS » in The Logic of Hyperinflation 487 What the Fed Wants, the Fed Money, Output, and Prices in the Long Run 470 Short-Run and Long-Run
Effects of an Increase in the Money Supply 471 ECONOMICS » 1980s 501 in Action The Great Disinflation ofthe Deflation 502 Debt Deflation 502 Effects of Expected Deflation 502 ECONOMICS » in Action Is Europe Turning Japanese? 504 BUSINESS CASE Hyperinflation as a Business Opportunity 506 Monetary Neutrality 472 Changes in the Money Supply and the Interest Rate in the Long Run 472 ECONOMICS » in Action International Evidence of Monetary Neutrality 473 BUSINESS CASE Parking Your Money at PayPal 475 CHAPTER 15 Appendix: Reconciling the Two Models of the Interest Rate /479 The Interest Rate in the Short Run 479 The Interest Rate in the Long Run 480 CHAPTER 16 part 7 Events and Ideas CHAPTER 17 Macroeconomics: Events and Ideas / 511 Sympathy for the deficit 511 Classical Macroeconomics 512 Money and the Price Level 512 The Business Cycle 512 The Great Depression and the Keynesian Revolution 513 Keynes’s Theory 513 Inflation, Disinflation, and Deflation / 483 FOR INQUIRING MINDS The Politics of Keynes 515 That and 900,000 Bolivars Will Qet You a Cup of Coffee 483 ECONOMICS Depression 516 Policy to Fight Recessions 515 »in Action The End ofthe Great
Challenges to Keynesian Economics 517 GLOBAL COMPARISON Big Surpluses 536 The Revival of Monetary Policy 517 Underlying Determinants of International Capital Flows 537 Monetarism 517 Two-Way Capital Flows 537 Limits to Macroeconomic Policy: Inflation and the Natural Rate of Unemployment 518 Rational Expectations and New Classical Economics 519 FOR INQUIRING MINDS Supply-Side Economics 520 The Political Business Cycle 521 ECONOMICS » in Action Leprechaun Economics 538 The Role of the Exchange Rate 539 Understanding Exchange Rates 539 The Equilibrium Exchange Rate 540 Inflation and Real Exchange Rates 543 ECONOMICS » in Action Did the Fed Cause the Great Depression? 521 From Great Moderation to Secular Stagnation 523 The Limits of Monetary Policy 523 Purchasing Power Parity 545 FOR INQUIRING MINDS Burgernomics 545 ECONOMICS » in Action Strong Dollar Woes 546 Exchange Rate Policy 547 The Revival of Fiscal Policy 524 Exchange Rate Regimes 547 Policy in a Low-Interest-Rate World 525 How Can an Exchange Rate Be Held Fixed? 548 ECONOMICS » in U.S. Recovery 526 Action Debt Fears, Austerity, and the The International Economy part 8 шштшшшшш/ттвшшшшштямЁШИяяЁЖштвшЁітшшЁЯШ CHAPTER 18 The Exchange Rate Regime Dilemma 550 FOR INQUIRING MINDS From Bretton Woods to the Euro 551 ECONOMICS » in Action China Pegs the Yuan 551 Exchange Rates and Macroeconomic Policy 552 Devaluation and Revaluation of Fixed Exchange Rates 553 Monetary Policy Under Floating Exchange Rates 553 International Business Cycles 554 ECONOMICS » in Action The Little Currency That International Macroeconomics /531 Could
555 Switzerland Doesn’t Want Your Money 531 BUSINESS CASE German Cars, Made in Spain 557 Capital Flows and the Balance of Payments 532 Balance of Payments Accounts 532 FOR INQUIRING MINDS GDP, GNP, and the Current Account 534 Modeling the Financial Account 536 Solutions to Check Your Understanding Questions S-1 Glossary G-1 Index 1-1 |
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| id | DE-604.BV047265199 |
| illustrated | Illustrated |
| index_date | 2024-07-03T17:12:25Z |
| indexdate | 2024-07-10T09:07:13Z |
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| isbn | 9781319384067 1319384064 |
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| spelling | Krugman, Paul R. 1953- Verfasser (DE-588)121368033 aut Macroeconomics Paul Krugman (Graduate Center of the University of New York), Robin Wells sixth edition New York, NY macmillan international, Higher Education [2021] xxix, 561, 19, 10, 16 Seiten Illustrationen, Diagramme txt rdacontent n rdamedia nc rdacarrier Macroeconomics Macroeconomics / Study and teaching Makroökonomik stw Theorie stw Macroeconomics Study and teaching Makroökonomie (DE-588)4037174-8 gnd rswk-swf Makroökonomie (DE-588)4037174-8 s DE-604 Wells, Robin 1959- Verfasser (DE-588)131677853 aut 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=032668982&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Krugman, Paul R. 1953- Wells, Robin 1959- Macroeconomics Macroeconomics Macroeconomics / Study and teaching Makroökonomik stw Theorie stw Macroeconomics Study and teaching Makroökonomie (DE-588)4037174-8 gnd |
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| title | Macroeconomics |
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| title_full | Macroeconomics Paul Krugman (Graduate Center of the University of New York), Robin Wells |
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