Principles of economics:
Gespeichert in:
| Hauptverfasser: | , , , |
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| Format: | Buch |
| Sprache: | English |
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New York
McGraw-Hill
[2022]
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| Ausgabe: | eighth edition, International student edition |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | Auf dem Cover: Principles of microeconomics |
| Beschreibung: | xxxii, 424, 5, 16 Seiten Illustrationen, Diagramme |
| ISBN: | 9781264364763 |
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MARC
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| 245 | 1 | 0 | |a Principles of economics |c Robert H. Frank (Cornell University), Ben S. Bernanke (Brooking Institution [affiliated], Former Chair, Board of Governors of the Federal Reserve System), Kate Antonovics (University of California, San Diego), Ori Heffetz (Cornell University and the Hebrew University of Jerusalem) |
| 246 | 1 | 3 | |a Principles of microeconomics |
| 250 | |a eighth edition, International student edition | ||
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| adam_text | CONTENTS PART I Summary 51 · Core Principles Introduction • Key Terms Chapter 1 Thinking Like an Economist 1 Economics: Studying Choice in a World of Scarcity 2 3 Economic Surplus 4 Opportunity Cost 4 The Role of Economic Models 5 Three Important Decision Pitfalls 6 Pitfall 1: Measuring Costs and Benefits as Proportions rather than Absolute Dollar Amounts 6 Pitfall 2: Ignoring Implicit Costs 7 Pitfall 3: Failing to Think at the Margin 8 51 51 ♦ Review Questions 5: • Problems 52 · Answers to Self-Tests Chapter 3 Supply and Demand 53 55 Applying the Cost-Benefit Principle Normative Economics versus Positive Economics Economics: Micro and Macro The Approach of This Text Economic Naturalism What, How, and for Whom? Central Planning versus the Market Market Equilibrium and Quantities 13 15 Four Simple Rules 15 Comparative Advantage Efficiency and Equilibrium PART 2 Chapter 4 The Production Possibilities Curve 37 How Individual Productivity Affects the Slope and Position of the PPC 40 The Gains from Specialization and Exchange 41 A Production Possibilities Curve foi a Many-Person Economy 43 A Note on the Logic of the Fruit Picker s Ruie 44 Outsourcing 48 49 48 Elasticity 89 90 Price Elasticity Defined 90 Determinants of Price Elasticity of Demand 92 Substitution Possibilities 92 Budget Share 92 Time 92 Some Representative Elasticity Estimates 93 Using Price Elasticity of Demand 94 45 48 Competition and the Invisible Hand Price Elasticity of Demand Factors That Shift the Economy s Production Comparative Advantage and Outsourcing 80 81 Summary 82 · Core Principles 83 • Key Terms 83
« Review Questions 83 • Problems 83 · Answers to Self-Tests 85 • Appendix: The Algebra of Supply and Demand 86 THE ECONOMIC NATURALIST 3.4 37 Why Have Some Countries Been Slow to Specialize? Can We Have Too Much Specialization? 47 78 78 Cash on the Table 79 Smart for One. Dumb for All 33 Comparative Advantage and Production Possibilities 75 75 THE ECONOMIC NATURALIST 3.3 31 32 The Principle of Comparative Advantage THE ECONOMIC NATURALIST 2.1 35 Sources of Comparative Advantage 36 THE ECONOMIC NATURALIST 2.2 36 71 72 THE ECONOMIC NATURALIST 3.2 Exchange and Opportunity Cost THE ECONOMIC NATURALIST 2.4 69 Shifts in the Supply Curve 14 THE ECONOMIC NATURALIST 2.3 68 Shifts in Demand THE ECONOMIC NATURALIST 3.1 16 Summary 17 · Core Principles 17 · Key Terms 17 ■ Review Questions 18 * Problems 18 » Answers ¡υ Selj-Tesis 19 · Appendix: Working with Equations, Graphs, and Tables 20 Possibilities Curve 65 Predicting and Explaining Changes in Prices THE ECONOMIC NATURALIST 1.3 Chapter 2 62 Rent Controls Reconsidered Pizza Price Controls? 67 13 THE ECONOMIC NATURALIST 1.2 58 The Demand Curve 59 The Supply Curve 60 14 THE ECONOMIC NATURALIST 1.1 57 Buyers and Sellers in Markets 46 THE ECONOMIC NATURALIST 4.1 94 THE ECONOMIC NATURALIST 4.2 94 A Graphical Interpretation of Price Elasticity 95 Price Elasticity Changes along a Straight-Line Demand Curve 97 Two Special Cases 98 Elasticity and Total Expenditure 99
CONTENTS Income Elasticity and Cross-Price Elasticity of Demand 103 The Price Elasticity of Supply 104 Determinants of Supply Elasticity 106 Flexibility of Inputs 107 Mobility of Inputs 107 Ability to Produce Substitute Inputs 107 Time 107 THE ECONOMIC NATURALIST 4.3 108 Unique and Essential Inputs: The Ultimate Supply Bottleneck 110 Summary П0 ■ Key Terms 111 · Review Questions 111 · Problems 112 · Answers to Self-Tests 113 · Appendix: The Midpoint Formula 114 Chapter Б Demand П5 The Law of Demand 116 The Origins of Demand 116 Needs versus Wants 117 THE ECONOMIC NATURALIST 5.1 Perfectly Competitive Supply 161 172 Chapter 7 Efficiency, Exchange, and the Invisible Hand in Action 175 1I7 Translating Wants into Demand 118 Measuring Wants: The Concept of Utility 118 Allocating a Fixed Income between Two Goods The Rational Spending Rule 125 Income and Substitution Effects Revisited 125 Applying the Rational Spending Rule 127 Substitution at Work 127 THE ECONOMIC NATURALIST 5.2 128 THE ECONOMIC NATURALIST 5.3 128 THE ECONOMIC NATURALIST 5.4 129 The Importance of Income Differences 129 THE ECONOMIC NATURALIST 5.5 130 Individual and Market Demand Curves 130 Horizontal Addition 130 Demand and Consumer Surplus L32 Calculating Consumer Surplus 132 Summary 135 · Key Terms 135 · Review Questions 135 · Problems 135 · Answers to Self-Tests 137 « Appendix: Indifference Curves 138 Chapter 6 A Graphical Approach to Profit Maximization Price = Marginal Cost: The Maximum-Profit Condition 163 The “Law of Supply 164 Determinants of Suppiy Revisited 166 Technology 166 Input Prices 166 The Number
of Suppliers 166 Expectations 166 Changes in Prices of Other Products 166 Applying the Theory of Supply 167 THE ECONOMIC NATURALIST 6.1 167 Supply and Producer Surplus 170 Calculating Producer Surplus 170 Summan՝ 171 · Key Tenns 172 · Review Questions • Problems 172 · Answers to Self-Tests 174 The Central Role of Economic Profit 121 151 Thinking about Supply: The Importance of Opportunity Cost 152 individual and Market Supply Curves 154 Profit-Maximizing Firms in Perfectly Competitive Markets 155 Profit Maximization 155 The Demand Curve Facing a Perfectly Competitive Firm 156 Production in the Short Run 157 Some Important Cost Concepts 158 Choosing Output to Maximize Profit 159 A Note on the Firm’s Shutdown Condition 160 Average Variable Cost and Average Total Cost 161 176 Three Types of Profit 176 The Invisible Hand Theory 179 Two Functions of Price 179 Responses to Profits and Losses 179 The Importance of Free Entry and Exit 185 Economic Rent versus Economic Profit 186 The Invisible Hand in Action 188 The Invisible Hand at the Supermarket and on the Freeway 188 THE ECONOMIC NATURALIST 7.1 188 The Invisible Hand and Cost-Saving Innovations 188 The Distinction between an Equilibrium and a Social Optimum 189 Smart for One, Dumb for Ail 190 THE ECONOMIC NATURALIST 7.2 190 Market Equilibrium and Efficiency 191 Efficiency Is Not the Only Goal 193 Why Efficiency Should Be the First Goal 194 The Cost of Preventing Price Adjustments 195 Price Ceilings !95 Price Subsidies 198 Տսոէոադ- 200 · Key Terms 201 · Review Questions 201 • Problems 201 · Answers ю SeifTests 203 PART 3 Market
Imperfections Chapter 8 Monopoly, Oligopoly, and Monopolistic Competition 205 Perfect and Imperfect Competition 206 Different Forms of Imperfect Competition Monopolistic Competition 206 Oligopoly 207 206
xxvi CONTENTS THE ECONOMIC NATURALIST 9.4 The Essential Difference between Perfectly and Commitment Problems Imperfectly Competitive Firms 208 254 256 Solving Commitment Problems with Psychological Incentives 258 Five Sources of Market Power 209 Exclusive Control over Important Inputs 209 Patents and Copyrights 209 Government Licenses or Franchises 209 Economies of Scale and Natural Monopolies 210 Network Economies 210 Economies of Scale and the Importance of Start-Up Costs 211 213 Profit Maximiration for the Monopolist 214 Marginal Revenue for the Monopolist 214 The Monopolist’s Profit-Maximizing Decision Ruie 216 Being a Monopolist Doesn’t Guarantee Are People Fundamentally Selfish:’ 259 Preferences as Solutions to Commitmen· Problems 259 Summary 260 · Key Terms 260 · Re ieu՝ Qiiesf/our 261 ♦ Problems 261 · Answers ր՚ Self-Tests 264 THE ECONOMIC NATURALIST 8.1 an Economic Profit 218 Why the Invisible Hand Breaks Down under Monopoly 2I8 Using Discounts to Expand the Market 220 Price Discrimination Defined 220 THE ECONOMIC NATURALIST 8.2 221 How Price Discrimination Affects Output 221 The Hurdle Method of Price Discrimination 224 Is Price Discrimination a Bad Thing? 226 Examples of Price Discrimination 227 THE ECONOMIC NATURALIST 8.3 228 Public Policy toward Natural Monopoly 228 State Ownership and Management 229 State Regulation of Private Monopolies 229 Exclusive Contracting for Natural Monopoly 230 Vigorous Enforcement of Antitrust Laws 230 Summary 232 · Key Terms 232 · Review Questions 233 · Problems 233 · Answers m Self-Tests 235 · Appendix: The Algebra of Monopoly
Profit Maximization 236 Chapter 9 Games and Strategic Behavior 239 Using Game Theory to Analyze Strategic Decisions 240 The Three Elements of a Game 240 Nash Equilibrium 242 The Prisoner’s Dilemma 244 The Original Prisoner s Dilemma 244 The Economics of Cartels 245 THE ECONOMIC NATURALIST 9.1 245 Tit-for-Tat and the Repeated Prisoner’s Dilemma 247 THE ECONOMIC NATURALIST 9.2 248 THE ECONOMIC NATURALIST 9.3 249 Games in Which Timing Matters 250 Credible Threats and Promises 252 Monopolistic Competition When Location Matters 254 Chapter 10 An Introduction to Behavic . : Economics 265 Judgmental Heuristics or Rules of Thumb 2b՜ Availability 267 Representativeness 267 Regression to the Mean 268 269 Anchoring and Adjustment 269 Misinterpretation of Contextual Clues 270 The Psychophysics of Perception 270 The Difficulty of Actually Deciding 271 Impulse-Control Problems 272 THE ECONOMIC NATURALIST 10.1 THE ECONOMIC NATURALIST 10.2 Loss Aversion and Status Quo Bias THE ECONOMIC NATURALIST TO.3 273 275 276 Beyond Narrow Self-Interest 277 The Present-Aim Standard of Rationality 278 The Adaptive Rationality Standard 278 Concerns about Fairness 28i Concerns about Relative Position 282 THE ECONOMIC NATURALIST 10.4 285 THE ECONOMIC NATURALIST 10.5 286 Summan՛ 289 » Key Terms 290 · Review Questions 290 · Problems 290 · Answers to Self-Tests 291 Chapter 11 Externalities, Property Rights, and the Environment 293 External Costs and Benefits 294 How Externalities Affect Resource Allocation 294 How Do Externalities Affect Supply and Demand? 295 The Coase Theorem 297 Remedies for Externalities
302 Laws and Regulations 302 THE ECONOMIC NATURALIST 11.1 303 THE ECONOMIC NATURALIST 11.2 303 The Optimal Amount of Negative Externalities Is Not Zero 304 Compensatory Taxes and Subsidies 304 THE ECONOMIC NATURALIST 11.3 306
CONTENTS THE ECONOMIC NATURALIST 12.3 336 THE ECONOMIC NATURALIST 12.4 337 Conspicuous Consumption as a Signal of Ability 337 THE ECONOMIC NATURALIST 12.5 338 Statistical Discrimination 339 THE ECONOMIC NATURALIST 12.6 339 Disappearing Political Discourse 340 THE ECONOMIC NATURALIST 12.7 340 THE ECONOMIC NATURALIST 12.8 342 Insurance 343 Adverse Selection 343 Moral Hazard 344 The Problem with Health Care Provision through Private Insurance 344 The Affordable Care Act of 2010 345 Summary 346 · Key Terms 347 • Review Questions 347 · Problems 347 • Answers to Seif-Tests 348 Property Rights and the Tragedy of the Commons 306 The Problem of Unpriced Resources 306 The Effect of Private Ownership 309 When Private Ownership Is Impractical 310 THE ECONOMIC NATURALIST 11.4 3I0 THE ECONOMIC NATURALIST 11.5 3I0 Harvesting Timber on Remote Public Land 311 Harvesting Whales in International Waters 311 Controlling Multinational Environmental Pollution ЗІ I Positional Externalities 311 Payoffs That Depend on Relative Performance 312 THE ECONOMIC NATURALIST 11.6 312 Positional Arms Races and Positional Arms Control Agreements 313 Campaign Spending Limits 313 Rosier Limits 314 Arbitration Agreements 314 Mandatory Starting Dates for Kindergarten Social Norms as Positional Arms Control Agreements 314 Herd Norms 314 Fashion Norms 314 Norms of Taste 315 Norms against Vanity 315 Using Price Incentives in Environmental Regulation 316 faxing Pollution 316 Auctioning Pollution Permits 318 Climate Change and Carbon Taxes ЗІ9 Summan՝ 321 · Key Terms 322 · Review Questions 322 · Problems 322 · Answers
to Self-Tests 324 314 Chapter 13 Labor Markets, Poverty, and Income Distribution 349 The Economic Valne of Work 350 The Equilibrium Wage and Employment Levels 353 The Demand Curve for Labor 353 The Supply Curve of Labor 353 Market Shifts 354 Explaining Differences in Earnings 355 Human Capital Theory 355 Labor Unions 355 THE ECONOMIC NATURALIST 13.1 357 Compensating Wage Differentials 357 THE ECONOMIC NATURALIST 13.2 358 Discrimination in the Labor Market 358 Discrimination by Employers 358 Discrimination by Others 359 Other Sources of the Wage Gap 359 Winner-Take-All Markets 360 THE ECONOMIC NATURALIST 13.3 360 Recent Trends in Inequality 361 Is Income Inequality a Moral Problem? 362 Methods of Income Redistribution 363 Welfare Payments and In-Kind Transfers 364 PART 4 Economics of Public Policy Chapter 12 The Economics of Information 325 How the Middleman Adds Value 326 The Optimal Amount of Information 328 The Cost-Benefit Test 328 The Free-Rider Problem 328 THE ECONOMIC NATURALIST 12.1 329 THE ECONOMIC NATURALIST 12.2 329 Two Guidelines tor Rationa! Search 330 The Gamble Inherent in Search 331 The Commitment Problem When Search Is Costly Asymmetric Information 333 The Lemons Model 333 The Credibility Problem in Trading 335 The Costly-to-Fake Principle 336 332 Means-Tested Benefit Programs 364 The Negative Income Tax 365 Minimum Wages 365 The Earned-Income Tax Credit 366 Public Employment for the Poor 368 A Combination of Methods 369 Summary 370 · Key Terms 370 · Review Questions 370 · Problems 371 · Answers to Seif-Tests 372
xxviii CONTENTS Chapter 14 Summary 418 · Key Terms 419 · ReviewQuestions 419 · Problems 420 · Answers to Self-Tests 421 · Chapter 15 Appendix: An Algebraic Public Goods and Tax Policy 373 Government Provision of Public Goods 374 Public Goods versus Private Goods 374 Approach to Trade Analysis (included at the back of the book) Paying for Public Goods 376 THE ECONOMIC NATURALIST 14Д 378 The Optimal Quantity of a Public Good 379 The Demand Curve for a Public Good 379 Private Provision of Public Goods 380 PART 6 Funding by Donation 381 Development of New Means to Exclude Nonpayers 381 Private Contracting 381 Sale of By-Products 381 THE ECONOMIC NATURALIST 14.2 38I Laws, Regulations, and the Question of Centralization 384 Externalities and Property Rights 384 Local, State, or Federal? 384 Sources of Inefficiency in the Political Process Pork Barrei Legislation 385 THE ECONOMIC NATURALIST 14.3 386 THE ECONOMIC NATURALIST 14.4 386 Rent-Seeking 387 Starve the Government? 389 What Should We Tax? 390 Summary 392 · Key Terms 392 · Review Questions 393 · Problems 393 · Answers to Self-Tests 395 PART 5 Internationa) Trade Chapter 15 International Trade and Trade Policy 397 Comparative Advantage as a Basis for Trade 398 Production and Consumption Possibilities and the Benefits of Trade 399 The Two-Worker Production Possibilities Curve 399 The Many-Worker Production Possibilities Curve 402 Consumption Possibilities with and without International Trade 404 A Supply and Demand Perspective on Trade 407 Winners and Losers from Trade 410 THE ECONOMIC NATURALIST 15.1 410 Protectionist
Policies: Tariffs and Quotas 4|շ Tariffs 412 Quotas 414 THE ECONOMIC NATURALIST 15.2 416 The Inefficiency of Protectionism 41? THE ECONOMIC NATURALIST 15.3 417 Macroeconomic: Issues and Jata Chapter 16 Macroeconomics: The Bird’s-¡.լ t View of the Economy 423 The Major Macroeconomic Issues 425 Economic Growth and Living Standards Productivity 427 Recessions and Expansions 428 Unemployment 428 Inflation 430 425 Economic Interdependence among Nations Macroeconomic Policy 432 385 431 Types of Macroeconomic Policy 432 Positive versus Normative .Analyses of Macroeconomic Policy 433 Aggregation 434 Studying Macroeconomics: A Preview 437 Summary 438 * Key Terms 438 · Review Questions 438 · Problems 439 · Answers to Self-Tests 439 Chapter 17 Measuring Economic Activity: GDP and Unemployment 44! Gross Domestic Product: Measuring the Nation s Output 442 Market Value 443 Final Goods and Services 445 Produced in a Country during a Given Period 448 Methods for Measuring GDP 449 The Expenditure Method for Measuring GDP 449 GDP and the Incomes of Capital and Labor 452 Nominal GDP versus Real GDP 455 THE ECONOMIC NATURALIST 17.1 457 Real GDP and Economic Well-Being 457 Why Real GDP Isn’t the Same as Economic Well-Being 458 Leisure Time 458 THE ECONOMIC NATURALIST 17.2 458 Nonmarket Economic Activities 459 Environmental Quality and Resource Depletion 459 Quality of Life 459 Poverty and Economic Inequality 460 But GDP Is Related to Economic Well-Being 460 A vaiiability of Goods and Services 460 Health and Education 461
CONTENTS THE ECONOMIC NATURALIST 17.3 462 Unemployment and the Unemployment Rate 463 Measuring Unemployment 463 The Costs of Unemployment 465 The Duration of Unemployment 466 The Unemployment Rate versus “True Unemployment 466 Summary 467 · Key Terms 468 · Review Questions 468 · Problems 468 · Answers to Self-Tests 470 Chapter 18 and Inflation Measuring the Price Level 471 The Consumer Price Index and Inflation 472 Inflation 475 Adjusting for Inflation 476 Deflating a Nominal Quantity 476 Indexing to Maintain Buying Power 479 THE ECONOMIC NATURALIST 18.1 480 Does the CPI Measure “True” Inflation? 481 The Costs of Inflation: Not What You Think 483 The True Costs of Inflation 484 Noise in the Price System 484 Distortions of the Tax System 485 Shoe-Leather Costs 486 Unexpected Redistributions of Wealth 486 Interference with Long-Term Planning 487 Hyperinflation 487 Inflation and Interest Rates 489 Inflation and the Real Interest Rate 489 The Fisher Effect 492 Summary 493 · Key Terms 493 · Review Questions 494 · Problems 494 · Answers to Self-Tests 495 PART 7 The Economy in the Long Run Chapter 19 Economic Growth, Productivity, and Living Standards 497 The Remarkable Rise in Living Standards: The Record 499 Why “Small” Differences in Growth Rates Matter 501 W hy Nations Become Rich: The Crucial Role of Average Labor Productivity 503 The Determinants of Average Labor Productivity 505 Human Capital 505 THE ECONOMIC NATURALIST 19.1 506 Physical Capital 507 Land and Other Natural Resources 509 Technology 510 511 Entrepreneurship and Management 512 513 The Political and Legal
Environment 513 The Costs of Economic Growth 515 Promoting Economic Growth 515 Policies to Increase Human Capital 516 THE ECONOMIC NATURALIST 19.4 5I6 Policies That Promote Saving and Investment 516 Policies That Support Research and Development 517 The Legai and Political Framework 517 The Poorest Countries: A Special Case? 517 Are There Limits to Growth? 518 Summary 520 · Key Terms 521 · ReviewQuestions 521 · Problems 521 · Answers to Seif-Tests 523 THE ECONOMIC NATURALIST 19.2 THE ECONOMIC NATURALIST 19.3 Chapter 20 The Labor Market: Workers, Wages, and Unemployment 525 Five Important Labor Market Trends 526 Trends in Real Wages 526 Trends in Employment and Unemployment 527 Supply and Demand in the Labor Market 528 Wages and the Demand for Labor 528 Shifts in the Demand for Labor 530 THE ECONOMIC NATURALIST 20.1 534 The Supply of Labor 534 Shifts in the Supply of Labor 536 Explaining the Trends in Real Wages and Employment 536 Large Increases in Real Wages in Industrialized Countries 537 Real Wage Growth in the United States Has Stagnated since the Early 1970s, while Employment Growth Has Been Rapid 537 Increasing Wage Inequality: The Effects of Globalization and Technological Change 539 Globalization 539 Technological Change 541 THE ECONOMIC NATURALIST 20.2 543 Unemployment 544 Types of Unemployment and Their Costs 545 Frictional Unemployment 545 Structural Unemployment 546 Cyclical Unemployment 546 Impediments to Full Employment 546 Summary 549 · Key Terms 549 · Review Questions 550 · Problems 550 · Answers to Self-Tests 551
CONTENTS Chapter 21 Saving and Capital Formation 553 THE ECONOMIC NATURALIST 23.1 Bonds and Stocks 608 Bonds 609 Stocks 6/ti Saving and Wealth 554 Stocks and Flows 555 Capital Gains and Losses 556 THE ECONOMIC NATURALIST 21.1 557 Why Do People Save? 559 THE ECONOMIC NATURALIST 21.2 559 Saving and the Real Interest Rate 560 Saving, Self-Control, and Demonstration Effects 608 Bond Markets, Stock Markets, and the Allocation of Savings 613 The Informational Role of Bond and Stock Markets 613 562 THE ECONOMIC NATURALIST 21.3 563 National Saving and Its Components 565 The Measurement of National Saving 565 Private and Public Components of National Saving 567 Public Saving and the Government Budget 568 Is Low Household Saving a Problem? 570 Investment and Capital Formation 571 Saving, Investment, and Financial Markets 573 THE ECONOMIC NATURALIST 21.4 576 Summary 578 · Key Terms 578 · ReviewQuestions 579 ■ Problems 579 · Answers to Self-Tests 580 Risk Sharing and Diversification 614 THE ECONOMIC NATURALIST 23.2 615 International Capital Flows 616 Capital Flows and the Balance of Trade 617 The Determinants of international Capital Flows 619 Saving, Investment, and Capital Inflows 620 The Saving Rate and the Trade Deficit 622 THE ECONOMIC NATURALIST 23.3 623 Summary 625 · Key Terms 625 * Review Questions 625 · Problems 626 · Answers to Self-Tests 627 PART 8 The Economy in the Short Rturt Chapter 22 Money, Prices, and the Federal Reserve 583 Chapter 24 Short-Term Economic Fluctuations: An Introduction 629 Money and Its Uses 584 THE ECONOMIC NATURALIST 22.1 585 Measuring Money 586
Commercial Banks and the Creation of Money 587 The Money Supply with Both Currency and Deposits 590 The Federal Reserve System 592 The History and Structure of the Federal Reserve System 593 Controlling the Money Supply: Open-Market Operations 593 The Fed s Role in Stabilizing Financial Markets: Banking Panics 595 THE ECONOMIC NATURALIST 22.2 595 Money and Prices 598 Velocity 598 Money and Inflation in the Long Run 599 Summary 601 · Key Terms 602 · Review Questions 602 · Problems 602 · Answers to THE ECONOMIC NATURALIST 24.1 630 Recessions and Expansions 631 THE ECONOMIC NATURALIST 24.2 633 Some Facts about Short-Term Economic Fluctuations 634 Output Gaps and Cyclical Unemployment 637 Potential Output 637 The Output Gap 638 The Natural Rate of Unemployment and Cyclical Unemployment 639 THE ECONOMIC NATURALIST 24.3 640 Okun’s Law 642 THE ECONOMIC NATURALIST 24.4 643 W hy Do Short-Term Fluctuations Occur? A Preview and a Tale 644 Alice’s Ice Cream Store: A Tale about Short-Run Fluctuations 645 Summary 646 · Key Terms 647 · Review Questions 647 · Problems 647 · Answers to Self-Tests 648 Self-Tests 603 Chapter 23 Capitai Flows Financial Markets and International 605 The Financial System and the Allocation of Saving to Producine Uses 606 The Banking System 607 Chapter 25 Spending and Output in the Short Run 649 The Keynesian Model’s Crucial Assumption: Firms Meet Demand at Preset Prices 65) THE ECONOMIC NATURALIST 25.1 652
CONTENTS Planned Aggregate Expenditure 653 Planned Spending versus Actual Spending 653 Consumer Spending and the Economy 655 THE ECONOMIC NATURALIST 25.2 656 Planned Aggregate Expenditure and Output 657 Short-Run Equilibrium Output 660 Finding Short-Run Equilibrium Output: Numerical Approach 661 Finding Short-Run Equilibrium Output: Graphical Approach 662 Planned Spending and the Output Gap 664 THE ECONOMIC NATURALIST 25.3 666 The Multiplier 667 Stabilizing Planned Spending: The Role of Fiscal Policy 668 Government Purchases and Planned Spending 668 THE ECONOMIC NATURALIST 25.4 670 Taxes. Transfers, and Aggregate Spending 671 THE ECONOMIC NATURALIST 25.5 673 Fiscal Policy as a Stabilization Tool: Three Qualifications 674 Fiscal Policy and the Supply Side 675 The Problem of Deficits 675 The Relative Inflexibility of Fiscal Policy 675 Summary 676 · Key Terms 677 · Review Questions 678 · Problems 678 · Answers to Self-Tests 679 · Appendix A: An Algebraic Solution of the Basic Keynesian Mode! 681 · Appendix B: The Multiplier in the Basic Keynesian Model 684 Chapter 26 Stabilizing the Economy: The Role of the Fed 687 The Federal Reserve and Interest Rates: The Basic Model 688 The Demand for Money 689 Macroeconomic Factors That Affect the Demand for Money 692 The Money Demand Curve 693 THE ECONOMIC NATURALIST 26.1 694 The Supply of Money and Money Market Equilibrium 696 How the Fed Controls the Nominal Interest Rate 697 The Role of the Federal Funds Rate in Monetary Policy 699 Can the Fed Control the Real Interest Rate? 700 The Federal Reserve and Interest Rates: A Closer Look
701 Can the Fed Fully Control the Money Supply? 701 Affecting Bank Reserves through Open-Market Operations 702 Affecting Bank Reserves through Discount Window Lending 702 Setting and Changing Reserve Requirements 702 Excess Reserves: The Norm since 2008 703 Do Interest Rates Always Move Together? 704 The Zero Lower Bound and the Need for “Unconventional“ Monetary Policy 705 Quantitative Easing 705 Forward Guidance 705 Interest on Reserves and the New Tools of Monetary Policy 706 The Effects of Federal Reserve Actions on the Economy 708 Planned Aggregate Expenditure and the Real Interest Rate 708 The Fed Fights a Recession 7II THE ECONOMIC NATURALIST 26.2 712 The Fed Fights Inflation 713 THE ECONOMIC NATURALIST 26.3 7I4 THE ECONOMIC NATURALIST 26.4 7I5 THE ECONOMIC NATURALIST 26.5 715 The Feds Policy Reaction Function 7l7 THE ECONOMIC NATURALIST 26.6 7I7 Monetary Policymaking: Art or Science? 720 Summary 720 · Key Terms 722 · Review Questions 722 · Problems 722 · Answers to Seif-Tests 724 · Appendix: Monetary Policy in the Basic Keynesian Model 725 Chapter 27 Aggregate Demand, Aggregate Supply, and Inflation 727 Inflation, Spending, and Output: The Aggregate Demand Curve 728 Inflation, the Fed. and Why the AD Curve Slopes Downward 729 Other Reasons for the Downward Slope of the AD Curve 730 Factors That Shift the Aggregate Demand Curve 730 Changes in Spending 731 Changes in the Fed s Policy Reaction Function 732 Shifts of the AD Curve versus Movements along the AD Curve 732 Inflation and Aggregate Supply 734 Inflation Inertia 735 Inflation Expectations 735 Long-Term Wage and
Price Contracts 736 The Output Gap and Inflation 737 No Output Gap: Ï = Y* 738 Expansionary Gap: Y Y* 738 Recessionary Gap. Y Y* 738
CONTENTS The Aggregate Demand-Aggregate Supply Diagram 739 The Self-Correcting Economy 741 The Determination of the Exchange Rate in the Short Run Demand Analysis 777 The Supply of Dollars 777 The Demand for Dollars 778 Sources of Inflation 742 Excessive Aggregate Spending 742 THE ECONOMIC NATURALIST 27.1 744 inflation Shocks 745 THE ECONOMIC NATURALIST 27.2 746 Shocks to Potential Output 748 THE ECONOMIC NATURALIST 27.3 749 Controlling Inflation 751 THE ECONOMIC NATURALIST 27.4 753 THE ECONOMIC NATURALIST 27.5 754 Summary 756 · Key Terms 757 · Review Questions 757 ■ Problems 758 · Answer to Self-Test 759 · Appendix: The Algebra of Aggregate Demand and Aggregate Supply 762 PART 9 The International Economy Chapter 28 Exchange Rates and the Open Economy 765 Exchange Rates 767 Nominal Exchange Rates 767 Flexible versus Fixed Exchange Rates 769 The Real Exchange Rate 769 THE ECONOMIC NATURALIST 28.1 772 The Determination of the Exchange Rate in the Long Run 773 A Simple Theory of Exchange Rates: Purchasing Power Parity (PPP) 773 Shortcomings of the PPP Theory 775 776 The Foreign Exchange Market: A Supply and The Equilibrium Vahte of the Dollar 775 Changes in the Supply of Dollars 779 Changes in the Demand for Dollars 780 THE ECONOMIC NATURALIST 28.2 780 Monetary Policy and the Exchange Rate 781 THE ECONOMIC NATURALIST 28.3 782 The Exchange Rate as a Tool of Monetary Policy 783 Fixed Exchange Rates 783 How to Fix an Exchange Rate 784 Speculative Attacks 787 Monetary Policy and the Fixed Exchange Rate 788 THE ECONOMIC NATURALIST 28.4 789 THE ECONOMIC NATURALIST 28.5 790 THE
ECONOMIC NATURALIST 28.6 790 Should Exchange Rates Be Fixed or Flexible? 792 THE ECONOMIC NATURALIST 28.7 793 Summary 794 · Key Terms 795 · ReviewQuestions 795 · Problems 796 · Answers to Self-Tests 797 Glossary Index 1-1 0-1
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CONTENTS PART I Summary 51 · Core Principles Introduction • Key Terms Chapter 1 Thinking Like an Economist 1 Economics: Studying Choice in a World of Scarcity 2 3 Economic Surplus 4 Opportunity Cost 4 The Role of Economic Models 5 Three Important Decision Pitfalls 6 Pitfall 1: Measuring Costs and Benefits as Proportions rather than Absolute Dollar Amounts 6 Pitfall 2: Ignoring Implicit Costs 7 Pitfall 3: Failing to Think at the Margin 8 51 51 ♦ Review Questions 5: • Problems 52 · Answers to Self-Tests Chapter 3 Supply and Demand 53 55 Applying the Cost-Benefit Principle Normative Economics versus Positive Economics Economics: Micro and Macro The Approach of This Text Economic Naturalism What, How, and for Whom? Central Planning versus the Market Market Equilibrium and Quantities 13 15 Four Simple Rules 15 Comparative Advantage Efficiency and Equilibrium PART 2 Chapter 4 The Production Possibilities Curve 37 How Individual Productivity Affects the Slope and Position of the PPC 40 The Gains from Specialization and Exchange 41 A Production Possibilities Curve foi a Many-Person Economy 43 A Note on the Logic of the Fruit Picker's Ruie 44 Outsourcing 48 49 48 Elasticity 89 90 Price Elasticity Defined 90 Determinants of Price Elasticity of Demand 92 Substitution Possibilities 92 Budget Share 92 Time 92 Some Representative Elasticity Estimates 93 Using Price Elasticity of Demand 94 45 48 Competition and the Invisible Hand Price Elasticity of Demand Factors That Shift the Economy's Production Comparative Advantage and Outsourcing 80 81 Summary 82 · Core Principles 83 • Key Terms 83
« Review Questions 83 • Problems 83 · Answers to Self-Tests 85 • Appendix: The Algebra of Supply and Demand 86 THE ECONOMIC NATURALIST 3.4 37 Why Have Some Countries Been Slow to Specialize? Can We Have Too Much Specialization? 47 78 78 Cash on the Table 79 Smart for One. Dumb for All 33 Comparative Advantage and Production Possibilities 75 75 THE ECONOMIC NATURALIST 3.3 31 32 The Principle of Comparative Advantage THE ECONOMIC NATURALIST 2.1 35 Sources of Comparative Advantage 36 THE ECONOMIC NATURALIST 2.2 36 71 72 THE ECONOMIC NATURALIST 3.2 Exchange and Opportunity Cost THE ECONOMIC NATURALIST 2.4 69 Shifts in the Supply Curve 14 THE ECONOMIC NATURALIST 2.3 68 Shifts in Demand THE ECONOMIC NATURALIST 3.1 16 Summary 17 · Core Principles 17 · Key Terms 17 ■ Review Questions 18 * Problems 18 » Answers ¡υ Selj-Tesis 19 · Appendix: Working with Equations, Graphs, and Tables 20 Possibilities Curve 65 Predicting and Explaining Changes in Prices THE ECONOMIC NATURALIST 1.3 Chapter 2 62 Rent Controls Reconsidered Pizza Price Controls? 67 13 THE ECONOMIC NATURALIST 1.2 58 The Demand Curve 59 The Supply Curve 60 14 THE ECONOMIC NATURALIST 1.1 57 Buyers and Sellers in Markets 46 THE ECONOMIC NATURALIST 4.1 94 THE ECONOMIC NATURALIST 4.2 94 A Graphical Interpretation of Price Elasticity 95 Price Elasticity Changes along a Straight-Line Demand Curve 97 Two Special Cases 98 Elasticity and Total Expenditure 99
CONTENTS Income Elasticity and Cross-Price Elasticity of Demand 103 The Price Elasticity of Supply 104 Determinants of Supply Elasticity 106 Flexibility of Inputs 107 Mobility of Inputs 107 Ability to Produce Substitute Inputs 107 Time 107 THE ECONOMIC NATURALIST 4.3 108 Unique and Essential Inputs: The Ultimate Supply Bottleneck 110 Summary П0 ■ Key Terms 111 · Review Questions 111 · Problems 112 · Answers to Self-Tests 113 · Appendix: The Midpoint Formula 114 Chapter Б Demand П5 The Law of Demand 116 The Origins of Demand 116 Needs versus Wants 117 THE ECONOMIC NATURALIST 5.1 Perfectly Competitive Supply 161 172 Chapter 7 Efficiency, Exchange, and the Invisible Hand in Action 175 1I7 Translating Wants into Demand 118 Measuring Wants: The Concept of Utility 118 Allocating a Fixed Income between Two Goods The Rational Spending Rule 125 Income and Substitution Effects Revisited 125 Applying the Rational Spending Rule 127 Substitution at Work 127 THE ECONOMIC NATURALIST 5.2 128 THE ECONOMIC NATURALIST 5.3 128 THE ECONOMIC NATURALIST 5.4 129 The Importance of Income Differences 129 THE ECONOMIC NATURALIST 5.5 130 Individual and Market Demand Curves 130 Horizontal Addition 130 Demand and Consumer Surplus L32 Calculating Consumer Surplus 132 Summary 135 · Key Terms 135 · Review Questions 135 · Problems 135 · Answers to Self-Tests 137 « Appendix: Indifference Curves 138 Chapter 6 A Graphical Approach to Profit Maximization Price = Marginal Cost: The Maximum-Profit Condition 163 The “Law" of Supply 164 Determinants of Suppiy Revisited 166 Technology 166 Input Prices 166 The Number
of Suppliers 166 Expectations 166 Changes in Prices of Other Products 166 Applying the Theory of Supply 167 THE ECONOMIC NATURALIST 6.1 167 Supply and Producer Surplus 170 Calculating Producer Surplus 170 Summan՝ 171 · Key Tenns 172 · Review Questions • Problems 172 · Answers to Self-Tests 174 The Central Role of Economic Profit 121 151 Thinking about Supply: The Importance of Opportunity Cost 152 individual and Market Supply Curves 154 Profit-Maximizing Firms in Perfectly Competitive Markets 155 Profit Maximization 155 The Demand Curve Facing a Perfectly Competitive Firm 156 Production in the Short Run 157 Some Important Cost Concepts 158 Choosing Output to Maximize Profit 159 A Note on the Firm’s Shutdown Condition 160 Average Variable Cost and Average Total Cost 161 176 Three Types of Profit 176 The Invisible Hand Theory 179 Two Functions of Price 179 Responses to Profits and Losses 179 The Importance of Free Entry and Exit 185 Economic Rent versus Economic Profit 186 The Invisible Hand in Action 188 The Invisible Hand at the Supermarket and on the Freeway 188 THE ECONOMIC NATURALIST 7.1 188 The Invisible Hand and Cost-Saving Innovations 188 The Distinction between an Equilibrium and a Social Optimum 189 Smart for One, Dumb for Ail 190 THE ECONOMIC NATURALIST 7.2 190 Market Equilibrium and Efficiency 191 Efficiency Is Not the Only Goal 193 Why Efficiency Should Be the First Goal 194 The Cost of Preventing Price Adjustments 195 Price Ceilings !95 Price Subsidies 198 Տսոէոադ- 200 · Key Terms 201 · Review Questions 201 • Problems 201 · Answers ю SeifTests 203 PART 3 Market
Imperfections Chapter 8 Monopoly, Oligopoly, and Monopolistic Competition 205 Perfect and Imperfect Competition 206 Different Forms of Imperfect Competition Monopolistic Competition 206 Oligopoly 207 206
xxvi CONTENTS THE ECONOMIC NATURALIST 9.4 The Essential Difference between Perfectly and Commitment Problems Imperfectly Competitive Firms 208 254 256 Solving Commitment Problems with Psychological Incentives 258 Five Sources of Market Power 209 Exclusive Control over Important Inputs 209 Patents and Copyrights 209 Government Licenses or Franchises 209 Economies of Scale and Natural Monopolies 210 Network Economies 210 Economies of Scale and the Importance of Start-Up Costs 211 213 Profit Maximiration for the Monopolist 214 Marginal Revenue for the Monopolist 214 The Monopolist’s Profit-Maximizing Decision Ruie 216 Being a Monopolist Doesn’t Guarantee Are People Fundamentally Selfish:’ 259 Preferences as Solutions to Commitmen· Problems 259 Summary 260 · Key Terms 260 · Re\ieu՝ Qiiesf/our 261 ♦ Problems 261 · Answers ր՚ Self-Tests 264 THE ECONOMIC NATURALIST 8.1 an Economic Profit 218 Why the Invisible Hand Breaks Down under Monopoly' 2I8 Using Discounts to Expand the Market 220 Price Discrimination Defined 220 THE ECONOMIC NATURALIST 8.2 221 How Price Discrimination Affects Output 221 The Hurdle Method of Price Discrimination 224 Is Price Discrimination a Bad Thing? 226 Examples of Price Discrimination 227 THE ECONOMIC NATURALIST 8.3 228 Public Policy toward Natural Monopoly 228 State Ownership and Management 229 State Regulation of Private Monopolies 229 Exclusive Contracting for Natural Monopoly 230 Vigorous Enforcement of Antitrust Laws 230 Summary 232 · Key Terms 232 · Review Questions 233 · Problems 233 · Answers m Self-Tests 235 · Appendix: The Algebra of Monopoly
Profit Maximization 236 Chapter 9 Games and Strategic Behavior 239 Using Game Theory to Analyze Strategic Decisions 240 The Three Elements of a Game 240 Nash Equilibrium 242 The Prisoner’s Dilemma 244 The Original Prisoner's Dilemma 244 The Economics of Cartels 245 THE ECONOMIC NATURALIST 9.1 245 Tit-for-Tat and the Repeated Prisoner’s Dilemma 247 THE ECONOMIC NATURALIST 9.2 248 THE ECONOMIC NATURALIST 9.3 249 Games in Which Timing Matters 250 Credible Threats and Promises 252 Monopolistic Competition When Location Matters 254 Chapter 10 An Introduction to Behavic . : Economics 265 Judgmental Heuristics or Rules of Thumb 2b՜ Availability 267 Representativeness 267 Regression to the Mean 268 269 Anchoring and Adjustment 269 Misinterpretation of Contextual Clues 270 The Psychophysics of Perception 270 The Difficulty of Actually Deciding 271 Impulse-Control Problems 272 THE ECONOMIC NATURALIST 10.1 THE ECONOMIC NATURALIST 10.2 Loss Aversion and Status Quo Bias THE ECONOMIC NATURALIST TO.3 273 275 276 Beyond Narrow Self-Interest 277 The Present-Aim Standard of Rationality 278 The Adaptive Rationality Standard 278 Concerns about Fairness 28i Concerns about Relative Position 282 THE ECONOMIC NATURALIST 10.4 285 THE ECONOMIC NATURALIST 10.5 286 Summan՛ 289 » Key Terms 290 · Review Questions 290 · Problems 290 · Answers to Self-Tests 291 Chapter 11 Externalities, Property Rights, and the Environment 293 External Costs and Benefits 294 How Externalities Affect Resource Allocation 294 How Do Externalities Affect Supply and Demand? 295 The Coase Theorem 297 Remedies for Externalities
302 Laws and Regulations 302 THE ECONOMIC NATURALIST 11.1 303 THE ECONOMIC NATURALIST 11.2 303 The Optimal Amount of Negative Externalities Is Not Zero 304 Compensatory Taxes and Subsidies 304 THE ECONOMIC NATURALIST 11.3 306
CONTENTS THE ECONOMIC NATURALIST 12.3 336 THE ECONOMIC NATURALIST 12.4 337 Conspicuous Consumption as a Signal of Ability 337 THE ECONOMIC NATURALIST 12.5 338 Statistical Discrimination 339 THE ECONOMIC NATURALIST 12.6 339 Disappearing Political Discourse 340 THE ECONOMIC NATURALIST 12.7 340 THE ECONOMIC NATURALIST 12.8 342 Insurance 343 Adverse Selection 343 Moral Hazard 344 The Problem with Health Care Provision through Private Insurance 344 The Affordable Care Act of 2010 345 Summary 346 · Key Terms 347 • Review Questions 347 · Problems 347 • Answers to Seif-Tests 348 Property Rights and the Tragedy of the Commons 306 The Problem of Unpriced Resources 306 The Effect of Private Ownership 309 When Private Ownership Is Impractical 310 THE ECONOMIC NATURALIST 11.4 3I0 THE ECONOMIC NATURALIST 11.5 3I0 Harvesting Timber on Remote Public Land 311 Harvesting Whales in International Waters 311 Controlling Multinational Environmental Pollution ЗІ I Positional Externalities 311 Payoffs That Depend on Relative Performance 312 THE ECONOMIC NATURALIST 11.6 312 Positional Arms Races and Positional Arms Control Agreements 313 Campaign Spending Limits 313 Rosier Limits 314 Arbitration Agreements 314 Mandatory Starting Dates for Kindergarten Social Norms as Positional Arms Control Agreements 314 Herd Norms 314 Fashion Norms 314 Norms of Taste 315 Norms against Vanity 315 Using Price Incentives in Environmental Regulation 316 faxing Pollution 316 Auctioning Pollution Permits 318 Climate Change and Carbon Taxes ЗІ9 Summan՝ 321 · Key Terms 322 · Review Questions 322 · Problems 322 · Answers
to Self-Tests 324 314 Chapter 13 Labor Markets, Poverty, and Income Distribution 349 The Economic Valne of Work 350 The Equilibrium Wage and Employment Levels 353 The Demand Curve for Labor 353 The Supply Curve of Labor 353 Market Shifts 354 Explaining Differences in Earnings 355 Human Capital Theory 355 Labor Unions 355 THE ECONOMIC NATURALIST 13.1 357 Compensating Wage Differentials 357 THE ECONOMIC NATURALIST 13.2 358 Discrimination in the Labor Market 358 Discrimination by Employers 358 Discrimination by Others 359 Other Sources of the Wage Gap 359 Winner-Take-All Markets 360 THE ECONOMIC NATURALIST 13.3 360 Recent Trends in Inequality 361 Is Income Inequality a Moral Problem? 362 Methods of Income Redistribution 363 Welfare Payments and In-Kind Transfers 364 PART 4 Economics of Public Policy Chapter 12 The Economics of Information 325 How the Middleman Adds Value 326 The Optimal Amount of Information 328 The Cost-Benefit Test 328 The Free-Rider Problem 328 THE ECONOMIC NATURALIST 12.1 329 THE ECONOMIC NATURALIST 12.2 329 Two Guidelines tor Rationa! Search 330 The Gamble Inherent in Search 331 The Commitment Problem When Search Is Costly Asymmetric Information 333 The Lemons Model 333 The Credibility Problem in Trading 335 The Costly-to-Fake Principle 336 332 Means-Tested Benefit Programs 364 The Negative Income Tax 365 Minimum Wages 365 The Earned-Income Tax Credit 366 Public Employment for the Poor 368 A Combination of Methods 369 Summary 370 · Key Terms 370 · Review Questions 370 · Problems 371 · Answers to Seif-Tests 372
xxviii CONTENTS Chapter 14 Summary 418 · Key Terms 419 · ReviewQuestions 419 · Problems 420 · Answers to Self-Tests 421 · Chapter 15 Appendix: An Algebraic Public Goods and Tax Policy 373 Government Provision of Public Goods 374 Public Goods versus Private Goods 374 Approach to Trade Analysis (included at the back of the book) Paying for Public Goods 376 THE ECONOMIC NATURALIST 14Д 378 The Optimal Quantity of a Public Good 379 The Demand Curve for a Public Good 379 Private Provision of Public Goods 380 PART 6 Funding by Donation 381 Development of New Means to Exclude Nonpayers 381 Private Contracting 381 Sale of By-Products 381 THE ECONOMIC NATURALIST 14.2 38I Laws, Regulations, and the Question of Centralization 384 Externalities and Property Rights 384 Local, State, or Federal? 384 Sources of Inefficiency in the Political Process Pork Barrei Legislation 385 THE ECONOMIC NATURALIST 14.3 386 THE ECONOMIC NATURALIST 14.4 386 Rent-Seeking 387 Starve the Government? 389 What Should We Tax? 390 Summary 392 · Key Terms 392 · Review Questions 393 · Problems 393 · Answers to Self-Tests 395 PART 5 Internationa) Trade Chapter 15 International Trade and Trade Policy 397 Comparative Advantage as a Basis for Trade 398 Production and Consumption Possibilities and the Benefits of Trade 399 The Two-Worker Production Possibilities Curve 399 The Many-Worker Production Possibilities Curve 402 Consumption Possibilities with and without International Trade 404 A Supply and Demand Perspective on Trade 407 Winners and Losers from Trade 410 THE ECONOMIC NATURALIST 15.1 410 Protectionist
Policies: Tariffs and Quotas 4|շ Tariffs 412 Quotas 414 THE ECONOMIC NATURALIST 15.2 416 The Inefficiency of Protectionism 41? THE ECONOMIC NATURALIST 15.3 417 Macroeconomic: Issues and Jata Chapter 16 Macroeconomics: The Bird’s-¡.լ t View of the Economy 423 The Major Macroeconomic Issues 425 Economic Growth and Living Standards Productivity 427 Recessions and Expansions 428 Unemployment 428 Inflation 430 425 Economic Interdependence among Nations Macroeconomic Policy 432 385 431 Types of Macroeconomic Policy 432 Positive versus Normative .Analyses of Macroeconomic Policy 433 Aggregation 434 Studying Macroeconomics: A Preview 437 Summary 438 * Key Terms 438 · Review Questions 438 · Problems 439 · Answers to Self-Tests 439 Chapter 17 Measuring Economic Activity: GDP and Unemployment 44! Gross Domestic Product: Measuring the Nation's Output 442 Market Value 443 Final Goods and Services 445 Produced in a Country during a Given Period 448 Methods for Measuring GDP 449 The Expenditure Method for Measuring GDP 449 GDP and the Incomes of Capital and Labor 452 Nominal GDP versus Real GDP 455 THE ECONOMIC NATURALIST 17.1 457 Real GDP and Economic Well-Being 457 Why Real GDP Isn’t the Same as Economic Well-Being 458 Leisure Time 458 THE ECONOMIC NATURALIST 17.2 458 Nonmarket Economic Activities 459 Environmental Quality and Resource Depletion 459 Quality of Life 459 Poverty and Economic Inequality 460 But GDP Is Related to Economic Well-Being 460 A vaiiability of Goods and Services 460 Health and Education 461
CONTENTS THE ECONOMIC NATURALIST 17.3 462 Unemployment and the Unemployment Rate 463 Measuring Unemployment 463 The Costs of Unemployment 465 The Duration of Unemployment 466 The Unemployment Rate versus “True" Unemployment 466 Summary 467 · Key Terms 468 · Review Questions 468 · Problems 468 · Answers to Self-Tests 470 Chapter 18 and Inflation Measuring the Price Level 471 The Consumer Price Index and Inflation 472 Inflation 475 Adjusting for Inflation 476 Deflating a Nominal Quantity 476 Indexing to Maintain Buying Power 479 THE ECONOMIC NATURALIST 18.1 480 Does the CPI Measure “True” Inflation? 481 The Costs of Inflation: Not What You Think 483 The True Costs of Inflation 484 "Noise" in the Price System 484 Distortions of the Tax System 485 "Shoe-Leather" Costs 486 Unexpected Redistributions of Wealth 486 Interference with Long-Term Planning 487 Hyperinflation 487 Inflation and Interest Rates 489 Inflation and the Real Interest Rate 489 The Fisher Effect 492 Summary 493 · Key Terms 493 · Review Questions 494 · Problems 494 · Answers to Self-Tests 495 PART 7 The Economy in the Long Run Chapter 19 Economic Growth, Productivity, and Living Standards 497 The Remarkable Rise in Living Standards: The Record 499 Why “Small” Differences in Growth Rates Matter 501 W hy Nations Become Rich: The Crucial Role of Average Labor Productivity 503 The Determinants of Average Labor Productivity 505 Human Capital 505 THE ECONOMIC NATURALIST 19.1 506 Physical Capital 507 Land and Other Natural Resources 509 Technology 510 511 Entrepreneurship and Management 512 513 The Political and Legal
Environment 513 The Costs of Economic Growth 515 Promoting Economic Growth 515 Policies to Increase Human Capital 516 THE ECONOMIC NATURALIST 19.4 5I6 Policies That Promote Saving and Investment 516 Policies That Support Research and Development 517 The Legai and Political Framework 517 The Poorest Countries: A Special Case? 517 Are There Limits to Growth? 518 Summary 520 · Key Terms 521 · ReviewQuestions 521 · Problems 521 · Answers to Seif-Tests 523 THE ECONOMIC NATURALIST 19.2 THE ECONOMIC NATURALIST 19.3 Chapter 20 The Labor Market: Workers, Wages, and Unemployment 525 Five Important Labor Market Trends 526 Trends in Real Wages 526 Trends in Employment and Unemployment 527 Supply and Demand in the Labor Market 528 Wages and the Demand for Labor 528 Shifts in the Demand for Labor 530 THE ECONOMIC NATURALIST 20.1 534 The Supply of Labor 534 Shifts in the Supply of Labor 536 Explaining the Trends in Real Wages and Employment 536 Large Increases in Real Wages in Industrialized Countries 537 Real Wage Growth in the United States Has Stagnated since the Early 1970s, while Employment Growth Has Been Rapid 537 Increasing Wage Inequality: The Effects of Globalization and Technological Change 539 Globalization 539 Technological Change 541 THE ECONOMIC NATURALIST 20.2 543 Unemployment 544 Types of Unemployment and Their Costs 545 Frictional Unemployment 545 Structural Unemployment 546 Cyclical Unemployment 546 Impediments to Full Employment 546 Summary 549 · Key Terms 549 · Review Questions 550 · Problems 550 · Answers to Self-Tests 551
CONTENTS Chapter 21 Saving and Capital Formation 553 THE ECONOMIC NATURALIST 23.1 Bonds and Stocks 608 Bonds 609 Stocks 6/ti Saving and Wealth 554 Stocks and Flows 555 Capital Gains and Losses 556 THE ECONOMIC NATURALIST 21.1 557 Why Do People Save? 559 THE ECONOMIC NATURALIST 21.2 559 Saving and the Real Interest Rate 560 Saving, Self-Control, and Demonstration Effects 608 Bond Markets, Stock Markets, and the Allocation of Savings 613 The Informational Role of Bond and Stock Markets 613 562 THE ECONOMIC NATURALIST 21.3 563 National Saving and Its Components 565 The Measurement of National Saving 565 Private and Public Components of National Saving 567 Public Saving and the Government Budget 568 Is Low Household Saving a Problem? 570 Investment and Capital Formation 571 Saving, Investment, and Financial Markets 573 THE ECONOMIC NATURALIST 21.4 576 Summary 578 · Key Terms 578 · ReviewQuestions 579 ■ Problems 579 · Answers to Self-Tests 580 Risk Sharing and Diversification 614 THE ECONOMIC NATURALIST 23.2 615 International Capital Flows 616 Capital Flows and the Balance of Trade 617 The Determinants of international Capital Flows 619 Saving, Investment, and Capital Inflows 620 The Saving Rate and the Trade Deficit 622 THE ECONOMIC NATURALIST 23.3 623 Summary 625 · Key Terms 625 * Review Questions 625 · Problems 626 · Answers to Self-Tests 627 PART 8 The Economy in the Short Rturt Chapter 22 Money, Prices, and the Federal Reserve 583 Chapter 24 Short-Term Economic Fluctuations: An Introduction 629 Money and Its Uses 584 THE ECONOMIC NATURALIST 22.1 585 Measuring Money 586
Commercial Banks and the Creation of Money 587 The Money Supply with Both Currency and Deposits 590 The Federal Reserve System 592 The History and Structure of the Federal Reserve System 593 Controlling the Money Supply: Open-Market Operations 593 The Fed's Role in Stabilizing Financial Markets: Banking Panics 595 THE ECONOMIC NATURALIST 22.2 595 Money and Prices 598 Velocity 598 Money and Inflation in the Long Run 599 Summary 601 · Key Terms 602 · Review Questions 602 · Problems 602 · Answers to THE ECONOMIC NATURALIST 24.1 630 Recessions and Expansions 631 THE ECONOMIC NATURALIST 24.2 633 Some Facts about Short-Term Economic Fluctuations 634 Output Gaps and Cyclical Unemployment 637 Potential Output 637 The Output Gap 638 The Natural Rate of Unemployment and Cyclical Unemployment 639 THE ECONOMIC NATURALIST 24.3 640 Okun’s Law 642 THE ECONOMIC NATURALIST 24.4 643 W hy Do Short-Term Fluctuations Occur? A Preview and a Tale 644 Alice’s Ice Cream Store: A Tale about Short-Run Fluctuations 645 Summary 646 · Key Terms 647 · Review Questions 647 · Problems 647 · Answers to Self-Tests 648 Self-Tests 603 Chapter 23 Capitai Flows Financial Markets and International 605 The Financial System and the Allocation of Saving to Producine Uses 606 The Banking System 607 Chapter 25 Spending and Output in the Short Run 649 The Keynesian Model’s Crucial Assumption: Firms Meet Demand at Preset Prices 65) THE ECONOMIC NATURALIST 25.1 652
CONTENTS Planned Aggregate Expenditure 653 Planned Spending versus Actual Spending 653 Consumer Spending and the Economy 655 THE ECONOMIC NATURALIST 25.2 656 Planned Aggregate Expenditure and Output 657 Short-Run Equilibrium Output 660 Finding Short-Run Equilibrium Output: Numerical Approach 661 Finding Short-Run Equilibrium Output: Graphical Approach 662 Planned Spending and the Output Gap 664 THE ECONOMIC NATURALIST 25.3 666 The Multiplier 667 Stabilizing Planned Spending: The Role of Fiscal Policy 668 Government Purchases and Planned Spending 668 THE ECONOMIC NATURALIST 25.4 670 Taxes. Transfers, and Aggregate Spending 671 THE ECONOMIC NATURALIST 25.5 673 Fiscal Policy as a Stabilization Tool: Three Qualifications 674 Fiscal Policy and the Supply Side 675 The Problem of Deficits 675 The Relative Inflexibility of Fiscal Policy 675 Summary 676 · Key Terms 677 · Review Questions 678 · Problems 678 · Answers to Self-Tests 679 · Appendix A: An Algebraic Solution of the Basic Keynesian Mode! 681 · Appendix B: The Multiplier in the Basic Keynesian Model 684 Chapter 26 Stabilizing the Economy: The Role of the Fed 687 The Federal Reserve and Interest Rates: The Basic Model 688 The Demand for Money 689 Macroeconomic Factors That Affect the Demand for Money 692 The Money Demand Curve 693 THE ECONOMIC NATURALIST 26.1 694 The Supply of Money and Money Market Equilibrium 696 How the Fed Controls the Nominal Interest Rate 697 The Role of the Federal Funds Rate in Monetary Policy 699 Can the Fed Control the Real Interest Rate? 700 The Federal Reserve and Interest Rates: A Closer Look
701 Can the Fed Fully Control the Money Supply? 701 Affecting Bank Reserves through Open-Market Operations 702 Affecting Bank Reserves through Discount Window Lending 702 Setting and Changing Reserve Requirements 702 Excess Reserves: The Norm since 2008 703 Do Interest Rates Always Move Together? 704 The Zero Lower Bound and the Need for “Unconventional“ Monetary Policy 705 Quantitative Easing 705 Forward Guidance 705 Interest on Reserves and the New Tools of Monetary Policy 706 The Effects of Federal Reserve Actions on the Economy 708 Planned Aggregate Expenditure and the Real Interest Rate 708 The Fed Fights a Recession 7II THE ECONOMIC NATURALIST 26.2 712 The Fed Fights Inflation 713 THE ECONOMIC NATURALIST 26.3 7I4 THE ECONOMIC NATURALIST 26.4 7I5 THE ECONOMIC NATURALIST 26.5 715 The Feds Policy Reaction Function 7l7 THE ECONOMIC NATURALIST 26.6 7I7 Monetary Policymaking: Art or Science? 720 Summary 720 · Key Terms 722 · Review Questions 722 · Problems 722 · Answers to Seif-Tests 724 · Appendix: Monetary Policy in the Basic Keynesian Model 725 Chapter 27 Aggregate Demand, Aggregate Supply, and Inflation 727 Inflation, Spending, and Output: The Aggregate Demand Curve 728 Inflation, the Fed. and Why the AD Curve Slopes Downward 729 Other Reasons for the Downward Slope of the AD Curve 730 Factors That Shift the Aggregate Demand Curve 730 Changes in Spending 731 Changes in the Fed's Policy Reaction Function 732 Shifts of the AD Curve versus Movements along the AD Curve 732 Inflation and Aggregate Supply 734 Inflation Inertia 735 Inflation Expectations 735 Long-Term Wage and
Price Contracts 736 The Output Gap and Inflation 737 No Output Gap: Ï = Y* 738 Expansionary Gap: Y Y* 738 Recessionary Gap. Y Y* 738
CONTENTS The Aggregate Demand-Aggregate Supply Diagram 739 The Self-Correcting Economy 741 The Determination of the Exchange Rate in the Short Run Demand Analysis 777 The Supply of Dollars 777 The Demand for Dollars 778 Sources of Inflation 742 Excessive Aggregate Spending 742 THE ECONOMIC NATURALIST 27.1 744 inflation Shocks 745 THE ECONOMIC NATURALIST 27.2 746 Shocks to Potential Output 748 THE ECONOMIC NATURALIST 27.3 749 Controlling Inflation 751 THE ECONOMIC NATURALIST 27.4 753 THE ECONOMIC NATURALIST 27.5 754 Summary 756 · Key Terms 757 · Review Questions 757 ■ Problems 758 · Answer to Self-Test 759 · Appendix: The Algebra of Aggregate Demand and Aggregate Supply 762 PART 9 The International Economy Chapter 28 Exchange Rates and the Open Economy 765 Exchange Rates 767 Nominal Exchange Rates 767 Flexible versus Fixed Exchange Rates 769 The Real Exchange Rate 769 THE ECONOMIC NATURALIST 28.1 772 The Determination of the Exchange Rate in the Long Run 773 A Simple Theory of Exchange Rates: Purchasing Power Parity (PPP) 773 Shortcomings of the PPP Theory 775 776 The Foreign Exchange Market: A Supply and The Equilibrium Vahte of the Dollar 775 Changes in the Supply of Dollars 779 Changes in the Demand for Dollars 780 THE ECONOMIC NATURALIST 28.2 780 Monetary Policy and the Exchange Rate 781 THE ECONOMIC NATURALIST 28.3 782 The Exchange Rate as a Tool of Monetary Policy 783 Fixed Exchange Rates 783 How to Fix an Exchange Rate 784 Speculative Attacks 787 Monetary Policy and the Fixed Exchange Rate 788 THE ECONOMIC NATURALIST 28.4 789 THE ECONOMIC NATURALIST 28.5 790 THE
ECONOMIC NATURALIST 28.6 790 Should Exchange Rates Be Fixed or Flexible? 792 THE ECONOMIC NATURALIST 28.7 793 Summary 794 · Key Terms 795 · ReviewQuestions 795 · Problems 796 · Answers to Self-Tests 797 Glossary Index 1-1 0-1 |
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| author | Frank, Robert H. 1945- Bernanke, Ben 1953- Antonovics, Kate Heffetz, Ori 1973- |
| author_GND | (DE-588)124848648 (DE-588)124848540 (DE-588)129369438 (DE-588)1240773021 |
| author_facet | Frank, Robert H. 1945- Bernanke, Ben 1953- Antonovics, Kate Heffetz, Ori 1973- |
| author_role | aut aut aut aut |
| author_sort | Frank, Robert H. 1945- |
| author_variant | r h f rh rhf b b bb k a ka o h oh |
| building | Verbundindex |
| bvnumber | BV047265621 |
| classification_rvk | QC 100 |
| ctrlnum | (OCoLC)1256414640 (DE-599)BVBBV047265621 |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| edition | eighth edition, International student edition |
| format | Book |
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| genre | (DE-588)4123623-3 Lehrbuch gnd-content |
| genre_facet | Lehrbuch |
| id | DE-604.BV047265621 |
| illustrated | Illustrated |
| index_date | 2024-07-03T17:12:32Z |
| indexdate | 2024-07-10T09:07:14Z |
| institution | BVB |
| isbn | 9781264364763 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-032669395 |
| oclc_num | 1256414640 |
| open_access_boolean | |
| owner | DE-19 DE-BY-UBM DE-706 DE-355 DE-BY-UBR |
| owner_facet | DE-19 DE-BY-UBM DE-706 DE-355 DE-BY-UBR |
| physical | xxxii, 424, 5, 16 Seiten Illustrationen, Diagramme |
| publishDate | 2022 |
| publishDateSearch | 2022 |
| publishDateSort | 2022 |
| publisher | McGraw-Hill |
| record_format | marc |
| spelling | Frank, Robert H. 1945- Verfasser (DE-588)124848648 aut Principles of economics Robert H. Frank (Cornell University), Ben S. Bernanke (Brooking Institution [affiliated], Former Chair, Board of Governors of the Federal Reserve System), Kate Antonovics (University of California, San Diego), Ori Heffetz (Cornell University and the Hebrew University of Jerusalem) Principles of microeconomics eighth edition, International student edition New York McGraw-Hill [2022] ©2022 xxxii, 424, 5, 16 Seiten Illustrationen, Diagramme txt rdacontent n rdamedia nc rdacarrier Auf dem Cover: Principles of microeconomics Mikroökonomie (DE-588)4039225-9 gnd rswk-swf (DE-588)4123623-3 Lehrbuch gnd-content Mikroökonomie (DE-588)4039225-9 s DE-604 Bernanke, Ben 1953- Verfasser (DE-588)124848540 aut Antonovics, Kate Verfasser (DE-588)129369438 aut Heffetz, Ori 1973- Verfasser (DE-588)1240773021 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=032669395&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Frank, Robert H. 1945- Bernanke, Ben 1953- Antonovics, Kate Heffetz, Ori 1973- Principles of economics Mikroökonomie (DE-588)4039225-9 gnd |
| subject_GND | (DE-588)4039225-9 (DE-588)4123623-3 |
| title | Principles of economics |
| title_alt | Principles of microeconomics |
| title_auth | Principles of economics |
| title_exact_search | Principles of economics |
| title_exact_search_txtP | Principles of economics |
| title_full | Principles of economics Robert H. Frank (Cornell University), Ben S. Bernanke (Brooking Institution [affiliated], Former Chair, Board of Governors of the Federal Reserve System), Kate Antonovics (University of California, San Diego), Ori Heffetz (Cornell University and the Hebrew University of Jerusalem) |
| title_fullStr | Principles of economics Robert H. Frank (Cornell University), Ben S. Bernanke (Brooking Institution [affiliated], Former Chair, Board of Governors of the Federal Reserve System), Kate Antonovics (University of California, San Diego), Ori Heffetz (Cornell University and the Hebrew University of Jerusalem) |
| title_full_unstemmed | Principles of economics Robert H. Frank (Cornell University), Ben S. Bernanke (Brooking Institution [affiliated], Former Chair, Board of Governors of the Federal Reserve System), Kate Antonovics (University of California, San Diego), Ori Heffetz (Cornell University and the Hebrew University of Jerusalem) |
| title_short | Principles of economics |
| title_sort | principles of economics |
| topic | Mikroökonomie (DE-588)4039225-9 gnd |
| topic_facet | Mikroökonomie Lehrbuch |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=032669395&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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