Macroeconomics in context:
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| Main Authors: | , , , , , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
New York ; London
Routledge, Taylor & Francis Group
2023
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| Edition: | Fourth edition |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Item Description: | Includes bibliographical references and index |
| Physical Description: | xl, 745 Seiten Diagramme |
| ISBN: | 9781032170398 9781032170374 |
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MARC
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| 245 | 1 | 0 | |a Macroeconomics in context |c Neva Goodwin, Jonathan M. Harris, Julie A. Nelson, Pratistha Joshi Rajkarnikar, Brian Roach, and Mariano Torras |
| 250 | |a Fourth edition | ||
| 264 | 1 | |a New York ; London |b Routledge, Taylor & Francis Group |c 2023 | |
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| 700 | 1 | |a Nelson, Julie A. |d 1956- |e Verfasser |0 (DE-588)138941017 |4 aut | |
| 700 | 1 | |a Joshi Rajkarnikar, Pratistha |e Verfasser |0 (DE-588)1177836459 |4 aut | |
| 700 | 1 | |a Roach, Brian A. |e Verfasser |0 (DE-588)171083520 |4 aut | |
| 700 | 1 | |a Torras, Mariano |e Verfasser |0 (DE-588)171757777 |4 aut | |
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| _version_ | 1804184880110632960 |
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| adam_text | Contents List of Figures List of Tables Preface Acknowledgments Sample Course Outlines , xv xxi xxiii xxxv xxxvii PART I: THE CONTEXT FOR ECONOMIC ANALYSIS 0 MACROECONOMICS AND WELL-BEING 1 ECONOMIC ACTIVITY IN CONTEXT 1 WHAT IS MACROECONOMICS ABOUT? 2 MACROECONOMIC GOALS 2.1 GOOD LIVING STANDARDS 2.2 STABILITY AND SECURITY 2.3 SUSTAINABILITY DISCUSSION QUESTIONS 3 THE ISSUESTHAT DEFINE ECONOMICS 3.1 THE FOUR ESSENTIAL ECONOMIC ACTIVITIES 3.2 THETHREE BASIC ECONOMIC QUESTIONS DISCUSSION QUESTIONS 4 MACROECONOMICS IN CONTEXT 4.1 THE CLASSICAL PERIOD 4.2 THE GREAT DEPRESSION AND KEYNES 4.3 THE CRISIS OFTHE 1970S AND RETREAT FROM KEYNESIAN ECONOMICS 4.4 MACROECONOMICS FORTHETWENTY-FIRST CENTURY DISCUSSION QUESTIONS REVIEW QUESTIONS EXERCISES 2 1 3 26 26 30 33 37 38 43 43 43 50 51 51 52 54 56 57 58 59 59 FOUNDATIONS OF ECONOMIC ANALYSIS 1 OURTOOLS FOR UNDERSTANDING 1.1 EMPIRICAL INVESTIGATION 1.2 THEORETICAL INVESTIGATION DISCUSSION QUESTIONS 2 ECONOMICTRADEOFFS 2.1 SOCIETY S PRODUCTION-POSSIBILITIES FRONTIER 62 62 62 63 . 64 65 65 V
CONTENTS 2.2 TRADEOFFS OVERTIME DISCUSSION QUESTIONS 3 DIFFERENT ECONOMIC MODELS 3.1 THE BASIC NEOCLASSICAL MODEL 3.2 THE CONTEXTUAL MODEL DISCUSSION QUESTIONS 4 THE ROLE OF MARKETS 4.1 THE MEANING OF MARKETS 4.2 THE INSTITUTIONAL REQUIREMENTS OF MARKETS 4.3 THE ADVANTAGES AND LIMITATIONS OF MARKETS DISCUSSION QUESTIONS REVIEW QUESTIONS EXERCISES APPENDIX: GRAPHING REVIEW 3 SUPPLY AND DEMAND 69 71 71 71 74 83 84 84 86 88 93 93 94 96 101 1 MARKETS AND MACROECONOMICS 101 1.1 DIFFERING PERSPECTIVES ON MARKETS 102 1.2 CHARACTERISTICS OF MARKETS 103 DISCUSSION QUESTIONS 104 2 THETHEORY OF SUPPLY 104 2.1 THE SUPPLY SCHEDULE AND CURVE 105 2.2 CHANGES IN SUPPLY 106 DISCUSSION QUESTIONS 108 3 THETHEORY OF DEMAND 109 3.1 THE DEMAND SCHEDULE AND CURVE 109 3.2 CHANGES IN DEMAND 110 DISCUSSION QUESTIONS 113 4 THETHEORY OF MARKET ADJUSTMENT 113 4.1 SURPLUS, SHORTAGE, AND EQUILIBRIUM 113 4.2 SHIFTS IN SUPPLY AND DEMAND 117 4.3 ELASTICITY 120 DISCUSSION QUESTIONS 122 5 MACROECONOMICS ANDTHE DYNAMICS OF REAL-WORLD MARKETS 123 5.1 WHEN PRICE ADJUSTMENTS ARE SLOW 124 5.2 WHEN PRICES SWINGTOO MUCH: MARKET INSTABILITY 125 5.3 FROM MICROECONOMICS TO MACROECONOMICS 128 DISCUSSION QUESTIONS 128 REVIEW QUESTIONS 129 EXERCISES 129 PART II: MACROECONOMIC BASICS 4 135 MACROECONOMIC MEASUREMENT:THE CURRENT APPROACH 137 1 AN OVERVIEW OF NATIONAL ACCOUNTING 1.1 CONVENTIONS ABOUT NATIONAL ACCOUNTING SECTORS 1.2 CONVENTIONS ABOUT CAPITAL STOCKS 1.3 CONVENTIONS ABOUT INVESTMENT DISCUSSION QUESTIONS 2 DEFINING GROSS DOMESTIC PRODUCT 3 MEASURING GROSS DOMESTIC PRODUCT 137 138 139 141 142 142 144 vi
■ CONTENTS 3.1 THE PRODUCT APPROACH 3.2 THE SPENDING APPROACH 3.3 THE INCOME APPROACH DISCUSSION QUESTIONS 4 GROWTH, PRICE CHANGES, AND REAL GDP 4.1 NOMINAL VS. REAL GDP 4.2 CALCULATING REAL GDP 4.3 PRICE INDEXES AND INFLATION RATES 4.4 CALCULATING GDP GROWTH RATES DISCUSSION QUESTIONS 5 SAVINGS AND INVESTMENT DISCUSSION QUESTIONS REVIEW QUESTIONS EXERCISES APPENDIX: CHAINED DOLLAR REAL GDP 145 148 151 153 153 154 155 158 163 164 164 165 165 166 168 MACROECONOMIC MEASUREMENT: ENVIRONMENTAL AND SOCIAL DIMENSIONS 172 1 WHY GDP IS NOT A MEASURE OFWELL-BEING 173 DISCUSSION QUESTIONS 176 2 A BROADER VIEW OF NATIONAL INCOM E ACCOUNTING 177 2.1 SATELLITE ACCOUNTS 177 2.2 MEASURING WELL-BEING 179 2.3 THE GENUINE PROGRESS INDICATOR (GPI) 182 2.4 THE BETTER LIFE INDEX (BLD 186 2.5 THE HUMAN DEVELOPMENT INDEX (HDD 189 2.6 OTHER NATIONAL ACCOUNTING ALTERNATIVES 191 DISCUSSION QUESTIONS 193 3 MEASURING HOUSEHOLD PRODUCTION 194 3.1 MEASURING HOUSEHOLD LABOR 194 3.2 METHODS OF VALUING HOUSEHOLD PRODUCTION 197 DISCUSSION QUESTIONS 198 4 ACCOUNTING FORTHE ENVIRONMENT . 199 4.1 METHODS OF VALUINGTHE ENVIRONMENT 200 4.2 MONETARY VALUATION OF ENVIRONMENTAL FACTORS 204 DISCUSSION QUESTIONS 205 5 CONCLUSION: MEASURING ECONOMIC WELL-BEING 206 DISCUSSION QUESTIONS 206 REVIEW QUESTIONS 206 EXERCISES 207 THE STRUCTURE OF THE UNITED STATES ECONOMY 213 1 THE THREE MAJOR PRODUCTIVE SECTORS IN AN ECONOMY 1.1 A QUICK REVIEW OF CATEGORIES 1.2 THE RELATIVE SIZE OFTHE OUTPUT SECTORS IN THE UNITED STATES 1.3 HISTORICALTRENDS AND GLOBAL COMPARISONS DISCUSSION QUESTIONS 2 THE PRIMARY SECTOR IN THE UNITED
STATES 2.1 THE FOOD SYSTEM 2.2 THE ENERGY SYSTEM DISCUSSION QUESTIONS 3 THE SECONDARY (INDUSTRIAL) SECTOR IN THE 213 213 215 217 219 219 220 226 229 vii
CONTENTS UNITED STATES 3.1 MANUFACTURING 3.2 CONSTRUCTION 3.3 RISING PRODUCTIVITY IN THE SECONDARY SECTOR DISCUSSION QUESTIONS 4 THE TERTIARY (SERVICE) SECTOR 4.1 THE GROWTH OF TH E TERTIARY SECTOR 4.2 ANALYZING TH E TERTIARY SECTOR BY SUB-CATEGORIES 4.3 RETAIL SERVICES 4.4 FINANCE AND FINANCIALIZATION 4.5 HUMAN SERVICES: HEALTH 4.6 HUMAN SERVICES.--EDUCATION DISCUSSION QUESTIONS 5 CONCLUDINGTHOUGHTS REVIEW QUESTIONS EXERCISES 7 EMPLOYMENT, UNEMPLOYMENT, AND WAGES 1 EMPLOYMENT AND UNEMPLOYMENT 1.1 MEASURING EMPLOYMENT AND UNEMPLOYMENT 1.2 THE UNEMPLOYMENT RATE 1.3 DISCOURAGED WORKERS AND UNDEREMPLOYMENT 1.4 LABOR FORCE PARTICIPATION DISCUSSION QUESTIONS 2 A CLOSER LOOK AT UNEMPLOYMENT 2.1 TYPES OF UNEMPLOYMENT 2.2 PATTERNS OF UNEMPLOYMENT DISCUSSION QUESTIONS 3 THEORIES OF EMPLOYMENT, UNEMPLOYMENT, AND WAGES 3.1 THE CLASSICALTHEORY 3.2 ALTERNATIVETHEORIES OF LABOR MARKETS 3.3 POLICY RESPONSES DISCUSSION QUESTIONS 4 SPECIAL ISSUES FORTHETWENTY-FIRST CENTURY 4.1 JOBS ANDTECHNOLOGICAL CHANGE 4.2 SOME FUTURE POSSIBILITIES DISCUSSION QUESTIONS REVIEW QUESTIONS EXERCISES PART III: MACROECONOMIC THEORY AND POLICY 8 229 230 233 235 236 236 237 238 240 241 245 248 249 249 250 250 255 255 255 258 259 261 264 265 265 269 271 271 272 275 278 281 281 281 282 290 290 291 297 AGGREGATE DEMAND AND ECONOMIC FLUCTUATIONS 299 1 THE BUSINESS CYCLE 1.1 WHAT HAPPENS DURING THE BUSINESS CYCLE 1.2 A STYLIZED BUSINESS CYCLE 1.3 THE DOWNTURN SIDE OFTHE STORY DISCUSSION QUESTIONS 2 MACROECONOMIC MODELING 2.1 SIMPLIFYING ASSUMPTIONS 299 300 303 304 306 306 306 viii
•CONTENTS 2.2 OUTPUT, INCOME, AND AGGREGATE EXPENDITURE 2.3 THE PROBLEM OF LEAKAGES 2.4 THE CLASSICAL SOLUTION TO LEAKAGES DISCUSSION QUESTIONS 3 THE KEYNESIAN MODEL 3.1 CONSUMPTION 3.2 INVESTMENT 3.3 THE AGGREGATE EXPENDITURESCHEDULE 3.4 THE POSSIBILITY OF UNINTENDEDINVESTMENT 3.5 MOVEMENTTO EQUILIBRIUM IN THE KEYNESIAN MODEL 3.6 THE PROBLEM OF PERSISTENT UNEMPLOYMENT 3.7 THE MULTIPLIER DISCUSSION QUESTIONS 4 CONCLUDINGTHOUGHTS DISCUSSION QUESTIONS REVIEW QUESTIONS EXERCISES ’ APPENDIX: AN ALGEBRAIC APPROACH TOTHE MULTIPLIER 9 327 328 331 333 333 334 334 335 337 FISCAL POLICY 340 1 THE 1.1 1.2 1.3 342 343 345 ROLE OF GOVERNMENT SPENDING ANDTAXES ACHANGE IN GOVERNMENT SPENDING TAXES AND TRANSFER PAYMENTS THE CIRCULAR FLOW WITH GOVERNMENT SPENDING ANDTAXES 1.4 EXPANSIONARY AND CONTRACTIONARY FISCAL POLICY DISCUSSION QUESTIONS 2 THE FEDERAL BUDGET 2.1 DEFICITS AND SURPLUSES 2.2 AUTOMATIC STABILIZERS 2.3 DISCRETIONARY POLICY DISCUSSION QUESTIONS 3 POLICY ISSUES 3.1 CROWDING OUT AND CROWDING IN 3.2 INFRASTRUCTURE AND SOCIAL INVESTMENT 3.3 DIFFERENT MULTIPLIER EFFECTS 3.4 APPLYING FISCAL POLICY DISCUSSION QUESTIONS REVIEW QUESTIONS EXERCISES APPENDIX: MORE ALGEBRAIC APPROACH ES TO TH E MULTIPLIER Al AN ALGEBRAIC APPROACH TOTHE MULTIPLIER, WITH A LUMP-SUM TAX A2 AN ALGEBRAIC APPROACH TOTHE MULTIPLIER, WITH A PROPORTIONAL TAX IO 307 310 312 316 316 316 322 323 325 349 350 352 352 355 357 360 366 366 366 369 370 372 372 373 373 374 374 376 MONEY, BANKING, AND FINANCE 379 1 WHY MONEY? 1.1 MONEY AND AGGREGATE EXPENDITURE 1.2 RUNNING THE PRINTING PRESS 1.3 DEFLATION AND FINANCIAL
CRISES 379 380 380 382 ix
CONTENTS 11 DISCUSSION QUESTIONS 2 WHAT IS MONEY? 2.1 THE ROLES OF MONEY 2.2 TYPES OF MONEY 2.3 MEASURES OF MONEY DISCUSSION QUESTIONS 3 THE BANKING SYSTEM 3.1 COMMERCIAL BANKS 3.2 BANK TYPES 3.3 HOW BANKS CREATE MONEY DISCUSSION QUESTIONS 4 THE FINANCIAL SYSTEM 4.1 FUNCTIONS OF FINANCE 4.2 NON-BANK FINANCIAL INSTITUTIONS 4.3 FINANCIALIZATION AND FINANCIAL BUBBLES 4.4 THEORIES OF FINANCIAL INSTABILITY DISCUSSION QUESTIONS REVIEW QUESTIONS EXERCISES APPENDIX:THE 2007-2008 FINANCIAL CRISIS 385 385 385 387 391 393 393 394 396 398 400 400 400 402 407 408 411 411 412 413 THE FEDERAL RESERVE AND MONETARY POLICY 419 1 THE FEDERAL RESERVE SYSTEM 420 DISCUSSION QUESTIONS 422 2 MONETARY POLICY 422 2.1 HOWTHE FED CREATES MONEY AND CREDIT 422 2.2 OTHER MONETARY POLICY TOOLS 427 DISCUSSION QUESTIONS 430 3 THETHEORYOF MONEY, INTEREST RATES, AND AGGREGATE EXPENDITURE 430 3.1 THE FEDERAL FUNDS RATE AND OTHER INTEREST RATES 430 3.2 INTEREST RATES AND INVESTMENT 434 3.3 MONETARY POLICY AND AGGREGATEEXPENDITURE 436 DISCUSSION QUESTIONS 438 4 MONETARY POLICIES IN PRACTICE 438 4.1 RESPONDING TO INFLATION 438 4.2 RESPONDING TO RECESSION 439 DISCUSSION QUESTIONS 442 5 THEORIES OF MONEY, PRICES, AND INFLATION 442 5.1 THE QUANTITY EQUATION 442 5.2 COMPETING THEORIES 444 5.3 MONEY SUPPLY, MONEY DEMAND, AND TH E LIQUIDITYTRAP 448 DISCUSSION QUESTIONS 452 6 COMPLICATIONS AND POLICY CONTROVERSIES 452 6.1 THE FED S DILEMMA 453 6.2 RULES VERSUS ACTIVISM 455 DISCUSSION QUESTIONS 456 REVIEW QUESTIONS 456 EXERCISES 456 APPENDICES 458 Al BOND PRICES AND INTEREST RATES 458 A2 SHORT-RUN VERSUS LONG-RUN AND
REAL VERSUS NOMINAL INTEREST RATES 461 X
CONTENTS 12 AGGREGATE SUPPLY, AGGREGATE DEMAND, AND INFLATION PUTTING IT ALL TOGETHER 464 1 AGGREGATE DEMAND AND INFLATION 464 1.1 THE AGGREGATE DEMAND (AD) CURVE 465 1.2 SHIFTS OF TH E AD CURVE: SPENDING AND TAXATION 466 1.3 SHIFTS OF THE AD CURVE: MONETARY POLICY 467 DISCUSSION QUESTIONS 468 2 CAPACITYANDTHE AGGREGATE SUPPLY CURVE 468 2.1 THE AGGREGATE SUPPLY (AS) CURVE 469 2.2 SHIFTS OFTHE AS CURVE: INFLATIONARY EXPECTATIONS 471 2.3 SHIFTS OFTHE AS CURVE: SUPPLY SHOCKS 473 DISCUSSION QUESTIONS 474 3 PUTTINGTHE AS/AD MODELTOWORK 474 3.1 AN ECONOMY IN RECESSION 475 3.2 AN OVERHEATED ECONOMY ’ 479 3.3 RESPONDINGTO INFLATION 480 3.4 TECHNOLOGY AND GLOBALIZATION 484 DISCUSSION QUESTIONS 486 4 COMPETING TH EORIES 486 4.1 CLASSICAL MACROECONOMICS 486 4.2 KEYNESIAN MACROECONOMICS 488 DISCUSSION QUESTIONS 490 REVIEW QUESTIONS 490 EXERCISES 491 APPENDIX: MORE SCHOOLS OF MACROECONOMICS 492 Al NEW CLASSICAL ECONOMICS 492 A2 THE NEOCLASSICAL SYNTHESIS AND NEW KEYNESIAN MACROECONOMICS 494 A3 POST-KEYNESIAN MACROECONOMICS 495 13 THE GLOBAL ECONOMY AND POLICY 1 MACROECONOMICS IN A GLOBAL CONTEXT 1.1 GLOBAL CONNECTIONS 1.2 MAJOR POLICYTOOLS 1.3 PATTERNS OF TRADE AND FINANCE 1.4 TRANSNATIONAL CORPORATIONS AND GLOBAL SUPPLY CHAINS DISCUSSION QUESTIONS 2 THETRADE BALANCE: COMPLETING THE PICTURE 2.1 THE CIRCULAR FLOW REVISITED 2.2 EFFECTS ON THE MULTIPLIER 2.3 BALANCE BETWEEN SAVINGS, INVESTMENT, AND NET BORROWING DISCUSSION QUESTIONS 3 INTERNATIONAL FINANCE 3.1 EXCHANGE RATES 3.2 PURCHASING POWER PARITY 3.3 THE BALANCE OF PAYMENTS DISCUSSION QUESTIONS 4 MACROECONOMICS IN AN OPEN ECONOMY 4.1
FISCAL POLICY 4.2 MONETARY POLICY .498 499 499 500 505 509 510 511 511 513 514 517 517 517 522 524 530 531 531 532
CONTENTS 4.3 A SPECIAL CASE: ECONOMIC STIMULUS IN THE PANDEMIC ERA 533 4.4 MANAGED VERSUS FLEXIBLE FOREIGN EXCHANGE 535 4.5 DEVELOPING COUNTRY PROBLEMS: BALANCE OF PAYMENTS AND DEBT CRISES 539 DISCUSSION QUESTIONS 541 5 INTERNATIONAL FINANCIAL INSTITUTIONS 541 DISCUSSION QUESTIONS 543 REVIEW QUESTIONS 543 EXERCISES 544 APPENDIX: AN ALGEBRAIC APPROACH TO TH E MULTIPLIER, IN A MODEL WITH TRADE 545 547 PART IV: MACROECONOMIC ISSUES AND APPLICATIONS 14 15 INEQUALITY: ECONOMIC AND SOCIAL PERSPECTIVES 549 1 DEFINING AND MEASURING INEQUALITY 1.1 DIFFERENT PERSPECTIVES ON INEQUALITY 1.2 MEASURING-INEQUALITY DISCUSSION QUESTIONS 2 INEQUALITYTRENDS AND ISSUES INTHE UNITED STATES 2.1 INCOME INEQUALITY OVERTIME 2.2 WEALTH INEQUALITY 2.3 LABOR MARKET DISCRIMINATION DISCUSSION QUESTIONS 3 INTERNATIONAL DATA ON INEQUALITY 3.1 CROSS-COUNTRY COMPARISONS 3.2 GLOBAL INEQUALITY 3.3 INEQUALITY AND GROWTH DISCUSSION QUESTIONS 4 THE CREATION OF AN UNEQUAL SOCIETY 4.1 CAUSES OF RISING INCOME INEQUALITY 4.2 FINANCIALIZATION AND INEQUALITY 4.3 MACROECONOMIC POLICIES AND INEQUALITY DISCUSSION QUESTIONS 4 POLICIES TO PROMOTE GREATER EQUALITY DISCUSSION QUESTIONS REVIEW QUESTIONS EXERCISES 549 549 551 555 556 556 557 559 565 565 565 567 569 570 570 572 577 579 583 584 586 587 587 DEFICITS AND DEBT 595 1 DEFICITS ANDTHE NATIONAL DEBT DISCUSSION QUESTIONS 2 THE U.S. NATIONAL DEBT: A HISTORICAL PERSPECTIVE 2.1 TWO CENTURIES OF DEFICITS AND DEBT 2.2 SUPPLY-SIDE ECONOMICS 2.3 1989TOTHE PRESENT DISCUSSION QUESTIONS 3 THE DEBT AND ITS LINKS TO FINANCE 3.1 TAXONOMY OF DEBTTYPES 3.2 FEDERAL GOVERNMENT
BORROWING: POTENTIAL PROBLEMS 595 599 599 599 600 600 602 602 602 xii 605
■CONTENTS DISCUSSION QUESTIONS 4 POLITICAL ECONOMY OF THE DEBT 4.1 WHO OWNSTHE DEBT? 4.2 THETWIN DEFICITS 4.3 THE BALANCED BUDGET DEBATE DISCUSSION QUESTIONS 5 DEFICIT PROJECTIONS AND POTENTIAL POLICY RESPONSES 5.1 DEFICIT PROJECTIONS 5.2 FUTURE POLICY CHOICES 5.3 DEBT AND DEFICITS IN CONTEXT DISCUSSION QUESTIONS REVIEW QUESTIONS EXERCISES 16 17 608 608 608 610 611 614 614 614 619 620 621 334 335 HOW ECONOMIES GROW AND DEVELOP 624 1 ECONOMIC GROWTH AND DEVELOPMENT” 1.1 STANDARD ECONOMIC GROWTH THEORY 1.2 EXPERIENCES OF ECONOMIC GROWTH AROUND THE WORLD 1.3 MEASURES ANDTRENDS IN POVERTY 1.4 INCOME AND ECONOMIC WELL-BEING DISCUSSION QUESTIONS 2 ECONOMIC DEVELOPMENT INTHE WORLDTODAY 2.1 EARLY EXPERIENCES ANDTHEORIES OF DEVELOPMENT 2.2 THE SECONDWAVE OF DEVELOPMENTTHEORY DISCUSSION QUESTIONS 3 TWENTY-FIRST CENTURY RECONSIDERATIONS OFTHE SOURCES OF ECONOMIC GROWTH 3.1 URBANIZATION 3.2 NATURAL RESOURCES 3.3 SAVINGS AND INVESTMENT 3.4 ALLOCATION OF INVESTMENT 3.5 FOREIGN SOURCES OF FINANCIAL CAPITAL 3.6 FOREIGN MIGRATION AND REMITTANCES 3.7 MICROFINANCE AND SAVINGS GROUPS 3.8 CASH TRANSFER PROGRAMS 3.9 DOMESTIC DEMAND VS. EXPORT ORIENTATION 3.10 FINANCIAL, LEGAL, AND REGULATORY INSTITUTIONS DISCUSSION QUESTIONS 4 RECENT PERSPECTIVES AND SUSTAINABLE DEVELOPMENT GOALS DISCUSSION QUESTIONS 5 DIFFERENT KINDS OF ECONOMIES DISCUSSION QUESTIONS REVIEW QUESTIONS EXERCISES 624 625 627 629 633 634 635 635 639 642 643 644 644 .645 646 648 650 650 652 653 653 654 654 657 657 659 660 660 GROWTH AND SUSTAINABILITY IN THE TWENTY-FIRST CENTURY 665 1 MACROECONOMICS AND SUSTAINABILITY DISCUSSION
QUESTIONS 665 669 xiii
CONTENTS 2 MAJOR ENVIRONMENTAL ISSUES 2.1 GLOBAL POPULATION 2.2 NON-RENEWABLE RESOURCE AVAILABILITY 2.3 RENEWABLE RESOURCES 2.4 POLLUTION ANDWASTES DISCUSSION QUESTIONS 3 CLIMATE CHANGE 3.1 CLIMATE CHANGE SCIENCE, DATA, AND IMPACTS 3.2 THE ECONOMICS OF CLIMATE CHANGE 3.3 CLIMATE CHANGE POLICY DISCUSSION QUESTIONS 4 ECONOMIC GROWTH ANDTHE ENVIRONMENT 4.1 THE ENVIRONMENTAL KUZNETS CURVE HYPOTHESIS 4.2 DOES PROTECTING THE ENVIRONMENT HARM EMPLOYMENT AND ECONOMIC GROWTH? 4.3 ECONOMIC PERSPECTIVES ON TH E TRANSITION TO A SUSTAINABLE ECONOMY DISCUSSION QUESTIONS 5 POLICIES FOR SUSTAINABLE DEVELOPMENT 5.1 RETHINKING EMPLOYMENT AND PRODUCTION 5.2 REFORMING TAX AND SUBSIDY POLICIES 5.3 GREENING MACROECONOMIC POLICY DISCUSSION QUESTIONS 6 CONCLUDINGTHOUGHTS DISCUSSION QUESTIONS REVIEW QUESTIONS EXERCISES Glossary Index XIV 670 670 671 673 675 677 677 677 679 682 684 685 685 687 689 693 693 693 694 696 697 698 699 699 700 707 727
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Contents List of Figures List of Tables Preface Acknowledgments Sample Course Outlines , xv xxi xxiii xxxv xxxvii PART I: THE CONTEXT FOR ECONOMIC ANALYSIS 0 MACROECONOMICS AND WELL-BEING 1 ECONOMIC ACTIVITY IN CONTEXT 1 WHAT IS MACROECONOMICS ABOUT? 2 MACROECONOMIC GOALS 2.1 GOOD LIVING STANDARDS 2.2 STABILITY AND SECURITY 2.3 SUSTAINABILITY DISCUSSION QUESTIONS 3 THE ISSUESTHAT DEFINE ECONOMICS 3.1 THE FOUR ESSENTIAL ECONOMIC ACTIVITIES 3.2 THETHREE BASIC ECONOMIC QUESTIONS DISCUSSION QUESTIONS 4 MACROECONOMICS IN CONTEXT 4.1 THE CLASSICAL PERIOD 4.2 THE GREAT DEPRESSION AND KEYNES 4.3 THE CRISIS OFTHE 1970S AND RETREAT FROM KEYNESIAN ECONOMICS 4.4 MACROECONOMICS FORTHETWENTY-FIRST CENTURY DISCUSSION QUESTIONS REVIEW QUESTIONS EXERCISES 2 1 3 26 26 30 33 37 38 43 43 43 50 51 51 52 54 ' 56 57 58 59 59 FOUNDATIONS OF ECONOMIC ANALYSIS 1 OURTOOLS FOR UNDERSTANDING 1.1 EMPIRICAL INVESTIGATION 1.2 THEORETICAL INVESTIGATION DISCUSSION QUESTIONS 2 ECONOMICTRADEOFFS 2.1 SOCIETY'S PRODUCTION-POSSIBILITIES FRONTIER 62 62 62 63 . 64 65 65 V
CONTENTS 2.2 TRADEOFFS OVERTIME DISCUSSION QUESTIONS 3 DIFFERENT ECONOMIC MODELS 3.1 THE BASIC NEOCLASSICAL MODEL 3.2 THE CONTEXTUAL MODEL DISCUSSION QUESTIONS 4 THE ROLE OF MARKETS 4.1 THE MEANING OF MARKETS 4.2 THE INSTITUTIONAL REQUIREMENTS OF MARKETS 4.3 THE ADVANTAGES AND LIMITATIONS OF MARKETS DISCUSSION QUESTIONS REVIEW QUESTIONS EXERCISES APPENDIX: GRAPHING REVIEW 3 SUPPLY AND DEMAND 69 71 71 71 74 83 84 84 86 88 93 93 94 96 101 1 MARKETS AND MACROECONOMICS 101 1.1 DIFFERING PERSPECTIVES ON MARKETS 102 1.2 CHARACTERISTICS OF MARKETS 103 DISCUSSION QUESTIONS 104 2 THETHEORY OF SUPPLY 104 2.1 THE SUPPLY SCHEDULE AND CURVE 105 2.2 CHANGES IN SUPPLY 106 DISCUSSION QUESTIONS 108 3 THETHEORY OF DEMAND 109 3.1 THE DEMAND SCHEDULE AND CURVE 109 3.2 CHANGES IN DEMAND 110 DISCUSSION QUESTIONS 113 4 THETHEORY OF MARKET ADJUSTMENT 113 4.1 SURPLUS, SHORTAGE, AND EQUILIBRIUM 113 4.2 SHIFTS IN SUPPLY AND DEMAND 117 4.3 ELASTICITY 120 DISCUSSION QUESTIONS 122 5 MACROECONOMICS ANDTHE DYNAMICS OF REAL-WORLD MARKETS 123 5.1 WHEN PRICE ADJUSTMENTS ARE SLOW 124 5.2 WHEN PRICES SWINGTOO MUCH: MARKET INSTABILITY 125 5.3 FROM MICROECONOMICS TO MACROECONOMICS 128 DISCUSSION QUESTIONS 128 REVIEW QUESTIONS 129 EXERCISES 129 PART II: MACROECONOMIC BASICS 4 135 MACROECONOMIC MEASUREMENT:THE CURRENT APPROACH 137 1 AN OVERVIEW OF NATIONAL ACCOUNTING 1.1 CONVENTIONS ABOUT NATIONAL ACCOUNTING SECTORS 1.2 CONVENTIONS ABOUT CAPITAL STOCKS 1.3 CONVENTIONS ABOUT INVESTMENT DISCUSSION QUESTIONS 2 DEFINING GROSS DOMESTIC PRODUCT 3 MEASURING GROSS DOMESTIC PRODUCT 137 138 139 141 142 142 144 vi
■ CONTENTS 3.1 THE PRODUCT APPROACH 3.2 THE SPENDING APPROACH 3.3 THE INCOME APPROACH DISCUSSION QUESTIONS 4 GROWTH, PRICE CHANGES, AND REAL GDP 4.1 NOMINAL VS. REAL GDP 4.2 CALCULATING REAL GDP 4.3 PRICE INDEXES AND INFLATION RATES 4.4 CALCULATING GDP GROWTH RATES DISCUSSION QUESTIONS 5 SAVINGS AND INVESTMENT DISCUSSION QUESTIONS REVIEW QUESTIONS EXERCISES APPENDIX: CHAINED DOLLAR REAL GDP 145 148 151 153 153 154 155 158 163 164 164 165 165 166 168 MACROECONOMIC MEASUREMENT: ENVIRONMENTAL AND SOCIAL DIMENSIONS 172 1 WHY GDP IS NOT A MEASURE OFWELL-BEING 173 DISCUSSION QUESTIONS 176 2 A BROADER VIEW OF NATIONAL INCOM E ACCOUNTING 177 2.1 SATELLITE ACCOUNTS 177 2.2 MEASURING WELL-BEING 179 2.3 THE GENUINE PROGRESS INDICATOR (GPI) 182 2.4 THE BETTER LIFE INDEX (BLD 186 2.5 THE HUMAN DEVELOPMENT INDEX (HDD 189 2.6 OTHER NATIONAL ACCOUNTING ALTERNATIVES 191 DISCUSSION QUESTIONS 193 3 MEASURING HOUSEHOLD PRODUCTION 194 3.1 MEASURING HOUSEHOLD LABOR 194 3.2 METHODS OF VALUING HOUSEHOLD PRODUCTION 197 DISCUSSION QUESTIONS 198 4 ACCOUNTING FORTHE ENVIRONMENT . 199 4.1 METHODS OF VALUINGTHE ENVIRONMENT 200 4.2 MONETARY VALUATION OF ENVIRONMENTAL FACTORS 204 DISCUSSION QUESTIONS 205 5 CONCLUSION: MEASURING ECONOMIC WELL-BEING 206 DISCUSSION QUESTIONS 206 REVIEW QUESTIONS 206 EXERCISES 207 THE STRUCTURE OF THE UNITED STATES ECONOMY 213 1 THE THREE MAJOR PRODUCTIVE SECTORS IN AN ECONOMY 1.1 A QUICK REVIEW OF CATEGORIES 1.2 THE RELATIVE SIZE OFTHE OUTPUT SECTORS IN THE UNITED STATES 1.3 HISTORICALTRENDS AND GLOBAL COMPARISONS DISCUSSION QUESTIONS 2 THE PRIMARY SECTOR IN THE UNITED
STATES 2.1 THE FOOD SYSTEM 2.2 THE ENERGY SYSTEM DISCUSSION QUESTIONS 3 THE SECONDARY (INDUSTRIAL) SECTOR IN THE 213 213 215 217 219 219 220 226 229 vii
CONTENTS UNITED STATES 3.1 MANUFACTURING 3.2 CONSTRUCTION 3.3 RISING PRODUCTIVITY IN THE SECONDARY SECTOR DISCUSSION QUESTIONS 4 THE TERTIARY (SERVICE) SECTOR 4.1 THE GROWTH OF TH E TERTIARY SECTOR 4.2 ANALYZING TH E TERTIARY SECTOR BY SUB-CATEGORIES 4.3 RETAIL SERVICES 4.4 FINANCE AND FINANCIALIZATION 4.5 HUMAN SERVICES: HEALTH 4.6 HUMAN SERVICES.--EDUCATION DISCUSSION QUESTIONS 5 CONCLUDINGTHOUGHTS REVIEW QUESTIONS EXERCISES 7 EMPLOYMENT, UNEMPLOYMENT, AND WAGES 1 EMPLOYMENT AND UNEMPLOYMENT 1.1 MEASURING EMPLOYMENT AND UNEMPLOYMENT 1.2 THE UNEMPLOYMENT RATE 1.3 DISCOURAGED WORKERS AND UNDEREMPLOYMENT 1.4 LABOR FORCE PARTICIPATION DISCUSSION QUESTIONS 2 A CLOSER LOOK AT UNEMPLOYMENT 2.1 TYPES OF UNEMPLOYMENT 2.2 PATTERNS OF UNEMPLOYMENT DISCUSSION QUESTIONS 3 THEORIES OF EMPLOYMENT, UNEMPLOYMENT, AND WAGES 3.1 THE CLASSICALTHEORY 3.2 ALTERNATIVETHEORIES OF LABOR MARKETS 3.3 POLICY RESPONSES DISCUSSION QUESTIONS 4 SPECIAL ISSUES FORTHETWENTY-FIRST CENTURY 4.1 JOBS ANDTECHNOLOGICAL CHANGE 4.2 SOME FUTURE POSSIBILITIES DISCUSSION QUESTIONS REVIEW QUESTIONS EXERCISES PART III: MACROECONOMIC THEORY AND POLICY 8 229 230 233 235 236 236 237 238 240 241 245 248 249 249 250 250 255 255 255 258 259 261 264 265 265 269 271 271 272 275 278 281 281 281 282 290 290 291 297 AGGREGATE DEMAND AND ECONOMIC FLUCTUATIONS 299 1 THE BUSINESS CYCLE 1.1 WHAT HAPPENS DURING THE BUSINESS CYCLE 1.2 A STYLIZED BUSINESS CYCLE 1.3 THE DOWNTURN SIDE OFTHE STORY DISCUSSION QUESTIONS 2 MACROECONOMIC MODELING 2.1 SIMPLIFYING ASSUMPTIONS 299 300 303 304 306 306 306 viii
•CONTENTS 2.2 OUTPUT, INCOME, AND AGGREGATE EXPENDITURE 2.3 THE PROBLEM OF LEAKAGES 2.4 THE CLASSICAL SOLUTION TO LEAKAGES DISCUSSION QUESTIONS 3 THE KEYNESIAN MODEL 3.1 CONSUMPTION 3.2 INVESTMENT 3.3 THE AGGREGATE EXPENDITURESCHEDULE 3.4 THE POSSIBILITY OF UNINTENDEDINVESTMENT 3.5 MOVEMENTTO EQUILIBRIUM IN THE KEYNESIAN MODEL 3.6 THE PROBLEM OF PERSISTENT UNEMPLOYMENT 3.7 THE MULTIPLIER DISCUSSION QUESTIONS 4 CONCLUDINGTHOUGHTS DISCUSSION QUESTIONS REVIEW QUESTIONS EXERCISES ’ APPENDIX: AN ALGEBRAIC APPROACH TOTHE MULTIPLIER 9 327 328 331 333 333 334 334 335 337 FISCAL POLICY 340 1 THE 1.1 1.2 1.3 342 343 345 ROLE OF GOVERNMENT SPENDING ANDTAXES ACHANGE IN GOVERNMENT SPENDING TAXES AND TRANSFER PAYMENTS THE CIRCULAR FLOW WITH GOVERNMENT SPENDING ANDTAXES 1.4 EXPANSIONARY AND CONTRACTIONARY FISCAL POLICY DISCUSSION QUESTIONS 2 THE FEDERAL BUDGET 2.1 DEFICITS AND SURPLUSES 2.2 AUTOMATIC STABILIZERS 2.3 DISCRETIONARY POLICY DISCUSSION QUESTIONS 3 POLICY ISSUES 3.1 CROWDING OUT AND CROWDING IN 3.2 INFRASTRUCTURE AND SOCIAL INVESTMENT 3.3 DIFFERENT MULTIPLIER EFFECTS 3.4 APPLYING FISCAL POLICY DISCUSSION QUESTIONS REVIEW QUESTIONS EXERCISES APPENDIX: MORE ALGEBRAIC APPROACH ES TO TH E MULTIPLIER Al AN ALGEBRAIC APPROACH TOTHE MULTIPLIER, WITH A LUMP-SUM TAX A2 AN ALGEBRAIC APPROACH TOTHE MULTIPLIER, WITH A PROPORTIONAL TAX IO 307 310 312 316 316 316 322 323 325 349 350 352 352 355 357 360 ' 366 366 366 369 370 372 372 373 373 374 374 376 MONEY, BANKING, AND FINANCE 379 1 WHY MONEY? 1.1 MONEY AND AGGREGATE EXPENDITURE 1.2 "RUNNING THE PRINTING PRESS" 1.3 DEFLATION AND FINANCIAL
CRISES 379 380 380 382 ix
CONTENTS 11 DISCUSSION QUESTIONS 2 WHAT IS MONEY? 2.1 THE ROLES OF MONEY 2.2 TYPES OF MONEY 2.3 MEASURES OF MONEY DISCUSSION QUESTIONS 3 THE BANKING SYSTEM 3.1 COMMERCIAL BANKS 3.2 BANK TYPES 3.3 HOW BANKS CREATE MONEY DISCUSSION QUESTIONS 4 THE FINANCIAL SYSTEM 4.1 FUNCTIONS OF FINANCE 4.2 NON-BANK FINANCIAL INSTITUTIONS 4.3 FINANCIALIZATION AND FINANCIAL BUBBLES 4.4 THEORIES OF FINANCIAL INSTABILITY DISCUSSION QUESTIONS REVIEW QUESTIONS EXERCISES APPENDIX:THE 2007-2008 FINANCIAL CRISIS 385 385 385 387 391 393 393 394 396 398 400 400 400 402 407 408 411 411 412 413 THE FEDERAL RESERVE AND MONETARY POLICY 419 1 THE FEDERAL RESERVE SYSTEM 420 DISCUSSION QUESTIONS 422 2 MONETARY POLICY 422 2.1 HOWTHE FED CREATES MONEY AND CREDIT 422 2.2 OTHER MONETARY POLICY TOOLS 427 DISCUSSION QUESTIONS 430 3 THETHEORYOF MONEY, INTEREST RATES, AND AGGREGATE EXPENDITURE 430 3.1 THE FEDERAL FUNDS RATE AND OTHER INTEREST RATES 430 3.2 INTEREST RATES AND INVESTMENT 434 3.3 MONETARY POLICY AND AGGREGATEEXPENDITURE 436 DISCUSSION QUESTIONS 438 4 MONETARY POLICIES IN PRACTICE 438 4.1 RESPONDING TO INFLATION 438 4.2 RESPONDING TO RECESSION 439 DISCUSSION QUESTIONS 442 5 THEORIES OF MONEY, PRICES, AND INFLATION 442 5.1 THE QUANTITY EQUATION 442 5.2 COMPETING THEORIES 444 5.3 MONEY SUPPLY, MONEY DEMAND, AND TH E LIQUIDITYTRAP 448 DISCUSSION QUESTIONS 452 6 COMPLICATIONS AND POLICY CONTROVERSIES 452 6.1 THE FED'S DILEMMA 453 6.2 RULES VERSUS ACTIVISM 455 DISCUSSION QUESTIONS 456 REVIEW QUESTIONS 456 EXERCISES 456 APPENDICES 458 Al BOND PRICES AND INTEREST RATES 458 A2 SHORT-RUN VERSUS LONG-RUN AND
REAL VERSUS NOMINAL INTEREST RATES 461 X
CONTENTS 12 AGGREGATE SUPPLY, AGGREGATE DEMAND, AND INFLATION PUTTING IT ALL TOGETHER 464 1 AGGREGATE DEMAND AND INFLATION 464 1.1 THE AGGREGATE DEMAND (AD) CURVE 465 1.2 SHIFTS OF TH E AD CURVE: SPENDING AND TAXATION 466 1.3 SHIFTS OF THE AD CURVE: MONETARY POLICY 467 DISCUSSION QUESTIONS 468 2 CAPACITYANDTHE AGGREGATE SUPPLY CURVE 468 2.1 THE AGGREGATE SUPPLY (AS) CURVE 469 2.2 SHIFTS OFTHE AS CURVE: INFLATIONARY EXPECTATIONS 471 2.3 SHIFTS OFTHE AS CURVE: SUPPLY SHOCKS 473 DISCUSSION QUESTIONS 474 3 PUTTINGTHE AS/AD MODELTOWORK 474 3.1 AN ECONOMY IN RECESSION 475 3.2 AN OVERHEATED ECONOMY ’ 479 3.3 RESPONDINGTO INFLATION 480 3.4 TECHNOLOGY AND GLOBALIZATION 484 DISCUSSION QUESTIONS 486 4 COMPETING TH EORIES 486 4.1 CLASSICAL MACROECONOMICS 486 4.2 KEYNESIAN MACROECONOMICS 488 DISCUSSION QUESTIONS 490 REVIEW QUESTIONS 490 EXERCISES 491 APPENDIX: MORE SCHOOLS OF MACROECONOMICS 492 Al NEW CLASSICAL ECONOMICS 492 A2 THE NEOCLASSICAL SYNTHESIS AND NEW KEYNESIAN MACROECONOMICS 494 A3 POST-KEYNESIAN MACROECONOMICS 495 13 THE GLOBAL ECONOMY AND POLICY 1 MACROECONOMICS IN A GLOBAL CONTEXT 1.1 GLOBAL CONNECTIONS 1.2 MAJOR POLICYTOOLS 1.3 PATTERNS OF TRADE AND FINANCE 1.4 TRANSNATIONAL CORPORATIONS AND GLOBAL SUPPLY CHAINS DISCUSSION QUESTIONS 2 THETRADE BALANCE: COMPLETING THE PICTURE 2.1 THE CIRCULAR FLOW REVISITED 2.2 EFFECTS ON THE MULTIPLIER 2.3 BALANCE BETWEEN SAVINGS, INVESTMENT, AND NET BORROWING DISCUSSION QUESTIONS 3 INTERNATIONAL FINANCE 3.1 EXCHANGE RATES 3.2 PURCHASING POWER PARITY 3.3 THE BALANCE OF PAYMENTS DISCUSSION QUESTIONS 4 MACROECONOMICS IN AN OPEN ECONOMY 4.1
FISCAL POLICY 4.2 MONETARY POLICY .498 499 499 500 505 509 510 511 511 513 514 517 517 517 522 524 530 531 531 532
CONTENTS 4.3 A SPECIAL CASE: ECONOMIC STIMULUS IN THE PANDEMIC ERA 533 4.4 MANAGED VERSUS FLEXIBLE FOREIGN EXCHANGE 535 4.5 DEVELOPING COUNTRY PROBLEMS: BALANCE OF PAYMENTS AND DEBT CRISES 539 DISCUSSION QUESTIONS 541 5 INTERNATIONAL FINANCIAL INSTITUTIONS 541 DISCUSSION QUESTIONS 543 REVIEW QUESTIONS 543 EXERCISES 544 APPENDIX: AN ALGEBRAIC APPROACH TO TH E MULTIPLIER, IN A MODEL WITH TRADE 545 547 PART IV: MACROECONOMIC ISSUES AND APPLICATIONS 14 15 INEQUALITY: ECONOMIC AND SOCIAL PERSPECTIVES 549 1 DEFINING AND MEASURING INEQUALITY 1.1 DIFFERENT PERSPECTIVES ON INEQUALITY 1.2 MEASURING-INEQUALITY DISCUSSION QUESTIONS 2 INEQUALITYTRENDS AND ISSUES INTHE UNITED STATES 2.1 INCOME INEQUALITY OVERTIME 2.2 WEALTH INEQUALITY 2.3 LABOR MARKET DISCRIMINATION DISCUSSION QUESTIONS 3 INTERNATIONAL DATA ON INEQUALITY 3.1 CROSS-COUNTRY COMPARISONS 3.2 GLOBAL INEQUALITY 3.3 INEQUALITY AND GROWTH DISCUSSION QUESTIONS 4 THE CREATION OF AN UNEQUAL SOCIETY ' 4.1 CAUSES OF RISING INCOME INEQUALITY 4.2 FINANCIALIZATION AND INEQUALITY 4.3 MACROECONOMIC POLICIES AND INEQUALITY DISCUSSION QUESTIONS 4 POLICIES TO PROMOTE GREATER EQUALITY DISCUSSION QUESTIONS REVIEW QUESTIONS EXERCISES 549 549 551 555 556 556 557 559 565 565 565 567 569 570 570 572 577 579 583 584 586 587 587 DEFICITS AND DEBT 595 1 DEFICITS ANDTHE NATIONAL DEBT DISCUSSION QUESTIONS 2 THE U.S. NATIONAL DEBT: A HISTORICAL PERSPECTIVE 2.1 TWO CENTURIES OF DEFICITS AND DEBT 2.2 "SUPPLY-SIDE" ECONOMICS 2.3 1989TOTHE PRESENT DISCUSSION QUESTIONS 3 THE DEBT AND ITS LINKS TO FINANCE 3.1 TAXONOMY OF DEBTTYPES 3.2 FEDERAL GOVERNMENT
BORROWING: POTENTIAL PROBLEMS 595 599 599 599 600 600 602 602 602 xii 605
■CONTENTS DISCUSSION QUESTIONS 4 POLITICAL ECONOMY OF THE DEBT 4.1 WHO OWNSTHE DEBT? 4.2 THETWIN DEFICITS 4.3 THE BALANCED BUDGET DEBATE DISCUSSION QUESTIONS 5 DEFICIT PROJECTIONS AND POTENTIAL POLICY RESPONSES 5.1 DEFICIT PROJECTIONS 5.2 FUTURE POLICY CHOICES 5.3 DEBT AND DEFICITS IN CONTEXT DISCUSSION QUESTIONS REVIEW QUESTIONS EXERCISES 16 17 608 608 608 610 611 614 614 614 619 620 621 334 335 HOW ECONOMIES GROW AND DEVELOP 624 1 ECONOMIC GROWTH AND DEVELOPMENT” 1.1 STANDARD ECONOMIC GROWTH THEORY 1.2 EXPERIENCES OF ECONOMIC GROWTH AROUND THE WORLD 1.3 MEASURES ANDTRENDS IN POVERTY 1.4 INCOME AND ECONOMIC WELL-BEING DISCUSSION QUESTIONS 2 ECONOMIC DEVELOPMENT INTHE WORLDTODAY 2.1 EARLY EXPERIENCES ANDTHEORIES OF DEVELOPMENT 2.2 THE SECONDWAVE OF DEVELOPMENTTHEORY DISCUSSION QUESTIONS 3 TWENTY-FIRST CENTURY RECONSIDERATIONS OFTHE SOURCES OF ECONOMIC GROWTH 3.1 URBANIZATION 3.2 NATURAL RESOURCES 3.3 SAVINGS AND INVESTMENT 3.4 ALLOCATION OF INVESTMENT 3.5 FOREIGN SOURCES OF FINANCIAL CAPITAL 3.6 FOREIGN MIGRATION AND REMITTANCES 3.7 MICROFINANCE AND SAVINGS GROUPS 3.8 CASH TRANSFER PROGRAMS 3.9 DOMESTIC DEMAND VS. EXPORT ORIENTATION 3.10 FINANCIAL, LEGAL, AND REGULATORY INSTITUTIONS DISCUSSION QUESTIONS 4 RECENT PERSPECTIVES AND SUSTAINABLE DEVELOPMENT GOALS DISCUSSION QUESTIONS 5 DIFFERENT KINDS OF ECONOMIES DISCUSSION QUESTIONS REVIEW QUESTIONS EXERCISES 624 625 627 629 633 634 635 635 639 642 643 644 644 .645 646 648 650 650 652 653 653 654 654 657 657 659 660 660 GROWTH AND SUSTAINABILITY IN THE TWENTY-FIRST CENTURY 665 1 MACROECONOMICS AND SUSTAINABILITY DISCUSSION
QUESTIONS 665 669 xiii
CONTENTS 2 MAJOR ENVIRONMENTAL ISSUES 2.1 GLOBAL POPULATION 2.2 NON-RENEWABLE RESOURCE AVAILABILITY 2.3 RENEWABLE RESOURCES 2.4 POLLUTION ANDWASTES DISCUSSION QUESTIONS 3 CLIMATE CHANGE 3.1 CLIMATE CHANGE SCIENCE, DATA, AND IMPACTS 3.2 THE ECONOMICS OF CLIMATE CHANGE 3.3 CLIMATE CHANGE POLICY DISCUSSION QUESTIONS 4 ECONOMIC GROWTH ANDTHE ENVIRONMENT 4.1 THE ENVIRONMENTAL KUZNETS CURVE HYPOTHESIS 4.2 DOES PROTECTING THE ENVIRONMENT HARM EMPLOYMENT AND ECONOMIC GROWTH? 4.3 ECONOMIC PERSPECTIVES ON TH E TRANSITION TO A SUSTAINABLE ECONOMY DISCUSSION QUESTIONS 5 POLICIES FOR SUSTAINABLE DEVELOPMENT 5.1 RETHINKING EMPLOYMENT AND PRODUCTION 5.2 REFORMING TAX AND SUBSIDY POLICIES 5.3 GREENING MACROECONOMIC POLICY DISCUSSION QUESTIONS 6 CONCLUDINGTHOUGHTS DISCUSSION QUESTIONS REVIEW QUESTIONS EXERCISES Glossary Index XIV 670 670 671 673 675 677 677 677 679 682 684 685 685 687 689 693 693 693 694 696 697 698 699 699 700 707 727 |
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| author | Goodwin, Neva R. 1944- Harris, Jonathan M. 1948- Nelson, Julie A. 1956- Joshi Rajkarnikar, Pratistha Roach, Brian A. Torras, Mariano |
| author_GND | (DE-588)170644359 (DE-588)130583863 (DE-588)138941017 (DE-588)1177836459 (DE-588)171083520 (DE-588)171757777 |
| author_facet | Goodwin, Neva R. 1944- Harris, Jonathan M. 1948- Nelson, Julie A. 1956- Joshi Rajkarnikar, Pratistha Roach, Brian A. Torras, Mariano |
| author_role | aut aut aut aut aut aut |
| author_sort | Goodwin, Neva R. 1944- |
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| callnumber-first | H - Social Science |
| callnumber-label | HB172 |
| callnumber-raw | HB172.5 |
| callnumber-search | HB172.5 |
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| callnumber-subject | HB - Economic Theory and Demography |
| classification_rvk | QC 300 |
| ctrlnum | (OCoLC)1351562497 (DE-599)BVBBV048803420 |
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| dewey-ones | 339 - Macroeconomics and related topics |
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| dewey-search | 339 |
| dewey-sort | 3339 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| edition | Fourth edition |
| format | Book |
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| genre | (DE-588)4123623-3 Lehrbuch gnd-content |
| genre_facet | Lehrbuch |
| id | DE-604.BV048803420 |
| illustrated | Not Illustrated |
| index_date | 2024-07-03T21:28:29Z |
| indexdate | 2024-07-10T09:46:22Z |
| institution | BVB |
| isbn | 9781032170398 9781032170374 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-034069510 |
| oclc_num | 1351562497 |
| open_access_boolean | |
| owner | DE-355 DE-BY-UBR DE-188 |
| owner_facet | DE-355 DE-BY-UBR DE-188 |
| physical | xl, 745 Seiten Diagramme |
| publishDate | 2023 |
| publishDateSearch | 2023 |
| publishDateSort | 2023 |
| publisher | Routledge, Taylor & Francis Group |
| record_format | marc |
| spelling | Goodwin, Neva R. 1944- (DE-588)170644359 aut Macroeconomics in context Neva Goodwin, Jonathan M. Harris, Julie A. Nelson, Pratistha Joshi Rajkarnikar, Brian Roach, and Mariano Torras Fourth edition New York ; London Routledge, Taylor & Francis Group 2023 xl, 745 Seiten Diagramme txt rdacontent n rdamedia nc rdacarrier Includes bibliographical references and index Makroökonomie (DE-588)4037174-8 gnd rswk-swf (DE-588)4123623-3 Lehrbuch gnd-content Makroökonomie (DE-588)4037174-8 s DE-604 Harris, Jonathan M. 1948- Verfasser (DE-588)130583863 aut Nelson, Julie A. 1956- Verfasser (DE-588)138941017 aut Joshi Rajkarnikar, Pratistha Verfasser (DE-588)1177836459 aut Roach, Brian A. Verfasser (DE-588)171083520 aut Torras, Mariano Verfasser (DE-588)171757777 aut Erscheint auch als Online-Ausgabe 978-1-003-25152-1 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=034069510&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Goodwin, Neva R. 1944- Harris, Jonathan M. 1948- Nelson, Julie A. 1956- Joshi Rajkarnikar, Pratistha Roach, Brian A. Torras, Mariano Macroeconomics in context Makroökonomie (DE-588)4037174-8 gnd |
| subject_GND | (DE-588)4037174-8 (DE-588)4123623-3 |
| title | Macroeconomics in context |
| title_auth | Macroeconomics in context |
| title_exact_search | Macroeconomics in context |
| title_exact_search_txtP | Macroeconomics in context |
| title_full | Macroeconomics in context Neva Goodwin, Jonathan M. Harris, Julie A. Nelson, Pratistha Joshi Rajkarnikar, Brian Roach, and Mariano Torras |
| title_fullStr | Macroeconomics in context Neva Goodwin, Jonathan M. Harris, Julie A. Nelson, Pratistha Joshi Rajkarnikar, Brian Roach, and Mariano Torras |
| title_full_unstemmed | Macroeconomics in context Neva Goodwin, Jonathan M. Harris, Julie A. Nelson, Pratistha Joshi Rajkarnikar, Brian Roach, and Mariano Torras |
| title_short | Macroeconomics in context |
| title_sort | macroeconomics in context |
| topic | Makroökonomie (DE-588)4037174-8 gnd |
| topic_facet | Makroökonomie Lehrbuch |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=034069510&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT goodwinnevar macroeconomicsincontext AT harrisjonathanm macroeconomicsincontext AT nelsonjuliea macroeconomicsincontext AT joshirajkarnikarpratistha macroeconomicsincontext AT roachbriana macroeconomicsincontext AT torrasmariano macroeconomicsincontext |