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Economics and Contemporary Issues (with 1pass Slimpack),9780324321661

Economics and Contemporary Issues (with 1pass Slimpack)

by
Edition:
7th
ISBN13:

9780324321661

ISBN10:
032432166X
Format:
Paperback
Pub. Date:
4/24/2006
Publisher(s):
Cengage Learning
List Price: $164.33

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Summary

Finally, an issues-oriented approach to economics! ECONOMICS AND CONTEMPORARY ISSUES examines important topics such as the collapse of communism, the role of government in a modern economy, crime, drugs, and poverty. Specifically for non-majors, this economics textbook has the study tools and the easy-to-read writing style that will make class a snap and transitioning into the job market no problem.

Table of Contents

Preface xi
To the Student xxi
Economic Growth: An Introduction to Scarcity and Choice
1(26)
Recent Growth Experiences
3(4)
Sources of Economic Growth
7(8)
Production Possibilities for the Individual College Student
7(1)
Production Possibilities for the Economy
8(4)
The Best Combination of Goods and Services: Consumption Versus Growth
12(2)
Resource Accumulation, Technological Improvement, and Efficiency Improvement
14(1)
Productivity Growth: What Can We Expect in the ``New Economy''?
15(5)
The Contribution of Capital Intensity Growth: The New Economy?
17(1)
The Contribution of Technical Progress: The New Economy?
18(2)
Economic and Productivity Growth in Various Parts of the World
20(7)
Growth in Europe and Japan: Catching up
20(1)
Developing Countries after 1950: Some Grow, Some Don't
21(3)
Summary
24(3)
An Introduction to Economic Systems and the Workings of the Price System
27(38)
Market Economic Systems: An Introductory Look
29(3)
What Does and Economic System Do? It Coordinates
32(6)
The Division and Specialization of Labor
34(1)
Comparative Advantage and Specialization
35(2)
Economic Coordination and the Market System
37(1)
The Price System as Coordinator
38(7)
Demand
38(3)
Supply
41(2)
Putting the Pieces Together: Demand and Supply
43(2)
Comparative Systems: An Introductory Sketch
45(6)
The Price System
45(1)
Information, Rationing, and Motivation in a Market Economy
46(2)
Information, Rationing, and Motivation in a Command Economy
48(2)
Systems and Coordination
50(1)
Transitions to a Market Economy: Some Experiences
51(14)
Stable Prices and the Monetary System
52(2)
Other Economic Reforms
54(7)
Additional Thoughts on Transition Economies
61(1)
Summary
62(3)
Competitive Markets and Government Policy: Agriculture
65(34)
Demand and Supply Analysis
69(6)
Other Demand Factors
69(3)
Other Supply Factors
72(3)
How Changes in Demand and Supply Affect Equilibrium Price and Quantity
75(2)
Changes in Demand
75(1)
Changes in Supply
76(1)
Changes in Demand and Supply
76(1)
U.S. Farm Policy
77(8)
Economic and Historical Characteristics
77(3)
Competitive Markets and Economic Profits
80(5)
Price Controls
85(4)
Rent Seeking
89(6)
Summary
92(3)
Appendix: The Price Elasticity of Demand
95(4)
Efficiency in Resource Allocation: How Much Do We Have? How Much Do We Want?
99(24)
Introduction
99(1)
The Meaning of Efficiency in Resource Allocation
100(1)
Requirements for Achieving Efficiency in Resource Allocation
100(1)
The Competitive Market: An Example of Efficiency in Resource Allocation
101(1)
Market Failure: Inefficiency in the Private Sector
102(6)
Monopoly
103(1)
External Benefits
104(2)
Public Goods
106(1)
External Costs
106(1)
Imperfect Insurance Markets
107(1)
Government Failure: Inefficiency in the Public Sector
108(7)
Rent Controls
109(1)
Agricultural Price Supports
109(1)
Government-Subsidized Medical Care
110(1)
Minimum Wage
111(1)
Taxes
112(3)
How Much Efficiency Do We Want?
115(8)
Efficiency Versus Equity: Tax Trade-Offs
116(1)
Efficiency Versus Innovation
116(1)
Efficiency and Equity
117(1)
Efficiency Offsets to Inefficiency
118(1)
Summary
118(5)
Market Power: Does It Help or Hurt the Economy?
123(26)
Monopoly Analysis
124(6)
Marginal Revenue
125(2)
The Marginal Principle
127(1)
Monopoly and Competition Compared
127(3)
Market Power and Economic Efficiency
130(3)
The Trend in Market Power
130(1)
Barriers to Entry
131(2)
OPEC: A Few Sellers Acting Like a Monopoly
133(8)
Cartel Formation
134(1)
The Determinants of Cartel Success
135(1)
Problems of the OPEC Cartel
136(4)
Do a Few Firms That Dominate a Market Have Market Power?
140(1)
Market Power and Technical Progress
141(3)
Government and Market Power
144(5)
Summary
145(4)
Air Pollution: Balancing Benefits and Costs
149(20)
The Principal Air Pollution Problems
149(2)
Urban Air Quality
150(1)
Acid Rain
150(1)
Global Warming
150(1)
Stratospheric Ozone Depletion
151(1)
Hazardous Air Pollutants
151(1)
The Economic Perspective
151(2)
Market Failure: Is Government Action Necessary?
153(3)
Air Pollution Regulation: The Clean Air Act
156(2)
National Ambient Air Quality Standards (NAAQS)
156(1)
Emissions Limits
156(1)
Restricted Technology
156(1)
New Source Performance Standards
157(1)
Prescribed Fuels
157(1)
Offset Requirements
157(1)
Emissions Trading
157(1)
Prevention of Significant Deterioration
157(1)
Monitoring and Compliance
157(1)
Effects of the Clean Air Act on Air Quality
158(1)
The Economics of the Clean Air Act: Have We Gone Too Far?
158(3)
Benefits and Costs of the Clean Air Act, 1970--1990
159(1)
Benefits and Costs of the Clean Air Act, 1990--2010
160(1)
Cost-Reducing Measures
161(8)
Emissions Taxes
161(1)
Marketable Pollution Permits
162(2)
Limiting Global Warming: Emissions Permits in an International Context
164(2)
Summary
166(3)
Health Care: How Much? For Whom?
169(20)
The Rising Share of GDP Devoted to Health Care
169(4)
How Much Can We Afford? Health Care Versus Non-Health Care
171(1)
How Much Can We Afford? The Government Budget Constraint
172(1)
How Much Can We Afford? The Rising Household Burden
173(1)
The Growing Ranks of the Uninsured
173(2)
Getting Our Money's Worth
175(5)
Third-Party Payments
175(2)
Physician-Induced Demand
177(2)
Defensive Medicine
179(1)
Federal Tax Exemption for Health Insurance
180(1)
Limiting Health Care Expenditure Growth
180(9)
Managed Care
181(1)
Limiting Expenditure Growth Rationally
182(4)
Summary
186(3)
Crime and Drugs: A Modern Dilemma
189(30)
Public Goods
191(2)
Government Enforcement of Property Rights
192(1)
Crime and Crime Control
193(8)
An Economic Approach to Crime and Crime Control
194(3)
A Comparison of Crime Trends in the United States and England
197(4)
Drug Legalization: Competing Views
201(1)
Liberty: An Argument for Legalization
201(1)
Paternalism: An Argument Against Legalization
201(1)
Morality: An Argument Against Legalization
202(1)
The Final Analysis
202(1)
A Positive Analysis of Drug Policy
202(9)
Does Increased Enforcement Work?
205(2)
Uninteded but Inevitable Consequences of Drug Prohibition
207(1)
Unintended but Perhaps Avoidable Consequences of Drug Prohibition
208(1)
Unintended Consequences of Drug Legalizations
209(2)
Evaluation: Hawks, Doves, and Owls
211(8)
Competing Views in Practice
211(1)
Current Policy
211(2)
Owlish Criticism
213(2)
Summary
215(4)
College Education: Is It Worth the Cost?
219(18)
How to Evaluate an Investment
220(2)
Determine Costs and Benefits
220(1)
Adjust for Date of Occurrence
220(1)
Apply an Investment Decision Rule
221(1)
Investing in a College Education: Monetary Benefits and Costs
222(6)
The Student's Perspective
223(4)
The Social Perspective
227(1)
Investing in a College Education: Nonmonetary Benefits and Costs
228(2)
Nonmonetary Student Benefits
228(1)
Nonmonetary Student Costs
229(1)
Nonmonetary External Benefits
229(1)
Nonmonetary External Costs
230(1)
Is Government Support Necessary?
230(7)
Ensuring that Society Invests Enough in College Education
231(1)
Ensuring that Student Borrowing Reflects the Social Risk of Default
231(2)
Increasing Enrollment of Lower-Income Students
233(1)
Summary
234(3)
Educational Reform: The Role of Incentives and Choice
237(28)
The Nature of the Problem
238(2)
Arguments for Public Support of Schools
240(3)
The Economics of Student Achievement
243(2)
High-Stakes Testing
245(4)
The Economics of Investing in High-Stakes Testing
247(2)
The Economic Organization of Public Education
249(6)
Decision Making and Markets
250(2)
Decision Making and State-Owned Enterprises
252(1)
Decision Making and Public Schools
253(2)
Government Policy
255(10)
``Improve or Else''
256(2)
``Consumer Choice''
258(2)
``Improve or Else'' and ``Consumer Choice''
260(1)
Summary
261(4)
Poverty: Old and New Approaches to a Persistent Problem
265(26)
The Scope of the Problem
266(3)
Antipoverty Effectiveness of Government Transfers
269(3)
Income-Tested Transfers and Income from Work
272(6)
Food Stamps
272(2)
Earned Income Tax Credit (EITC)
274(1)
Temporary Assistance for Needy Families (TANF)
275(1)
TANF + Food Stamps + EITC
276(2)
Making Work Pay
278(8)
Unemployment Policy
278(1)
Childcare Assistance
279(2)
Medical Protection
281(1)
Minimum Wage
281(1)
Wage Subsidies
282(1)
Labor Market Discrimination Policy
282(4)
Making Fathers Pay
286(5)
Child Support Assistance
286(1)
Child Support Assurance
287(1)
Summary
287(4)
Tracking and Explaining the Macroeconomy
291(24)
Gross Domestic Product (GDP)
292(1)
GDP'S Components
293(3)
Consumption
293(1)
Gross Investment
294(1)
Government Purchases
295(1)
Net Exports
296(1)
Nominal GDP, Real GDP, and the GDP Deflator
296(3)
The Nation's Economic Performance
299(3)
Determining the Nation's Output and Price Level
302(13)
Aggregate Demand
302(4)
Aggregate Supply
306(3)
Aggregate Demand and Supply Interaction
309(3)
Summary
312(3)
Unemployment: The Legacy of Recession, Technological Change, and Free Choice
315(24)
Costs of Unemployment
315(2)
Economic Costs
316(1)
Non-Economic Costs
316(1)
The Unemployment Rate
317(1)
Principal Types of Unemployment
318(2)
Frictional Unemployment
318(1)
Structural Unemployment
319(1)
Cyclical Unemployment
320(1)
Full Employment and the Natural Rate of Unemployment
320(1)
The Minimum Wage: An Unnatural Contributor to the Natural Rate
321(2)
Causes of Recessions
323(2)
Demand Shocks
324(1)
Supply Shocks
324(1)
Policies to Reduce Unemployment
325(6)
Cyclical Unemployment
325(4)
Structural Unemployment
329(1)
Frictional Unemployment
330(1)
Unemployment in Europe
331(4)
Impediments to Hiring
331(1)
Impediments to Accepting Employment
332(1)
Summary
332(3)
Appendix: The Labor Market
335(4)
Inflation: A Monetary Phenomenon
339(32)
Defining Inflation
339(1)
Measuring Inflation
340(2)
The GDP Deflator
340(1)
The Consumer Price Index
340(2)
Calculating the Inflation Rate
342(1)
Recent Experience
342(1)
Effects of Inflation
342(5)
The Redistribution of Income and Wealth
343(2)
Inflation and Government
345(1)
Inflation and Net Exports
346(1)
Other Effects
347(1)
Money and the Money Supply
347(3)
Money's Functions
347(1)
The Money Supply
348(2)
The Federal Reserve
350(1)
Causes of Inflation
350(7)
The Quantity Theory of Money
350(4)
Inflation Is a Monetary Phenomenon
354(1)
Inflation as a Monetary Phenomenon: Two Qualifications
355(1)
Monopolies, Oil Markets, and Inflation
356(1)
Inflation and Policy
357(6)
Monetary Policy
357(1)
Fiscal Policy
358(1)
Monetary Policy in Action
358(2)
Summary
360(3)
Appendix: Money Creation and Monetary Policy
363(8)
Sustained Budget Deficits: Is This Any Way to Run a Government?
371(18)
The Budget, Budget Balances, and Debt
371(2)
The Budget
371(1)
Budget Balances
372(1)
Debt
373(1)
What's in Store?
373(7)
The Deficit Over the Next Decade: Better or Worse?
373(2)
The Long-run Deficit: Unsustainable
375(2)
The Long-Run Fiscal Imbalance: Now for Some Really Large Numbers
377(3)
Wait a Minute: Can't We Grow Our Way Out of the Problem?
380(1)
How Will the Economy Be Affected?
381(3)
In the Short-Run: Positively, If
381(1)
In the Long Run: There Is No Silver Lining
381(3)
How Will This Problem Affect You?
384(1)
What Would Help?
385(4)
Account for Long-Run Liabilities of Policy Choices
385(1)
Hold the Line
385(1)
Fix Social Security, But Especially Medicare and Medicaid
385(1)
Summary
386(3)
Social Security: Leading Issues and Approaches to Reform
389(24)
Principal Features of Social Security
389(3)
Social Security Trust Funds
390(1)
Retirement Benefits
390(2)
Leading Issues in Social Security
392(11)
Is Social Security a Welfare Program?
392(1)
Does Social Security Induce Early Retirement?
392(1)
Does Social Security Reduce Household Savings?
393(1)
Does Social Security Provide Low Individual Rates of Return?
394(3)
Who Pays the Social Security Tax?
397(2)
Can Social Security Fulfill Its Long-Run Obligations?
399(4)
Approaches to Social Security Reform
403(10)
Fixing the Current System
403(2)
Investing in Private Securities
405(4)
Summary
409(4)
International Trade: Beneficial, but Controversial
413(20)
Comparative Advantage: The Basis for Trade
413(4)
Net Welfare Gains from Free Trade of Existing Products
417(2)
Net Welfare Gains from Imports
417(1)
Net Welfare Gains from Exports
418(1)
Welfare Gains from Free Trade of New Varieties of Existing Products
419(1)
Decreasing Costs
420(1)
Increased Competition
420(1)
If Free Trade Is So Beneficial, What About . . .?
421(3)
U.S. Jobs Lost
421(1)
Cheap Foreign Labor
422(1)
National Defense
423(1)
Infant Industries
423(1)
Trade Deficits
423(1)
Trade Policy
424(9)
Tariffs
425(1)
Quotas
426(1)
Voluntary Export Restraints
426(1)
Trade Agreements
426(3)
Trade Adjustment Assistance
429(1)
Summary
430(3)
Financing Trade and the Trade Deficit
433(16)
Pricing the Medium of Exchange: Currency Markets
434(5)
Flexible-Rate Currency Market
434(3)
Fixed-Rate Currency Markets
437(2)
Financing the Trade Deficit
439(1)
The Balance of Payments
439(1)
Have We Accumulated Too Much Debt?
440(2)
Should Countries Have Flexible or Fixed Currency Exchange Rates?
442(2)
The Case for Flexible-Rate Currency Markets
442(1)
The Case for Fixed-Rate Currency Markets
443(1)
Should Capital Flows be Controlled?
444(5)
Summary
446(3)
Glossary 449(10)
Index 459


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