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Economics and Contemporary Issues With Economics Applications Card and Infotrac College Edition,9780324171938

Economics and Contemporary Issues With Economics Applications Card and Infotrac College Edition

by
Edition:
6th
ISBN13:

9780324171938

ISBN10:
0324171935
Format:
Paperback
Pub. Date:
4/2/2003
Publisher(s):
South-Western College Pub
List Price: $154.33

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Summary

This text examines major issues pertaining to education, health care, Social Security, unemployment, inflation, and international trade. It also examines social and political phenomena, such as the collapse of communism and central planning, the role of government in a modern economy, crime and drugs, poverty, and the failure of some economies to grow. The book maximizes the advantages of the issues approach by examining issues that interest students, while developing core economic principles, providing insights and challenges, and an analytical framework - all of which emphasize critical thinking. Students who study this textbook will develop an increased interest in economics, seeing it as important in understanding issues that affect them personally, as well as in understanding today's headlines. This book develops principles and applications to issues more thoroughly and provides much more of an international perspective than most of the others like it on the market.

Table of Contents

Preface xiii
To the Student xxiii
Economic Growth: An Introduction to Scarcity and Choice
1(26)
International Perspective: China: Economic Growth and Poverty
3(13)
Recent Growth Experiences
3(3)
Sources of Economic Growth
6(1)
Production Possibilities for the Economy
7(3)
The Best Combination of Goods and Services: Consumption Versus Growth
10(2)
Resource Accumulation, Technological Improvements, and Efficiency Improvement
12(2)
The Importance of Productivity Growth
14(1)
Productivity Growth: What Can We Expect in the ``New Economy''?
15(1)
Insights: Were the Good Old Days Really Better?
16(7)
The Contribution of Capital Intensity Growth: The New Economy?
18(1)
The Contribution of Technical Change: The New Economy?
18(2)
Economic and Productivity Growth in Various Parts of the World
20(1)
Growth in Europe and Japan: Catching Up
20(2)
Developing Countries after 1950: Some Grow, Some Don't
22(1)
International Perspective: Economic Freedom and Economic Growth in Developing Countries
23(4)
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 an Economic System Do? It Coordinates
32(1)
International Perspective: What Happened in China?
33(17)
The Division and Specialization of Labor
34(2)
Economic Coordination and the Market System
36(1)
The Price System as Coordinator
36(1)
Demand
36(3)
Supply
39(2)
Putting the Pieces Together: Demand and Supply
41(3)
Comparative Systems: An Introductory Sketch
44(1)
The Price System
44(1)
Information, Rationing, and Motivation in a Market Economy
45(3)
Information, Rationing, and Motivation in a Command Economy
48(1)
Systems and Coordination
49(1)
Insights: Can Socialism Use the Price System?
50(9)
Transitions to a Market Economy: Some Experiences
51(1)
Stable Prices and the Monetary System
51(3)
Other Economic Reforms
54(5)
International Perspective: Cowboy Capitalism in Russia?
59(6)
Additional Thoughts on Transition Economics
61(1)
Summary
62(3)
Inefficiency: The Pervasive Economic Problem
65(28)
Introduction
65(1)
Rules for Achieving Efficiency in Resource Allocation
66(1)
The Competitive Market: An Example of Efficiency in Resource Allocation
66(2)
Market Failure: Inefficiency in the Private Sector
68(1)
Monopoly
68(2)
External Benefits
70(2)
Public Goods
72(1)
External Costs
72(2)
Nonexistent Markets
74(1)
Incomplete Markets
74(1)
Government Failure: Inefficiency in the Public Sector
75(1)
Rent Controls
75(1)
Agricultural Price Supports
76(1)
Government-Subsidized Medical Care
76(2)
Minimum Wage
78(1)
Taxes
78(7)
Insights: What Does Government Really Cost? The Practical Significance of the Efficiency Losses from Taxation
85(2)
How Much Efficiency Do We Want?
85(1)
Efficiency Versus Equity: Tax Trade-Offs
85(1)
Efficiency Versus Innovation
86(1)
International Perspective: Does More Government Mean Less Growth?
87(6)
Efficiency and Equity
87(1)
Efficiency Offsets to Inefficiency
88(1)
Summary
88(5)
Competitive Markets and Agriculture
93(34)
Demand and Supply Analysis
96(1)
International Perspective: OECD Farm Policy: New Zealand Breaks the Mold
97(16)
Other Demand Factors
98(3)
Other Supply Factors
101(2)
How Changes in Demand and Supply Affect Equilibrium Price and Quantity
103(1)
Changes in Demand
104(1)
Changes in Supply
105(1)
Changes in Demand and Supply
105(1)
U.S. Agriculture
106(1)
Economic and Historical Characteristics
106(3)
Competitive Markets and Economic Profits
109(4)
Insights: What Does It Mean for a Farmer to Break Even?
113(5)
U.S. Farm Policy
114(1)
Price Floor
114(2)
Output Constraints
116(1)
Target Prices and Deficiency Payments
117(1)
Insights: The Sugar Program: How Sweet It Is
118(5)
Rent Seeking
119(1)
Summary
120(3)
Appendix: The Price Elasticity of Demand
123(4)
Market Power: Does It Help or Hurt the Economy?
127(26)
Monopoly Analysis
128(2)
Marginal Revenue
130(1)
The Marginal Principle
131(1)
Monopoly and Competition Compared
132(3)
Market Power and Economic Efficiency
135(1)
The Trend in Market Power
135(1)
Barriers to Entry
136(1)
International Perspective: The Battle Between American and Japanese Automobile Firms
137(12)
OPEC: A Few Sellers Acting Like a Monopoly
138(1)
Cartel Formation
139(1)
The Determinants of Cartel Success
140(1)
Problems of the OPEC Cartel
141(4)
Do a Few Firms That Dominate a Market Have Market Power?
145(1)
Market Power and Economic Growth
145(3)
Government and Market Power
148(1)
Insights: Qwerty Versus DSK: Can the Market Choose the Right Technology?
149(4)
Summary
150(3)
Air Pollution: Balancing Benefits and Costs
153(22)
The Principal Air Pollution Problems
154(1)
Urban Air Quality
154(1)
Acid Rain
155(1)
Global Warming
155(1)
Stratospheric Ozone Depletion
155(1)
Hazardous Air Pollutants
156(1)
The Economic Perspective
156(2)
International Perspective: The Total Social Cost of the Automobile: Pollution and Much More
158(13)
Market Failure: Is Government Action Necessary?
158(3)
Air Pollution Regulation: The Clean Air Act
161(1)
National Ambient Air Quality Standards (NAAQS)
161(1)
Emissions Limits
161(1)
Restricted Technology
161(1)
New Source Performance Standards
161(1)
Prescribed Fuels
162(1)
Offset Requirements
162(1)
Emissions Trading
162(1)
Prevention of Significant Deterioration
162(1)
Monitoring and Compliance
162(1)
Effects of the Clean Air Act on Air Quality
162(1)
The Economics of the Clean Air Act: Have We Gone Too Far?
163(1)
Benefits and Costs of the Clean Air Act, 1970 to 1990
164(1)
Benefits and Costs of the Clean Air Act, 1990 to 2010
165(1)
Cost-Reducing Measures
166(1)
Emissions Taxes
166(1)
Marketable Pollution Permits
167(2)
Limiting Global Warming: Emissions Permits in an International Context
169(2)
Insights: Carbon Taxes
171(4)
Summary
171(4)
Medical Care: Costs Out of Control?
175(22)
The Rising Cost of Medical Care
176(1)
Why Health Expenditures Have Increased Relative to GDP
176(1)
The Cost Disease of the Services Sector
177(1)
Population Aging
178(1)
Income Elasticity of Demand for Health Care
179(1)
Increases in Insurance Coverage
179(1)
Technological Change
180(1)
Insights: The Medically Uninsured
181(6)
Is Technological Change in Medical Care Worth It?
181(3)
Does the Medical System Provide the Right Amount of Medical Care?
184(1)
Third-Party Payments
184(2)
Physician-Induced Demand
186(1)
International Perspective: Another Hidden Cost of Third-Party Payments
187(10)
Defensive Medicine
189(1)
Federal Tax Exemption for Health Insurance
189(1)
Approaches to Reducing Wasteful Expenditures
190(1)
Managed Care
190(2)
Eliminating the Federal Tax Exemption for Health Insurance
192(1)
Health Care Vouchers
193(1)
Summary
193(4)
Crime and Drugs: A Modern Dilemma
197(30)
Public Goods
200(1)
Government Enforcement of Property Rights
200(1)
Crime and Crime Control
201(1)
An Economic Approach to Crime and Crime Control
202(3)
Insights: Police, Guns, and Crime
205(5)
A Comparison of Crime Trends in the United States and England
206(4)
Insights: An Introduction to the Scientific Method in Economics
210(10)
Drug Legalization: Competing Views
210(1)
Liberty: An Argument for Legalization
210(1)
Paternalism: An Argument Against Legalization
211(1)
Morality: An Argument Against Legalization
211(1)
The Final Analysis
212(1)
A Positive Analysis of Drug Policy
212(3)
Does Increased Enforcement Work?
215(1)
Unintended But Inevitable Consequences of Drug Prohibition
216(2)
Unintended But Perhaps Avoidable Consequences of Drug Prohibition
218(1)
Unintended Consequences of Drug Legalization
219(1)
Evaluation: Hawks, Doves, and Owls
219(1)
Competing Views in Practice
219(1)
International Perspective: Dutch Drug Policy
220(4)
Current Policy
221(1)
Owlish Criticism
222(2)
Insights: Alternatives for the United States
224(3)
Summary
224(3)
College Education: Is It Worth the Cost?
227(20)
Analyzing the Investment Decision
228(1)
Step One
228(1)
Step Two
229(1)
Step Three
229(1)
Investing in a College Education: Monetary Benefits and Costs
230(2)
Student PVNB and ROR
232(2)
Social PVNB and ROR
234(1)
Insights: Does Where You Go to School Matter?
235(1)
International Perspective: Education and Economic Growth
236(2)
Investing in a College Education: Nonmonetary Benefits and Costs
236(1)
Nonmonetary Student Benefits
236(1)
Nonmonetary Student Costs
237(1)
Nonmonetary External Benefits
237(1)
International Perspective: Rates of Return Around the World
238(4)
Nonmonetary External Costs
238(1)
Is Government Support Necessary?
238(1)
Ensuring That Society Invests Enough in College Education
239(1)
Ensuring That Student Borrowing Reflects the Social Risk of Default
240(2)
Insights: The Demand for Education
242(5)
Increasing Enrollment of Lower-Income Students
242(1)
Summary
243(4)
Educational Reform: The Role of Incentives and Choice
247(26)
The Nature of the Problem
248(3)
Arguments for Public Support of Schools
251(2)
Insights: Jefferson, Smith, and Public Schools: Standards and Local Control
253(4)
The Economics of Student Achievement
254(2)
High-Stakes Testing
256(1)
Insights: Setting Standards for Mathematics Achievement
257(4)
The Economics of Investing in High-Stakes Testing
259(2)
International Perspective: High-Stakes Testing in Japan
261(12)
Investing in More Required Courses
261(1)
The Economic Organization of Public-Education
262(1)
Decision Making and Markets
263(2)
Decision Making and State-Owned Enterprises
265(1)
Decision Making and Public Schools
266(2)
Alternatives to the Current System of Public Education
268(2)
Summary
270(3)
Social Security: Where Are We? Where Are We Going?
273(20)
Principal Features of Social Security
274(2)
Who Pays the Social Security Tax?
276(2)
Social Security and Early Retirement
278(1)
Social Security and Household Savings
278(1)
Individual Rates of Return
279(3)
Is That All There Is to It?
282(1)
The Long-Run Deficit
283(1)
What Social Security Analysts Say
283(1)
Are the Analysts Right?
284(1)
International Perspective: Public Pension Plans in Trouble: The United States Is Not Unique
285(8)
What Can Be Done About the Deficit?
286(1)
Benefit Reductions
286(1)
Revenue Increases
287(2)
The Trade-Off for Individuals: Lower Deficits Mean Lower Rates of Return
289(1)
Summary
290(3)
Poverty: Old and New Approaches to a Persistent Problem
293(28)
The Scope of the Problem
294(3)
Antipoverty Effectiveness of Government Transfers
297(4)
Insights: The Tide Has Risen, But Most Boats Have Not
301(3)
Means-Tested Transfers and Income from Work
302(1)
Food Stamps
302(1)
Earned Income Tax Credit (EITC)
303(1)
Insights: Welfare Reform: Then and Now
304(17)
Temporary Assistance for Needy Families (TANF)
305(1)
TANF + Food Stamps + EITC
306(1)
Making Work Pay
307(1)
Unemployment Policy
308(1)
Childcare Assistance
309(2)
Medical Protection
311(1)
Minimum Wage
311(1)
Wage Subsidies
311(1)
Labor Market Discrimination Policy
312(3)
Making Fathers Pay
315(1)
Child Support Assistance
316(1)
Child Support Assurance
317(1)
Summary
317(4)
Tracking the Macroeconomy
321(24)
Gross Domestic Product (GDP)
322(1)
Insights: Measured GDP and the Underground Economy
323(9)
GDP's Components
324(1)
Consumption
324(1)
Gross Investment
324(2)
Government Purchases
326(1)
Net Exports
326(1)
Nominal GDP, Real GDP, and the GDP Deflator
326(4)
The Nation's Economic Performance
330(2)
Insights: Real GDP and Social Welfare
332(8)
Determining the Nation's Output and Price Level
333(1)
Aggregate Demand
333(4)
Aggregate Supply
337(1)
Aggregate Demand and Supply Interaction
338(2)
Insights: The Long Boom
340(5)
Summary
342(3)
Unemployment: A Recurring Problem
345(20)
Costs of Unemployment
346(1)
Economic Costs
346(1)
Noneconomic Costs
346(1)
Counting the Unemployed
347(2)
Insights: Job Opportunities and Discrimination
349(6)
Types of Unemployment
349(1)
Frictional Unemployment
349(1)
Structural Unemployment
350(1)
Cyclical Unemployment
350(1)
Full Employment
351(1)
Policies to Reduce Unemployment
352(1)
Reducing Cyclical Unemployment
352(3)
International Perspective: Unemployment in Japan
355(6)
Reducing Structural Unemployment
355(1)
Reducing Frictional Unemployment
356(1)
Unemployment and the Minimum Wage
357(2)
Unemployment in Europe
359(1)
Impediments to Hiring
360(1)
International Perspective: More on European Labor Markets
361(4)
Impediments to Accepting Employment
361(1)
Conclusion
362(1)
Summary
362(3)
Inflation: A Monetary Phenomenon
365(36)
Defining Inflation
366(1)
Measuring Inflation
366(1)
The GDP Deflator
366(1)
The Consumer Price Index
366(1)
Calculating the Inflation Rate
367(1)
Recent Experience
368(1)
Effects of Inflation
368(1)
The Redistribution of Income and Wealth
368(4)
Inflation and Government
372(1)
Inflation and Net Exports
372(1)
Other Effects
373(1)
Money and the Money Supply
374(1)
Money's Function
374(1)
The Money Supply
374(1)
Insights: Currency Holdings and the Underground Economy
375(3)
The Federal Reserve
376(1)
Causes of Inflation
376(1)
The Quantity Theory of Money
376(2)
International Perspective: Deflation in Japan: The Reemergence of an Old Issue
378(6)
Inflation Is a Monetary Phenomenon
379(1)
Inflation as a Monetary Phenomenon: Two Qualifications
380(2)
Labor Unions, Monopolies, and Inflation
382(1)
Inflation and Policy
383(1)
Monetary Policy
383(1)
Insights: The Fed as Inflation Fighter
384(7)
Fiscal Policy
385(1)
Supply-Side Policies
385(1)
Incomes Policy
386(2)
Summary
388(3)
Appendix: Money Creation and Monetary Policy
391(10)
Deficits, Surpluses, and Debt: Past, Present, and Future
401(26)
Budgets and Budget Concepts
402(1)
Historical Budget Perspective
403(1)
Insights: From Deficit to Surplus
404(2)
The Public Debt
405(1)
International Perspective: The Relative Importance of Budget Deficits and Surpluses for Various Countries: 1998
406(21)
Long-Run Budget and Debt Projections
408(1)
The Incredible Shrinking Surplus
408(2)
The Deficit and Debt in the Coming Decade
410(2)
The Really Long Run
412(1)
Measurement Issues
412(1)
Inflation
413(1)
Business Cycles
414(1)
Government Investment
415(1)
State and Local Government Deficits and Surpluses
416(1)
Economic Effects of a Deficit
416(1)
The Keynesian View: A Deficit Can Help to Cure a Recession
416(1)
The Modern View: The Strength of the Cure Depends on How the Deficit Is Financed
417(3)
The Burden of Debt
420(2)
Taking Stock
422(1)
Summary
423(4)
The Global Economy: Trade
427(16)
U.S. Participation in World Trade
428(1)
Comparative Advantage and International Trade
429(3)
Net Gains from International Trade
432(2)
Insights: The Cost of Saving U.S. Jobs
434(5)
Barriers to International Trade
434(1)
Tariffs
434(1)
Quotas
435(1)
Voluntary Export Restraints
435(1)
The Case for Free Trade
436(1)
Decreasing Costs
436(1)
Increased Competition
436(1)
Diversity of Products
436(1)
The Case for Protection
437(1)
Infant Industry
437(1)
National Defense
437(1)
Save American Jobs
437(1)
Cheap Foreign Labor
438(1)
Reducing Trade Barriers
438(1)
The Global Approach
438(1)
International Perspective: The WTO: An International Conspiracy?
439(1)
Insights: Trade Negotiations, Labor, and the Environment
440(3)
The Regional Approach
440(1)
Summary
441(2)
The Global Economy: Finance
443(18)
The Balance of Payments
444(1)
Insights: The United States: The World's Largest Debtor
445(8)
Exchange Rates and Their Determination
447(1)
Flexible Exchange Rates
447(3)
Fixed Exchange Rates
450(2)
The Current International Financial System
452(1)
The Case for Flexible Exchange Rates
452(1)
International Perspective: The Euro
453(2)
The Case for Fixed Exchange Rates
454(1)
Should Capital Flows Be Controlled?
454(1)
International Perspective: The Mexican Peso Crisis
455(6)
The Asian Financial Crisis
457(1)
Summary
457(4)
Glossary 461(8)
Index 469


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