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Economics With Infotrac: A Contemporary Introduction,9780324288605

Economics With Infotrac: A Contemporary Introduction

by
Edition:
7th
ISBN13:

9780324288605

ISBN10:
0324288603
Format:
Hardcover
Pub. Date:
1/5/2005
Publisher(s):
Cengage Learning
List Price: $416.95

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Summary

This very successful textbook is distinguished by a superior writing style that draws upon common student experiences to introduce economic concepts, making economic theory more accessible and interesting. "Case Studies" and numerous examples take advantage of students' intuitive knowledge of economics, building upon real-life situations. A streamlined design places pedagogy and illustrations directly within the flow of the text, making them less distracting and more useful for students. A fully integrated program of technology enhancements sets this text apart by pairing the book with numerous online multimedia learning tools that have been developed to help the text better serve a wide range of learning styles. The text uniquely integrates classroom use of The Wall Street Journal by including in-text pedagogy to help readers learn to analyze the latest economic events as reported in the Journal.

Table of Contents

Part 1 Introduction to Economics
The Art and Science of Economic Analysis
1(26)
The Economic Problem: Scarce Resources, Unlimited Wants
2(4)
Resources
2(1)
Goods and Services
3(1)
Economic Decision Makers
4(1)
A Simple Circular-Flow Model
4(2)
The Art of Economic Analysis
6(2)
Rational Self-Interest
6(1)
Choice Requires Time and Information
6(1)
Economic Analysis Is Marginal Analysis
7(1)
Microeconomics and Macroeconomics
7(1)
The Science of Economic Analysis
8(12)
The Role of Theory
8(1)
The Scientific Method
8(2)
Normative Versus Positive
10(1)
Economists Tell Stories
10(1)
Case Study: A Yen for Vending Machines
11(1)
Predicting Average Behavior
12(1)
Some Pitfalls of Faulty Economic Analysis
12(1)
If Economists Are So Smart, Why Aren't They Rich?
13(1)
Case Study: College Major and Career Earnings
13(7)
Appendix: Understanding Graphs
20(7)
Drawing Graphs
21(1)
The Slopes of Straight Lines
22(1)
The Slope, Units of Measurement, and Marginal Analysis
22(2)
The Slopes of Curved Lines
24(1)
Line Shifts
25(2)
Some Tools of Economic Analysis
27(19)
Choice and Opportunity Cost
28(3)
Opportunity Cost
28(1)
Case Study: The Opportunity Cost of College
28(1)
Opportunity Cost Is Subjective
29(1)
Sunk Cost and Choice
30(1)
Comparative Advantage, Specialization, and Exchange
31(3)
The Law of Comparative Advantage
31(1)
Absolute Advantage Versus Comparative Advantage
31(1)
Specialization and Exchange
32(1)
Division of Labor and Gains from Specialization
33(1)
Case Study: Specialization Abound
33(1)
The Economy's Production Possibilities
34(5)
Efficiency and the Production Possibilities Frontier
34(1)
Inefficient and Unattainable Production
35(1)
The Shape of the Production Possibilities Frontier
35(1)
What Can Shift the Production Possibilities Frontier?
36(1)
What Can We Learn from the PPF?
37(1)
Three Questions Every Economic System Must Answer
38(1)
Economic Systems
39(7)
Pure Capitalism
39(1)
Pure Command System
40(1)
Mixed and Transitional Economies
41(1)
Economies Based on Custom or Religion
41(5)
Economic Decision Makers
46(18)
The Household
47(2)
The Evolution of the Household
47(1)
Households Maximize Utility
47(1)
Households as Resource Suppliers
48(1)
Households as Demanders of Goods and Services
49(1)
The Firm
49(4)
The Evolution of the Firm
49(1)
Types of Firms
50(2)
Nonprofit Institutions
52(1)
Why Does Household Production Still Exist?
52(1)
Case Study: The Electronic Cottage
53(1)
The Government
53(5)
The Role of Government
54(1)
Government's Structure and Objectives
55(1)
The Size and Growth of Government
56(1)
Sources of Government Revenue
57(1)
Tax Principles and Tax Incidence
57(1)
The Rest of the World
58(6)
International Trade
59(1)
Exchange Rates
60(1)
Trade Restrictions
60(1)
Case Study: Wheels of Fortune
60(4)
Demand and Supply Analysis
64(25)
Demand
65(5)
The Law of Demand
65(1)
The Demand Schedule and Demand Curve
66(2)
Shifts of the Demand Curve
68(1)
Changes in Consumer Income
68(1)
Changes in the Prices of Related Goods
68(1)
Changes in Consumer Expectations
69(1)
Changes in the Number or Composition of Consumers
70(1)
Changes in Consumer Tastes
70(1)
Supply
70(6)
The Supply Schedule and Supply Curve
71(1)
Shifts of the Supply Curve
72(1)
Changes in Technology
72(1)
Changes in the Prices of Relevant Resources
72(1)
Changes in the Prices of Alternative Goods
72(1)
Changes in Producer Expectations
73(1)
Changes in the Number of Producers
73(1)
Demand and Supply Create a Market
74(1)
Markets
74(1)
Market Equilibrium
74(2)
Changes in Equilibrium Price and Quantity
76(5)
Shifts of the Demand Curve
76(1)
Shifts of the Supply Curve
77(2)
Simultaneous Shifts of Demand and Supply Curves
79(1)
Case Study: The Market for Professional Basketball
80(1)
Disequilibrium
81(8)
Price Floors
81(1)
Price Ceilings
81(2)
Case Study: The Toy Business Is Not Child's Play
83(6)
Part 2 Introduction to the Market System
Elasticity of Demand and Supply
89(26)
Price Elasticity of Demand
90(6)
Calculating Price Elasticity of Demand
90(2)
Categories of Price Elasticity of Demand
92(1)
Elasticity and Total Revenue
92(1)
Price Elasticity and the Linear Demand Curve
92(2)
Constant-Elasticity Demand Curves
94(2)
Determinants of the Price Elasticity of Demand
96(4)
Availability of Substitutes
96(1)
Proportion of the Consumer's Budget Spent on the Good
97(1)
A Matter of Time
97(1)
Elasticity Estimates
98(1)
Case Study: Deterring Young Smokers
99(1)
Price Elasticity of Supply
100(4)
Constant Elasticity Supply Curves
101(2)
Determinants of Supply Elasticity
103(1)
Other Elasticity Measures
104(8)
Income Elasticity of Demand
104(1)
Case Study: The Market for Food and ``The Farm Problem''
105(2)
Cross-Price Elasticity of Demand
107(5)
Appendix: Price Elasticity and Tax Incidence
112(3)
Demand Elasticity and Tax Incidence
112(1)
Supply Elasticity and Tax Incidence
113(2)
Consumer Choice and Demand
115(25)
Utility Analysis
116(1)
Tastes and Preferences
116(1)
The Law of Diminishing Marginal Utility
117(1)
Measuring Utility
117(11)
Units of Utility
117(1)
Utility Maximization in a World Without Scarcity
118(1)
Utility Maximization in a World of Scarcity
119(1)
Utility-Maximizing Conditions
120(1)
Case Study: Water, Water, Everywhere
121(1)
The Law of Demand and Marginal Utility
122(2)
Consumer Surplus
124(1)
Market Demand and Consumer Surplus
125(2)
Case Study: The Marginal Value of Free Medical Care
127(1)
The Role of Time in Demand
128(5)
Appendix: Indifference Curves and Utility Maximization
133(7)
Consumer Preferences
133(2)
The Budget Line
135(1)
Consumer Equilibrium at the Tangency
136(1)
Effects of a Change in Price
137(1)
Income and Substitution Effects
137(3)
Production and Cost in the Firm
140(25)
Cost and Profit
141(2)
Explicit and Implicit Costs
141(1)
Alternative Measures of Profit
141(2)
Production in the Short Run
143(3)
Fixed and Variable Resources
143(1)
The Law of Diminishing Marginal Returns
143(1)
The Total and Marginal Product Curves
144(2)
Costs in the Short Run
146(4)
Total Cost and Marginal Cost in the Short Run
146(2)
Average Cost in the Short Run
148(1)
The Relationship Between Marginal Cost and Average Cost
149(1)
Costs in the Long Run
150(10)
The Long-Run Average Cost Curve
150(2)
Economies of Scale
152(1)
Diseconomies of Scale
152(1)
Case Study: At the Movies
153(1)
Economies and Diseconomies of Scale at the Firm Level
154(1)
Case Study: Billions and Billions of Burgers
154(6)
Appendix: A Closer Look at Production and Costs
160(5)
The Production Function and Efficiency
160(1)
Isoquants
160(2)
Isocost Lines
162(1)
The Choice of Input Combinations
163(1)
The Expansion Path
163(2)
Part 3 Market Structure and Pricing
Perfect Competition
165(28)
An Introduction to Perfect Competition
166(2)
Perfectly Competitive Market Structure
166(1)
Demand Under Perfect Competition
167(1)
Short-Run Profit Maximization
168(3)
Total Revenue Minus Total Cost
168(1)
Marginal Revenue Equals Marginal Cost
169(2)
Economic Profit in the Short Run
171(1)
Minimizing Short-Run Losses
171(3)
Fixed Cost and Minimizing Losses
171(1)
Marginal Revenue Equals Marginal Cost
172(2)
Shutting Down in the Short Run
174(1)
The Firm and Industry Short-Run Supply Curves
174(4)
The Short-Run Firm Supply Curve
174(1)
The Short-Run Industry Supply Curve
175(1)
Firm Supply and Market Equilibrium
176(92)
Case Study: Winner-Take-All Labor Markets
268
Perfect Competition in the Long Run
178(4)
Zero Economic Profit in the Long Run
179(1)
The Long-Run Adjustment to a Change in Demand
179(3)
The Long-Run Industry Supply Curve
182(3)
Constant-Cost Industries
182(1)
Increasing-Cost Industries
183(2)
Perfect Competition and Efficiency
185(8)
Productive Efficiency: Making Stuff Right
185(1)
Allocative Efficiency: Making the Right Stuff
185(1)
What's So Perfect About Perfect Competition?
185(2)
Case Study: Experimental Economics
187(6)
Monopoly
193(23)
Barriers to Entry
194(3)
Legal Restrictions
194(1)
Economics of Scale
195(1)
Control of Essential Resources
195(1)
Case Study: Is a Diamond Forever?
196(1)
Revenue for the Monopolist
197(4)
Demand, Average Revenue, and Marginal Revenue
197(1)
The Gains and Loss from Selling One More Unit
198(1)
Revenue Schedules
199(1)
Revenue Curves
199(2)
The Firm's Costs and Profit Maximization
201(4)
Profit Maximization
201(3)
Short-Run Losses and the Shutdown Decision
204(1)
Long-Run Profit Maximization
204(1)
Monopoly and the Allocation of Resources
205(2)
Price and Output Under Perfect Competition
205(1)
Price and Output Under Monopoly
206(1)
Allocative and Distributive Effects
206(1)
Problems Estimating the Deadweight Loss of Monopoly
207(2)
Why the Deadweight Loss of Monopoly Might Be Lower
207(1)
Why the Deadweight Loss Might Be Higher
207(1)
Case Study: The Mail Monopoly
208(1)
Price Discrimination
209(7)
Conditions for Price Discrimination
209(1)
A Model of Price Discrimination
209(1)
Examples of Price Discrimination
210(1)
Perfect Price Discrimination: The Monopolist's Dream
211(5)
Monopolistic Competition and Oligopoly
216(23)
Monopolistic Competition
217(7)
Characteristics of Monopolistic Competition
217(1)
Product Differentiation
217(1)
Short-Run Profit Maximization or Loss Minimization
218(2)
Zero Economic Profit in the Long Run
220(1)
Case Study: Fast Forward
221(1)
Monopolistic Competition and Perfect Competition Compared
222(2)
An Introduction to Oligopoly
224(3)
Varieties of Oligopoly
224(1)
Case Study: The Unfriendly Skies
225(1)
Economies of Scale
225(1)
The High Cost of Fntry
226(1)
Crowding Out the Competition
226(1)
Models of Oligopoly
227(12)
Collusion and Cartels
227(2)
Price Leadership
229(1)
Game Theory
230(4)
Comparison of Oligopoly and Perfect Competition
234(5)
Part 4 Resource Markets
Resource Markets
239(20)
The Once-Over
240(1)
Resource Demand
240(1)
Resource Supply
240(1)
The Demand and Supply of Resources
241(6)
The Market Demand for Resources
241(1)
The Market Supply of Resources
242(1)
Temporary and Permanent Resource Price Differences
242(2)
Opportunity Cost and Economic Rent
244(3)
A Closer Look at Resource Demand
247(12)
The Firm's Demand for a Resource
247(1)
Marginal Revenue Product
248(1)
Marginal Resource Cost
249(2)
Shifts of the Demand for Resources
251(1)
Case Study: The Derived Demand for Architects
252(1)
The Optimal Use of More Than One Resource
253(1)
Case Study: The McMinimum Wage
253(6)
Labor Markets and Labor Unions
259(23)
Labor Supply
260(10)
Labor Supply and Utility Maximization
260(2)
Wages and Individual Labor Supply
262(1)
Nonwage Determinants of Labor Supply
263(2)
Market Supply of Labor
265(1)
Why Wages Differ
266(2)
Case Study: Winner-Take-All Labor Markets
268(2)
Unions and Collective Bargaining
270(1)
Types of Unions
270(1)
Collective Bargaining
271(1)
The Strike
271(1)
Union Wages and Employment
271(11)
Inclusive, or Industrial, Unions: Negotiating a Higher Industry Wage
271(2)
Exclusive, or Craft, Unions: Reducing Labor Supply
273(1)
Increasing Demand for Union Labor
274(1)
Recent Trends in Union Membership
275(2)
Case Study: Unionizing Information Technology Workers
277(5)
Capital, Interest, and Corporate Finance
282(17)
The Role of Time in Production and Consumption
283(7)
Production, Saving, and Time
283(1)
Consumption, Saving, and Time
284(1)
Optimal Investment
284(3)
Case Study: The Value of a Good Idea---Intellectual Property
287(1)
The Market for Loanable Funds
288(1)
Why Interest Rates Differ
289(1)
Present Value and Discounting
290(4)
Present Value of Payment One Year Hence
291(1)
Present Value for Payments in Later Years
291(1)
Present Value of an Income Stream
292(1)
Present Value of an Annuity
292(1)
Case Study: The Million-Dollar Lottery?
293(1)
Corporate Finance
294(5)
Corporate Stock and Retained Earnings
294(1)
Corporate Bonds
295(1)
Securities Exchanges
295(4)
Transaction Costs, Imperfect Information, and Market Behavior
299(18)
Rationale for the Firm and Its Scope of Operation
300(5)
The Firm Reduces Transaction Costs
300(1)
The Boundaries of the Firm
301(3)
Case Study: The Trend Towards Outsourcing
304(1)
Economies of Scope
305(1)
Market Behavior with Imperect Information
305(3)
Optimal Search with Imperfect Information
306(1)
The Winner's Curse
307(1)
Asymmetric Information in Product Markets
308(3)
Hidden Characteristics: Adverse Selection
308(1)
Hidden Actions: The Principal-Agent Problem
309(1)
Asymmetric Information in Insurance Markets
310(1)
Coping with Asymmetric Information
310(1)
Asymmetric Information in Labor Markets
311(6)
Adverse Selection in Labor Markets
311(1)
Signaling and Screening
311(1)
Case Study: The Reputation of a Big Mac
312(5)
Part 5 Market Failure and Public Policy
Economic Regulation and Antitrust Policy
317(21)
Business Behavior, Public Policy, and Government Regulation
318(1)
Regulating Natural Monopolies
319(2)
Unregulated Profit Maximization
319(1)
Setting Price Equal to Marginal Cost
319(1)
Subsidizing the Natural Monopolist
320(1)
Setting Price Equal to Average Cost
321(1)
The Regulatory Dilemma
321(1)
Alternative Theories of Economic Regulation
321(3)
Producers' Special Interest in Economic Regulation
322(1)
Case Study: Airline Regulation and Deregulation
322(2)
Antitrust Law and Enforcement
324(5)
Origins of Antitrust Policy
324(2)
Antitrust Law Enforcement
326(1)
Per Se Illegality and the Rule of Reason
326(1)
Mergers and Public Policy
326(1)
Merger Waves
327(2)
Competitive Trends in the U.S. Economy
329(9)
Market Competition over Time
329(2)
Case Study: Microsoft on Trial
331(1)
Recent Competitive Trends
332(1)
Problems with Antitrust Policy
333(5)
Public Goods and Public Choice
338(19)
Public Goods
339(3)
Private Goods, Public Goods, and In Between
339(1)
Optimal Provision of Public Goods
340(2)
Paying for Public Goods
342(1)
Public Choice in a Representative Democracy
342(9)
Median Voter Model
342(1)
Special Interest and Rational Ignorance
343(1)
Distribution of Benefits and Costs
344(2)
Case Study: Farm Subsidies
346(2)
Rent Seeking
348(1)
Case Study: Campaign Finance Reform
349(1)
The Underground Economy
350(1)
Bureaucracy and Representative Democracy
351(6)
Ownership and Funding of Bureaus
351(1)
Ownership and Organizational Behavior
351(1)
Bureaucratic Objectives
352(1)
Private Versus Public Production
353(4)
Externalities and the Environment
357(23)
Externalities and the Common-Pool Problem
358(2)
Renewable Resources
358(1)
Resolving the Common-Pool Problem
359(1)
Optimal Level of Pollution
360(8)
External Costs with Fixed Technology
360(1)
External Costs with Variable Technology
361(3)
Case Study: Destruction of the Tropical RainForests
364(1)
The Coase Theorem
365(1)
Markets for Pollution Rights
366(1)
Pollution Rights and Public Choice
367(1)
Environmental Protection
368(5)
Air Pollution
368(1)
Case Study: City in the Clouds
369(2)
Water Pollution
371(1)
Hazardous Waste and the Superfund
371(1)
Solid Waste: ``Paper or Plastic?''
372(1)
Positive Externalities
373(7)
Income Distribution and Poverty
380(22)
The Distribution of Household Income
381(4)
Income Distribution by Quintiles
381(1)
The Lorenz Curve
381(1)
A College Education Pays More
382(2)
Problems with Distribution Benchmarks
384(1)
Why Incomes Differ
384(1)
Poverty and the Poor
385(4)
Official Poverty Level
385(1)
Programs to Help the Poor
386(3)
Who Are the Poor?
389(5)
Poverty and Age
389(1)
Poverty and Public Choice
389(1)
The Feminization of Poverty
390(2)
Poverty and Discrimination
392(1)
Affirmative Action
393(1)
Unintended Consequences of Income Assistance
394(1)
Disincentives
394(1)
Does Welfare Cause Dependency?
395(1)
Welfare Reform
395(7)
Case Study: Is Welfare-to-Work Working?
396(1)
Recent Reforms
396(2)
Case Study: Oregon's Program of ``Tough Love''
398(4)
Part 6 International Microeconomics
International Trade
402(23)
The Gains from Trade
403(6)
A Profile of Exports and Imports
403(2)
Production Possibilities Without Trade
405(1)
Consumption Possibilities Based on Comparative Advantage
406(2)
Reasons for International Specialization
408(1)
Trade Restrictions and Welfare Loss
409(8)
Tariffs
410(1)
Import Quotas
411(2)
Quotas in Practice
413(1)
Tariffs and Quotas Compared
413(1)
Other Trade Restrictions
413(1)
Freer Trade by Multilateral Agreement
414(1)
The World Trade Organization
414(1)
Case Study: The WTO and the ``Battle in Seattle''
415(1)
Common Markets
416(1)
Arguments for Trade Restrictions
417(8)
National Defense Argument
417(1)
Infant Industry Argument
417(1)
Antidumping Argument
417(1)
Jobs and Income Argument
418(1)
Declining Industries Argument
419(1)
Problems with Protection
419(1)
Case Study: Bush's Steel Tariffs
420(1)
Import Substitution Versus Export Promotion
421(4)
Part 7 Fundamentals of Macroeconomics
Introduction to Macroeconomics
425(20)
The National Economy
426(2)
What's Special About the National Economy?
426(1)
The Human Body and the U.S. Economy
427(1)
Knowledge and Performance
427(1)
Economic Fluctuations and Growth
428(4)
U.S. Economic Fluctuations
428(2)
Case Study: The Global Economy
430(2)
Leading Economic Indicators
432(1)
Aggregate Demand and Aggregate Supply
432(3)
Aggregate Output and the Price Level
432(1)
The Aggregate Demand Curve
433(1)
The Aggregate Supply Curve
434(1)
Equilibrium
434(1)
A Short History of the U.S. Economy
435(10)
The Great Depression and Before
435(1)
The Age of Keynes: After the Great Depression to the Early 1970s
436(2)
The Great Stagflation: 1973 to 1980
438(1)
Experience Since 1980
439(1)
Case Study: Over Seven Decades of Real GDP and Price Levels
440(5)
Productivity and Growth
445(22)
Theory of Productivity and Growth
446(5)
Growth and the Production Possibilities Frontier
446(2)
What Is Productivity?
448(1)
Labor Productivity
448(1)
The Per-Worker Production Function
449(1)
Technological Change
450(1)
Rules of the Game
451(1)
Productivity and Growth in Practice
451(7)
Education and Economic Development
452(1)
U.S. Labor Productivity
453(1)
Slowdown and Rebound in Productivity Growth
454(1)
Case Study: Computers and Productivity Growth
455(1)
Output per Capita
456(1)
International Comparisons
456(2)
Other Issues of Technology and Growth
458(9)
Does Technological Change Lead to Unemployment?
459(1)
Research and Development
459(2)
Do Economies Converge
461(1)
Industrial Policy
462(1)
Case Study: Picking Technological Winners
462(5)
Measuring the Economy and the Circular Flow
467(22)
The Product of a Nation
468(3)
National Income Accounts
468(1)
GDP Based on the Expenditure Approach
469(1)
GDP Based on the Income Approach
470(1)
The Circular Flow of Income and Expenditure
471(3)
The Income Half of the Circular Flow
471(2)
The Expenditure Half of the Circular Flow
473(1)
Leakages Equal Injections
474(1)
Limitations of National Income Accounting
474(3)
Some Production Is Not Included in GDP
474(1)
Leisure, Quality, and Variety
475(1)
Case Study: Tracking a $12 Trillion Economy
475(1)
What's Gross about Gross Domestic Product?
476(1)
GDP Does Not Reflect All Costs
476(1)
GDP and Economic Welfare
477(1)
Accounting for Price Changes
477(9)
Price Indexes
477(1)
Consumer Price Index
478(1)
Problems with the CPI
479(1)
The GDP Price Index
480(1)
Moving from Fixed Weights to Chain Weights
480(1)
Case Study: Computer Prices and GDP Estimation
481(5)
Appendix: National Income Accounts
486(3)
National Income
486(1)
Personal and Disposable Income
486(1)
Summary of National Income Accounts
486(1)
Summary Income Statement of the Economy
487(2)
Unemployment and Inflation
489(23)
Unemployment
490(9)
Measuring Unemployment
490(2)
Labor Force Participation Rate
492(1)
Unemployment over Time
492(1)
Unemployment in Various Groups
492(1)
Unemployment Varies Across Regions
493(2)
Case Study: Poor King Coal
495(1)
Sources of Unemployment
496(1)
The Meaning of Full Employment
497(1)
Unemployment Compensation
498(1)
International Comparisons of Unemployment
498(1)
Problems with Official Unemployment Figures
499(1)
Inflation
499(13)
Case Study: Hyperinflation in Brazil
500(1)
Two Sources of Inflation
501(1)
A Historical Look at Inflation and the Price Level
502(1)
Anticipated Versus Unanticipated Inflation
503(1)
The Transaction Costs of Variable Inflation
503(1)
Inflation Obscures Relative Price Changes
504(1)
Inflation Across Metropolitan Areas
504(1)
Inflation Across Countries
504(1)
Inflation and Interest Rates
505(2)
Why Is Inflation Unpopular?
507(5)
Aggregate Expenditure Components
512(22)
Consumption
513(7)
A First Look at Consumption and Income
513(2)
The Consumption Function
515(1)
Marginal Propensities to Consume and to Save
515(1)
MPC, MPS, and the Slope of the Consumption and Saving Functions
516(1)
Nonincome Determinants of Consumption
517(2)
Case Study: The Life-Cycle Hypothesis
519(1)
Investment
520(5)
The Demand for Investment
520(2)
From Micro to Macro
522(1)
Planned Investment and the Economy's Income
523(1)
Nonincome Determinants of Planned Investment
523(1)
Case Study: Investment Varies Much More than Consumption
524(1)
Government
525(1)
Government Purchase Function
526(1)
Net Taxes
526(1)
Net Exports
526(1)
Net Exports and Income
526(1)
Nonincome Determinants of Net Exports
527(1)
Composition of Aggregate Expenditure
527(5)
Appendix: Variable Net Exports
532(2)
Net Exports and Income
532(1)
Shifts of Net Exports
532(2)
Aggregate Expenditure and Aggregate Demand
534(22)
Aggregate Expenditure and Income
535(4)
The Components of Aggregate Expenditure
535(2)
Real GDP Demanded
537(1)
What If Planned Spending Exceeds Real GDP?
538(1)
What If Real GDP Exceeds Planned Spending?
538(1)
The Simple Spending Multiplier
539(4)
An Increase in Planned Spending
539(2)
Using the Simple Spending Multiplier
541(1)
Case Study: Fear of Flying
542(1)
The Aggregate Demand Curve
543(8)
A Higher Price Level
543(2)
A Lower Price Level
545(1)
The Multiplier and Shifts in Aggregate Demand
545(2)
Case Study: Falling Consumption Triggers Japan's Recession
547(4)
Appendix A: Variable Net Exports Revisited
551(3)
Net Exports and the Spending Multiplier
552(1)
A Change in Autonomous Spending
552(2)
Appendix B: The Algebra of Income and Expenditure
554(2)
The Aggregate Expenditure Line
554(1)
A More General Form of Income and Expenditure
554(1)
Varying Net Exports
555(1)
Aggregate Supply
556(20)
Aggregate Supply in the Short Run
557(4)
Labor and Aggregate Supply
557(1)
Potential Output and the Natural Rate of Unemployment
558(1)
Actual Price Level Higher than Expected
558(1)
Why Costs Rise When Output Exceeds Potential
559(1)
An Actual Price Level Lower than Expected
560(1)
The Short-Run Aggregate Supply Curve
560(1)
From the Short Run to the Long Run
561(7)
Closing an Expansionary Gap
561(2)
Closing a Contractionary Gap
563(2)
Tracing Potential Output
565(1)
Wage Flexibility and Employment
565(1)
Case Study: U.S. Output Gaps and Wage Flexibility
566(2)
Changes in Aggregate Supply
568(8)
Increases in Aggregate Supply
568(2)
Decreases in Aggregate Supply
570(1)
Case Study: Why Is Unemployment So High in Europe?
571(5)
Part 8 Fiscal and Monetary Policy
Fiscal Policy
576(21)
Theory of Fiscal Policy
577(3)
Fiscal Policy Tools
577(1)
Changes in Government Purchases
577(1)
Changes in Net Taxes
578(2)
Including Aggregate Supply
580(3)
Discretionary Fiscal Policy to Close a Contractionary Gap
580(2)
Discretionary Fiscal Policy to Close an Expansionary Gap
582(1)
The Multiplier and the Time Horizon
583(1)
The Evolution of Fiscal Policy
583(11)
The Great Depression and World War II
583(1)
Automatic Stabilizers
584(1)
From the Golden Age to Stagflation
585(1)
Fiscal Policy and the Natural Rate of Unemployment
586(1)
Lags in Fiscal Policy
586(1)
Discretionary Fiscal Policy and Permanent Income
587(1)
The Feedback Effects of Fiscal Policy on Aggregate Supply
587(1)
U.S. Budget Deficits of the 1980s and 1990s
588(1)
Case Study: The Supply-Side Experiment
588(1)
Case Study: Discretionary Fiscal Policy and Presidential Elections
589(1)
Balancing the Federal Budget---Temporarily
590(4)
Appendix: The Algebra of Demand-Side Equilibrium
594(3)
Net Tax Multiplier
594(1)
The Multiplier When Both G and NT Change
594(1)
The Multiplier with a Proportional Income Tax
594(1)
Including Variable Net Exports
595(2)
Money and the Financial System
597(23)
The Evolution of Money
598(7)
Barter and the Double Coincidence of Wants
598(1)
The Earliest Money and Its Functions
598(2)
Desirable Qualities of Money
600(1)
Coins
600(1)
Money and Banking
601(1)
Paper Money
602(1)
The Value of Money
603(1)
When Money Performs Poorly
603(1)
Case Study: When Monetary Systems Break Down
604(1)
Financial Institutions in the United States
605(15)
Commercial Banks and Thrifts
605(1)
The Birth of the Fed
605(1)
Powers of the Federal Reserve System
606(1)
Banking During the Great Depression
607(1)
Roosevelt's Reforms
608(2)
Banks Lost Deposits When Inflation Increased
610(1)
Bank Deregulation
610(1)
Savings Banks on the Ropes
611(1)
Commercial Banks Were Also Failing
612(1)
U.S. Banking Structure
613(3)
Case Study: Banking Troubles in Japan
616(4)
Banking and the Money Supply
620(21)
Money Aggregates
621(4)
The Narrow Definition of Money: M1
621(1)
Case Study: Faking It
622(1)
Broader Money Aggregates
623(1)
Credit Cards and Debit Cards: What's the Difference?
624(1)
How Banks Work
625(3)
Banks Are Financial Intermediaries
625(1)
Starting a Bank
626(1)
Reserve Accounts
627(1)
Liquidity Versus Profitability
627(1)
How Banks Create Money
628(6)
Creating Money Through Excess Reserves
628(3)
A Summary of the Rounds
631(1)
Reserve Requirements and Money Expansion
631(1)
Limitations on Money Expansion
632(1)
Multiple Contraction of the Money Supply
632(1)
Case Study: Banking on the Net
633(1)
The Fed's Tools of Monetary Control
634(7)
Open-Market Operations and the Federal Funds Rate
635(1)
The Discount Rate
635(1)
Reserve Requirements
636(1)
The Fed Is a Money Machine
636(5)
Monetary Theory and Policy
641(20)
The Demand and Supply of Money
642(3)
The Demand for Money
642(1)
Money Demand and Interest Rates
643(1)
The Supply of Money and the Equilibrium Interest Rate
644(1)
Money and Aggregate Demand in the Short Run
645(5)
Interest Rates and Planned Investment
645(1)
Adding Short-Run Aggregate Supply
646(2)
Case Study: Targeting the Federal Funds Rate
648(2)
Money and Aggregate Demand in the Long Run
650(5)
The Equation of Exchange
650(1)
The Quantity Theory of Money
651(1)
What Determines the Velocity of Money?
652(1)
How Stable Is Velocity?
652(2)
Case Study: The Money Supply and Inflation Around the World
654(1)
Targets for Monetary Policy
655(6)
Contrasting Policies
655(2)
Targets Before 1982
657(1)
Targets After 1982
657(4)
The Policy Debate: Active or Passive?
661(23)
Active Policy Versus Passive Policy
662(6)
Closing a Contractionary Gap
662(2)
Closing an Expansionary Gap
664(1)
Problems with Active Policy
664(1)
The Problem of Lags
665(2)
A Review of Policy Perspectives
667(1)
Case Study: Active Versus Passive Presidential Candidates
667(1)
The Role of Expectations
668(5)
Monetary Policy and Expectations
669(1)
Anticipating Monetary Policy
670(1)
Policy Credibility
671(1)
Case Study: Central Bank Independence and Price Stability
672(1)
Policy Rules Versus Discretion
673(2)
Limitations on Discretion
674(1)
Rules and Rational Expectations
674(1)
The Phillips Curve
675(9)
The Short-Run Phillips Curve
677(1)
The Long-Run Phillips Curve
677(2)
The Natural Rate Hypothesis
679(1)
Evidence of the Phillips Curve
679(5)
Federal Budgets and Public Policy
684(19)
The Federal Budget Process
685(2)
The Presidential and Congressional Roles
686(1)
The Congressional Role in the Budget Process
686(1)
Problems with the Federal Budget Process
686(1)
Possible Budget Reforms
687(1)
The Fiscal Impact of the Federal Budget
687(7)
The Rationale for Deficits
688(1)
Budget Philosophies and Deficits
688(1)
Federal Deficits Since the Birth of the Nation
689(1)
Why Have Deficits Persisted?
690(1)
Deficits, Surpluses, Crowding Out, and Crowding In
690(1)
The Twin Deficits
691(1)
The Short-Lived Budget Surplus
691(2)
Case Study: Reforming Social Security and Medicare
693(1)
The Relative Size of the Public Sector in the United States
694(1)
The National Debt
694(9)
International Perspective on Public Debt
695(1)
Interest on the National Debt
696(1)
Who Bears the Burden of the Debt?
697(1)
Crowding Out and Capital Formation
698(1)
Case Study: An Intergenerational View of Deficits and Debt
699(4)
Part 9 International macroeconomics
International Finance
703(18)
Balance of Payments
704(5)
International Economic Transactions
704(1)
The Merchandise Trade Balance
704(2)
The Balance on Goods and Services
706(1)
Unilateral Transfers
706(1)
The Capital Account
707(1)
Deficits and Surpluses
707(2)
Foreign Exchange Rates and Markets
709(6)
Foreign Exchange
709(1)
The Demand for Foreign Exchange
710(1)
The Supply of Foreign Exchange
710(1)
Determining the Exchange Rate
711(1)
Arbitrageurs and Speculators
711(2)
Purchasing Power Paricy
713(1)
Case Study: The Big Mac Price Index
713(2)
Flexible Exchange Rates
715(1)
Fixed Exchange Rates
715(1)
Development of the International Monetary System
715(6)
The Bretton Woods Agreement
716(1)
The Demise of the Bretton Woods System
716(1)
The Current System: Managed Float
717(1)
Case Study: The Asian Contagion
717(4)
Glossary 721(12)
Index 733


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