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The Instant Economist Everything You Need to Know About How the Economy Works



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This is the 1st edition with a publication date of 1/31/2012.
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The Only Economics Book You Will Ever Need. Economics isn't just about numbers: It's about politics, psychology, history, and so much more. We are all economists-when we work, save for the future, invest, pay taxes, and buy our groceries. Yet many of us feel lost when the subject arises. Award-winning professor Timothy Taylor tackles all the key questions and hot topics of both microeconomics and macroeconomics, including: * Why do budget deficits matter? * What exactly does the Federal Reserve do? * Does globalization take jobs away from American workers? * Why is health insurance so costly? The Instant Economistoffers the knowledge and sophistication to understand the issues- so you can understand and discuss economics on a personal, national, and global level.

Author Biography

Timothy Taylor is managing editor of the American Economics Association's Journal of Economic Perspectives. He won numerous teaching awards for his classes at Stanford University and was named a distinguished lecturer at the University of Minnesota. He lives in St. Paul, Minnesota.

Table of Contents

Introductionp. ix
How Economists Thinkp. 1
Division of Laborp. 7
Supply and Demandp. 12
Price Floors and Ceilingsp. 22
Elasticityp. 27
The Labor Market and Wagesp. 34
Financial Markets and Rates of Returnp. 42
Personal Investingp. 49
From Perfect Competition to Monopolyp. 58
Antitrust and Competition Policyp. 64
Regulation and Deregulationp. 71
Negative Externalities and the Environmentp. 76
Positive Externalities and Technologyp. 81
Public Goodsp. 87
Poverty and Welfare Programsp. 90
Inequalityp. 98
Imperfect Information and Insurancep. 103
Corporate and Political Governancep. 110
Macroeconomics and Gross Domestic Productp. 118
Economic Growthp. 124
Unemploymentp. 13 0
Inflationp. 136
The Balance of Tradep. 144
Aggregate Supply and Aggregate Demandp. 152
The Unemployment-Inflation Trade-offp. 157
Fiscal Policy and Budget Deficitsp. 163
Countercyclical Fiscal Policyp. 170
Budget Deficits and National Savingp. 177
Money and Bankingp. 184
The Federal Reserve and Its Powersp. 191
The Conduct of Monetary Policyp. 201
The Gains of International Tradep. 210
The Debates over Protectionismp. 217
Exchange Ratesp. 225
International Financial Crashesp. 234
A Global Economic Perspectivep. 242
Referencesp. 251
Indexp. 253
Table of Contents provided by Ingram. All Rights Reserved.

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