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Microeconomics + DiscoverEcon Online with Paul Solman Videos

by ; ;
Edition:
16th
ISBN13:

9780072982732

ISBN10:
007298273X
Format:
Paperback
Pub. Date:
4/5/2004
Publisher(s):
McGraw-Hill/Irwin

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What version or edition is this?
This is the 16th edition with a publication date of 4/5/2004.
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Summary

The proven and popular Microeconomics has been made even tighter and smoother for its 16th edition. A DVD features bestselling DiscoverEcon software and two videos with Paul Solman of PBS. New topics include the economics of the war on terrorism, China's rapidly emerging economy, recent accounting misconduct, and more. Two bonus chapters available on the Web provide additional, specialized information.

Author Biography

Campbell R. McConnell taught at the University of Nebraska- Lincoln from 1953 through 1990.

Stanley L. Brue is a professor at Pacific Lutheran University.

Table of Contents

List of Key Graphs
vi
Preface vii
Contributors xiii
PART ONE An Introduction to Economics and the Economy
To the Student
2(1)
The Nature and Method of Economics
3(19)
The Economic Perspective
3(1)
Scarcity and Choice
Rational Behavior
Marginalism: Benefits and Costs
Consider This: Free for All?
4(1)
Why Study Economics?
5(1)
Economics for Citizenship
Professional and Personal Applications
Economic Methodology
6(3)
Theoretical Economics
Policy Economics
Macroeconomics and Microeconomics
9(1)
Macroeconomics
Microeconomics
Positive and Normative Economics
Pitfalls to Sound Reasoning
10(2)
Biases
Loaded Terminology
Definitions
Fallacy of Composition
Causation Fallacies
A Look Ahead
12(1)
Last Word: Fast-Food Lines: An Economic Perspective
12(3)
Appendix Chapter I: Graphs and Their Meaning
15(7)
Construction of a Graph
Direct and loverse Relationships
Dependent and Independent Variables
Other Things Equal
Slope of a Line
Vertical Intercept
Equation of a Linear Relationship
Slope of a Nonlinear Curve
The Economizing Problem
22(17)
The Foundation of Economics
22(2)
Unlimited Wants
Scarce Resources
Economics: Employment and Efficiency
24(4)
Full Employment: Using Available Resources
Full Production: Using Resources Efficiently
Production Possibilities Table
Production Possibilities Curve
Law of Increasing Opportunity Cost
Allocative Efficiency Revisited
Unemployment, Growth, and the Future
28(4)
Unemployment and Productive Inefficiency
A Growing Economy
A Qualification: International Trade
Examples and Applications
Consider This: A Matter of Degrees: Is College Worth the Cost?
32(1)
Economic Systems
33(1)
The Market System
The Command System
The Circular Flow Model
34(1)
Last Word: September 11, 2001, and the War on Terrorism
35(4)
Individual Markets: Demand and Supply
39(21)
Markets
39(1)
Demand
40(5)
Law of Demand
The Demand Curve
Market Demand
Change in Demand
Changes in Quantity Demanded
Supply
45(3)
Law of Supply
The Supply Curve
Determinants of Supply
Changes in Supply
Changes in Quantity Supplied
Supply and Demand: Market Equilibrium
48(2)
Surpluses
Shortages
Equilibrium Price and Quantity
Rationing Function of Prices
Changes in Supply, Demand, and Equilibrium
A Reminder: ``Other Things Equal''
Consider This: The Cutting Edge
50(2)
Application: Government-Set Prices
52(3)
Price Ceilings and Shortages
Price Floors and Surpluses
Last Word: Ticket Scalping: A Bum Rap?
55(4)
Web Applications and Extensions of Supply and Demand Analysis (Web Chapter, www.mcconnell16.com)
59
Changes in Supply and Demand
1(3)
Lettuce
American Flags
Pink Salmon
Gasoline
Sushi
Preset Prices
4(1)
Olympic Figure Skating Finals
Olympic Curling Preliminaries
Consider This: Taking Back a ``Gift''
5(1)
Nonpriced Goods: The American Bison
6(1)
Consumer and Producer Surplus
7(4)
Consumer Surplus
Producer Surplus
Efficiency Revisited
Efficiency Losses
Last Word: Efficiency Gains from Generic Drugs
11(49)
The Market System
60(13)
Characteristics of the Market System
60(4)
Private Property
Freedom of Enterprise and Choice
Self-interest
Competition
Markets and Prices
Reliance on Technology and Capital Goods
Specialization
Use of Money
Active, but Limited, Government
The Market System at Work
64(2)
What Will Be Produced?
How Will the Goods and Services Be Produced?
Who Will Get the Goods and Services?
How Will the System Accommodate Change?
Consider This: McHits and McMisses
66(3)
Competition and the ``Invisible Hand''
69(1)
Last Word: Shuffling the Deck
70(3)
The U.S. Economy: Private and Public Sectors
73(18)
Households as Income Receivers
73(1)
The Functional Distribution of Income
The Personal Distribution of Income
Households as Spenders
74(1)
Personal Taxes
Personal Saving
Personal Consumption Expenditures
The Business Population
75(1)
Legal Forms of Businesses
76(3)
Advantages and Disadvantages
The Principal-Agent Problem
The Public Sector: Government's Role
79(3)
Providing the Legal Structure
Maintaining Competition
Redistributing Income
Reallocating Resources
Promoting Stability
Government's Role: A Qualification
Consider This: Street Entertainers
82(1)
The Circular Flow Revisited
83(1)
Government Finance
84(1)
Government Purchases and Transfers
Federal Finance
85(2)
Federal Expenditures
Federal Tax Revenues
State and Local Finance
87(1)
State Finances
Local Finances
Fiscal Federalism
Last Word: The Financing of Corporations
88(3)
The United States in the Global Economy
91(21)
International Linkages
91(1)
The United States and World Trade
92(4)
Volume and Pattern
Rapid Trade Growth
Participants in International Trade
Specialization and Comparative Advantage
96(3)
Basic Principle
Comparative Costs
Terms of Trade
Gains from Specialization and Trade
The Foreign Exchange Market
99(1)
Dollar-Yen Market
Changing Rates: Depreciation and Appreciation
Consider This: A Ticket to Ride
100(1)
Government and Trade
101(2)
Trade Impediments and Subsidies
Why Government Trade Interventions?
Costs to Society
Multilateral Trade Agreements and Free-Trade Zones
103(3)
Reciprocal Trade Agreements Act
General Agreement on Tariffs and Trade
World Trade Organization
The European Union
North American Free Trade Agreement
Global Competition
106(1)
Last Word: Petition of the Candlemakers, 1845
106(6)
PART TWO Microeconomics of Product Markets
Elasticity of Demand and Supply
112(16)
Price Elasticity of Demand
112(2)
The Price Elasticity Coefficient and Formula
Interpretations of Ed
Refinement: Midpoint Formula
Graphical Analysis
The Total-Revenue Test
Price Elasticity and the Total-Revenue Curve
Determinants of Price Elasticity of Demand
Applications of Price Elasticity of Demand
Consider This: A Bit of a Stretch
114(6)
Price Elasticity of Supply
120(3)
Price Elasticity of Supply: The Market Period
Price Elasticity of Supply: The Short Run
Price Elasticity of Supply: The Long Run
Applications of Price Elasticity of Supply
Cross Elasticity and Income Elasticity of Demand
123(2)
Cross Elasticity of Demand
Income Elasticity of Demand
Last Word: Elasticity and Pricing Power: Why Different Consumers Pay Different Prices
125(3)
Consumer Behavior and Utility Maximization
128(20)
A Closer Look at the Law of Demand
128(3)
Income and Substitution Effects
Law of Diminishing Marginal Utility
Consider This: Vending Machines and Marginal Utility
131(1)
Theory of Consumer Behavior
132(2)
Consumer Choice and Budget Constraint
Utility-Maximizing Rule
Numerical Example
Algebraic Restatement
Utility Maximization and the Demand Curve
134(1)
Deriving the Demand Schedule and Curve
Income and Substitution Effects Revisited
Applications and Extensions
135(3)
DVDs and DVD Players
The Diamond-Water Paradox
The Value of Time
Medical Care Purchases
Cash and Noncash Gifts
Last Word: Criminal Behavior
138(4)
Appendix to Chapter 8: Indifference Curve Analysis
142(6)
The Budget Line: What Is Attainable
Indifference Curves: What Is Preferred
The Indifference Map
Equilibrium at Tangency
The Measurement of Utility
The Derivation of the Demand Curve
The Costs of Production
148(21)
Economic Costs
148(2)
Explicit and Implict Costs
Normal Profit as a Cost
Economic Profit (or Pure Profit)
Short Run and Long Run
Short-Run Production Relationships
150(1)
Law of Diminishing Returns
Consider This: Diminishing Returns from Study
151(3)
Short-Run Production Costs
154(5)
Fixed, Variable, and Total Costs
Per-Unit, or Average, Costs
Marginal Cost
Shifts of the Cost Curves
Long-Run Production Costs
159(5)
Firm Size and Costs
The Long-Run Cost Curve
Economies and Diseconomies of Scale
Minimum Efficient Scale and Industry Structure
Applications and Illustrations
164(1)
Rising Cost of Insurance and Security
Successful Start-Up Firms
The Verson Stamping Machine
The Daily Newspaper
Aircraft and Concerte Plants
Last Word: Irrelevancy of Sunk Costs
165(4)
Pure Competition
169(25)
Four Market Models
169(1)
Pure Competition: Characteristics and Occurrence
170(1)
Relevance of Pure Competition
Demand as Seen by a Purely Competitive Seller
171(1)
Perfectly Elastic Demand
Average, Total, and Marginal Revenue
Graphical Portrayal
Profit Maximization in the Short Run
172(7)
Total-Revenue--Total-Cost Approach: Profit-Maximization Case
Marginal-Revenue-Marginal-Cost Approach
Consider This: The Still There Motel
179(1)
Marginal Cost and Short-Run Supply
179(4)
Generalized Depiction
Diminishing Returns, Production Costs, and Product Supply
Changes in Supply
Firm and Industry: Equilibrium Price
Profit Maximization in the Long Run
183(4)
Assumptions
Goal of Our Analysis
Long-Run Equilibrium
Long-Run Supply for a Constant-Cost Industry
Long-Run Supply for an Increasing-Cost Industry
Long-Run Supply for a Decreasing-Cost Industry
Pure Competition and Efficiency
187(3)
Productive Efficiency: P = Minimum ATC
Allocative Efficiency: P = MC
Last Word: Pure Competition and Consumer Surplus
190(4)
Pure Monopoly
194(22)
An Introduction to Pure Monopoly
194(1)
Examples of Monopoly
Dual Objectives of the Study of Monopoly
Barriers to Entry
195(2)
Economies of Scale
Legal Barriers to Entry: Patents and Licenses
Ownership or Control of Essential Resources
Pricing and Other Strategic Barriers to Entry
Monopoly Demand
197(3)
Marginal Revenue Is Less Than Price
The Monopolist Is a Price Maker
The Monopolist Sets Prices in the Elastic Region of Demand
Output and Price Determination
200(3)
Cost Data
MR = MC Rule
No Monopoly Supply Curve
Misconceptions Concerning Monopoly Pricing
Possibility of Losses by Monopolist
Economic Effects of Monopoly
203(4)
Price, Output, and Efficiency
Income Transfer
Cost Complications
Assessment and Policy Options
Price Discrimination
207(1)
Conditions
Examples of Price Discrimination
Price Discrimination Outcomes
Consider This: Price Discrimination at the Ballpark
208(1)
Regulated Monopoly
209(3)
Socially Optimal Price: P = MC
Fair-Return Price: P = ATC
Dilemma of Regulation
Last Word: De Beers' Diamonds: Are Monopolies Forever?
212(4)
Monopolistic Competition and Oligopoly
216(24)
Monopolistic Competition
216(2)
Relatively Large Number of Sellers
Differentiated Products
Easy Entry and Exit
Advertising
Monopolistically Competitive Industries
Price and Output in Monopolistic Competition
218(2)
The Firm's Demand Curve
The Short Run: Profit or Loss
The Long Run: Only a Normal Profit
Monopolistic Competition and Efficiency
220(2)
Neither Productive nor Allocative Efficiency
Excess Capacity
Product Variety
222(1)
Benefits of Product Variety
Further Complexity
Oligopoly
223(2)
A Few Large Producers
Homogeneous or Differentiated Products
Control over Price, but Mutual Interdependence
Entry Barriers
Mergers
Measures of Industry Concentration
Oligopoly Behavior: A Game-Theory Overview
225(1)
Mutual Interdependence Revisited
Collusive Tendencies
Incentive to Cheat
Consider This: Creative Strategic Behavior
226(1)
Three Oligopoly Models
227(6)
Kinked-Demand Theory: Noncollusive Oligopoly
Cartels and Other Collusion
Price Leadership Model
Oligopoly and Advertising
233(2)
Positive Effects of Advertising
Potential Negative Effects of Advertising
Oligopoly and Efficiency
235(1)
Productive and Allocative Efficiency
Qualifications
Last Word: Oligopoly in the Beer Industry
236(4)
Technology, R&D, and Efficiency
240(20)
Invention, Innovation, and Diffusion
240(2)
Invention
Innovation
Diffusion
R&D Expenditures
Modern View of Technological Advance
Role of Entrepreneurs and Other Innovators
242(2)
Forming Start-Ups
Innovating within Existing Firms
Anticipating the Future
Exploiting University and Government Scientific Research
A Firm's Optimal Amount of R&D
244(2)
Interest-Rate Cost of Funds
Expected Rate of Return
Optimal R&D Expenditures
Increased Profit via Innovation
246(3)
Increased Revenue via Product Innovation
Reduced Cost via Process Innovation
Imitation and R&D Incentives
249(1)
Benefits of Being First
Consider This: Trade Secrets
250(1)
Role of Market Structure
251(2)
Market Structure and Technological Advance
Inverted-U Theory
Market Structure and Technological Advance: The Evidence
Technological Advance and Efficiency
253(1)
Productive Efficiency
Allocative Efficiency
Creative Destruction
Last Word: On the Path to the Personal Computer and Internet
254(6)
PART THREE Microeconomics of Resource Markets
The Demand for Resources
260(17)
Significance of Resource Pricing
260(1)
Marginal Productivity Theory of Resource Demand
261(4)
Resource Demand as a Derived Demand
Marginal Revenue Product
Rule for Employing Resources: MRP = MRC
MRP as Resource Demand Schedule
Resource Demand under Imperfect Product Market Competition
Market Demand for a Resource
Consider This: She's The One
265(1)
Determinants of Resource Demand
265(4)
Changes in Product Demand
Changes in Productivity
Changes in the Prices of Other Resources
Occupational Employment Trends
Elasticity of Resource Demand
269(1)
Optimal Combination of Resources
270(2)
The Least-Cost Rule
The Profit-Maximizing Rule
Numerical Illustration
Marginal Productivity Theory of Income Distribution
272(1)
Last Word: Input Substitution: The Case of ATMs
273(4)
Wage Determination
277(21)
Labor, Wages, and Earnings
277(1)
General Level of Wages
278(2)
Role of Productivity
Real Wages and Productivity
Secular Growth of Real Wages
A Purely Competitive Labor Market
280(2)
Market Demand for Labor
Market Supply of Labor
Labor Market Equilibrium
Monopsony Model
282(2)
Upward-Sloping Labor Supply to Firm
MRC Higher than the Wage Rate
Equilibrium Wage and Employment
Examples of Monopsony Power
Three Union Models
284(3)
Demand-Enhancement Model
Exclusive or Craft Union Model
Inclusive or Industrial Union Model
Wage Increases and Unemployment
Bilateral Monopoly Model
287(1)
Indeterminate Outcome of Bilateral Monopoly
Desirability of Bilateral Monopoly
The Minimum-Wage Controversy
288(1)
Case against the Minimum Wage
Case for the Minimum Wage
Evidence and Conclusions
Wage Differentials
289(3)
Marginal Revenue Productivity
Noncompeting Groups
Compensating Differences
Market Imperfections
Consider This: My Entire Life
292(1)
Pay for Performance
293(2)
The Principal-Agent Problem Revisited
Addenda: Negative Side Effects of Pay for Performance
Last Word: Are Chief Executive Officers (CEOs) Overpaid?
295(3)
Rent, Interest, and Profit
298(16)
Economic Rent
298(3)
Perfectly Inelastic Supply
Changes in Demand
Land Rent: A Surplus Payment
Application: A Single Tax on Land
Productivity Differences and Rent Differences
Alternative Uses of Land
Interest
301(2)
Loanable Funds Theory of Interest
Extending the Model
Range of Interest Rates
Pure Rate of Interest
Role of the Interest Rate
Application: Usury Laws
Consider This: That Is Interest
303(4)
Economic Profit
307(2)
Role of the Entrepreneur
Sources of Economic Profit
Functions of Profit
Last Word: Determining the Price of Credit
309(1)
Income Shares
310(4)
PART FOUR Microeconomics of Government
Government and Market Failure
314(22)
Public Goods
314(4)
Demand for Public Goods
Supply of Public Goods
Optimal Quantity of a Public Good
Cost-Benefit Analysis
Externalities
318(10)
Spillover Costs
Spillover Benefits
Individual Bargaining: Coase Theorem
Liability Rules and Lawsuits
Government Intervention
A Market-Based Approach to Spillover Costs
Society's Optimal Amount of Externality Reduction
Recycling
Global Warming
Information Failures
328(1)
Inadequate Information Involving Sellers
Inadequate Information Involving Buyers
Qualification
Consider This: ``Lemons''
328(4)
Last Word: Lojack: A Case of Positive Externalities
332(4)
Public Choice Theory and the Economics of Taxation
336(18)
Revealing Preferences through Majority Voting
336(4)
Inefficient Voting Outcomes
Paradox of Voting
Median-Voter Model
Government Failure
340(2)
Special Interests and Rent Seeking
Clear Benefits, Hidden Costs
Limited and Bundled Choice
Bureaucracy and Inefficiency
Imperfect Institutions
Apportioning the Tax Burden
342(3)
Benefits Received versus Ability to Pay
Progressive, Proportional, and Regressive Taxes
Tax Incidence and Efficiency Loss
345(5)
Elasticity and Tax Incidence
Efficiency Loss of a Tax
Probable Incidence of U.S. Taxes
The U.S. Tax Structure
Last Word: ``Government Failure'' in the News
350(4)
PART FIVE Microeconomic Issues and Policies
Antitrust Policy and Regulation
354(16)
The Antitrust Laws
354(2)
Historical Background
Sherman Act of 1890
Clayton Act of 1914
Federal Trade Commission Act of 1914
Celler-Kefauver Act of 1950
Antitrust Policy: Issues and Impacts
356(4)
Issues of Interpretation
Issues of Enforcement
Effectiveness of Antitrust Laws
Consider This: Of Catfish and Sneakers (and Other Things in Common)
360(1)
Industrial Regulation
360(2)
Natural Monopoly
Problems with Industrial Regulation
Legal Cartel Theory
Deregulation
362(1)
Social Regulation
363(3)
Distinguishing Features
The Optimal Level of Social Regulation
Two Reminders
Last Word: The United States v. Microsoft
366(4)
Agriculture: Economics and Policy
370(17)
Economics of Agriculture
370(6)
Short-Run Problem: Price and Income Instability
Long-Run Problem: A Declining Industry
Economics of Farm Policy
376(4)
Rationale for Farm Subsidies
Background: The Parity Concept
Economics of Price Supports
Reduction of Surpluses
Criticisms and Politics
380(2)
Criticisms of the Price Support System
The Politics of Farm Policy
Recent Reform
382(2)
Freedom to Farm Act of 1996
The Farm Act of 2002
Last Word: The Sugar Program: A Sweet Deal
384(3)
Income Inequality and Poverty
387(19)
Facts about Income Inequality
387(3)
Distribution of Personal Income by Income Category
Distribution of Personal Income by Quintiles (Fifths)
The Lorenz Curve and Gini Ratio
Income Mobility: The Time Dimension
Effect of Government Redistribution
Causes of Income Inequality
390(2)
Ability
Education and Training
Discrimination
Preferences and Risks
Unequal Distribution of Wealth
Market Power
Luck, Connections, and Misfortune
Trends in Income Inequality
392(2)
Causes of Growing Inequality
Equality versus Efficiency
394(2)
The Case for Equality: Maximizing Total Utility
The Case for Inequality: Incentives and Efficiency
The Equality-Efficiency Tradeoff
Consider This: Slicing the Pizza
396(1)
The Economics of Poverty
396(2)
Definition of Poverty
Incidence of Poverty
Poverty Trends
The ``Invisible'' Poor
The Income-Maintenance System
398(2)
Social Insurance Programs
Public Assistance Programs
Welfare: Goals and Conflicts
400(1)
Common Features
Conflicts among Goals
Welfare Reform
401(1)
Temporary Assistance to Needy Families
Assessment of TANF
Last Word: U.S. Family Wealth and Its Distribution
402(4)
Labor Market Institutions and Issues: Unionism, Discrimination, Immigration
406(22)
Unionism in America
406(2)
Business Unionism
Union Membership
The Decline of Unionism
Collective Bargaining
408(2)
The Work Agreement
The Bargaining Process
Economic Effects of Unions
410(3)
The Union Wage Advantage
Efficiency and Productivity
Labor Market Discrimination
413(2)
Types of Discrimination
Costs of Discrimination
Economic Analysis of Discrimination
415(4)
Taste-for-Discrimination Model
Statistical Discrimination
Occupational Segregation: The Crowding Model
Antidiscrimination Policies and Issues
419(2)
The Affirmative Action Controversy
Recent Developments
Immigration
421(3)
Number of Immigrants
Economics of Immigration
Complications and Modifications
Immigration: Two Views
Last Word: Orchestrating Impartiality
424(4)
The Economics of Health Care
428(18)
The Health Care Industry
428(1)
Twin Problems: Costs and Access
428(1)
High and Rising Health Care Costs
429(3)
Health Care Spending
Quality of Care: Are We Healthier?
Economic Implications of Rising Costs
The Basic Problem
Limited Access
432(1)
Why the Rapid Rise in Costs?
432(6)
Peculiarities of the Health Care Market
The Increasing Demand for Health Care
Role of Health Insurance
Supply Factors in Rising Health Care Prices
Relative Importance
Consider This: What's Cold and Clammy and Out of Date?
438(1)
Reform of the Health Care System
438(4)
Universal Access
Cost Containment: Altering Incentives
Recent Laws and Proposals
Last Word: A Market for Human Organs?
442(4)
PART SIX International Economics and the World Economy
International Trade
446(21)
Some Key Facts
446(1)
The Economic Basis for Trade
447(1)
Comparative Advantage: Graphical Analysis
448(5)
Two Isolated Nations
Specializing Based on Comparative Advantage
Terms of Trade
Gains from Trade
Trade with Increasing Costs
The Case for Free Trade
Supply and Demand Analysis of Exports and Imports
453(3)
Supply and Demand in the United States
Supply and Demand in Canada
Equilibrium World Price, Exports, and Imports
Trade Barriers
456(3)
Economic Impact of Tariffs
Economic Impact of Quotas
Net Costs of Tariffs and Quotas
Impact on Income Distribution
The Case for Protection: A Critical Review
459(1)
Military Self-Sufficiency Argument
Increased Domestic Employment Argument
Diversification-for-Stability Argument
Infant Industry Argument
Protection-against-Dumping Argument
Cheap Foreign Labor Argument
A Summing Up
Consider This: Shooting Yourself in the Foot
460(2)
Last Word: The WTO Protests
462(1)
The World Trade Organization
463(4)
Exchange Rates, the Balance of Payments, and Trade Deficits
467(1)
Financing International Trade
467(1)
U.S. Export Transaction
U.S. Import Transaction
The Balance of Payments
468(3)
Current Account
Capital Account
Official Reserves Account
Payments, Deficits, and Surpluses
Flexible Exchange Rates
471(2)
Depreciation and Appreciation
Determinants of Exchange Rates
Flexible Rates and the Balance of Payments
Disadvantages of Flexible Exchange Rates
Consider This: The Big Mac Index
473(3)
Fixed Exchange Rates
476(2)
Use of Reserves
Trade Policies
Exchange Controls and Rationing
Domestic Macroeconomic Adjustments
International Exchange-Rate Systems
478(4)
The Gold Standard: Fixed Exchange Rates
The Bretton Woods System
The Current System: The Managed Float
Recent U.S. Trade Deficits
482(2)
Causes of the Trade Deficits
Implications of U.S. Trade Deficits
Last Word: Speculation in Currency Markets
484(4)
Web Transition Economies: Russia and China (Web Chapter, www.mcconnell16.com)
488
Ideology and Institutions
1(1)
State Ownership and Central Planning
2(1)
Planning Goals and Techniques
Problems and Central Planning
3(2)
The Coordination Problem
The Incentive Problem
Collapse of the Soviet Economy
5(1)
Declining Growth
Poor Product Quality
Lack of Consumer Goods
Large Military Burden
Agricultural Drag
The Russian Transition to a Market System
6(4)
Privatization
Price Reform
Promotion of Competition
Making the Ruble Fully Convertible
Price-Level Stabilization
Other Major Problems
Recent Revival
Market Reforms in China
10(1)
Agricultural and Rural Reform
Reform of Urban Industries
Special Economic Zones
Development of Supporting Institutions
Transformation of the SOEs
Outcomes and Prospects
11(2)
Positive Outcomes of Reform
Problems
Conclusion
13(1)
Last Word: Police Smash Down Smirnov's Doors
14
Glossary 1(1)
Index


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