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Principles Of Macroeconomics,9780324236958
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Principles Of Macroeconomics



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South-Western College Pub
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That is how Alfred Marshall, the great 19th century economist, defined economics in his classic textbook, Principles of Economics.

Table of Contents

Preface: To the Instructorp. vii
Preface: To the Studentp. xx
Introductionp. 1
Ten Principles of Economicsp. 3
How People Make Decisionsp. 4
How People Interactp. 8
How the Economy as a Whole Worksp. 11
Conclusionp. 14
Summaryp. 15
Key Conceptsp. 15
Questions for Reviewp. 16
Problems and Applicationsp. 16
Thinking Like an Economistp. 19
The Economist as Scientistp. 20
The Economist as Policy Adviserp. 28
Why Economists Disagreep. 32
Let's Get Goingp. 34
Summaryp. 36
Key Conceptsp. 36
Questions for Reviewp. 36
Problems and Applicationsp. 36
Graphing: A Brief Reviewp. 38
Interdependence and the Gains from Tradep. 47
A Parable for the Modern Economyp. 48
Comparative Advantage: The Driving Force of Specializationp. 52
Applications of Comparative Advantagep. 55
Conclusionp. 58
Summaryp. 58
Key Conceptsp. 59
Questions for Reviewp. 59
Problems and Applicationsp. 59
How Markets Workp. 61
The Market Forces of Supply and Demandp. 63
Markets and Competitionp. 64
Demandp. 65
Supplyp. 71
Supply and Demand Togetherp. 75
Conclusion: How Prices Allocate Resourcesp. 82
Summaryp. 84
Key Conceptsp. 84
Questions for Reviewp. 85
Problems and Applicationsp. 85
Elasticity and its Applicationp. 89
The Elasticity of Demandp. 90
The Elasticity of Supplyp. 99
Three Applications of Supply, Demand, and Elasticityp. 103
Conclusionp. 108
Summaryp. 109
Key Conceptsp. 109
Questions for Reviewp. 109
Problems and Applicationsp. 110
Supply, Demand, and Government Policiesp. 113
Controls on Pricesp. 114
Taxesp. 124
Conclusionp. 131
Summaryp. 131
Key Conceptsp. 132
Questions for Reviewp. 132
Problems and Applicationsp. 132
Markets and Welfarep. 135
Consumers, Producers, and the Efficiency of Marketsp. 137
Consumer Surplusp. 138
Producer Surplusp. 143
Market Efficiencyp. 147
Conclusion: Market Efficiency and Market Failurep. 154
Summaryp. 155
Key Conceptsp. 155
Questions for Reviewp. 155
Problems and Applicationsp. 156
Application: The Costs of Taxationp. 159
The Deadweight Loss of Taxationp. 160
The Determinants of the Deadweight Lossp. 165
Deadweight Loss and Tax Revenue as Taxes Varyp. 167
Conclusionp. 172
Summaryp. 173
Key Conceptp. 173
Questions for Reviewp. 173
Problems and Applicationsp. 173
Application: International Tradep. 177
The Determinants of Tradep. 178
The Winners and Losers from Tradep. 179
The Arguments for Restricting Tradep. 187
Conclusionp. 194
Summaryp. 195
Key Conceptsp. 195
Questions for Reviewp. 196
Problems and Applicationsp. 196
The Data of Macroeconomicsp. 201
Measuring a Nation's Incomep. 203
The Economy's Income and Expenditurep. 204
The Measurement of Gross Domestic Productp. 206
The Components of GDPp. 208
Real versus Nominal GDPp. 211
Is GDP a Good Measure of Economic Well-Being?p. 216
Conclusionp. 220
Summaryp. 221
Key Conceptsp. 221
Questions for Reviewp. 221
Problems and Applicationsp. 222
Measuring the Cost of Livingp. 225
The Consumer Price Indexp. 226
Correcting Economic Variables for the Effects of Inflationp. 234
Conclusionp. 238
Summaryp. 239
Key Conceptsp. 240
Questions for Reviewp. 240
Problems and Applicationsp. 240
The Real Economy in the Long Runp. 243
Production and Growthp. 245
Economic Growth around the Worldp. 246
Productivity: Its Role and Determinantsp. 250
Economic Growth and Public Policyp. 254
Conclusion: The Importance of Long-Run Growthp. 267
Summaryp. 267
Key Conceptsp. 268
Questions for Reviewp. 268
Problems and Applicationsp. 268
Saving, Investment, and the Financial Systemp. 271
Financial Institutions in the U.S. Economyp. 272
Saving and Investment in the National Income Accountsp. 277
The Market for Loanable Fundsp. 280
Conclusionp. 288
Summaryp. 289
Key Conceptsp. 289
Questions for Reviewp. 289
Problems and Applicationsp. 290
The Basic Tools of Financep. 293
Present Value: Measuring the Time Value of Moneyp. 294
Managing Riskp. 296
Asset Valuationp. 301
Conclusionp. 305
Summaryp. 306
Key Conceptsp. 306
Questions for Reviewp. 306
Problems and Applicationsp. 307
Unemploymentp. 309
Identifying Unemploymentp. 310
Job Searchp. 319
Minimum-Wage Lawsp. 323
Unions and Collective Bargainingp. 325
The Theory of Efficiency Wagesp. 328
Conclusionp. 330
Summaryp. 331
Key Conceptsp. 331
Questions for Reviewp. 332
Problems and Applicationsp. 332
Money and Prices in the Long Runp. 335
The Monetary Systemp. 337
The Meaning of Moneyp. 338
The Federal Reserve Systemp. 344
Banks and the Money Supplyp. 346
Conclusionp. 353
Summaryp. 353
Key Conceptsp. 354
Questions for Reviewp. 354
Problems and Applicationsp. 354
Money Growth and Inflationp. 357
The Classical Theory of Inflationp. 358
The Costs of Inflationp. 371
Conclusionp. 380
Summaryp. 381
Key Conceptsp. 381
Questions for Reviewp. 381
Problems and Applicationsp. 382
The Macroeconomics of Open Economiesp. 385
Open-Economy Macroeconomics: Basic Conceptsp. 387
The International Flows of Goods and Capitalp. 388
The Prices for International Transactions: Real and Nominal Exchange Ratesp. 397
A First Theory of Exchange-Rate Determination: Purchasing-Power Parityp. 400
Conclusionp. 407
Summaryp. 407
Key Conceptsp. 407
Questions for Reviewp. 408
Problems and Applicationsp. 408
A Macroeconomic Theory of the Open Economyp. 411
Supply and Demand for Loanable Funds and for Foreign-Currency Exchangep. 412
Equilibrium in the Open Economyp. 416
How Policies and Events Affect an Open Economyp. 420
Conclusionp. 428
Summaryp. 429
Key Conceptsp. 429
Questions for Reviewp. 430
Problems and Applicationsp. 430
Short-Run Economic Fluctuationsp. 433
Aggregate Demand and Aggregate Supplyp. 435
Three Key Facts about Economic Fluctuationsp. 436
Explaining Short-Run Economic Fluctuationsp. 438
The Aggregate-Demand Curvep. 442
The Aggregate-Supply Curvep. 446
Two Causes of Economic Fluctuationsp. 456
Conclusionp. 467
Summaryp. 467
Key Conceptsp. 468
Questions for Reviewp. 468
Problems and Applicationsp. 469
The Influence of Monetary and Fiscal Policy on Aggregate Demandp. 473
How Monetary Policy Influences Aggregate Demandp. 474
How Fiscal Policy Influences Aggregate Demandp. 483
Using Policy to Stabilize the Economyp. 489
Conclusionp. 492
Summaryp. 493
Key Conceptsp. 493
Questions for Reviewp. 494
Problems and Applicationsp. 494
The Short-Run Trade-Off Between Inflation and Unemploymentp. 497
The Phillips Curvep. 498
Shifts in the Phillips Curve: The Role of Expectationsp. 501
Shifts in the Phillips Curve: The Role of Supply Shocksp. 510
The Cost of Reducing Inflationp. 512
Conclusionp. 520
Summaryp. 521
Key Conceptsp. 522
Questions for Reviewp. 522
Problems and Applicationsp. 523
Final Thoughtsp. 527
Five Debates Over Macroeconomic Policyp. 529
Should Monetary and Fiscal Policymakers Try to Stabilize the Economy?p. 530
Should Monetary Policy Be Made by Rule Rather Than by Discretion?p. 532
Should the Central Bank Aim for Zero Inflation?p. 537
Should the Government Balance Its Budget?p. 540
Should the Tax Laws Be Reformed to Encourage Saving?p. 544
Conclusionp. 547
Summaryp. 548
Questions for Reviewp. 549
Problems and Applicationsp. 549
Quick Quiz Answersp. 553
Glossaryp. 565
Indexp. 571
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