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List of Figures ix
List of Tables xi
Preface xiii
Acknowledgments xvi
Introduction 1
The Organization of the Book 8
I Microeconomics and the Theory of Markets
1 Demand and Supply 13
Demand 13
Income and Wealth 15
Prices of Other Goods 15
Tastes 16
Expectations 16
Supply 17
Prices of Inputs 18
Technology 18
Expectations 18
Market Equilibrium 23
Case 1 26
Case 2 26
Case 3 28
Case 4 28
Elasticity 35
Sales Taxes 44
Case 5 46
Case 6 47
2 The Theory of the Firm, Market Structures, Factor Markets, and the Distribution of Income 49
Perfect Competition 54
Market Failure 58
Monopoly 61
Price Discrimination 63
Monopolistic Competition 64
Oligopoly 67
The End of Oligopoly? 70
Deregulation 72
The Theory of Factor Pricing 76
The Distribution of Income 83
II Macroeconomics
3 The Economy as a Whole: Definitions and Analyses 99
Why Macroeconomics? 100
How Gross Is the Gross Domestic Product? 103
Effective Demand 112
Households and Consumption 113
The Business Sector and Investment 117
The Public Sector 123
4 Fiscal Policy, Monetary Policy, Recession and Inflation 135
Fiscal Policy: Taxing and Spending 135
Money Is as Money Does 141
Financial Markets, the Federal Reserve System, and Monetary Policy 144
Monetary Policy 145
Business Cycles, Inflation, and Unemployment 151
Up, Up, Up ... 152
Down, Down, Down ... 158
The Tools of Stabilization Policy 162
A New Dynamic? 164
Financial Crisis 168
The Great Recession 175
III International Economics and National Economies
5 International Economics and Comparative Advantage 181
The Idea of Comparative Advantage 182
Exchange Rates and Adjustment Mechanisms 184
Gold standard 189
Flexible Exchange Rates 190
International Investment and the Balance of Payments 193
Government Policy and the International Economy: Tariffs, Quotas, and Exchange Rates 197
Free Trade Determining Public Policy 201
6 The International Economy: The Rise and Fall of Bretton Woods 203
The Dollar Exchange Standard, 1944-1971 205
Transnational Corporations 211
The Transformation of the International Economy 212
The End of the Bretton Woods Payments System 213
The Beginning of a New International Economy 215
The New International Economy 219
An Anomaly and a Worry 227
Some Final Observations 231
Appendix: Websites of Related Interest 237
Notes 241
Index 247
About the Author 271
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Add Economic Literacy: Basic Economics with an Attitude, In its third edition, Economic Literacy: Basic Economics with An Attitude, explains the logic, language, and worldview of economic theory while maintaining the engaging and accessible style that has made earlier editions so successful. While covering the , Economic Literacy: Basic Economics with an Attitude to the inventory that you are selling on WonderClubX
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Add Economic Literacy: Basic Economics with an Attitude, In its third edition, Economic Literacy: Basic Economics with An Attitude, explains the logic, language, and worldview of economic theory while maintaining the engaging and accessible style that has made earlier editions so successful. While covering the , Economic Literacy: Basic Economics with an Attitude to your collection on WonderClub |