Economics by Design: Principles and Issues

, by Collinge, Robert A.; Ayers, Ronald M.

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ISBN: 9780133737882 | 0133737888
Cover: Paperback
Copyright: 4/1/1997

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Summary

Supplemental Materials

Using a unique modular format, this up-to-date survey emphasizes current issues and core economic principles. The text has an easy to grasp, intuitive, applications-oriented approach.

Preface

xiii

Module A TRAVELING THE ECONOMICS EXPRESSWAY

Module B EXPLORING ISSUES

Module C MASTERING ROADSIDE CHALLENGES

PART ONE The Economic Journey

(74)

Chapter 1 Roadmap for Economics

(36)

Module A

(15)

Scarce Resources, Unlimited Wants

(2)

Surveying the Economic Landscape

(1)

What, How, and for Whom?

(6)

Economic Analysis

(2)

Economic Modeling: The Route to Higher-Level Understanding

(4)

Module B

(10)

Exploration 1 "From each According to..., To each According to..."?

(5)

Exploration 2 Educational Short Story: Political Economy--Out of the Ivory Tower and into Action

(5)

Module C

(9)

Challenge 1 Working with Graphs

(3)

Challenge 2 Finding the Data You Need

(6)

Chapter 2 Production, Growth, and Trade

(38)

Module A

(16)

Scarcity and Choice

(3)

Production Possibilities

(7)

Circular Flow and the Role of Money

(2)

Expanding Consumption Possibilities through Trade

(4)

Module B

(11)

Exploration 1 Connecting in the Information Economy

(5)

Exploration 2 Population Growth on a Finite Planet--Must the Outlook be Dismal?

(6)

Module C

(9)

Challenge 1 Specialization According to Comparative Advantage--Computation and Market Revelation

(2)

Challenge 2 The Consumption Possibility Frontier--First Decide What to Produce, Then Decide What to Consume

(7)

PART TWO The Power of Prices

(123)

Chapter 3 Market Prices: Supply and Demand

(45)

Module A

(20)

The Answer to Economic Questions--Supply and Demand

(1)

Demand

(6)

Supply

(3)

Equilibrium--Demand Meets Supply and the Market Clears

(4)

Elasticity--Measuring Responsiveness

(7)

Module B

(11)

Exploration 1 Crime and the Market for Drugs

(5)

Exploration 2 Empowering the Consumer--Vouchers for Education

102

(6)

Module C

108

(12)

Challenge 1 How Market Equilibrium is Affected by Shifts in Supply and Demand

108

(3)

Challenge 2 Computing Elasticity and Revenue Along a Demand Curve

111

(9)

Chapter 4 Efficiency and Political Prices

120

(41)

Module A

122

(18)

Efficiency in the Marketplace--Maximizing Surplus Value

122

(4)

Holding Prices Down

126

(8)

Propping Prices Up

134

(6)

Module B

140

(12)

Exploration 1 Health Care--Issues of Insurance and Its Coverage

140

(7)

Exploration 2 Educational Short Story: Flood Disaster Along Whippoorwill Creek--More Than Nature's Wrath

147

(5)

Module C

152

(9)

Challenge 1 Utility Theory--A Guide to Consumer Choice

152

(2)

Challenge 2 Identifying the Inefficiencies of Nonmarket Prices

154

(7)

Chapter 5 Into the International Marketplace

161

(37)

Module A

163

(17)

Going Global--Balance of Payments Accounting

163

(5)

Foreign Exchange

168

(5)

The Fallacy of Lost Jobs

173

(1)

Trade Policy Options

174

(3)

Trade Strategy

177

(3)

Module B

180

(10)

Exploration 1 Point/Counterpoint--So Many Reasons Not to Trade!

180

(5)

Exploration 2 Educational Short Story: The Trade Game

185

(5)

Module C

190

(8)

Challenge 1 The J-Curve--Taming Trade Deficits Takes Time

190

(1)

Challenge 2 Identifying the Distributional Implications of Tariffs and Quotas

191

(7)

PART THREE The Energy of the Marketplace

198

(119)

Chapter 6 The Firm

198

(40)

Module A

200

(16)

Legal Form: Proprietorship, Partnership, and Corporation

200

(1)

Alternative Methods of Finance

201

(1)

Production and the Law of Diminishing Returns

202

(4)

The Goal: Profit Maximization

206

(1)

Economic Profit and Opportunity Cost

206

(2)

Profit Maximization in the Short Run

208

(5)

The Long Run

213

(3)

Module B

216

(9)

Exploration 1 Mind Your Own Business--Start up a Firm in the Land of Opportunity

216

(4)

Exploration 2 Adjusting to Technological Change--Lessons from the Family Farm

220

(5)

Module C

225

(13)

Challenge 1 Relating Production to Cost

225

(4)

Challenge 2 Impact of the Market Price on Profits and Supply

229

(9)

Chapter 7 Market Models

238

(37)

Module A

241

(17)

Perfect Competition

241

(2)

Barriers to Entry

243

(3)

Monopoly--Are There No Good Substitutes?

246

(4)

Oligopoly--An Array of Models

250

(5)

Monopolistic Competition--All Around Us

255

(1)

Price Discrimination

256

(2)

Module B

258

(9)

Exploration 1 The United States Postal Service--Why not Privatize?

258

(4)

Exploration 2 Educational Short Story: Discrimination by Directive

262

(5)

Module C

267

(8)

Challenge 1 Long-Run Supply in Perfect Competition

267

(2)

Challenge 2 Profit Maximization by Firms With Market Power

269

(6)

Chapter 8 Income From Labor and Human Capital

275

(42)

Module A

277

(18)

The Price of Labor's Services: The Wage Rate

277

(1)

Labor Demand

278

(2)

Labor Supply

280

(2)

Labor Markets

282

(3)

Why Do Wages Differ?

285

(5)

Poverty

290

(1)

Earnings of Women and Minorities--The Wage Gap Remains

291

(4)

Module B

295

(11)

Exploration 1 Income Distribution--$20-Million-Dollar Paychecks and the Big Squeeze in the Middle

295

(4)

Exploration 2 Preventing Workplace Negligence--The Price of Life and Limb

299

(7)

Module C

306

(11)

Challenge 1 Derived Demand--How Much Labor Will the Firm Employ?

306

(4)

Challenge 2 A Model of Investment in Human Capital

310

(7)

PART FOUR Probing the Public Sector

317

(72)

Chapter 9 Government's Role in Production

317

(36)

Module A

319

(17)

Market Failure--What Role Government?

319

(8)

Policy Tools

327

(6)

The Reach of Regulation

333

(3)

Module B

336

(9)

Exploration 1 Borderlands of the Southwest--Whose Pollution? Whose Solution?

336

(4)

Exploration 2 Educational Short Story: Mixing Profit With Justice--What's the Verdict?

340

(5)

Module C

345

(8)

Challenge 1 Controlling Pollution With Taxes or Marketable Permits

345

(2)

Challenge 2 Cost-Benefit Analysis--Both Straightforward and Complex

347

(6)

Chapter 10 Taxation and Public Choice

353

(36)

Module A

355

(17)

Taxation: The Price of Government

355

(6)

Income Redistribution--How Much Is Too Much?

361

(2)

The Public Choice Process

363

(9)

Module B

372

(9)

Exploration 1 The Tax Man Cometh...With a Postcard?

372

(4)

Exploration 2 Drinking Water--Stirring Together Markets and Government

376

(5)

Module C

381

(8)

Challenge 1 Trade-offs in Income Redistribution

381

(2)

Challenge 2 Choice of Candidates--The Median Voter Model

383

(6)

PART FIVE Aggregates for the Big Picture

389

(150)

Chapter 11 Measuring the Macroeconomy

389

(37)

Module A

391

(17)

Macroeconomic Goals

391

(1)

Measuring National Output

392

(5)

Measuring Inflation

397

(3)

Measuring Unemployment

400

(4)

Measuring the Business Cycle

404

(4)

Module B

408

(9)

Exploration 1 Assessing Economic Performance--It's Hard to Know the Present, So Dare We Predict the Future?

408

(4)

Exploration 2 Educational Short Story: Hitchhiking Across the Economy

412

(5)

Module C

417

(11)

Challenge 1 The National Income and Product Accounts

417

(2)

Challenge 2 Computing Price Indices--Chain Weights Link the Future to the Past

419

(7)

Chapter 12 Employment, Output, and Fiscal Policy

426

(38)

Module A

428

(17)

The Route to Full-Employment Output

428

(10)

Keynes' Call to Action

438

(7)

Module B

445

(10)

Exploration 1 Stagflation and Malaise: Ghost from the Past or Specter of the Future?

445

(4)

Exploration 2 Budget Deficits and Trade Deficits--Do We Spend Too Much?

449

(6)

Module C

455

(11)

Challenge 1 Wage and Price Stickiness--Do Markets Clear or Don't They?

455

(1)

Challenge 2 The Keynesian Cross Behind Aggregate Demand

456

(8)

Chapter 13 Money, Banking, and Monetary Policy

464

(38)

Module A

466

(18)

Money

466

(4)

Money and Banking in the U.S.

470

(2)

Meet the Fed

472

(5)

Guiding Monetary Policy

477

(4)

Interest Rates

481

(3)

Module B

484

(9)

Exploration 1 Money and Politics--How Independent Should a Central Bank Be?

484

(4)

Exploration 2 The Value of Money--Is It Worth the Paper It's Printed On?

488

(5)

Module C

493

(9)

Challenge 1 From the Mathematical to the Behavioral--Deposit and Money Multipliers

493

(1)

Challenge 2 Interest Rate Differentials over Time and across Countries

494

(8)

Chapter 14 Policy for the Long Run

502

(37)

Module A

504

(18)

Growth through Capital Formation--Savings and Investment

504

(6)

Supply-Side Policy

510

(7)

Policy in Practice

517

(5)

Module B

522

(10)

Exploration 1 Social Security--Questions of Savings and Investment

522

(5)

Exploration 2 Educational Short Story: Winds of Change in Caribia

527

(5)

Module C

532

(7)

Challenge 1 Second-Best Efficiency When Taxes Discourage Investment

532

(1)

Challenge 2 Subsidizing Research--How Much is Enough?

533

(6)

PART SIX The Journey Continues

539

(34)

Chapter 15 Global Economic Themes

539

(34)

Module A

541

(17)

Theme 1: The Earth Keeps Shrinking

541

(4)

Theme 2: Immigration and The Melting-Pot World

545

(2)

Theme 3: The Economics of Crime and Punishment

547

(2)

Theme 4: A Just and Lasting Peace

549

(4)

Theme 5: Free Markets or Central Planning?

553

(5)

Module B

558

(9)

Exploration 1 The Economics of Virtue

558

(4)

Exploration 2 Prices and Property Rights--Do Russians Know the Secret to Prosperity?

562

(5)

Module C

567

(6)

Challenge 1 Does Immigration Substitute for Trade?

567

(1)

Challenge 2 Is More Economics in Your Future?

567

(6)

Glossary

573

(20)

Index

593

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Economics by Design: Principles and Issues

Summary

Table of Contents

Supplemental Materials