Microeconomics + DiscoverEcon Online with Paul Solman Videos

, by McConnell, Campbell R.; Brue, Stanley L.; R, Campbell R.

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ISBN: 9780072982732 | 007298273X
Cover: Paperback
Copyright: 4/5/2004

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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.

List of Key Graphs

Preface

vii

Contributors

xiii

PART ONE An Introduction to Economics and the Economy

To the Student

(1)

The Nature and Method of Economics

(19)

The Economic Perspective

(1)

Scarcity and Choice

Rational Behavior

Marginalism: Benefits and Costs

Consider This: Free for All?

(1)

Why Study Economics?

(1)

Economics for Citizenship

Professional and Personal Applications

Economic Methodology

(3)

Theoretical Economics

Policy Economics

Macroeconomics and Microeconomics

(1)

Macroeconomics

Microeconomics

Positive and Normative Economics

Pitfalls to Sound Reasoning

(2)

Biases

Loaded Terminology

Definitions

Fallacy of Composition

Causation Fallacies

A Look Ahead

(1)

Last Word: Fast-Food Lines: An Economic Perspective

(3)

Appendix Chapter I: Graphs and Their Meaning

(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

(17)

The Foundation of Economics

(2)

Unlimited Wants

Scarce Resources

Economics: Employment and Efficiency

(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

(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?

(1)

Economic Systems

(1)

The Market System

The Command System

The Circular Flow Model

(1)

Last Word: September 11, 2001, and the War on Terrorism

(4)

Individual Markets: Demand and Supply

(21)

Markets

(1)

Demand

(5)

Law of Demand

The Demand Curve

Market Demand

Change in Demand

Changes in Quantity Demanded

Supply

(3)

Law of Supply

The Supply Curve

Determinants of Supply

Changes in Supply

Changes in Quantity Supplied

Supply and Demand: Market Equilibrium

(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

(2)

Application: Government-Set Prices

(3)

Price Ceilings and Shortages

Price Floors and Surpluses

Last Word: Ticket Scalping: A Bum Rap?

(4)

Web Applications and Extensions of Supply and Demand Analysis (Web Chapter, www.mcconnell16.com)

Changes in Supply and Demand

(3)

Lettuce

American Flags

Pink Salmon

Gasoline

Sushi

Preset Prices

(1)

Olympic Figure Skating Finals

Olympic Curling Preliminaries

Consider This: Taking Back a ``Gift''

(1)

Nonpriced Goods: The American Bison

(1)

Consumer and Producer Surplus

(4)

Consumer Surplus

Producer Surplus

Efficiency Revisited

Efficiency Losses

Last Word: Efficiency Gains from Generic Drugs

(49)

The Market System

(13)

Characteristics of the Market System

(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

(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

(3)

Competition and the ``Invisible Hand''

(1)

Last Word: Shuffling the Deck

(3)

The U.S. Economy: Private and Public Sectors

(18)

Households as Income Receivers

(1)

The Functional Distribution of Income

The Personal Distribution of Income

Households as Spenders

(1)

Personal Taxes

Personal Saving

Personal Consumption Expenditures

The Business Population

(1)

Legal Forms of Businesses

(3)

Advantages and Disadvantages

The Principal-Agent Problem

The Public Sector: Government's Role

(3)

Providing the Legal Structure

Maintaining Competition

Redistributing Income

Reallocating Resources

Promoting Stability

Government's Role: A Qualification

Consider This: Street Entertainers

(1)

The Circular Flow Revisited

(1)

Government Finance

(1)

Government Purchases and Transfers

Federal Finance

(2)

Federal Expenditures

Federal Tax Revenues

State and Local Finance

(1)

State Finances

Local Finances

Fiscal Federalism

Last Word: The Financing of Corporations

(3)

The United States in the Global Economy

(21)

International Linkages

(1)

The United States and World Trade

(4)

Volume and Pattern

Rapid Trade Growth

Participants in International Trade

Specialization and Comparative Advantage

(3)

Basic Principle

Comparative Costs

Terms of Trade

Gains from Specialization and Trade

The Foreign Exchange Market

(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)

State Ownership and Central Planning

(1)

Planning Goals and Techniques

Problems and Central Planning

(2)

The Coordination Problem

The Incentive Problem

Collapse of the Soviet Economy

(1)

Declining Growth

Poor Product Quality

Lack of Consumer Goods

Large Military Burden

Agricultural Drag

The Russian Transition to a Market System

(4)

Privatization

Price Reform

Promotion of Competition

Making the Ruble Fully Convertible

Price-Level Stabilization

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Microeconomics + DiscoverEcon Online with Paul Solman Videos

Summary

Author Biography

Table of Contents

Supplemental Materials