Principles of Microeconomics

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ISBN: 9780393969290 | 0393969290
Cover: Paperback
Copyright: 2/1/1997

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These day s economics is big news. If we pick up a newspaper or turn on the television for the prime-time news report, we are likely to be bombarded with statistics on unemployment rates, inflation rates, exports, and imports. How well are we doing in competition with other countries, such as Japan? Everyone seems to want to know. Political fortunes as well as the fortunes of countries, firms, and individuals depend on how well the economy does.

PREFACE

PART ONE INTRODUCTION

(170)

CHAPTER 1 THE AUTOMOBILE AND ECONOMICS

(26)

THE AUTOMOBILE: A BRIEF HISTORY

(4)

CRISIS IN THE AMERICAN AUTOMOBILE INDUSTRY

(1)

CHRYSLER: GOVERNMENT TO THE RESCUE

(1)

POLICY PERSPECTIVE: WHEN IS A TRUCK A CAR?

(3)

PROTECTION FROM FOREIGN COMPETITION

(1)

THE REBIRTH OF THE AMERICAN AUTOMOBILE INDUSTRY

(1)

THE HISTORY OF THE AUTOMOBILE IN STATISTICS

(1)

WHAT IS ECONOMICS?

(3)

MARKETS AND GOVERNMENT IN THE MIXED ECONOMY

(3)

MARKETS

(1)

THE ROLE OF GOVERNMENT

(1)

THE THREE MAJOR MARKETS

(1)

CLOSE-UP: A FAILED ALTERNATIVE TO THE MIXED ECONOMY

(2)

TWO CAVEATS

(1)

MICROECONOMICS AND MACROECONOMICS: THE TWO BRANCHES OF ECONOMICS

(1)

THE SCIENCE OF ECONOMICS

(3)

DISCOVERING AND INTERPRETING RELATIONSHIPS

(1)

CAUSATION VERSUS CORRELATION

(1)

EXPERIMENTS IN ECONOMICS

(1)

WHY ECONOMISTS DISAGREE

(1)

CLOSE-UP: ECONOMISTS AGREE!

(2)

DISAGREEMENTS WITHIN POSITIVE ECONOMICS

(1)

DISAGREEMENTS WITHIN NORMATIVE ECONOMICS

(1)

CONSENSUS ON THE IMPORTANCE OF SCARCITY

(1)

REVIEW AND PRACTICE

(3)

CHAPTER 2 THINKING LIKE AN ECONOMIST

(25)

THE BASIC COMPETITIVE MODEL

(2)

RATIONAL CONSUMERS AND PROFIT-MAXIMIZING FIRMS

(1)

COMPETITIVE MARKETS

(1)

PRICES, PROPERTY RIGHTS, AND PROFITS: INCENTIVES AND INFORMATION

(3)

INCENTIVES VERSUS EQUALITY

(1)

WHEN PROPERTY RIGHTS FAIL

(1)

CONSENSUS ON INCENTIVES

(1)

RATIONING

(2)

OPPORTUNITY SETS

(5)

BUDGET AND TIME CONSTRAINTS

(2)

THE PRODUCTION POSSIBILITIES CURVE

(3)

COST

(2)

OPPORTUNITY COSTS

(1)

CLOSE-UP: OPPORTUNITY COSTS OF MEETINGS

(2)

SUNK COSTS

(1)

MARGINAL COSTS

(1)

POLICY PERSPECTIVE: POLICY AT THE MARGIN

(1)

USING ECONOMICS: USING MARGINAL ANALYSIS TO SET SAFETY STANDARDS

(1)

REVIEW AND PRACTICE

(3)

APPENDIX: READING GRAPHS

(4)

CHAPTER 3 TRADE

(19)

THE BENEFITS OF ECONOMIC INTERDEPENDENCE

(2)

THE GAINS FROM TRADE

(2)

TRADE BETWEEN COUNTRIES

(6)

COMPARATIVE ADVANTAGE

(2)

USING ECONOMICS: CALCULATING THE GAINS FROM TRADE

(3)

CLOSE-UP: THE COMPARATIVE ADVANTAGE OF THE UNITED STATES

(1)

THE PERCEIVED COSTS OF INTERNATIONAL INTERDEPENDENCE

(2)

POLICY PERSPECTIVE: GETTING NAFTA PASSED

(1)

REVIEW AND PRACTICE

(3)

CHAPTER 4 DEMAND, SUPPLY, AND PRICE

(25)

THE ROLE OF PRICES

(1)

DEMAND

(4)

THE INDIVIDUAL DEMAND CURVE

(2)

THE MARKET DEMAND CURVE

(1)

SHIFTS IN DEMAND CURVES

(1)

POLICY PERSPECTIVE: GOOD NEWS IS BAD NEWS

(2)

SOURCES OF SHIFTS IN DEMAND CURVES

(1)

CLOSE-UP: GASOLINE PRICES AND DEMAND FOR SMALL CARS

(3)

SHIFTS IN A DEMAND CURVE VERSUS MOVEMENTS ALONG A DEMAND CURVE

(1)

SUPPLY

(3)

MARKET SUPPLY

(2)

SHIFTS IN SUPPLY CURVES

(1)

SOURCES OF SHIFTS IN SUPPLY CURVES

(1)

USING ECONOMICS: PREDICTING THE EFFECTS OF THE DROUGHT OF 1988

(1)

SHIFTS IN A SUPPLY CURVE VERSUS MOVEMENTS ALONG A SUPPLY CURVE

(1)

LAW OF SUPPLY AND DEMAND

(2)

CLOSE-UP: THE STRUCTURE OF ECONOMIC MODELS

(2)

USING DEMAND AND SUPPLY CURVES

(1)

CONSENSUS ON THE DETERMINATION OF PRICES

(1)

PRICE, VALUE, AND COST

(2)

REVIEW AND PRACTICE

(3)

CHAPTER 5 USING DEMAND AND SUPPLY

(26)

SENSITIVITY TO PRICE CHANGES: THE PRICE ELASTICITY OF DEMAND

(6)

PRICE ELASTICITY AND REVENUES

(4)

THE DETERMINANTS OF THE ELASTICITY OF DEMAND

103

(2)

THE PRICE ELASTICITY OF SUPPLY

105

(2)

USING DEMAND AND SUPPLY ELASTICITIES

107

(2)

TAX POLICY AND THE LAW OF SUPPLY AND DEMAND

109

(1)

SHORTAGES AND SURPLUSES

109

(3)

POLICY PERSPECTIVE: ILLUSORY GAINS FROM TAXING LUXURIES?

112

(1)

INTERFERING WITH THE LAW OF SUPPLY AND DEMAND

113

(1)

CLOSE-UP: RENT CONTROL IN NEW YORK CITY

114

(3)

PRICE CEILINGS: THE CASE OF RENT CONTROL

115

(1)

PRICE FLOORS: THE CASE OF AGRICULTURAL SUPPORTS

116

(1)

ALTERNATIVE SOLUTIONS

117

(1)

USING ECONOMICS: CALCULATING RESPONSES TO OIL PRICE CHANGES

117

(1)

REVIEW AND PRACTICE

118

(4)

CHAPTER 6 TIME AND RISK

122

(21)

INTEREST

123

(2)

THE TIME VALUE OF MONEY

123

(2)

USING ECONOMICS: THE VALUE OF WINNING A LOTTERY

125

(1)

THE MARKET FOR LOANABLE FUNDS

125

(2)

INFLATION AND THE REAL RATE OF INTEREST

127

(1)

THE MARKET FOR ASSETS

128

(2)

FORMING EXPECTATIONS

129

(1)

THE MARKET FOR RISK

130

(1)

RESPONDING TO RISK

131

(2)

POLICY PERSPECTIVE: ADVERSE SELECTION AND HEALTH INSURANCE

133

(3)

THE RISK-INCENTIVE TRADE-OFF

135

(1)

CLOSE-UP: AUTO INSURANCE AND ADVERSE SELECTION IN NEW JERSEY

136

(1)

ENTREPRENEURSHIP

137

(1)

AN OVERVIEW OF FINANCIAL MARKETS

138

(1)

REVIEW AND PRACTICE

138

(3)

APPENDIX: CALCULATING PRESENT DISCOUNTED VALUE

141

(2)

CHAPTER 7 THE PUBLIC SECTOR

143

(28)

THE CHANGING ROLES OF GOVERNMENT

145

(2)

THE PICTURE IN STATISTICS

146

(1)

POLICY PERSPECTIVE: THE "PEACE DIVIDEND"--NOW YOU SEE IT, NOW YOU DON'T

147

(2)

STATE AND LOCAL GOVERNMENT

148

(1)

WHAT DISTINGUISHES THE PRIVATE AND PUBLIC SECTORS?

148

(1)

CLOSE-UP: INTERNATIONAL PERSPECTIVES

149

(1)

ADAM SMITH'S "INVISIBLE HAND" AND THE CENTRAL ROLE OF MARKETS

150

(1)

CLOSE-UP: ADAM SMITH--FOUNDER OF MODERN ECONOMICS

151

(1)

GOVERNMENT AND IGNORANCE OF ECONOMICS

152

(1)

GOVERNMENT AND REDISTRIBUTION

152

(1)

GOVERNMENT AND MARKET FAILURES

153

(2)

STABILIZATION OF THE ECONOMY

154

(1)

LACK OF COMPETITION

154

(1)

EXTERNALITIES

154

(1)

USING ECONOMICS: CORRECTING FOR EXTERNALITIES

155

(6)

PUBLIC GOODS

157

(2)

MISSING MARKETS

159

(1)

INFORMATION AND KNOWLEDGE

159

(1)

BEYOND MARKET FAILURES

160

(1)

GOVERNMENT'S OPTIONS

161

(2)

TAKING DIRECT ACTION

161

(1)

PROVIDING INCENTIVES TO THE PRIVATE SECTOR

162

(1)

MANDATING ACTION IN THE PRIVATE SECTOR

162

(1)

COMBINING OPTIONS

163

(1)

GOVERNMENT FAILURES

163

(3)

IMPERFECT INFORMATION

163

(1)

INCENTIVES AND THE EFFICIENCY OF GOVERNMENT

164

(1)

WASTE IN GOVERNMENT

165

(1)

UNFORESEEN RESPONSES TO A PROGRAM

165

(1)

POLICY PERSPECTIVE: REINVENTING GOVERNMENT--THE THIRTY-PAGE T-SHIRT

166

(2)

AN APPRAISAL OF THE ROLE OF GOVERNMENT

168

(1)

REVIEW AND PRACTICE

168

(3)

PART TWO PERFECT MARKETS

171

(164)

CHAPTER 8 THE CONSUMPTION DECISION

171

(28)

THE BASIC PROBLEM OF CONSUMER CHOICE

172

(6)

THE BUDGET CONSTRAINT

172

(2)

CHOOSING A POINT ON THE BUDGET CONSTRAINT: INDIVIDUAL PREFERENCES

174

(1)

WHAT HAPPENS TO CONSUMPTION WHEN INCOME CHANGES?

175

(3)

POLICY PERSPECTIVE: THE FATE OF THE BTU TAX

178

(2)

A CLOSER LOOK AT THE DEMAND CURVE

179

(1)

USING ECONOMICS: CALCULATING TAX REVENUES

180

(2)

DERIVING DEMAND CURVES

180

(1)

THE IMPORTANCE OF DISTINGUISHING BETWEEN INCOME AND SUBSTITUTION EFFECTS

181

(1)

USING ECONOMICS: INCOME AND SUBSTITUTION EFFECTS

182

(1)

UTILITY AND THE DESCRIPTION OF PREFERENCES

182

(5)

LOOKING BEYOND THE BASIC MODEL: HOW WELL DO THE UNDERLYING ASSUMPTIONS MATCH REALITY?

187

(1)

CLOSE-UP: INTERNATIONAL PRICE AND INCOME ELASTICITIES FOR FOOD

188

(1)

REVIEW AND PRACTICE

189

(2)

APPENDIX: INDIFFERENCE CURVES AND THE CONSUMPTION DECISION

191

(8)

CHAPTER 9 LABOR SUPPLY AND SAVINGS

199

(27)

THE LABOR SUPPLY DECISION

200

(7)

THE CHOICE BETWEEN LEISURE AND CONSUMPTION

201

(3)

LABOR FORCE PARTICIPATION

204

(2)

TAX POLICY AND LABOR SUPPLY

206

(1)

POLICY PERSPECTIVE: THE AMBIGUOUS EFFECTS OF THE EARNED INCOME CREDIT

207

(1)

THE RETIREMENT DECISION

208

(1)

HUMAN CAPITAL AND EDUCATION

208

(3)

EDUCATION AND ECONOMIC TRADE-OFFS

209

(1)

THE WIDENING WAGE GAP

210

(1)

CLOSE-UP: THE "RATIONAL" COUPLES DEBATE

211

(1)

BUDGET CONSTRAINTS AND SAVINGS

212

(4)

SAVINGS AND THE INTEREST RATE

214

(1)

OTHER FACTORS AFFECTING SAVINGS

215

(1)

USING ECONOMICS: INTEREST ELASTICITY OF SAVINGS

216

(1)

CLOSE-UP: WHY IS THE U.S. SAVINGS RATE SO LOW?

217

(1)

POLICY PERSPECTIVE: STIMULATING SAVINGS

218

(1)

REVIEW AND PRACTICE

219

(3)

APPENDIX: INDIFFERENCE CURVES AND THE LABOR SUPPLY AND SAVINGS DECISIONS

222

(4)

CHAPTER 10 A STUDENT'S GUIDE TO INVESTING

226

(24)

INVESTMENT ALTERNATIVES

227

(4)

BANK DEPOSITS

227

(1)

HOUSING

228

(1)

BONDS

228

(1)

SHARES OF STOCK

229

(1)

MUTUAL FUNDS

230

(1)

DESIRABLE ATTRIBUTES OF INVESTMENTS

231

(6)

EXPECTED RETURNS

232

(3)

RISK

235

(1)

TAX CONSIDERATIONS

236

(1)

CLOSE-UP: STOCK MARKET CRASHES

237

(2)

LIQUIDITY

238

(1)

POLICY PERSPECTIVE: CAPITAL GAINS

239

(1)

EFFICIENT MARKET THEORY

240

(1)

USING ECONOMICS: ARBITRAGE--RISK-FREE RETURNS?

241

(3)

EFFICIENCY AND THE STOCK MARKET

241

(3)

EFFICIENT MARKETS OR RANDOM NOISE?

244

(1)

STRATEGIES FOR INTELLIGENT INVESTING

244

(2)

CLOSE-UP: JUST HOW SMART IS THE "SMART MONEY"?

246

(1)

REVIEW AND PRACTICE

247

(3)

CHAPTER 11 THE FIRM'S COSTS

250

(31)

PROFITS, COSTS, AND FACTORS OF PRODUCTION

251

(9)

PRODUCTION WITH ONE VARIABLE INPUT

252

(3)

COST CURVES

255

(5)

CLOSE-UP: HOW IMPORTANT IS THE FORTUNE 500?

260

(2)

PRODUCTION WITH MANY FACTORS

262

(3)

COST MINIMIZATION

262

(1)

THE PRINCIPLE OF SUBSTITUTION

263

(2)

POLICY PERSPECTIVE: THE SUBSTITUTION PRINCIPLE AND GLOBAL WARMING

265

(1)

SHORT-RUN AND LONG-RUN COST CURVES

266

(4)

SHORT-RUN COST CURVES

266

(1)

LONG-RUN COST CURVES

267

(3)

USING ECONOMICS: ECONOMIES OF SCALE IN SAVINGS AND LOAN BRANCHES

270

(1)

LOOKING BEYOND THE BASIC MODEL: COST CURVES AND THE COMPETITIVENESS OF MARKETS

270

(1)

ECONOMIES OF SCOPE

271

(1)

REVIEW AND PRACTICE

272

(3)

APPENDIX: COST MINIMIZATION WITH MANY INPUTS

275

(6)

CHAPTER 12 PRODUCTION

281

(28)

REVENUE

282

(1)

COSTS

283

(1)

BASIC CONDITIONS OF COMPETITIVE SUPPLY

284

(3)

ENTRY, EXIT, AND MARKET SUPPLY

287

(3)

SUNK COSTS AND EXIT

288

(1)

THE FIRM'S SUPPLY CURVE

289

(1)

THE MARKET SUPPLY CURVE

289

(1)

USING ECONOMICS: ENTERING THE PAINTING BUSINESS

290

(2)

LONG-RUN VERSUS SHORT-RUN SUPPLY

292

(2)

POLICY PERSPECTIVE: THE 1996 GASOLINE CRISIS

294

(2)

LOOKING BEYOND THE BASIC MODEL: SUNK COSTS, ENTRY, AND COMPETITION

295

(1)

CLOSE-UP: PAN AM'S EXIT

296

(1)

ACCOUNTING PROFITS AND ECONOMIC PROFITS

297

(2)

OPPORTUNITY COSTS

297

(1)

ECONOMIC RENT

298

(1)

FACTOR DEMAND

299

(4)

FROM THE FIRM'S FACTOR DEMAND TO THE MARKET'S FACTOR DEMAND

302

(1)

CLOSE-UP: FACTOR ELASTICITIES ON THE FARM

303

(2)

FACTOR DEMANDS WITH TWO OR MORE FACTORS

304

(1)

THE THEORY OF THE COMPETITIVE FIRM

304

(1)

REVIEW AND PRACTICE

305

(2)

APPENDIX: ALTERNATIVE WAYS OF CALCULATING THE DEMAND FOR LABOR

307

(2)

CHAPTER 13 COMPETITIVE EQUILIBRIUM

309

(26)

GENERAL EQUILIBRIUM ANALYSIS

310

(3)

EXAMPLE: THE CORPORATE INCOME TAX

310

(2)

WHEN PARTIAL EQUILIBRIUM ANALYSIS WILL DO

312

(1)

EXAMPLE: A TAX ON CIGARETTES

312

(1)

THE BASIC COMPETITIVE EQUILIBRIUM MODEL

313

(2)

THE CIRCULAR FLOW OF FUNDS

315

(3)

COMPETITIVE GENERAL EQUILIBRIUM AND ECONOMIC EFFICIENCY

318

(2)

CLOSE-UP: THE MINIMUM WAGE AND GENERAL EQUILIBRIUM

319

(3)

PARETO EFFICIENCY

320

(1)

CONDITIONS FOR THE PARETO EFFICIENCY OF THE MARKET ECONOMY

320

(2)

CLOSE-UP: PARETO IMPROVEMENT IN THE SKIES

322

(2)

POLICY PERSPECTIVE: THE COST OF AIR SAFETY FOR CHILDREN

324

(2)

COMPETITIVE MARKETS AND PARETO EFFICIENCY

324

(1)

COMPETITIVE MARKETS AND INCOME DISTRIBUTION

325

(1)

LOOKING BEYOND THE BASIC MODEL: MARKET FAILURES AND THE ROLE OF GOVERNMENT

326

(2)

REVIEW AND PRACTICE

328

(3)

APPENDIX: PARETO EFFICIENCY AND COMPETITIVE MARKETS

331

(4)

PART THREE IMPERFECT MARKETS

335

(170)

CHAPTER 14 MONOPOLIES AND IMPERFECT COMPETITION

335

(28)

MARKET STRUCTURES

336

(2)

MONOPOLY OUTPUT

338

(5)

AN EXAMPLE: THE ABC-MENT COMPANY

341

(2)

USING ECONOMICS: MONOPOLY VERSUS COMPETITIVE PRICES

343

(2)

MONOPOLY PROFITS

343

(1)

PRICE DISCRIMINATION

344

(1)

IMPERFECT COMPETITION

345

(3)

NUMBER OF FIRMS IN THE INDUSTRY

346

(1)

PRODUCT DIFFERENTIATION

346

(2)

BARRIERS TO ENTRY: WHY IS COMPETITION LIMITED?

348

(2)

GOVERNMENT POLICIES

349

(1)

SINGLE OWNERSHIP OF AN ESSENTIAL INPUT

349

(1)

INFORMATION

349

(1)

POLICY PERSPECTIVE: USING PATENTS TO MAINTAIN A MONOPOLY--THE CASE OF XEROX

350

(5)

ECONOMIES OF SCALE AND NATURAL MONOPOLIES

351

(2)

MARKET STRATEGIES

353

(2)

EQUILIBRIUM WITH MONOPOLISTIC COMPETITION

355

(2)

CLOSE-UP: IBM--FROM THE EDGE OF MONOPOLY TO THE EDGE OF COMPETITION

357

(1)

SCHUMPETERIAN COMPETITION

358

(1)

REVIEW AND PRACTICE

358

(2)

APPENDIX A: MONOPSONY

360

(1)

APPENDIX B: DEMAND FOR INPUTS UNDER MONOPOLY AND IMPERFECT COMPETITION

361

(2)

CHAPTER 15 OLIGOPOLIES

363

(25)

COLLUSION

364

(2)

THE PROBLEM OF SELF-ENFORCEMENT

364

(2)

CLOSE-UP: GOVERNMENT COMPLICITY

366

(3)

THE PROBLEM OF COORDINATION

366

(2)

THE PROBLEM OF ENTRY

368

(1)

CLOSE-UP: PRICE FIXING IN ACTION

369

(1)

GAME THEORY: THE PRISONER'S DILEMMA

370

(2)

USING ECONOMICS: GAME THEORY AND COLLUSION

372

(1)

RESTRICTIVE PRACTICES

373

(1)

POLICY PERSPECTIVE: RESTRICTIVE PRACTICES AND THE MICROSOFT CASE

374

(2)

CONSEQUENCES OF RESTRICTIVE PRACTICES

375

(1)

THE MANY DIMENSIONS OF COMPETITION AMONG OLIGOPOLISTS

376

(1)

PRICE AND OUTPUT COMPETITION

377

(2)

COURNOT COMPETITION

377

(1)

BERTRAND COMPETITION

377

(1)

KINKED DEMAND CURVES

378

(1)

THE IMPORTANCE OF IMPERFECTIONS IN COMPETITION

379

(1)

REVIEW AND PRACTICE

380

(4)

APPENDIX: DESCRIBING THE MARKET EQUILIBRIUM FOR OLIGOPOLY

384

(4)

CHAPTER 16 GOVERNMENT POLICIES TOWARD COMPETITION

388

(23)

THE DRAWBACKS OF MONOPOLIES AND LIMITED COMPETITION

389

(4)

RESTRICTED OUTPUT

389

(2)

MANAGERIAL SLACK

391

(1)

REDUCED RESEARCH AND DEVELOPMENT

392

(1)

RENT SEEKING

392

(1)

FURTHER DRAWBACKS OF LIMITED COMPETITION

393

(1)

POLICIES TOWARD NATURAL MONOPOLIES

393

(3)

PUBLIC OWNERSHIP

394

(1)

REGULATION

395

(1)

POLICY PERSPECTIVE: CORPORATIZING THE AIR TRAFFIC CONTROL SYSTEM

396

(4)

ENCOURAGING COMPETITION

398

(2)

CLOSE-UP: THE BREAKUP OF AT&T

400

(1)

ANTITRUST POLICIES

401

(5)

LIMITING MARKET DOMINATION

401

(2)

DEFINING MARKETS

403

(1)

CURBING RESTRICTIVE PRACTICES

404

(1)

ENFORCING THE ANTITRUST LAWS

405

(1)

USING ECONOMICS: COKE AND PEPSI PLAY MERGER MANIA

406

(3)

CURRENT ANTITRUST CONTROVERSIES

407

(2)

REVIEW AND PRACTICE

409

(2)

CHAPTER 17 TECHNOLOGICAL CHANGE

411

(19)

LINKS BETWEEN TECHNOLOGICAL CHANGE AND IMPERFECT COMPETITION

412

(6)

PATENTS

413

(1)

THE TRADE-OFF BETWEEN SHORT-RUN EFFICIENCY AND INNOVATION

413

(3)

R & D AS A FIXED COST

416

(1)

LEARNING BY DOING

417

(1)

CLOSE-UP: ELI WHITNEY AND THE COTTON GIN

418

(2)

ACCESS TO CAPITAL MARKETS

419

(1)

CLOSE-UP: JOSEPH SCHUMPETER AND SCHUMPETERIAN COMPETITION

420

(1)

BASIC RESEARCH AS A PUBLIC GOOD

421

(2)

GOVERNMENT PROMOTION OF TECHNOLOGICAL PROGRESS

423

(1)

SUBSIDIES

423

(1)

POLICY PERSPECTIVE: SUCCESS STORIES IN GOVERNMENT RESEARCH PROGRAMS

424

(2)

PROTECTION

425

(1)

POLICY PERSPECTIVE: COMPETITION VS. COOPERATION IN AIRCRAFT MANUFACTURING

426

(1)

RELAXING ANTITRUST POLICIES

426

(1)

TECHNOLOGICAL CHANGE AND ECONOMIC GROWTH

427

(1)

REVIEW AND PRACTICE

428

(2)

CHAPTER 18 IMPERFECT INFORMATION IN THE PRODUCT MARKET

430

(24)

THE INFORMATION PROBLEM

431

(2)

HOW BIG A PROBLEM?

432

(1)

HOW PRICES CONVEY INFORMATION

432

(1)

MARKETS FOR INFORMATION

432

(1)

THE MARKET FOR LEMONS AND ADVERSE SELECTION

433

(3)

SIGNALING

435

(1)

JUDGING QUALITY BY PRICE

435

(1)

CLOSE-UP: AUTOMOBILE BROKERS AND IMPERFECT INFORMATION

436

(1)

THE INCENTIVE PROBLEM

437

(2)

MARKET SOLUTIONS

438

(1)

POLICY PERSPECTIVE: MEDICAL SAVINGS ACCOUNTS

439

(3)

CONTRACT SOLUTIONS

440

(1)

REPUTATION SOLUTIONS

441

(1)

POLICY PERSPECTIVE: INFORMATION PROBLEMS AND INCENTIVES IN THE MEDICAL CARE INDUSTRY

442

(1)

THE SEARCH PROBLEM

443

(2)

SEARCH AND IMPERFECT COMPETITION

444

(1)

SEARCH AND INFORMATION INTERMEDIARIES

445

(1)

ADVERTISING

445

(1)

USING ECONOMICS: EXPLAINING JOB MOBILITY--THE ECONOMICS OF SEARCH

446

(2)

ADVERTISING AND COMPETITION

447

(1)

ADVERTISING AND PROFITS

447

(1)

CLOSE-UP: ADVERTISING ORANGE JUICE

448

(2)

THE IMPORTANCE OF IMPERFECT INFORMATION

450

(1)

GOVERNMENT AND INFORMATION

451

(1)

REVIEW AND PRACTICE

451

(3)

CHAPTER 19 IMPERFECTIONS IN THE LABOR MARKET

454

(21)

LABOR UNIONS

455

(6)

A BRIEF HISTORY

455

(3)

ECONOMIC EFFECTS

458

(2)

LIMITS ON UNION POWER

460

(1)

CLOSE-UP: LESSONS FROM UNIONS IN OTHER COUNTRIES

461

(2)

WAGE DIFFERENTIALS

463

(3)

DISCRIMINATION

464

(2)

MOTIVATING WORKERS

466

(3)

PIECE RATES AND INCENTIVES

466

(1)

EFFICIENCY WAGES

467

(1)

OTHER INCENTIVES

468

(1)

POLICY PERSPECTIVE: MINIMUM WAGES

469

(2)

CLOSE-UP: FRINGE BENEFITS

471

(1)

REVIEW AND PRACTICE

472

(3)

CHAPTER 20 FINANCING, CONTROLLING, AND MANAGING THE FIRM

475

(30)

THE FIRM'S LEGAL FORM

476

(2)

CORPORATE FINANCE

478

(3)

WHY CORPORATIONS CARE ABOUT FINANCIAL STRUCTURE

480

(1)

USING ECONOMICS: ESTIMATING THE TAX BENEFITS OF DEBT VERSUS EQUITY

481

(6)

FINANCE AND CONTROL

482

(2)

LIMITED FINANCIAL OPTIONS

484

(3)

OVERVIEW: THE LIFE CYCLE OF A FIRM

487

(1)

TAKEOVERS, CONTROL OF FIRMS, AND THE MARKET FOR MANAGERS

487

(4)

TAKEOVERS: PROS AND CONS

489

(1)

PUBLIC POLICY TOWARD TAKEOVERS

490

(1)

POLICY PERSPECTIVE: WHY PENNSYLVANIA COMPANIES DO NOT WANT PROTECTION AGAINST TAKEOVERS

491

(1)

MAKING DECISIONS

492

(2)

DELEGATION AND THE PRINCIPAL-AGENT PROBLEM

493

(1)

CLOSE-UP: THE BEST EXECUTIVES FOR THE MONEY?

494

(2)

CLOSE-UP: WHAT IS GOOD MANAGEMENT?

496

(3)

CENTRALIZATION AND DECENTRALIZATION

497

(2)

THE BOUNDARIES OF THE FIRM

499

(2)

REVIEW AND PRACTICE

501

(4)

PART FOUR POLICY ISSUES

505

CHAPTER 21 EXTERNALITIES AND THE ENVIRONMENT

505

(17)

NEGATIVE EXTERNALITIES AND OVERSUPPLY

506

(3)

ENVIRONMENTAL PROTECTION AND CONSERVATION: EXAMPLES

508

(1)

POLICY RESPONSES TO PROBLEMS IN THE ENVIRONMENT

509

(2)

PROPERTY RIGHTS RESPONSES

509

(1)

REGULATION

510

(1)

CLOSE-UP: THE MARKET FOR WHALES

511

(2)

TAXES AND SUBSIDIES

512

(1)

USING ECONOMICS: CALCULATING THE EFFECTS OF A GASOLINE TAX

513

(2)

THE MARKETABLE PERMIT RESPONSE

513

(1)

WEIGHING THE ALTERNATIVE APPROACHES

514

(1)

POLICY PERSPECTIVE: UNFUNDED MANDATES, TAKINGS, AND COST-BENEFIT ANALYSIS

515

(1)

NATURAL RESOURCES

516

(2)

MERIT GOODS AND BADS

518

(1)

REVIEW AND PRACTICE

518

(4)

CHAPTER 22 TAXES, TRANSFERS, AND REDISTRIBUTION

522

(21)

THE CASE FOR INCOME REDISTRIBUTION

523

(1)

THE CHANGING U.S. INCOME DISTRIBUTION

524

(1)

TAXES

524

(3)

CHARACTERISTICS OF A GOOD TAX SYSTEM

526

(1)

POLICY PERSPECTIVE: CAPITAL GAINS TAXATION

527

(4)

GRADING THE U.S. TAX SYSTEM

528

(3)

TRANSFERS

531

(2)

NEED-BASED TRANSFER PROGRAMS

531

(2)

CLOSE-UP: DRAWING A POVERTY LINE

533

(1)

SOCIAL INSURANCE

534

(2)

THE COSTS AND BENEFITS OF REDISTRIBUTION

536

(2)

EQUITY-EFFICIENCY TRADE-OFFS

536

(1)

HOW WELL DOES THE UNITED STATES DO?

537

(1)

THE ROLES OF GOVERNMENT: A REVIEW

538

(2)

REVIEW AND PRACTICE

540

(3)

CHAPTER 23 PUBLIC DECISION MAKING

543

DECISION MAKING IN A DEMOCRACY

544

(4)

COLLECTIVE DECISION MAKING

544

(1)

MAJORITY VOTING AND THE MEDIAN VOTER

545

(1)

THE VOTING PARADOX

546

(1)

INTEREST GROUPS AND RENT SEEKING

547

(1)

POLICY PERSPECTIVE: MOTOR VOTERS

548

(2)

BUREAUCRACIES

549

(1)

AGRICULTURE: A CASE STUDY IN MIXED MOTIVES

549

(1)

CLOSE-UP: ECONOMICS, LIABILITY, AND LEGAL REFORM

550

(2)

PUBLIC FAILURES

552

(4)

INCENTIVES AND CONSTRAINTS

553

(1)

BUDGETING AND SPENDING PROCEDURES

554

(1)

UNINTENDED CONSEQUENCES

555

(1)

POLICY PERSPECTIVE: REINVENTING GOVERNMENT

556

(1)

DECENTRALIZATION AND THE FEDERAL ROLE

557

(3)

REVIEW AND PRACTICE

560

GLOSSARY

(16)

CREDITS

A17

(2)

INDEX

A19

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