Economics by Design : Principles and Issues / Edition 1

Economics by Design : Principles and Issues / Edition 1

by Robert A. Collinge, Ronald M. Ayers
     
 

ISBN-10: 0133737888

ISBN-13: 9780133737882

Pub. Date: 11/28/1996

Publisher: Prentice Hall Professional Technical Reference

Using a unique modular format, this up-to-date survey presents current issues and core principles of mainstream economics in an intuitive manner that captures reader interest. It systematically combines this presentation with a wealth of relevant, up-to-date applications drawn from today's professional world. Discuss cover such timely issues as the World Bank; the

Overview

Using a unique modular format, this up-to-date survey presents current issues and core principles of mainstream economics in an intuitive manner that captures reader interest. It systematically combines this presentation with a wealth of relevant, up-to-date applications drawn from today's professional world. Discuss cover such timely issues as the World Bank; the International Monetary Fund; the International Labor Organization; economic growth; short-term instability; production, growth, and trade; political prices and elasticity; the international marketplace; the public sector; market failure; taxation and public choice; employment, output, and fiscal policy; and more. For those interested in any/all facets of mainstream economics.

Product Details

ISBN-13:
9780133737882
Publisher:
Prentice Hall Professional Technical Reference
Publication date:
11/28/1996
Edition description:
Older Edition
Pages:
606
Product dimensions:
7.54(w) x 9.16(h) x 0.95(d)

Table of Contents

Preface xiii
Module A TRAVELING THE ECONOMICS EXPRESSWAY
Module B EXPLORING ISSUES
Module C MASTERING ROADSIDE CHALLENGES
PART ONE The Economic Journey 1(74)
Chapter 1 Roadmap for Economics
1(36)
Module A
3(15)
Scarce Resources, Unlimited Wants
3(2)
Surveying the Economic Landscape
5(1)
What, How, and for Whom?
6(6)
Economic Analysis
12(2)
Economic Modeling: The Route to Higher-Level Understanding
14(4)
Module B
18(10)
Exploration 1 "From each According to..., To each According to..."?
18(5)
Exploration 2 Educational Short Story: Political Economy--Out of the Ivory Tower and into Action
23(5)
Module C
28(9)
Challenge 1 Working with Graphs
28(3)
Challenge 2 Finding the Data You Need
31(6)
Chapter 2 Production, Growth, and Trade
37(38)
Module A
39(16)
Scarcity and Choice
39(3)
Production Possibilities
42(7)
Circular Flow and the Role of Money
49(2)
Expanding Consumption Possibilities through Trade
51(4)
Module B
55(11)
Exploration 1 Connecting in the Information Economy
55(5)
Exploration 2 Population Growth on a Finite Planet--Must the Outlook be Dismal?
60(6)
Module C
66(9)
Challenge 1 Specialization According to Comparative Advantage--Computation and Market Revelation
66(2)
Challenge 2 The Consumption Possibility Frontier--First Decide What to Produce, Then Decide What to Consume
68(7)
PART TWO The Power of Prices 75(123)
Chapter 3 Market Prices: Supply and Demand
75(45)
Module A
77(20)
The Answer to Economic Questions--Supply and Demand
77(1)
Demand
77(6)
Supply
83(3)
Equilibrium--Demand Meets Supply and the Market Clears
86(4)
Elasticity--Measuring Responsiveness
90(7)
Module B
97(11)
Exploration 1 Crime and the Market for Drugs
97(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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