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Table of Contents
About the Authors
Acknowledgments
Preface
1
The Central Idea
1.1
Scarcity and Choice for Individuals
1.2
Scarcity and Choice for the Economy as a Whole
1.3
Market Economies and the Price System
1.4
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2
Observing and Explaining the Economy
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2.1
Why Has Driving Shifted into Reverse?
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2.2
Variables, Correlation, and Causation
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2.3
Economic Policies
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2.4
End-of-Chapter Material
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2.5
Appendix: Reading, Understanding, and Creating Graphs
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3
The Supply and Demand Model
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3.1
Demand
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3.2
Supply
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3.3
Market Equilibrium: Combining Supply and Demand
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3.4
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4
Subtleties of the Supply and Demand Model
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4.1
Interference with Market Prices
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4.2
Elasticity of Demand
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4.3
Working with Demand Elasticities
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4.4
Elasticity of Supply
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4.5
End-of-Chapter Material
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5
The Demand Curve and the Behavior of Consumers
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5.1
Utility and Consumer Preferences
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5.2
The Budget Constraint and Utility Maximization
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5.3
Willingness to Pay and the Demand Curve
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5.4
The Market Demand Curve
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5.5
Consumer Surplus
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5.6
End-of-Chapter Materials
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5.7
Appendix: Consumer Theory with Indifference Curves
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6
The Supply Curve and the Behavior of Firms
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6.1
Definition of a Firm
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6.2
The Firm's Profits
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6.3
Profit Maximization and the Individual Firm
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6.4
The Market Supply Curve
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6.5
Producer Surplus
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6.6
End-of-Chapter Materials
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7
The Efficiency of Markets
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7.1
Individual Consumers and Firms in a Market
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7.2
A Double-Auction Market
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7.3
Are Competitive Markets Efficient?
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7.4
Measuring Waste from Inefficiency
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7.5
The Deadweight Loss from Taxes and Subsidies
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7.6
The Deadweight Loss from Price Floors and Ceilings
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7.7
Informational Efficiency
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7.8
End-of-Chapter Materials
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8
Costs and the Changes at Firms Over Time
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8.1
Costs for an Individual Firm
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8.2
Cost Curves
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8.3
The Production Decision in the Short Run
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8.4
Cost and Production: The Long Run
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8.5
Economies of Scale
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8.6
End-of-Chapter Materials
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8.7
Appendix: Producer Theory with Isoquants
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9
The Rise and Fall of Industries
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9.1
Markets and Industries
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9.2
The Long-Run Competitive Equilibrium Model of an Industry
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9.3
External Economies and Diseconomies of Scale
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9.4
End-of-Chapter Materials
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10
Monopoly
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10.1
A Model of Monopoly
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10.2
The Generic Diagram of a Monopoly and Its Profits
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10.3
Competition, Monopoly, and Deadweight Loss
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10.4
Why Monopolies Exist
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10.5
Price Discrimination
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10.6
End-of-Chapter Materials
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11
Product Differentiation, Monopolistic Competition, and Oligopoly
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11.1
Product Differentiation
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11.2
Monopolistic Competition
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11.3
Oligopoly
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11.4
End-of-Chapter Materials
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12
Antitrust Policy and Regulation
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12.1
Antitrust Policy
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12.2
Regulating Natural Monopolies
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12.3
To Regulate or Not to Regulate
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12.4
End-of-Chapter Materials
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13
Labor Markets
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13.1
The Measurement of Wages
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13.2
The Labor Market
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13.3
Labor Demand
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13.4
Labor Supply
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13.5
Explaining Wage Trends and Differences
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13.6
Monopsony
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13.7
Labor Unions
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13.8
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14
Taxes, Transfers, and Income Distribution
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14.1
The Tax System
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14.2
Transfer Payments
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14.3
The Distribution of Income in the United States
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14.4
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15
Public Goods, Externalities, and Government Behavior
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15.1
Public Goods
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15.2
Externalities: From the Environment to Education
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15.3
Remedies for Externalities
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15.4
Models of Government Behavior
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15.5
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16
Capital and Financial Markets
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16.1
The Distinction between Physical Capital and Financial Capital
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16.2
Markets for Physical Capital
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16.3
Markets for Financial Capital
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16.4
The Trade-off between Risk and Returns
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16.5
Corporate Governance Problems
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16.6
The Role of Government in Financial Markets
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16.7
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16.8
Appendix: Present Discounted Value
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17
Macroeconomics: The Big Picture
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17.1
Measuring the “Size” of an Economy
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17.2
Unemployment, Inflation, and Interest Rates
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17.3
Macroeconomic Theory and Policy
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17.4
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17.5
Appendix: The Miracle of Compound Growth
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18
Measuring the Production, Income, and Spending of Nations
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18.1
Measuring GDP
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18.2
Saving
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18.3
Measuring Real GDP
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18.4
Shortcomings of the GDP Measure
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18.5
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19
The Spending Allocation Model
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19.1
The Spending Shares
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19.2
The Effect of Interest Rates on Spending Shares
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19.3
Determining the Equilibrium Interest Rate
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19.4
The Relationship between Saving and Investment
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19.5
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20
Unemployment and Employment
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20.1
Unemployment and Other Labor Market Indicators
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20.2
The Nature of Unemployment
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20.3
Modeling the Labor Market
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20.4
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21
Productivity and Economic Growth
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21.1
Labor and Capital without Technology
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21.2
Technology: The Engine of Growth
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21.3
Measuring Technology
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21.4
Technology Policy
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21.5
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21.6
Appendix: Deriving the Growth Accounting Formula
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22
Economic Growth around the World
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22.1
Global Disparities in Income
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22.2
Catching Up (or Not?)
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22.3
Fundamental Causes of Economic Growth
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22.4
Increasing Capital per Worker
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22.5
The Spread and Use of Technology
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22.6
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23
Money and Inflation
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23.1
What Is Money?
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23.2
The Fed, the Banks, and the Role of Reserves
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23.3
The Federal Funds Market
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23.4
Money Growth and Inflation
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23.5
End-of-Chapter Material
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24
The Nature and Causes of Economic Fluctuations
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24.1
Changes in Aggregate Demand Lead to Changes in Production
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24.2
Forecasting Real GDP
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24.3
The Response of Consumption to Income
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24.4
Finding Real GDP When Consumption and Income Move Together
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24.5
Spending Balance and Departures of Real GDP from Potential GDP
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24.6
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24.7
Appendix: Deriving the Formula for the Keynesian Multiplier and the Forward-Looking Consumption Model
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25
The Economic Fluctuations Model
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25.1
The Aggregate Demand Curve
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25.2
The Inflation Adjustment Line
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25.3
Combining the Aggregate Demand Curve and the Inflation Adjustment Line
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25.4
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26
Using the Economic Fluctuations Model
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26.1
Changes in Government Purchases
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26.2
Changes in Monetary Policy
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26.3
Price Shocks
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26.4
Using the Economic Fluctuations Model to Understand the Great Recession
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26.5
Using the Economic Fluctuations Model to Understand the Impact of the COVID-19 Pandemic
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26.6
Using the Economic Fluctuations Model to Understand the Return of High Inflation
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26.7
End-of-Chapter Material
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27
Fiscal Policy
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27.1
The Government Budget
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27.2
Countercyclical Fiscal Policy
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27.3
The Structural versus the Cyclical Surplus
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27.4
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28
Monetary Policy
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28.1
The Federal Reserve’s Balance Sheet
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28.2
When the Interest Rate Hits Zero
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28.3
The Economic Fluctuations Model
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28.4
Central Bank Independence
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28.5
The Exchange Rate
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28.6
End-of-Chapter Material
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29
International Trade
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29.1
Trends in International Trade
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29.2
Comparative Advantage
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29.3
Reasons for Comparative Advantage
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29.4
Gains from Expanded Markets
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29.5
Tariffs and Quotas
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29.6
The History of Trade Restrictions
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29.7
Arguments for Trade Barriers
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29.8
How to Reduce Trade Barriers
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29.9
End-of-Chapter Material
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30
International Finance
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30.1
Exchange Rates
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30.2
Exchange Rate Determination
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30.3
Fixed Exchange Rates
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30.4
Currency Unions
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30.5
End-of-Chapter Material
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