Economics, Global Edition
Höfundar: Daron Acemoglu, David Laibson, John List
4.790 kr.
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Forcourses in the principles of economics. An evidence-based approach to economics Throughout Economics, 3rd Edition, authors DaronAcemoglu, David Laibson, and John List use real economic questions anddata to help you learn about the world around you. Taking a freshapproach, they use the themes of optimization, equilibrium, and empiricism tonot only illustrate the power of simple economic ideas, but also to explain andpredict what’s happening in today’s society.
Annað
- Höfundar: Daron Acemoglu, David Laibson, John List
- Útgáfa:3
- Útgáfudagur: 2021-09-01
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- Format:Page Fidelity
- ISBN 13: 9781292411149
- Print ISBN: 9781292411019
- ISBN 10: 1292411147
Efnisyfirlit
- Half Title
- Title Page
- Copyright
- Dedication
- About the Authors
- Brief Contents
- Contents
- Preface
- Acknowledgments
- Global Edition Acknowledgments
- Part I: Introduction to Economics
- Chapter 1: The Principles and Practice of Economics
- 1.1 The Scope of Economics
- Economic Agents and Economic Resources
- Definition of Economics
- Positive Economics and Normative Economics
- Microeconomics and Macroeconom
- 1.2 Three Principles of Economics
- 1.3 The First Principle of Economics: Optimization
- Trade-offs and Budget Constraints
- Opportunity Cost
- Cost-Benefit Analysis
- Evidence-Based Economics: Is Facebook free?
- 1.4 The Second Principle of Economics: Equilibrium
- The Free-Rider Problem
- 1.5 The Third Principle of Economics: Empiricism
- 1.6 Is Economics Good for You?
- Summary
- Key Terms
- Questions
- Evidence-Based Economics Problems
- Problems
- 1.1 The Scope of Economics
- Chapter 2: Economic Science: Using Data and Models to Understand the World
- 2.1 The Scientific Method
- Models and Data
- An Economic Model
- Evidence-Based Economics: How much moredoes a worker with a 4-year college degree earn compared to a
- Means and Medians
- Argument by Anecdote
- 2.2 Causation and Correlation
- The Red Ad Blues
- Causation Versus Correlation
- Choice & Consequence: Spend Now and Pay Later?
- Experimental Economics and Natural Experiments
- Evidence-Based Economics: What is the return to education?
- 2.3 Economic Questions and Answers
- Summary
- Key Terms
- Questions
- Evidence-Based Economics Problems
- Problems
- Appendix: Constructing and Interpreting Charts and Graphs
- A Study about Incentives
- Experimental Design
- Describing Variables
- Cause and Effect
- Appendix Key Terms
- Appendix Problems
- 2.1 The Scientific Method
- Chapter 1: The Principles and Practice of Economics
- Chapter 3: Optimization: Trying to Do the Best You Can
- 3.1 Optimization: Trying to Choose the Best Feasible Option
- Choice & Consequence: Do People Actually Choose the Best Feasible Option?
- 3.2 Optimization Application: Renting the Optimal Apartment
- Before and After Comparisons
- 3.3 Optimization Using Marginal Analysis
- Marginal Cost
- Evidence-Based Economics: How does location affect the rental cost of housing?
- Summary
- Key Terms
- Questions
- Evidence-Based Economics Problems
- Problems
- 3.1 Optimization: Trying to Choose the Best Feasible Option
- Chapter 4: Demand, Supply, and Equilibrium
- 4.1 Markets
- Competitive Markets
- 4.2 How Do Buyers Behave?
- Demand Curves
- Willingness to Pay
- From Individual Demand Curves to Aggregated Demand Curves
- Building the Market Demand Curve
- Shifting the Demand Curve
- Evidence-Based Economics: How much more gasoline would people buy if its price were lower?
- 4.3 How Do Sellers Behave?
- Supply Curves
- Willingness to Accept
- From the Individual Supply Curve to the Market Supply Curve
- Shifting the Supply Curve
- 4.4 Supply and Demand in Equilibrium
- Curve Shifting in Competitive Equilibrium
- Letting the Data Speak: Technological Breakthroughs Drive Down the Equilibrium Price of Oil
- Letting the Data Speak: The Day Oil Became Garbage
- 4.5 What Would Happen If the Government Tried to Dictate the Price of Gasoline?
- Choice & Consequence: The Unintended Consequences of Fixing Market Prices
- Summary
- Key Terms
- Questions
- Evidence-Based Economics Problems
- Problems
- 4.1 Markets
- Chapter 5: Consumers and Incentives
- 5.1 The Buyer’s Problem
- What You Like
- Prices of Goods and Services
- How Much Money You Have to Spend
- Choice & Consequence: Absolutes Versus Percentages
- 5.2 Putting It All Together
- Price Changes
- Letting the Data Speak: Does $6 + $1 Always = $7?
- Income Changes
- 5.3 From the Buyer’s Problem to the Demand Curve
- 5.4 Consumer Surplus
- An Empty Feeling: Loss in Consumer Surplus When Price Increases
- Evidence-Based Economics: Would a smoker quit the habit for $100 per month?
- 5.5 Demand Elasticities
- The Price Elasticity of Demand
- The Cross-Price Elasticity of Demand
- The Income Elasticity of Demand
- Letting the Data Speak: Should McDonald’s Be Interested in Elasticities?
- Summary
- Key Terms
- Questions
- Evidence-Based Economics Problems
- Problems
- Appendix: Representing Preferences with Indifference Curves: Another Use of the Budget Constraint
- Appendix Questions
- Appendix Key Terms
- 5.1 The Buyer’s Problem
- 6.1 Sellers in a Perfectly Competitive Market
- 6.2 The Seller’s Problem
- Making the Goods: How Inputs Are Turned into Outputs
- The Cost of Doing Business: Introducing Cost Curves
- The Rewards of Doing Business: Introducing Revenue Curves
- Putting It All Together: Using the Three Components to Do the Best You Can
- Choice & Consequence: Maximizing Total Profit, Not Per-Unit Profit
- 6.3 From the Seller’s Problem to the Supply Curve
- Price Elasticity of Supply
- Shutdown
- Choice & Consequence: Marginal Decision Makers Ignore Sunk Costs
- 6.4 Producer Surplus
- 6.5 From the Short Run to the Long Run
- Long-Run Supply Curve
- Choice & Consequence: Visiting a Car Manufacturing Plant
- 6.6 From the Firm to the Market: Long-Run Competitive Equilibrium
- Firm Entry
- Firm Exit
- Zero Profits in the Long Run
- Economic Profit Versus Accounting Profit
- Letting the Data Speak: The Effect of Uber Driver Entry in the Long Run
- Evidence-Based Economics: How would an ethanol subsidy affect ethanol producers?
- Summary
- Key Terms
- Questions
- Evidence-Based Economics Problems
- Problems
- Appendix: When Firms Have Different Cost Structures
- 7.1 Perfect Competition and Efficiency
- Social Surplus
- Pareto Efficiency
- 7.2 Extending the Reach of the Invisible Hand: From the Individual to the Firm
- 7.3 Extending the Reach of the Invisible Hand: Allocation of Resources Across Industries
- Letting the Data Speak: Adam Smith Visitsthe White House
- 7.4 Prices Guide the Invisible Hand
- Deadweight Loss
- Evidence-Based Economics: Do companies like Uber make use of the invisible hand?
- The Command Economy
- Choice & Consequence: FEMA and Walmart After Katrina
- The Central Planner
- Choice & Consequence: Command and Control at Kmart
- 7.5 Equity and Efficiency
- Evidence-Based Economics: Can markets composed of only self-interested people maximizethe overall we
- Summary
- Key Terms
- Questions
- Evidence-Based Economics Problems
- Problems
- 8.1 The Production Possibilities Curve
- Calculating Opportunity Cost
- 8.2 The Basis for Trade: Comparative Advantage
- Specialization
- Absolute Advantage
- Choice & Consequence: An Experiment on Comparative Advantage
- The Price of the Trade
- 8.3 Trade Between States
- Choice & Consequence: Should LeBron James Paint His Own House?
- Economy-Wide PPC
- Comparative Advantage and Specialization Among States
- 8.4 Trade Between Countries
- Determinants of Trade Between Countries
- Exporting Nations: Winners and Losers
- Letting the Data Speak: Fair Trade Products
- Importing Nations: Winners and Losers
- Where Do World Prices Come From?
- Determinants of a Country’s Comparative Advantage
- 8.5 Arguments Against Free Trade
- National Security Concerns
- Fear of Globalization
- Environmental and Resource Concerns
- Infant Industry Arguments
- The Effects of Tariffs
- Choice & Consequence: Tariffs Affect Trade Between Firms
- Evidence-Based Economics: Will free trade cause you to lose your job?
- Summary
- Key Terms
- Questions
- Evidence-Based Economics Problems
- Problems
- 9.1 Externalities
- A "Broken" Invisible Hand: Negative Externalities
- A "Broken" Invisible Hand: Positive Externalities
- Pecuniary Externalities
- Choice & Consequence: Coronavirus Vaccination: Positive Externalities in Spots You Never Imagined
- 9.2 Private Solutions to Externalities
- Private Solution: Bargaining
- The Coase Theorem
- Private Solution: Doing the Right Thing
- 9.3 Government Solutions to Externalities
- Government Regulation: Command-and-Control Policies
- Evidence-Based Economics: How did the government lower the number of earthquakes in Oklahoma?
- Government Regulation: Market-Based Approaches
- Corrective Taxes
- Corrective Subsidies
- Letting the Data Speak: How to Value Externalities
- Letting the Data Speak: Pay as You Throw: Consumers Create Negative Externalities Too!
- 9.4 Public Goods
- Government Provision of Public Goods
- Choice & Consequence: The Free-Rider’s Dilemma
- Private Provision of Public Goods
- 9.5 Common Pool Resource Goods
- Choice & Consequence: Tragedy of the Commons
- Choice & Consequence: The Race to Fish
- Evidence-Based Economics: How can the Queen of England lower her commute time to Wembley Stadium?
- Summary
- Key Terms
- Questions
- Evidence-Based Economics Problems
- Problems
- 10.1 Taxation and Government Spending in the United States
- Where Does the Money Come From?
- Why Does the Government Tax and Spend?
- Choice & Consequence: The Government Budget Constraint
- Letting the Data Speak: Understanding Federal Income Tax Brackets
- Letting the Data Speak: Reducing Inequality the Scandinavian Way
- Taxation: Tax Incidence and Deadweight Losses
- Choice & Consequence: The Deadweight Loss Depends on the Tax
- 10.2 Regulation
- Direct Regulation
- 10.3 Government Failures
- The Direct Costs of Bureaucracies
- Corruption
- Underground Economy
- Choice & Consequence: Can Market Regulation Save Rhinos from Extinction?
- 10.4 Equity Versus Efficiency
- 10.5 Consumer Sovereignty and Paternalism
- The Debate
- Evidence-Based Economics: What is the optimal size of government?
- Letting the Data Speak: The Efficiency of Government Versus Privately Run Expeditions
- Choice & Consequence: Taxation and Innovation
- Summary
- Key Terms
- Questions
- Evidence-Based Economics Problems
- Problems
- 11.1 The Competitive Labor Market
- The Demand for Labor
- 11.2 The Supply of Labor: Your Labor-Leisure Trade-Off
- Labor Market Equilibrium: Supply Meets Demand
- Labor Demand Shifters
- Choice & Consequence: Producing Web Sites and Computer Programs
- Letting the Data Speak: “Get Your Hot Dogs Here!”
- Factors That Shift Labor Supply
- Letting the Data Speak: Do Wages Really Go Down If Labor Supply Increases?
- 11.3 Wage Inequality
- Differences in Human Capital
- Differences in Compensating Wage Differentials
- Choice & Consequence: Paying for Worker Training
- Discrimination in the Job Market
- Changes in Wage Inequality over Time
- Choice & Consequence: Compensating Wage Differentials
- Letting the Data Speak: Broadband andInequality
- 11.4 The Market for Other Factors of Production: Physical Capital and Land
- Letting the Data Speak: The Top 1 Percent Share and Capital Income
- Evidence-Based Economics: Is there discrimination in the labor market?
- Summary
- Key Terms
- Questions
- Evidence-Based Economics Problems
- Problems
- Appendix: Monopsony in the Labor Market
- Chapter 12: Monopoly
- 12.1 Introducing a New Market Structure
- 12.2 Sources of Market Power
- Legal Market Power
- Natural Market Power
- Control of Key Resources
- Choice & Consequence: Barriers to Entry Lurk Everywhere
- Economies of Scale
- 12.3 The Monopolist’s Problem
- Revenue Curves
- Price, Marginal Revenue, and Total Revenue
- 12.4 Choosing the Optimal Quantity and Price
- Producing the Optimal Quantity
- Setting the Optimal Price
- How a Monopolist Calculates Profits
- Does a Monopoly Have a Supply Curve?
- 12.5 The "Broken" Invisible Hand: The Cost of Monopoly
- 12.6 Restoring Efficiency
- Three Degrees of Price Discrimination
- Letting the Data Speak: Third-Degree Price Discrimination in Action
- 12.7 Government Policy Toward Monopoly
- The Microsoft Case
- Price Regulation
- Evidence-Based Economics: Can a monopoly ever be good for society?
- Summary
- Key Terms
- Questions
- Evidence-Based Economics Problems
- Problems
- Chapter 13: Game Theory and Strategic Play
- 13.1 Simultaneous-Move Games
- Best Responses and the Prisoners’ Dilemma
- Dominant Strategies and Dominant Strategy Equilibrium
- Games Without Dominant Strategies
- 13.2 Nash Equilibrium
- Finding a Nash Equilibrium
- Choice & Consequence: Work or Surf?
- 13.3 Applications of Nash Equilibria
- Tragedy of the Commons Revisited
- Zero-Sum Games
- 13.4 How Do People Actually Play Such Games?
- Game Theory in Penalty Kicks
- Evidence-Based Economics: Is there valuein putting yourself in someone else’s shoes?
- 13.5 Extensive-Form Games
- Backward Induction
- First-Mover Advantage, Commitment, and Vengeance
- Evidence-Based Economics: Is there value inputting yourself in someone else’s shoes in extensive-f
- Choice & Consequence: There Is More to Life Than Money
- Summary
- Key Terms
- Questions
- Evidence-Based Economics Problems
- Problems
- 13.1 Simultaneous-Move Games
- Chapter 14: Oligopoly and Monopolistic Competition
- 14.1 Two More Market Structures
- 14.2 Oligopoly
- The Oligopolist’s Problem
- Oligopoly Model with Homogeneous Products
- Doing the Best You Can: How Should You Price to Maximize Profits?
- Oligopoly Model with Differentiated Products
- Letting the Data Speak: Airline Price Wars
- Collusion: Another Way to Keep Prices High
- Letting the Data Speak: Apple Versus Samsung
- Letting the Data Speak: To Cheat or Not to Cheat: That Is the Question
- Choice & Consequence: Collusion in Practice
- 14.3 Monopolistic Competition
- The Monopolistic Competitor’s Problem
- Doing the Best You Can: How a Monopolistic Competitor Maximizes Profits
- Letting the Data Speak: Why Do Some Firms Advertise and Some Don’t?
- How a Monopolistic Competitor Calculates Profits
- Long-Run Equilibrium in a Monopolistically Competitive Industry
- 14.4 The "Broken" Invisible Hand
- Regulating Market Power
- 14.5 Summing Up: Four Market Structures
- Letting the Podcast Speak: A Surprising Duopoly: Democrats and Republicans
- Evidence-Based Economics: How many firms are necessary to make a market competitive?
- Summary
- Key Terms
- Questions
- Evidence-Based Economics Problems
- Problems
- Chapter 15: Trade-offs Involving Time and Risk
- 15.1 Modeling Time and Risk
- 15.2 The Time Value of Money
- Future Value and the Compounding of Interest
- Borrowing Versus Lending
- Present Value and Discounting
- 15.3 Time Preferences
- Time Discounting
- Preference Reversals
- Choice & Consequence: Failing to Anticipate Preference Reversals
- Evidence-Based Economics: Do people exhibit a preference for immediate gratification?
- 15.4 Probability and Risk
- Roulette Wheels and Probabilities
- Independence and the Gambler’s Fallacy
- Letting the Data Speak: Roulette Wheels and Elections
- Expected Value
- Extended Warranties
- Choice & Consequence: Is Gambling Worthwhile?
- 15.5 Risk Preferences
- Summary
- Key Terms
- Questions
- Evidence-Based Economics Problem
- Problems
- Chapter 16: The Economics of Information
- 16.1 Asymmetric Information
- Hidden Characteristics: Adverse Selection in the Used Car Market
- Hidden Characteristics: Adverse Selection in the Health Insurance Market
- Market Solutions to Adverse Selection: Signaling
- Choice & Consequence: Are You Earning a Signal Right Now?
- Evidence-Based Economics: Why do new cars lose considerable value the minute they are driven off the
- Choice & Consequence: A Tale of a Tail
- 16.2 Hidden Actions: Markets with Moral Hazard
- Letting the Data Speak: Moral Hazard on Your Bike
- Market Solutions to Moral Hazard in the Labor Market: Efficiency Wages
- Letting the Podcast Speak: Tackling Adverse Selection and Moral Hazard in the Workplace
- Market Solutions to Moral Hazard in the Insurance Market: "Putting Your Skin in the Game"
- Letting the Data Speak: Designing Incentives for Teachers
- Evidence-Based Economics: Why is private health insurance so expensive?
- 16.3 Government Policy in a World of Asymmetric Information
- Government Intervention and Moral Hazard
- The Equity-Efficiency Trade-off
- Crime and Punishment as a Principal–Agent Problem
- Letting the Data Speak: Moral Hazard Among Job Seekers
- Summary
- Key Terms
- Questions
- Evidence-Based Economics Problems
- Problems
- 16.1 Asymmetric Information
- Chapter 17: Auctions and Bargaining
- 17.1 Auctions
- Types of Auctions
- Open Outcry: English Auctions
- Letting the Data Speak: To Snipe or Not to Snipe?
- Open Outcry: Dutch Auctions
- Sealed Bid: First-Price Auctions
- Sealed Bid: Second-Price Auctions
- The Revenue Equivalence Theorem
- Evidence-Based Economics: How should you bid in an eBay auction?
- 17.2 Bargaining
- What Determines Bargaining Outcomes?
- Bargaining in Action: The Ultimatum Game
- Bargaining and the Coase Theorem
- Evidence-Based Economics: Who determines how the household spends its money?
- Letting the Data Speak: Sex Ratios Change Bargaining Power Too
- Summary
- Key Terms
- Questions
- Evidence-Based Economics Problems
- Problems
- 17.1 Auctions
- Chapter 18: Social Economics
- 18.1 The Economics of Charity and Fairness
- The Economics of Charity
- Letting the Data Speak: Do People Donate Less When It’s Costlier to Give?
- Letting the Data Speak: Why Do People Give to Charity?
- The Economics of Fairness
- Letting the Data Speak: Dictators in the Lab
- Evidence-Based Economics: Do people care about fairness?
- 18.2 The Economics of Trust and Revenge
- The Economics of Trust
- The Economics of Revenge
- Choice & Consequence: Does Revenge Have an Evolutionary Logic?
- Letting the Podcast Speak: Sorry! I Should Apologize, but How?
- 18.3 How Others Influence Our Decisions
- Where Do Our Preferences Come From?
- The Economics of Peer Effects
- Letting the Data Speak: Is Economics Bad for You?
- Following the Crowd: Herding
- Letting the Data Speak: Your Peers Affect Your Waistline
- Choice & Consequence: Are You an Internet Explorer?
- Summary
- Key Terms
- Questions
- Evidence-Based Economics Problems
- Problems
- 18.1 The Economics of Charity and Fairness
- Chapter 19: The Wealth of Nations: Defining and Measuring Macroeconomic Aggregates
- 19.1 Macroeconomic Questions
- 19.2 National Income Accounts: Production = Expenditure = Income
- Production
- Expenditure
- Income
- Circular Flows
- National Income Accounts: Production
- National Income Accounts: Expenditure
- Evidence-Based Economics: In the United States, what is the total market value of annual economic pr
- Letting the Data Speak: Saving versus Investment
- National Income Accounting: Income
- 19.3 What Isn’t Measured by GDP?
- Physical Capital Depreciation
- Home Production
- The Underground Economy
- Externalities
- Gross Domestic Product versus Gross National Product
- The Increase in Income Inequality
- Leisure
- Does GDP Buy Happiness?
- 19.4 Real versus Nominal
- The GDP Deflator
- The Consumer Price Index
- Inflation
- Adjusting Nominal Variables
- Summary
- Key Terms
- Questions
- Evidence-Based Economics Problems
- Problems
- Chapter 20: Aggregate Incomes
- 20.1 Inequality Around the World
- Measuring Differences in GDP per Capita
- Letting the Data Speak: The Big Mac Index
- Cross-Country Differences in GDP per capita
- GDP per Worker
- Productivity
- Incomes and the Standard of Living
- Choice & Consequence: Dangers of Just Focusing on GDP per Capita
- 20.2 Productivity and the Aggregate Production Function
- Productivity Differences
- The Aggregate Production Function
- Labor
- Physical Capital and Land
- Technology
- Representing the Aggregate Production Function
- 20.3 The Role and Determinants of Technology
- Technology
- Dimensions of Technology
- Letting the Data Speak: Moore’s Law
- Choice & Consequence: Academic Misallocation in Nazi Germany
- Letting the Data Speak: Efficiency of Production and Productivity at the Company Level
- Entrepreneurship
- Letting the Data Speak: Monopoly and GDP
- Evidence-Based Economics: Why is the average American so much richer than the average Indian?
- Summary
- Key Terms
- Questions
- Evidence-Based Economics Problems
- Problems
- Appendix: The Mathematics of Aggregate Production Functions
- 20.1 Inequality Around the World
- Chapter 21: Economic Growth
- 21.1 The Power of Economic Growth
- A First Look at U.S. Growth
- Exponential Growth
- Choice & Consequence: The Power of Exponential Growth
- Patterns of Growth
- Letting the Data Speak: Levels versus Growth
- 21.2 How Does a Nation’s Economy Grow?
- Optimization: The Choice Between Saving and Consumption
- What Brings Sustained Growth?
- Choice & Consequence: Is Increasing the Saving Rate Always a Good Idea?
- Knowledge, Technological Change, and Growth
- Letting the Data Speak: Technology and Life Expectancy
- 21.3 The History of Growth and Technology
- Growth Before Modern Times
- Letting the Data Speak: The Great Productivity Puzzle
- Evidence-Based Economics: Why are you so much more prosperous than your great-great-grandparents wer
- Malthusian Limits to Growth
- The Industrial Revolution
- Growth and Technology Since the Industrial Revolution
- 21.4 Growth, Inequality, and Poverty
- Growth and Inequality
- Growth and Poverty
- Letting the Data Speak: Income Inequality in the United States
- Choice & Consequence: Inequality versus Poverty
- How Can We Reduce Poverty?
- Summary
- Key Terms
- Questions
- Evidence-Based Economics Problems
- Problems
- Appendix: The Solow Growth Model
- The Three Building Blocks of the Solow Model
- Steady-State Equilibrium in the Solow Model
- Determinants of GDP
- Dynamic Equilibrium in the Solow Model
- Sources of Growth in the Solow Model
- Calculating Average (Compound) Growth Rates
- Appendix Key Terms
- Appendix Problems
- 21.1 The Power of Economic Growth
- 22.1 Proximate Versus Fundamental Causes of Prosperity
- Geography
- Culture
- Institutions
- A Natural Experiment of History
- 22.2 Institutions and Economic Development
- Inclusive and Extractive Economic Institutions
- How Economic Institutions Affect Economic Outcomes
- Letting the Data Speak: Democracy and Growth
- Letting the Data Speak: Divergence and Convergence in Eastern Europe
- The Logic of Extractive Economic Institutions
- Inclusive Economic Institutions and the Industrial Revolution
- Letting the Data Speak: Blocking the Railways
- Evidence-Based Economics: Are tropical and semitropical areas condemned to poverty by their geograph
- 22.3 Is Foreign Aid the Solution to World Poverty?
- Choice & Consequence: Foreign Aid and Corruption
- Summary
- Key Terms
- Questions
- Evidence-Based Economics Problems
- Problems
- Chapter 23: Employment and Unemployment
- 23.1 Measuring Employment and Unemployment
- Classifying Potential Workers
- Calculating the Un employment Rate
- Trends in the Unemployment Rate
- 23.2 Equilibrium in the Labor Market
- The Demand for Labor
- Shifts in the Labor Demand Curve
- The Supply of Labor
- Shifts in the Labor Supply Curve
- Letting the Data Speak: Who Is Unemployed?
- Letting the Data Speak: Racial Disparities in Unemployment and the Existence of Racial Discriminatio
- Equilibrium in a Competitive Labor Market
- 23.3 Why Is There Unemployment?
- Voluntary Unemployment
- Job Search and Frictional Unemployment
- 23.4 Wage Rigidity and Structural Unemployment
- Minimum Wage Laws
- Choice & Consequence: Luddites and Robots
- Labor Unions and Collective Bargaining
- Efficiency Wages
- Choice & Consequence: Minimum Wage Laws and Employment
- Downward Wage Rigidity
- 23.5 Cyclical Unemployment and the Natural Rate of Unemployment
- Evidence-Based Economics: How did unemployment and wages respond to the COVID-19 pandemic in the Uni
- Summary
- Key Terms
- Questions
- Evidence-Based Economics Problems
- Problems
- 23.1 Measuring Employment and Unemployment
- Chapter 24: Credit Markets
- 24.1 What Is the Credit Market?
- Borrowers and the Demand for Loans
- Real and Nominal Interest Rates
- The Credit Demand Curve
- Saving Decisions
- The Credit Supply Curve
- Choice & Consequence: Why Do People Save?
- Equilibriumin the Credit Market
- Credit Markets and the Efficient Allocation of Resources
- 24.2 Banks and Financial Intermediation: Putting Supply and Demand Together
- Letting the Data Speak: Financing Start-ups
- Assets and Liabilities on the Balance Sheet of a Bank
- 24.3 What Banks Do
- Identifying Profitable Lending Opportunities
- Maturity Transformation
- Management of Risk
- Bank Runs
- Bank Regulation and Bank Solvency
- Evidence-based Economics: How often do banks fail?
- Choice & Consequence: Too Big to Fail
- Choice & Consequence: Asset Price Fluctuations and Bank Failures
- Summary
- Key Terms
- Questions
- Evidence-Based Economics Problems
- Problems
- 24.1 What Is the Credit Market?
- Chapter 25: The Monetary System
- 25.1 Money
- The Functions of Money
- Types of Money
- The Money Supply
- Choice & Consequence: Non-Convertible Currencies in U.S. History
- 25.2 Money, Prices, and GDP
- Nominal GDP, Real GDP, and Inflation
- The Quantity Theory of Money
- 25.3 Inflation
- What Causes Inflation?
- The Consequences of Inflation
- The Social Costs of Inflation
- The Social Benefits of Inflation
- Evidence-Based Economics: What caused the German hyperinflation of 1922–1923?
- 25.4 The Federal Reserve
- The Central Bank and the Objectives of Monetary Policy
- What Does the Central Bank Do?
- 25.5 Bank Reserves and the Plumbing of the Monetary System
- Bank Reserves and Liquidity
- The Demand Side of the Federal Funds Market
- The Supply Side of the Federal Funds Market and Equilibrium in the Federal Funds Market
- Two Ways That the Fed Controls the Federal Funds Rate
- Choice & Consequence: Obtaining Reserves Outside the Federal Funds Market
- The Fed’s Influence on the Money Supply and the Inflation Rate
- The Relationship Between the Federal Funds Rate and the Long-Term Real Interest Rate
- Letting the Data Speak: Two Models of Inflation Expectations
- Summary
- Key Terms
- Questions
- Evidence-Based Economics Problems
- Problems
- 25.1 Money
- Chapter 26: Short-Run Fluctuations
- 26.1 Economic Fluctuations and Business Cycles
- Patterns of Economic Fluctuations
- The Great Depression
- 26.2 Macroeconomic Equilibrium and Economic Fluctuations
- Labor Demand and Fluctuations
- Sources of Fluctuations
- Letting the Data Speak: Unemployment and the Growth Rate of Real GDP: Okun’s Law
- Multipliers and Economic Fluctuations
- Equilibrium in the Medium Run: Partial Recovery and Full Recovery
- 26.3 Modeling Expansions
- Evidence-Based Economics: What caused the recession of 2007–2009?
- Evidence-Based Economics: What caused the recession of 2020?
- Summary
- Key Terms
- Questions
- Evidence-Based Economics Problems
- Problems
- 26.1 Economic Fluctuations and Business Cycles
- Chapter 27: Countercyclical Macroeconomic Policy
- 27.1 The Role of Countercyclical Policies in Economic Fluctuations
- 27.2 Countercyclical Monetary Policy
- Controlling the Federal Funds Rate
- Other Tools of the Fed
- Expectations, Inflation, and Monetary Policy
- Zero Lower Bound
- Letting the Data Speak: Managing Expectations in Monetary Policy
- Contractionary Monetary Policy: Reducing Inflation
- Policy Trade-Offs
- Choice & Consequence: Policy Mistakes
- 27.3 Countercyclical Fiscal Policy
- Fiscal Policy over the Business Cycle: Automatic and Discretionary Components
- Analysis of Expenditure-Based Fiscal Policy
- Analysis of Taxation-Based Fiscal Policy
- Letting the Data Speak: The Response of Consumption to Tax Cuts
- Fiscal Policies That Directly Target the Labor Market
- Policy Waste and Policy Lags
- Letting the Data Speak: Hybrid Policies That Involve Cooperation Between Fiscal and Monetary Policym
- Evidence-Based Economics: How much does government expenditure stimulate GDP?
- Summary
- Key Terms
- Questions
- Evidence-Based Economics Problems
- Problems
- Chapter 28: Macroeconomics and International Trade
- 28.1 Why and How We Trade
- Absolute Advantage and Comparative Advantage
- Comparative Advantage and International Trade
- Efficiency and Winners and Losers from Trade
- How We Trade
- Letting the Data Speak: Living in an Interconnected World
- Choice & Consequence: Trade Policy and Politics
- Trade Barriers: Tariffs
- 28.2 The Current Account and the Financial Account
- Trade Surpluses and Trade Deficits
- International Financial Flows
- The Workings of the Current Account and the Financial Account
- 28.3 International Trade, Technology Transfer, and Economic Growth
- Letting the Data Speak: From IBM to Lenovo
- Evidence-Based Economics: Are companies like Nike harming workers in Vietnam?
- Summary
- Key Terms
- Questions
- Evidence-Based Economics Problems
- Problems
- 28.1 Why and How We Trade
- Chapter 29: Open Economy Macroeconomics
- 29.1 Exchange Rates
- Nominal Exchange Rates
- Flexible, Managed, and Fixed Exchange Rates
- 29.2 The Foreign Exchange Market
- How Do Governments Intervene in the Foreign Exchange Market?
- Defending an Overvalued Exchange Rate
- Choice & Consequence: Fixed Exchange Rates and Corruption
- Evidence-Based Economics: How did George Soros make $1 billion?
- 29.3 The Real Exchange Rate and Exports
- From the Nominal to the Real Exchange Rate
- Co-Movement Between the Nominal and the Real Exchange Rates
- The Real Exchange Rate and Net Exports
- Letting the Data Speak: Why Did the Chinese Authorities Keep the Yuan Undervalued?
- 29.4 GDP in the Open Economy
- Revisiting Black Wednesday
- Interest Rates, Exchange Rates, and Net Exports
- Letting the Data Speak: The Costs of Fixed Exchange Rates
- Summary
- Key Terms
- Questions
- Evidence-Based Economics Problems
- Problems
- 29.1 Exchange Rates
- A
- B
- C
- D
- E
- F
- G
- H
- I
- J
- K
- L
- M
- N
- O
- P
- Q
- R
- S
- T
- U
- V
- W
- X
- Y
- Z
UM RAFBÆKUR Á HEIMKAUP.IS
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