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- Full title: Economics: Principles & Policy, 14th Edition
- Edition: 14th
- Copyright year: 2020
- Publisher: Cengage Learning
- Author: William J. Baumol; Alan S. Blinder; John L. Solow
- ISBN: 9781337912679, 9781337912679
- Format: PDF
Description of Economics: Principles & Policy, 14th Edition:
Master today’s principles of economics and gain an understanding of current economic issues and their importance as Baumol/Blinder/Solow’s ECONOMICS: PRINCIPLES AND POLICY, 14E provides a solid introduction to economics using policy-based examples and applications. Written by several of today’s most respected economists, this book is one of the most up-to-date economics choices on the market — incorporating data and issues as recent as 2018. The authors combine the right level of rigor and detail to clarify even the most complicated economic concepts. An entirely new chapter closes the book by delving into some of the most important issues confronting the U.S. economy today. Throughout this edition, well-developed examples, intriguing puzzles and meaningful economic issues provide an excellent balance of theory to application while keeping you engaged and intrigued.Important Notice: Media content referenced within the product description or the product text may not be available in the ebook version.
Table of Contents of Economics: Principles & Policy, 14th Edition PDF ebook:
Brief ContentsTable of ContentsAvailable VersionsPrefaceAbout the AuthorsPart 1: Getting Acquainted with EconomicsChapter 1: What Is Economics?1-1 Ideas for beyond the Final Exam1-2 Inside the Economist’s Tool KitSummaryKey TermsDiscussion QuestionsAppendix: Using Graphs: A ReviewChapter 2: The Economy: Myth and Reality2-1 The American Economy: A Thumbnail Sketch2-2 The Inputs: Labor and Capital2-3 The Outputs: What Does America Produce?2-4 The Central Role of Business Firms2-5 What’s Missing from the Picture? Government2-6 Conclusion: It’s a Mixed EconomySummaryKey TermsDiscussion QuestionsChapter 3: The Fundamental Economic Problem: Scarcity and Choice3-1 Scarcity, Choice, and Opportunity Cost3-2 Scarcity and Choice for a Single Firm3-3 Scarcity and Choice for the Entire Society3-4 The Three Coordination Tasks of Any Economy3-5 The Concept of Efficiency3-6 Task 1. How the Market Fosters Efficient Resource Allocation3-7 Task 2. Market Exchange and Deciding How Much of Each Good to Produce3-8 Task 3. How to Distribute the Economy’s Outputs among Consumers3-9 Looking AheadSummaryKey TermsTest YourselfDiscussion QuestionsChapter 4: Supply and Demand: An Initial Look4-1 The Invisible Hand4-2 Demand and Quantity Demanded4-3 Supply and Quantity Supplied4-4 Supply and Demand Equilibrium4-5 Effects of Demand Shifts on Supply-Demand Equilibrium4-6 Supply Shifts and Supply-Demand Equilibrium4-7 Battling the Invisible Hand: The Market Fights Back4-8 A Simple But Powerful LessonSummaryKey TermsTest YourselfDiscussion QuestionsPart 2: The Building Blocks of Demand and SupplyChapter 5: Consumer Choice: Individual and Market Demand5-1 Scarcity and Demand5-2 Utility: A Tool to Analyze Purchase Decisions5-3 Behavioral Economics: Are Economic Decisions Really Made “Rationally”?5-4 Consumer Choice as a Trade-Off: Opportunity Cost5-5 From Individual Demand Curves to Market Demand CurvesSummaryKey TermsTest YourselfDiscussion QuestionsAppendix: Analyzing Consumer Choice Graphically: Indifference Curve AnalysisChapter 6: Demand and Elasticity6-1 Elasticity: The Measure of Responsiveness6-2 What Determines Price Elasticities of Demand?6-3 Price Elasticity of Demand: Its Effect on Total Revenue and Total Expenditure6-4 Elasticity as a General Concept6-5 The Time Period of the Demand Curve and Economic Decision Making6-6 Real-World Application: AOL’s Flat Rate Internet Pricing6-7 In ConclusionSummaryKey TermsTest YourselfDiscussion QuestionsAppendix: How Can We Find a True Demand Curve from Historical Statistics?Chapter 7: Production, Inputs, and Cost: Building Blocks for Supply Analysis7-1 The Economic Short Run versus the Economic Long Run7-2 Production, Input Choice, and Cost with One Variable Input7-3 Multiple Input Decisions: The Choice of Optimal Input Combinations7-4 Cost and Its Dependence on Output7-5 Economies of ScaleSummaryKey TermsTest YourselfDiscussion QuestionAppendix: Production Indifference CurvesChapter 8: Output, Price, and Profit: The Importance of Marginal Analysis8-1 Price and Quantity: One Decision, Not Two8-2 Total Profit: Keep Your Eye on the Goal8-3 Economic Profit and Optimal Decision Making8-4 Marginal Analysis and Maximization of Total Profit8-5 Generalization: The Logic of Marginal Analysis and Maximization8-6 Conclusion: The Fundamental Role of Marginal Analysis8-7 The Theory and Reality: A Word of CautionSummaryKey TermsTest YourselfDiscussion QuestionAppendix: The Relationships among Total, Average, and Marginal DataChapter 9: The Financial Markets and the Economy: The Tail That Wags the Dog?9-1 Corporations and Their Unique Characteristics9-2 Stock Exchanges and Their Functions9-3 Betting on Securities: Risks to the Entire EconomySummaryKey TermsTest YourselfDiscussion QuestionsAppendix: Buying Stocks and BondsPart 3: The Virtues of the Free MarketChapter 10: The Firm and the Industry under Perfect Competition10-1 Perfect Competition Defined10-2 The Perfectly Competitive Firm10-3 The Perfectly Competitive Industry10-4 Perfect Competition and Productive EfficiencySummaryKey TermsTest YourselfDiscussion QuestionsChapter 11: The Case for Free Markets: The Price System11-1 Efficient Resource Allocation and Pricing11-2 Scarcity and the Need to Coordinate Economic Decisions11-3 How Perfect Competition Achieves Efficiency: A Graphic Analysis11-4 How Perfect Competition Achieves Efficient Output: Marginal Analysis11-5 Toward Assessment of the Price MechanismSummaryKey TermsTest YourselfDiscussion QuestionsPart 4: The Limitations of Free MarketsChapter 12: Monopoly12-1 Monopoly Defined12-2 The Monopolist’s Supply Decision12-3 Can Anything Good Be Said about Monopoly?12-4 Price Discrimination under Monopoly12-5 Monopsony: The Case of a Single BuyerSummaryKey TermsTest YourselfDiscussion QuestionsChapter 13: Between Competition and Monopoly13-1 Monopolistic Competition13-2 Oligopoly13-3 The Game Theory Approach13-4 Contestable Markets13-5 A Glance Backward: Comparing the Four Market Structures13-6 Monopolistic Competition, Oligopoly, and Public WelfareSummaryKey TermsTest YourselfDiscussion QuestionsChapter 14: Limiting Market Power: Antitrust and Regulation14-1 The Public Interest Issue: Monopoly Power versus Mere Size14-2 Antitrust Laws and Policies14-3 Anticompetitive Behavior and Antitrust14-4 Concentration14-5 What Is Price Regulation?14-6 The Logic behind Price Regulation14-7 Difficulties with Price Regulation14-8 The Deregulation ExperienceSummaryKey TermsDiscussion QuestionsChapter 15: The Shortcomings of Free Markets15-1 What Does the Market Do Poorly?15-2 Efficient Resource Allocation: A Review15-3 Externalities: Getting the Prices Wrong15-4 Provision of Public Goods15-5 Allocation of Resources between Present and Future15-6 Imperfect Information15-7 Market Failure and Government Failure15-8 The Cost Disease of Personal Services15-9 The Market System on Balance15-10 Epilogue: The Unforgiving Market, Its Gift of Abundance, and Its Dangerous FriendsSummaryKey TermsTest YourselfDiscussion QuestionsChapter 16: Externalities, the Environment, and Natural Resources16-1 The Economics of Environmental Protection16-2 Review-Externalities: A Critical Shortcoming of the Market Mechanism16-3 Basic Approaches to Environmental Policy16-4 Two Cheers for the Market16-5 The Economics of Natural Resources16-6 The Free Market and Pricing of Natural Resources16-7 Exhaustible Resources, Scarcity, and Rising Prices16-8 The Bioeconomics of Renewable ResourcesSummaryKey TermsTest YourselfDiscussion QuestionsChapter 17: Taxation and Resource Allocation17-1 Basic Tax Concepts17-2 The Federal Tax System17-3 The State and Local Tax System17-4 The Concept of Equity in Taxation17-5 The Concept of Efficiency in Taxation17-6 Shifting the Tax Burden: Tax Incidence17-7 When Taxation Can Improve Efficiency17-8 Equity, Efficiency, and the Optimal TaxSummaryKey TermsTest YourselfDiscussion QuestionsAppendix: A Graphical Analysis of Excess BurdenPart 5: The Distribution of IncomeChapter 18: Pricing the Factors of Production18-1 The Principle of Marginal Productivity18-2 Inputs and Their Derived Demand Curves18-3 Investment, Capital, and Interest18-4 The Determination of Rent18-5 Payments to Business Owners: Are Profits Too High or Too Low?18-6 Criticisms of Marginal Productivity TheorySummaryKey TermsTest YourselfDiscussion QuestionsAppendix: Discounting and Present ValueChapter 19: Labor and Entrepreneurship: The Human Inputs19-1 The Markets for Labor19-2 Wage Determination in Competitive Markets19-3 The Supply of Labor19-4 Why Do Wages Differ?19-5 Unions and Collective Bargaining19-6 The Entrepreneur: The Other Human Input19-7 The Market Economy’s Incredible Growth Record19-8 Sources of Free-Market Innovation: The Role of the Entrepreneur19-9 Entrepreneurship and Growth19-10 Institutions and the Supply of Innovative EntrepreneurshipSummaryKey TermsTest YourselfDiscussion QuestionsChapter 20: Poverty, Inequality, and Discrimination20-1 The Facts: Poverty20-2 The Facts: Inequality20-3 Some Reasons for Unequal Incomes20-4 The Facts: Discrimination20-5 The Trade-Off between Equality and Efficiency20-6 Policies to Combat Poverty20-7 Other Policies to Combat Inequality20-8 Policies to Combat Discrimination20-9 A Look BackSummaryKey TermsTest YourselfDiscussion QuestionsAppendix: The Economic Theory of DiscriminationPart 6: The Macroeconomy: Aggregate Supply and DemandChapter 21: An Introduction to Macroeconomics21-1 Drawing a Line between Macroeconomics and Microeconomics21-2 Supply and Demand in Macroeconomics21-3 Gross Domestic Product21-4 The Economy on a Roller Coaster21-5 The Problem of Macroeconomic Stabilization: A Sneak PreviewSummaryKey TermsTest YourselfDiscussion QuestionsChapter 22: The Goals of Macroeconomic Policy22-1 The Goal of Economic Growth22-2 The Capacity to Produce: Potential GDP and the Production Function22-3 The Growth Rate of Potential GDP22-4 The Goal of Low Unemployment22-5 The Human Costs of High Unemployment22-6 Counting the Unemployed: The Official Statistics22-7 Types of Unemployment22-8 How Much Employment Is “Full Employment”?22-9 Unemployment Insurance: The Invaluable Cushion22-10 The Goal of Low Inflation22-11 Inflation as a Redistributor of Income and Wealth22-12 Real versus Nominal Interest Rates22-13 Inflation Distorts Measurements22-14 Other Costs of Inflation22-15 The Costs of Low versus High Inflation22-16 Low Inflation Does Not Necessarily Lead to High InflationSummaryKey TermsTest YourselfDiscussion QuestionsAppendix: How Statisticians Measure InflationChapter 23: Economic Growth: Theory and Policy23-1 The Three Pillars of Productivity Growth23-2 Levels, Growth Rates, and the Convergence Hypothesis23-3 Growth Policy: Encouraging Capital Formation23-4 Growth Policy: Improving Education and Training23-5 Growth Policy: Spurring Technological Change23-6 Recent Productivity Performance in the United States23-7 Growth in the Developing Countries23-8 From the Long Run to the Short RunSummaryKey TermsTest YourselfDiscussion QuestionsChapter 24: Aggregate Demand and the Powerful Consumer24-1 Aggregate Demand, Domestic Product, and National Income24-2 The Circular Flow of Spending, Production, and Income24-3 Consumer Spending and Income: The Important Relationship24-4 The Consumption Function and the Marginal Propensity to Consume24-5 Factors That Shift the Consumption Function24-6 The Extreme Variability of Investment24-7 The Determinants of Net Exports24-8 How Predictable Is Aggregate Demand?SummaryKey TermsTest YourselfDiscussion QuestionsAppendix: National Income AccountingChapter 25: Demand-Side Equilibrium: Unemployment or Inflation?25-1 The Meaning of Equilibrium GDP25-2 The Mechanics of Income Determination25-3 The Aggregate Demand Curve25-4 Demand-Side Equilibrium and Full Employment25-5 The Coordination of Saving and Investment25-6 Changes on the Demand Side: Multiplier Analysis25-7 The Multiplier Is a General Concept25-8 The Multiplier and the Aggregate Demand CurveSummaryKey TermsTest YourselfDiscussion QuestionsAppendix A: The Simple Algebra of Income Determination and the MultiplierAppendix B: The Multiplier with Variable ImportsChapter 26: Bringing in the Supply Side: Unemployment and Inflation?26-1 The Aggregate Supply Curve26-2 Equilibrium of Aggregate Demand and Supply26-3 Inflation and the Multiplier26-4 Recessionary and Inflationary Gaps Revisited26-5 Adjusting to a Recessionary Gap: Deflation or Unemployment?26-6 Adjusting to an Inflationary Gap: Inflation26-7 Stagflation from a Supply Shock26-8 Applying the Model to a Growing Economy26-9 A Role for Stabilization PolicySummaryKey TermsTest YourselfDiscussion QuestionsPart 7: Fiscal and Monetary PolicyChapter 27: Managing Aggregate Demand: Fiscal Policy27-1 Income Taxes and the Consumption Schedule27-2 The Multiplier Revisited27-3 Planning Expansionary Fiscal Policy27-4 Planning Contractionary Fiscal Policy27-5 The Choice between Spending Policy and Tax Policy27-6 Some Harsh Realities27-7 The Idea behind Supply-Side Tax CutsSummaryKey TermsTest YourselfDiscussion QuestionsAppendix A: Graphical Treatment of Taxes and Fiscal PolicyAppendix B: Algebraic Treatment of Taxes and Fiscal PolicyChapter 28: Money and the Banking System28-1 The Nature of Money28-2 How the Quantity of Money Is Measured28-3 The Banking System28-4 Systemic Risk and the “Too Big to Fail” Doctrine28-5 The Origins of the Money Supply28-6 Banks and Deposit Creation28-7 Why the Deposit-Creation Formula Is Oversimplified28-8 The Need for Monetary PolicySummaryKey TermsTest YourselfDiscussion QuestionsChapter 29: Monetary Policy: Conventional and Unconventional29-1 Money and Income: The Important Difference29-2 America’s Central Bank: The Federal Reserve System29-3 Implementing Monetary Policy in Normal Times: Open-Market Operations29-4 Other Instruments of Monetary Policy29-5 How Monetary Policy Works in Normal Times29-6 Money and the Price Level29-7 Application: Why the Aggregate Demand Curve Slopes Downward29-8 Unconventional Monetary Policies29-9 From Financial Distress to Recession29-10 From Models to Policy DebatesSummaryKey TermsTest YourselfDiscussion QuestionsChapter 30: The Financial Crisis and the Great Recession30-1 Roots of the Crisis30-2 Leverage, Profits, and Risk30-3 The Housing Price Bubble and the Subprime Mortgage Crisis30-4 From the Housing Bubble to the Financial Crisis30-5 From the Financial Crisis to the Great Recession30-6 Hitting Bottom and Recovering30-7 Lessons from the Financial CrisisSummaryKey TermsTest YourselfDiscussion QuestionsChapter 31: The Debate over Monetary and Fiscal Policy31-1 Velocity and the Quantity Theory of Money31-2 Debate: Should the Fed Use Unconventional Monetary Policies?31-3 Debate: Should Policymakers Fight Asset Price Bubbles?31-4 Debate: Should We Rely on Fiscal or Monetary Policy?31-5 Debate: The Shape of the Aggregate Supply Curve31-6 Debate: Should the Government Intervene at All?31-7 Dimensions of the Rules-versus-Discretion DebateSummaryKey TermsTest YourselfDiscussion QuestionsChapter 32: Budget Deficits in the Short and Long Run32-1 Should the Budget Always Be Balanced? The Short Run32-2 The Importance of the Policy Mix32-3 Deficits and Debt: Terminology and Facts32-4 Interpreting the Budget Deficit or Surplus32-5 Why Is the National Debt Considered a Burden?32-6 Budget Deficits and Inflation32-7 Debt, Interest Rates, and Crowding Out32-8 The Main Burden of the National Debt: Slower Growth32-9 The Economics and Politics of the U.S. Budget DeficitSummaryKey TermsTest YourselfDiscussion QuestionsChapter 33: The Trade-Off between Inflation and Unemployment33-1 Demand-Side Inflation versus Supply-Side Inflation: A Review33-2 Origins of the Phillips Curve33-3 Supply-Side Inflation and the Collapse of the Phillips Curve33-4 What the Phillips Curve Is Not33-5 Fighting Unemployment with Fiscal and Monetary Policy33-6 What Should Be Done?33-7 Inflationary Expectations and the Phillips Curve33-8 The Theory of Rational Expectations33-9 Why Economists (and Politicians) Disagree33-10 The Dilemma of Demand Management33-11 Attempts to Improve the Trade-OffSummaryKey TermsTest YourselfDiscussion QuestionsPart 8: The United States in the World EconomyChapter 34: International Trade and Comparative Advantage34-1 Why Trade?34-2 International versus Intranational Trade34-3 The Principle of Comparative Advantage34-4 The Arithmetic of Comparative Advantage34-5 Tariffs, Quotas, and Other Interferences with Trade34-6 Why Inhibit Trade?34-7 Can Cheap Imports Hurt a Country?SummaryKey TermsTest YourselfDiscussion QuestionsAppendix: Supply, Demand, and Pricing in World TradeChapter 35: The International Monetary System: Order or Disorder?35-1 What Are Exchange Rates?35-2 Exchange Rate Determination in a Free Market35-3 When Governments Fix Exchange Rates: The Balance of Payments35-4 A Bit of History: The Gold Standard and the Bretton Woods System35-5 Adjustment Mechanisms under Fixed Exchange Rates35-6 Why Try to Fix Exchange Rates?35-7 The Current “Nonsystem”SummaryKey TermsTest YourselfDiscussion QuestionsChapter 36: Exchange Rates and the Macroeconomy36-1 International Trade, Exchange Rates, and Aggregate Demand36-2 Aggregate Supply in an Open Economy36-3 The Macroeconomic Effects of Exchange Rates36-4 Fiscal and Monetary Policies in An Open Economy36-5 International Aspects of Deficit Reduction36-6 Should We Worry about the Trade Deficit?36-7 On Curing the Trade Deficit36-8 Conclusion: No Nation Is an IslandSummaryKey TermsTest YourselfDiscussion QuestionsPart 9: The Economy TodayChapter 37: Contemporary Issues in the U.S. Economy37-1 Will Artificial Intelligence Leave No Work for Humans to Do?37-2 Are Uber and AirBnB the Markets of the Future?37-3 Is the “Gig” Economy the Future of Work?37-4 Is the Student Debt “Crisis” Really a Crisis?37-5 How Will We Pay for Health Insurance?37-6 Can We Grow Much Faster Than 2 Percent a Year?37-7 Who Loses from Globalization?37-8 Are Trade Wars “Good and Easy to Win”?37-9 Where Is the National Debt Headed?37-10 Has the Phillips Curve Disappeared?SummaryKey TermsDiscussion QuestionsAppendixGlossaryIndex