Economics and Contemporary Issues with Economics Applications Card and Infotrac College Edition (6 PCK)

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Economics and Contemporary Issues with Economics Applications Card and Infotrac College Edition (6 PCK)

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  • 製本 Paperback:紙装版/ペーパーバック版/ページ数 478 p.
  • 言語 ENG
  • 商品コード 9780324171938
  • DDC分類 330

Table of Contents

Preface                                            xiii
To the Student xxiii
Economic Growth: An Introduction to 1 (26)
Scarcity and Choice
International Perspective: China: 3 (13)
Economic Growth and Poverty
Recent Growth Experiences 3 (3)
Sources of Economic Growth 6 (1)
Production Possibilities for the Economy 7 (3)
The Best Combination of Goods and 10 (2)
Services: Consumption Versus Growth
Resource Accumulation, Technological 12 (2)
Improvements, and Efficiency Improvement
The Importance of Productivity Growth 14 (1)
Productivity Growth: What Can We Expect 15 (1)
in the ``New Economy''?
Insights: Were the Good Old Days Really 16 (7)
Better?
The Contribution of Capital Intensity 18 (1)
Growth: The New Economy?
The Contribution of Technical Change: 18 (2)
The New Economy?
Economic and Productivity Growth in 20 (1)
Various Parts of the World
Growth in Europe and Japan: Catching Up 20 (2)
Developing Countries after 1950: Some 22 (1)
Grow, Some Don't
International Perspective: Economic 23 (4)
Freedom and Economic Growth in Developing
Countries
Summary 24 (3)
An Introduction to Economic Systems and the 27 (38)
Workings of the Price System
Market Economic Systems: An 29 (3)
Introductory Look
What Does an Economic System Do? It 32 (1)
Coordinates
International Perspective: What Happened 33 (17)
in China?
The Division and Specialization of Labor 34 (2)
Economic Coordination and the Market 36 (1)
System
The Price System as Coordinator 36 (1)
Demand 36 (3)
Supply 39 (2)
Putting the Pieces Together: Demand and 41 (3)
Supply
Comparative Systems: An Introductory 44 (1)
Sketch
The Price System 44 (1)
Information, Rationing, and Motivation 45 (3)
in a Market Economy
Information, Rationing, and Motivation 48 (1)
in a Command Economy
Systems and Coordination 49 (1)
Insights: Can Socialism Use the Price 50 (9)
System?
Transitions to a Market Economy: Some 51 (1)
Experiences
Stable Prices and the Monetary System 51 (3)
Other Economic Reforms 54 (5)
International Perspective: Cowboy 59 (6)
Capitalism in Russia?
Additional Thoughts on Transition 61 (1)
Economics
Summary 62 (3)
Inefficiency: The Pervasive Economic Problem 65 (28)
Introduction 65 (1)
Rules for Achieving Efficiency in 66 (1)
Resource Allocation
The Competitive Market: An Example of 66 (2)
Efficiency in Resource Allocation
Market Failure: Inefficiency in the 68 (1)
Private Sector
Monopoly 68 (2)
External Benefits 70 (2)
Public Goods 72 (1)
External Costs 72 (2)
Nonexistent Markets 74 (1)
Incomplete Markets 74 (1)
Government Failure: Inefficiency in the 75 (1)
Public Sector
Rent Controls 75 (1)
Agricultural Price Supports 76 (1)
Government-Subsidized Medical Care 76 (2)
Minimum Wage 78 (1)
Taxes 78 (7)
Insights: What Does Government Really 85 (2)
Cost? The Practical Significance of the
Efficiency Losses from Taxation
How Much Efficiency Do We Want? 85 (1)
Efficiency Versus Equity: Tax Trade-Offs 85 (1)
Efficiency Versus Innovation 86 (1)
International Perspective: Does More 87 (6)
Government Mean Less Growth?
Efficiency and Equity 87 (1)
Efficiency Offsets to Inefficiency 88 (1)
Summary 88 (5)
Competitive Markets and Agriculture 93 (34)
Demand and Supply Analysis 96 (1)
International Perspective: OECD Farm 97 (16)
Policy: New Zealand Breaks the Mold
Other Demand Factors 98 (3)
Other Supply Factors 101 (2)
How Changes in Demand and Supply Affect 103 (1)
Equilibrium Price and Quantity
Changes in Demand 104 (1)
Changes in Supply 105 (1)
Changes in Demand and Supply 105 (1)
U.S. Agriculture 106 (1)
Economic and Historical Characteristics 106 (3)
Competitive Markets and Economic Profits 109 (4)
Insights: What Does It Mean for a Farmer 113 (5)
to Break Even?
U.S. Farm Policy 114 (1)
Price Floor 114 (2)
Output Constraints 116 (1)
Target Prices and Deficiency Payments 117 (1)
Insights: The Sugar Program: How Sweet It 118 (5)
Is
Rent Seeking 119 (1)
Summary 120 (3)
Appendix: The Price Elasticity of Demand 123 (4)
Market Power: Does It Help or Hurt the 127 (26)
Economy?
Monopoly Analysis 128 (2)
Marginal Revenue 130 (1)
The Marginal Principle 131 (1)
Monopoly and Competition Compared 132 (3)
Market Power and Economic Efficiency 135 (1)
The Trend in Market Power 135 (1)
Barriers to Entry 136 (1)
International Perspective: The Battle 137 (12)
Between American and Japanese Automobile
Firms
OPEC: A Few Sellers Acting Like a 138 (1)
Monopoly
Cartel Formation 139 (1)
The Determinants of Cartel Success 140 (1)
Problems of the OPEC Cartel 141 (4)
Do a Few Firms That Dominate a Market 145 (1)
Have Market Power?
Market Power and Economic Growth 145 (3)
Government and Market Power 148 (1)
Insights: Qwerty Versus DSK: Can the 149 (4)
Market Choose the Right Technology?
Summary 150 (3)
Air Pollution: Balancing Benefits and Costs 153 (22)
The Principal Air Pollution Problems 154 (1)
Urban Air Quality 154 (1)
Acid Rain 155 (1)
Global Warming 155 (1)
Stratospheric Ozone Depletion 155 (1)
Hazardous Air Pollutants 156 (1)
The Economic Perspective 156 (2)
International Perspective: The Total 158 (13)
Social Cost of the Automobile: Pollution
and Much More
Market Failure: Is Government Action 158 (3)
Necessary?
Air Pollution Regulation: The Clean Air 161 (1)
Act
National Ambient Air Quality Standards 161 (1)
(NAAQS)
Emissions Limits 161 (1)
Restricted Technology 161 (1)
New Source Performance Standards 161 (1)
Prescribed Fuels 162 (1)
Offset Requirements 162 (1)
Emissions Trading 162 (1)
Prevention of Significant Deterioration 162 (1)
Monitoring and Compliance 162 (1)
Effects of the Clean Air Act on Air 162 (1)
Quality
The Economics of the Clean Air Act: 163 (1)
Have We Gone Too Far?
Benefits and Costs of the Clean Air 164 (1)
Act, 1970 to 1990
Benefits and Costs of the Clean Air 165 (1)
Act, 1990 to 2010
Cost-Reducing Measures 166 (1)
Emissions Taxes 166 (1)
Marketable Pollution Permits 167 (2)
Limiting Global Warming: Emissions 169 (2)
Permits in an International Context
Insights: Carbon Taxes 171 (4)
Summary 171 (4)
Medical Care: Costs Out of Control? 175 (22)
The Rising Cost of Medical Care 176 (1)
Why Health Expenditures Have Increased 176 (1)
Relative to GDP
The Cost Disease of the Services Sector 177 (1)
Population Aging 178 (1)
Income Elasticity of Demand for Health 179 (1)
Care
Increases in Insurance Coverage 179 (1)
Technological Change 180 (1)
Insights: The Medically Uninsured 181 (6)
Is Technological Change in Medical Care 181 (3)
Worth It?
Does the Medical System Provide the 184 (1)
Right Amount of Medical Care?
Third-Party Payments 184 (2)
Physician-Induced Demand 186 (1)
International Perspective: Another Hidden 187 (10)
Cost of Third-Party Payments
Defensive Medicine 189 (1)
Federal Tax Exemption for Health 189 (1)
Insurance
Approaches to Reducing Wasteful 190 (1)
Expenditures
Managed Care 190 (2)
Eliminating the Federal Tax Exemption 192 (1)
for Health Insurance
Health Care Vouchers 193 (1)
Summary 193 (4)
Crime and Drugs: A Modern Dilemma 197 (30)
Public Goods 200 (1)
Government Enforcement of Property 200 (1)
Rights
Crime and Crime Control 201 (1)
An Economic Approach to Crime and Crime 202 (3)
Control
Insights: Police, Guns, and Crime 205 (5)
A Comparison of Crime Trends in the 206 (4)
United States and England
Insights: An Introduction to the 210 (10)
Scientific Method in Economics
Drug Legalization: Competing Views 210 (1)
Liberty: An Argument for Legalization 210 (1)
Paternalism: An Argument Against 211 (1)
Legalization
Morality: An Argument Against 211 (1)
Legalization
The Final Analysis 212 (1)
A Positive Analysis of Drug Policy 212 (3)
Does Increased Enforcement Work? 215 (1)
Unintended But Inevitable Consequences 216 (2)
of Drug Prohibition
Unintended But Perhaps Avoidable 218 (1)
Consequences of Drug Prohibition
Unintended Consequences of Drug 219 (1)
Legalization
Evaluation: Hawks, Doves, and Owls 219 (1)
Competing Views in Practice 219 (1)
International Perspective: Dutch Drug 220 (4)
Policy
Current Policy 221 (1)
Owlish Criticism 222 (2)
Insights: Alternatives for the United 224 (3)
States
Summary 224 (3)
College Education: Is It Worth the Cost? 227 (20)
Analyzing the Investment Decision 228 (1)
Step One 228 (1)
Step Two 229 (1)
Step Three 229 (1)
Investing in a College Education: 230 (2)
Monetary Benefits and Costs
Student PVNB and ROR 232 (2)
Social PVNB and ROR 234 (1)
Insights: Does Where You Go to School 235 (1)
Matter?
International Perspective: Education and 236 (2)
Economic Growth
Investing in a College Education: 236 (1)
Nonmonetary Benefits and Costs
Nonmonetary Student Benefits 236 (1)
Nonmonetary Student Costs 237 (1)
Nonmonetary External Benefits 237 (1)
International Perspective: Rates of 238 (4)
Return Around the World
Nonmonetary External Costs 238 (1)
Is Government Support Necessary? 238 (1)
Ensuring That Society Invests Enough in 239 (1)
College Education
Ensuring That Student Borrowing 240 (2)
Reflects the Social Risk of Default
Insights: The Demand for Education 242 (5)
Increasing Enrollment of Lower-Income 242 (1)
Students
Summary 243 (4)
Educational Reform: The Role of Incentives 247 (26)
and Choice
The Nature of the Problem 248 (3)
Arguments for Public Support of Schools 251 (2)
Insights: Jefferson, Smith, and Public 253 (4)
Schools: Standards and Local Control
The Economics of Student Achievement 254 (2)
High-Stakes Testing 256 (1)
Insights: Setting Standards for 257 (4)
Mathematics Achievement
The Economics of Investing in 259 (2)
High-Stakes Testing
International Perspective: High-Stakes 261 (12)
Testing in Japan
Investing in More Required Courses 261 (1)
The Economic Organization of 262 (1)
Public-Education
Decision Making and Markets 263 (2)
Decision Making and State-Owned 265 (1)
Enterprises
Decision Making and Public Schools 266 (2)
Alternatives to the Current System of 268 (2)
Public Education
Summary 270 (3)
Social Security: Where Are We? Where Are We 273 (20)
Going?
Principal Features of Social Security 274 (2)
Who Pays the Social Security Tax? 276 (2)
Social Security and Early Retirement 278 (1)
Social Security and Household Savings 278 (1)
Individual Rates of Return 279 (3)
Is That All There Is to It? 282 (1)
The Long-Run Deficit 283 (1)
What Social Security Analysts Say 283 (1)
Are the Analysts Right? 284 (1)
International Perspective: Public Pension 285 (8)
Plans in Trouble: The United States Is
Not Unique
What Can Be Done About the Deficit? 286 (1)
Benefit Reductions 286 (1)
Revenue Increases 287 (2)
The Trade-Off for Individuals: Lower 289 (1)
Deficits Mean Lower Rates of Return
Summary 290 (3)
Poverty: Old and New Approaches to a 293 (28)
Persistent Problem
The Scope of the Problem 294 (3)
Antipoverty Effectiveness of Government 297 (4)
Transfers
Insights: The Tide Has Risen, But Most 301 (3)
Boats Have Not
Means-Tested Transfers and Income from 302 (1)
Work
Food Stamps 302 (1)
Earned Income Tax Credit (EITC) 303 (1)
Insights: Welfare Reform: Then and Now 304 (17)
Temporary Assistance for Needy Families 305 (1)
(TANF)
TANF + Food Stamps + EITC 306 (1)
Making Work Pay 307 (1)
Unemployment Policy 308 (1)
Childcare Assistance 309 (2)
Medical Protection 311 (1)
Minimum Wage 311 (1)
Wage Subsidies 311 (1)
Labor Market Discrimination Policy 312 (3)
Making Fathers Pay 315 (1)
Child Support Assistance 316 (1)
Child Support Assurance 317 (1)
Summary 317 (4)
Tracking the Macroeconomy 321 (24)
Gross Domestic Product (GDP) 322 (1)
Insights: Measured GDP and the 323 (9)
Underground Economy
GDP's Components 324 (1)
Consumption 324 (1)
Gross Investment 324 (2)
Government Purchases 326 (1)
Net Exports 326 (1)
Nominal GDP, Real GDP, and the GDP 326 (4)
Deflator
The Nation's Economic Performance 330 (2)
Insights: Real GDP and Social Welfare 332 (8)
Determining the Nation's Output and 333 (1)
Price Level
Aggregate Demand 333 (4)
Aggregate Supply 337 (1)
Aggregate Demand and Supply Interaction 338 (2)
Insights: The Long Boom 340 (5)
Summary 342 (3)
Unemployment: A Recurring Problem 345 (20)
Costs of Unemployment 346 (1)
Economic Costs 346 (1)
Noneconomic Costs 346 (1)
Counting the Unemployed 347 (2)
Insights: Job Opportunities and 349 (6)
Discrimination
Types of Unemployment 349 (1)
Frictional Unemployment 349 (1)
Structural Unemployment 350 (1)
Cyclical Unemployment 350 (1)
Full Employment 351 (1)
Policies to Reduce Unemployment 352 (1)
Reducing Cyclical Unemployment 352 (3)
International Perspective: Unemployment 355 (6)
in Japan
Reducing Structural Unemployment 355 (1)
Reducing Frictional Unemployment 356 (1)
Unemployment and the Minimum Wage 357 (2)
Unemployment in Europe 359 (1)
Impediments to Hiring 360 (1)
International Perspective: More on 361 (4)
European Labor Markets
Impediments to Accepting Employment 361 (1)
Conclusion 362 (1)
Summary 362 (3)
Inflation: A Monetary Phenomenon 365 (36)
Defining Inflation 366 (1)
Measuring Inflation 366 (1)
The GDP Deflator 366 (1)
The Consumer Price Index 366 (1)
Calculating the Inflation Rate 367 (1)
Recent Experience 368 (1)
Effects of Inflation 368 (1)
The Redistribution of Income and Wealth 368 (4)
Inflation and Government 372 (1)
Inflation and Net Exports 372 (1)
Other Effects 373 (1)
Money and the Money Supply 374 (1)
Money's Function 374 (1)
The Money Supply 374 (1)
Insights: Currency Holdings and the 375 (3)
Underground Economy
The Federal Reserve 376 (1)
Causes of Inflation 376 (1)
The Quantity Theory of Money 376 (2)
International Perspective: Deflation in 378 (6)
Japan: The Reemergence of an Old Issue
Inflation Is a Monetary Phenomenon 379 (1)
Inflation as a Monetary Phenomenon: Two 380 (2)
Qualifications
Labor Unions, Monopolies, and Inflation 382 (1)
Inflation and Policy 383 (1)
Monetary Policy 383 (1)
Insights: The Fed as Inflation Fighter 384 (7)
Fiscal Policy 385 (1)
Supply-Side Policies 385 (1)
Incomes Policy 386 (2)
Summary 388 (3)
Appendix: Money Creation and Monetary 391 (10)
Policy
Deficits, Surpluses, and Debt: Past, 401 (26)
Present, and Future
Budgets and Budget Concepts 402 (1)
Historical Budget Perspective 403 (1)
Insights: From Deficit to Surplus 404 (2)
The Public Debt 405 (1)
International Perspective: The Relative 406 (21)
Importance of Budget Deficits and
Surpluses for Various Countries: 1998
Long-Run Budget and Debt Projections 408 (1)
The Incredible Shrinking Surplus 408 (2)
The Deficit and Debt in the Coming 410 (2)
Decade
The Really Long Run 412 (1)
Measurement Issues 412 (1)
Inflation 413 (1)
Business Cycles 414 (1)
Government Investment 415 (1)
State and Local Government Deficits and 416 (1)
Surpluses
Economic Effects of a Deficit 416 (1)
The Keynesian View: A Deficit Can Help 416 (1)
to Cure a Recession
The Modern View: The Strength of the 417 (3)
Cure Depends on How the Deficit Is
Financed
The Burden of Debt 420 (2)
Taking Stock 422 (1)
Summary 423 (4)
The Global Economy: Trade 427 (16)
U.S. Participation in World Trade 428 (1)
Comparative Advantage and International 429 (3)
Trade
Net Gains from International Trade 432 (2)
Insights: The Cost of Saving U.S. Jobs 434 (5)
Barriers to International Trade 434 (1)
Tariffs 434 (1)
Quotas 435 (1)
Voluntary Export Restraints 435 (1)
The Case for Free Trade 436 (1)
Decreasing Costs 436 (1)
Increased Competition 436 (1)
Diversity of Products 436 (1)
The Case for Protection 437 (1)
Infant Industry 437 (1)
National Defense 437 (1)
Save American Jobs 437 (1)
Cheap Foreign Labor 438 (1)
Reducing Trade Barriers 438 (1)
The Global Approach 438 (1)
International Perspective: The WTO: An 439 (1)
International Conspiracy?
Insights: Trade Negotiations, Labor, and 440 (3)
the Environment
The Regional Approach 440 (1)
Summary 441 (2)
The Global Economy: Finance 443 (18)
The Balance of Payments 444 (1)
Insights: The United States: The World's 445 (8)
Largest Debtor
Exchange Rates and Their Determination 447 (1)
Flexible Exchange Rates 447 (3)
Fixed Exchange Rates 450 (2)
The Current International Financial 452 (1)
System
The Case for Flexible Exchange Rates 452 (1)
International Perspective: The Euro 453 (2)
The Case for Fixed Exchange Rates 454 (1)
Should Capital Flows Be Controlled? 454 (1)
International Perspective: The Mexican 455 (6)
Peso Crisis
The Asian Financial Crisis 457 (1)
Summary 457 (4)
Glossary 461 (8)
Index 469