Economics Private and Public Choice 17th Edition by James D Gwartney, Richard L Stroup, Russell S Sobel, David A Macpherson ISBN 9780357133996 0357133994

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ISBN 10: 0357133994
ISBN 13: 9780357133996
Author: James D Gwartney, Richard L Stroup, Russell S Sobel, David A Macpherson

Economics Private and Public Choice 17th Edition Table of contents:

Part 1. The Economic Way of Thinking

Chapter 1. The Economic Approach

1-1. What Is Economics About?

1-1a. Scarcity and Poverty Are Not the Same

1-1b. Scarcity Necessitates Rationing

1-1c. The Method of Rationing Influences the Nature of Competition

1-2. The Economic Way of Thinking

1-2a. Eight Guideposts to Economic Thinking

1-3. Positive and Normative Economics

1-4. Pitfalls to Avoid in Economic Thinking

1-4a. Violation of the Ceteris Paribus Condition Can Lead One to Draw the Wrong Conclusion

1-4b. Good Intentions Do Not Guarantee Desirable Outcomes

1-4c. Association Is Not Causation

1-4d. The Fallacy of Composition: What’s True for One Might Not Be True for All

Key Points

Critical Analysis Questions

Chapter 2. Some Tools of the Economist

2-1. What Shall We Give Up?

2-1a. Opportunity Cost

2-1b. Opportunity Cost and the Real World

2-2. Trade Creates Value

2-2a. Transaction Costs—A Barrier to Trade

2-2b. The Middleman as a Cost Reducer

2-3. The Importance of Property Rights

2-3a. Private Ownership and Markets

2-4. Production Possibilities Curve

2-4a. Shifting the Production Possibilities Curve Outward

2-4b. Production Possibilities and Economic Growth

2-5. Trade, Output, and Living Standards

2-5a. Gains from Specialization and Division of Labor

2-5b. Gains from Mass Production Methods

2-5c. Gains from Innovation

2-6. Human Ingenuity, Entrepreneurship, and the Creation of Wealth

2-7. Economic Organization

2-7a. Market Organization

2-7b. Political Organization

Key Points

Critical Analysis Questions

Addendum. Comparative Advantage, Specialization, and Gains from Trade

Part 2. Markets and Government

Chapter 3. Demand, Supply, and the Market Process

3-1. Consumer Choice and the Law of Demand

3-1a. The Market Demand Schedule

3-1b. Consumer Surplus

3-1c. Responsiveness of Quantity Demanded to Price Changes: Elastic and Inelastic Demand Curves

3-2. Changes in Demand versus Changes in Quantity Demanded

3-3. Producer Choice and The Law of Supply

3-3a. The Role of Profits and Losses

3-3b. Market Supply Schedule

3-3c. Producer Surplus

3-3d. Responsiveness of Quantity Supplied to Price Changes: Elastic and Inelastic Supply Curves

3-4. Changes in Supply versus Changes in Quantity Supplied

3-5. How Market Prices are Determined: Demand and Supply Interact

3-5a. Market Equilibrium

3-5b. Efficiency and Market Equilibrium

3-6. How Markets Respond to Changes in Demand and Supply

3-7. Entrepreneurship, Profit, and the Dynamics of Market Competition

3-8. Invisible Hand Principle

3-8a. Prices and Market Order

3-8b. Competition and Property Rights

Key Points

Critical Analysis Questions

Chapter 4. Demand and Supply: Applications and Extensions

4-1. The Link Between Resource and Product Markets

4-2. The Economics of Price Controls

4-2a. The Impact of Price Ceilings

4-2b. Rent Control: A Closer Look at a Price Ceiling

4-2c. The Impact of Price Floors

4-2d. Minimum Wage: A Closer Look at a Price Floor

4-3. Black Markets and the Importance of the Legal Structure

4-4. The Impact of a Tax

4-4a. The Deadweight Loss Caused by Taxes

4-4b. Actual versus Statutory Incidence

4-4c. Elasticity and the Incidence of a Tax

4-4d. Elasticity and the Deadweight Loss

4-5. Tax Rates, Tax Revenues, and the Laffer Curve

4-6. The Impact of a Subsidy

4-6a. Elasticity and the Benefit of Government Subsidy Programs

4-6b. Real-World Subsidy Programs

Key Points

Critical Analysis Questions

Chapter 5. Difficult Cases for the Market, and the Role of Government

5-1. A Closer Look at Economic Efficiency

5-1a. If It’s Worth Doing, It’s Worth Doing Imperfectly

5-2. Thinking about the Economic Role of Government

5-2a. Protective Function of Government

5-2b. Productive Function of Government

5-3. Potential Shortcomings of the Market

5-3a. Lack of Competition

5-3b. Externalities—A Failure to Account for All Costs and Benefits

5-3c. External Costs

5-3d. What Should Be Done About External Costs?

5-3e. External Benefits

5-3f. Expanding the Scope of a Project and Capturing External Benefits

5-3g. Public Goods and Why They Pose a Problem for the Market

5-3h. Potential Information Problems

5-3i. Information as a Profit Opportunity

5-4. Market and Government Failure

Key Points

Critical Analysis Questions

Chapter 6. The Economics of Political Action

6-1. The Size and Growth of the U.S. Government

6-2. Similarities and Differences Between Political and Market Allocation

6-3. Political Decision-Making: An Overview

6-3a. Incentives Confronted by the Voter

6-3b. Incentives Confronted by the Politician

6-3c. Incentives Confronted by the Government Bureaucrat

6-4. When the Political Process Works Well

6-5. When the Political Process Works Poorly

6-5a. Special-Interest Effect

6-5b. Shortsightedness Effect

6-5c. Rent-Seeking

6-5d. Inefficiency of Government Operations

6-6. Political Favoritism, Crony Capitalism, and Government Failure

6-7. The Economic Way of Thinking About Markets and Government

Key Points

Critical Analysis Questions

Part 3. Core Macroeconomics

Chapter 7. Taking the Nation’s Economic Pulse

7-1. GDP—A Measure of Output

7-1a. What Counts Toward GDP?

7-1b. Dollars Are the Common Denominator for GDP

7-2. GDP as a Measure of Both Output and Income

7-2a. Deriving GDP by the Expenditure Approach

7-2b. Deriving GDP by the Resource Cost–Income Approach

7-2c. The Relative Size of GDP Components

7-2d. The Covid-19 Pandemic and GDP

7-3. Adjusting for Price Changes and Deriving Real GDP

7-3a. Key Price Indexes: The Consumer Price Index and the GDP Deflator

7-3b. Using the GDP Deflator to Derive Real GDP

7-4. Problems with GDP as a Measuring ROD

7-4a. Nonmarket Production

7-4b. Underground Economy

7-4c. Leisure and Human Costs

7-4d. Quality Variation and the Introduction of New Goods

7-4e. Harmful Side Effects and Economic “Bads”

7-4f. GDP Understates Well-Being in the Information Age

7-5. Differences in GDP Over Time

7-6. The Great Contribution of GDP

Key Points

Critical Analysis Questions

Addendum. The Construction of a Price Index

Chapter 8. Economic Fluctuations, Unemployment, and Inflation

8-1. Swings in the Economic Pendulum

8-1a. A Hypothetical Business Cycle

8-2. Economic Fluctuations and the Labor Market

8-2a. The Labor Force Participation and Unemployment Rates

8-2b. Employment Fluctuations and Trends: The Historical Record

8-2c. Dynamic Change and Reasons for Unemployment

8-3. Three Types of Unemployment

8-3a. Frictional Unemployment

8-3b. Structural Unemployment

8-3c. Cyclical Unemployment

8-4. Full Employment and the Natural Rate of Unemployment

8-5. Actual and Potential GDP

8-6. The Effects of Inflation

8-6a. Unanticipated and Anticipated Inflation

8-6b. Why Does Inflation Adversely Affect the Economy?

8-6c. What Causes Inflation?

Key Points

Critical Analysis Questions

Chapter 9. An Introduction to Basic Macroeconomic Markets

9-1. Understanding Macroeconomics: Our Game Plan

9-2. Four Key Markets: Resources, Goods and Services, Loanable Funds, and Foreign Exchange

9-3. Aggregate Demand for Goods and Services

9-3a. Why Does the Aggregate Demand Curve Slope Downward?

9-3b. The Downward-Sloping Aggregate Demand Curve: A Summary

9-4. Aggregate Supply of Goods and Services

9-4a. Aggregate Supply in the Short Run

9-4b. Aggregate Supply in the Long Run

9-5. Equilibrium in the Goods and Services Market

9-5a. Equilibrium in the Short Run

9-5b. Equilibrium in the Long Run

9-5c. Long-Run Equilibrium, Potential Output, and Full Employment

9-5d. What Happens When the Economy’s Output Differs from Its Long-Run Potential?

9-6. Resource Market

9-7. Loanable Funds Market

9-7a. Does Inflation Help Borrowers?

9-7b. Loanable Funds Market, Interest Rates, and Bond Prices

9-7c. Global Loanable Funds Market

9-8. Foreign Exchange Market

9-9. Long-Run Equilibrium

Key Points

Critical Analysis Questions

Chapter 10. Dynamic Change, Economic Fluctuations, and the AD–AS Model

10-1. Anticipated and Unanticipated Changes

10-2. Factors That Shift Aggregate Demand

10-3. Shifts in Aggregate Supply

10-3a. Changes in Long-Run Aggregate Supply

10-3b. Changes in Short-Run Aggregate Supply

10-4. Steady Economic Growth and Anticipated Changes in Long-Run Aggregate Supply

10-5. Unanticipated Changes and Market Adjustments

10-5a. Unanticipated Increases in Aggregate Demand

10-5b. Unanticipated Reductions in Aggregate Demand

10-5c. Unanticipated Increases in Short-Run Aggregate Supply

10-5d. Unanticipated Reductions in Short-Run Aggregate Supply

10-6. The Price Level, Inflation, and the AD–AS Model

10-7. Unanticipated Changes, Recessions, and Booms

10-7a. Expansions and Recessions: The Historical Record

10-7b. Using the AD–AS Model to Think About the Business Cycle and the Great Recession of 2008–2009

Key Points

Critical Analysis Questions

Chapter 11. Fiscal Policy: The Keynesian View and the Historical Development of Macroeconomics

11-1. The Great Depression, Economic Instability, and the Development of Keynesian Economics

11-1a. The Great Depression and Keynesian Economics

11-1b. Output, Employment, and Keynesian Equilibrium

11-1c. The Multiplier and Economic Instability

11-1d. Adding Realism to the Multiplier

11-1e. Keynes and Economic Instability: A Summary

11-2. The Federal Budget and Fiscal Policy

11-3. Fiscal Policy and the Good News of Keynesian Economics

11-3a. Using the Budget to Promote Stability

11-3b. Fiscal Policy Changes and Problems of Timing

11-3c. Automatic Stabilizers

11-4. Saving, Spending, Debt, and the Impact of Fiscal Policy

Key Points

Critical Analysis Questions

Chapter 12. Fiscal Policy, Incentives, and Secondary Effects

12-1. Fiscal Policy, Borrowing, and the Crowding-Out Effect

12-1a. Do Global Financial Markets Minimize the Crowding-Out Effect?

12-2. Fiscal Policy, Future Taxes, and the New Classical Model

12-2a. Is Job Creation a Good Reason to Support a Government Spending Program?

12-3. Political Incentives and the Effective Use of Discretionary Fiscal Policy

12-4. Is Discretionary Fiscal Policy an Effective Stabilization Tool?

12-5. The Supply-Side Effects of Fiscal Policy

12-5a. Why Do High Tax Rates Decrease Output?

12-5b. How Important Are the Supply-Side Effects?

12-6. Fiscal Policy and Recovery from Recessions

12-6a. Will Fiscal Stimulus Speed Recovery?

12-6b. Tax Cuts versus Spending Increases

12-7. U.S. Fiscal Policy: 1990–2019

Key Points

Critical Analysis Questions

Chapter 13. Money and the Banking System

13-1. What Is Money?

13-1a. Money as a Medium of Exchange

13-1b. Money as a Store of Value

13-1c. Money as a Unit of Account

13-2. How the Supply of Money Affects Its Value

13-3. How Is the Money Supply Measured?

13-3a. The M1 Money Supply

13-3b. The Broader M2 Money Supply

13-3c. Credit Cards Versus Money

13-4. The Business of Banking

13-4a. Fractional Reserve Banking

13-4b. Bank Runs, Bank Failures, and Deposit Insurance

13-5. How Banks Create Money by Extending Loans

13-5a. The Actual Deposit Expansion Multiplier

13-6. The Federal Reserve System

13-6a. Structure of the Fed

13-6b. How the Fed Controls the Money Supply

13-6c. Recent Fed Policy, the Monetary Base, and the Money Supply

13-6d. The Fed and the Treasury

13-7. Ambiguities in the Meaning and Measurement of the Money Supply

Key Points

Critical Analysis Questions

Chapter 14. Modern Macroeconomics and Monetary Policy

14-1. Impact of Monetary Policy: A Brief Historical Background

14-2. The Demand and Supply of Money

14-2a. The Equilibrium Between Money Demand and Money Supply

14-3. How Does Monetary Policy Affect the Economy?

14-3a. The Effects of an Unanticipated Expansionary Monetary Policy

14-3b. The Effects of an Unanticipated Restrictive Monetary Policy

14-3c. Shifts in Monetary Policy and Economic Stability

14-4. Monetary Policy in the Long Run

14-4a. The Quantity Theory of Money

14-4b. Long-Run Impact of Monetary Policy: The Modern View

14-4c. Money and Inflation

14-5. Money, Economic Stability, and Proper Monetary Policy

14-5a. Time Lags, Monetary Shifts, and Economic Stability

14-5b. Monetary Policy and Price Stability

14-6. Recent Low Interest Rates and Monetary Policy

14-7. Interest Rates, Velocity of Money, and Monetary Policy

Key Points

Critical Analysis Questions

Chapter 15. Macroeconomic Policy, Economic Stability, and the Federal Debt

15-1. Economic Fluctuations: The Past 100 Years

15-2. Can Discretionary Policy Promote Economic Stability?

15-2a. The Time Lag Problem

15-3. Forecasting Tools and Macro Policy

15-3a. Index of Leading Indicators

15-3b. Computer Forecasting Models

15-3c. Market Signals as Forecasting Tools

15-3d. Is Accurate Forecasting Feasible?

15-4. How Are Expectations Formed?

15-5. Macro Policy Implications of Adaptive and Rational Expectations

15-6. The Phillips Curve: The View of the 1960s Versus Today

15-6a. Expectations and the Modern View of the Phillips Curve

15-7. The Growing Federal Debt and Economic Stability

15-7a. Deficits, Surpluses, and the National Debt

15-7b. Who Owns the National Debt?

15-7c. How Does Debt Financing Influence Future Generations?

15-7d. Why Is Deficit Spending So Difficult to Control?

15-7e. Have Federal Debt Obligations Grown to a Dangerous Level?

15-8. Perspective on Recent Macroeconomic Policy and Economic Instability

Key Points

Critical Analysis Questions

Chapter 16. Creating an Environment for Growth and Prosperity

16-1. Why Is Economic Growth Important?

16-1a. The Impact of Sustained Economic Growth

16-2. Sources of Economic Growth and High Incomes

16-2a. Gains from Trade

16-2b. Entrepreneurship, Technology, and the Discovery of Better Ways of Doing Things

16-2c. Investment in Physical and Human Capital

16-3. What Institutions and Policies Will Promote Growth?

16-3a. Legal System: Secure Property Rights, Rule of Law, and Even-Handed Enforcement of Contracts

16-3b. Competitive Markets

16-3c. Stable Money and Prices

16-3d. Avoidance of Regulations That Restrict Trade and Entry into Markets

16-3e. Avoidance of High Tax Rates

16-3f. Trade Openness

16-4. Economic Freedom as a Measure of Sound Institutions

16-5. Institutions, Policies, and Economic Performance

16-5a. Economic Freedom and per Capita Income

16-5b. Economic Freedom and Growth of per Capita Income

16-5c. Economic Freedom and the Poverty Rate

16-5d. Economic Freedom and Life Expectancy

16-5e. Economic Freedom and Environmental Quality

16-6. Economic Freedom and per Capita Income: How Strong Is the Linkage?

Key Points

Critical Analysis Questions

Chapter 17. The Economics of Development

17-1. The Economic Record of the Last 1000 Years

17-2. Theories of Development

17-2a. Malthusian Theory of Development

17-2b. Colonialism, European Settlements, and Institutions

17-2c. Neoclassical Production Function Theory of Development

17-2d. Geography and Development

17-3. The Transportation-Communication Revolution

17-4. The Transportation-Communication Revolution and Economic Development

17-5. The Transportation-Communication Revolution and the Historic Economic Progress of the Past 50 Years

17-5a. Growth of High-Income and Developing Countries During the Past Half-Century

17-5b. Countries with the Best and Worst Growth Records

17-5c. Dramatic Reduction in the Worldwide Poverty Rate

17-6. The Transportation-Communication Revolution Versus the Industrial Revolution

17-7. The Future of Economic Development

Key Points

Critical Analysis Questions

Part 4. International Economics

Chapter 18. Gaining from International Trade

18-1. The Trade Sector of the United States

18-2. Gains from Specialization and Trade

18-2a. How Trade Expands Consumption Possibilities

18-2b. Some Real-World Considerations

18-3. Supply, Demand, and International Trade

18-4. The Economics of Trade Restrictions

18-4a. The Economics of Tariffs

18-4b. The Economics of Quotas

18-4c. Exchange Rate Controls as a Trade Restriction

18-5. Why Do Nations Adopt Trade Restrictions?

18-5a. The National-Defense Argument

18-5b. The Infant-Industry Argument

18-5c. The Antidumping Argument

18-5d. Special Interests and the Politics of Trade Restrictions

18-6. Do More Open Economies Perform Better?

18-7. Trade Barriers and Popular Trade Fallacies

18-7a. Trade Fallacy 1: Trade Restrictions That Limit Imports Save Jobs and Expand Employment

18-7b. Trade Fallacy 2: Free Trade With Low-Wage Countries Like Mexico and China Will Reduce the Wages of Americans

18-8. Institutions and the Changing Nature of Global Trade

Key Points

Critical Analysis Questions

Chapter 19. International Finance and the Foreign Exchange Market

19-1. Foreign Exchange Market

19-2. Determinants of the Exchange Rate

19-3. Why Do Exchange Rates Change?

19-3a. Changes in Income

19-3b. Differences in Rates of Inflation

19-3c. Changes in Interest Rates

19-3d. Changes in the Business and Investment Climate

19-4. International Finance and Alternative Exchange Rate Regimes

19-4a. Fixed Rate, Unified Currency System

19-4b. Pegged Exchange Rate Regime

19-5. Balance of Payments

19-5a. Current-Account Transactions

19-5b. Balance on Current Account

19-5c. Capital-Account Transactions

19-5d. Official Reserve Account

19-5e. The Balance of Payments Must Balance

19-6. Exchange Rates, Current Account Balance, and Capital Inflow

Key Points

Critical Analysis Questions

Part 5. Core Microeconomics

Chapter 20. Consumer Choice and Elasticity

20-1. Fundamentals of Consumer Choice

20-2. Marginal Utility, Consumer Choice, and the Demand Curve of an Individual

20-2a. Consumer Equilibrium with Many Goods

20-2b. Price Changes and Consumer Choice

20-2c. Time Costs and Consumer Choice

20-2d. Market Demand Reflects the Demand of Individual Consumers

20-3. Elasticity of Demand

20-3a. Graphic Representation of Price Elasticity of Demand

20-3b. How Large Are the Demand Elasticities of Various Products?

20-3c. Why Do the Price Elasticities of Demand Vary?

20-3d. Time and Demand Elasticity

20-4. How Demand Elasticity and Price Changes Affect Total Expenditures (Or Revenues) on a Product

20-5. Income Elasticity

20-6. Price Elasticity of Supply

Key Points

Critical Analysis Questions

Chapter 21. Costs and the Supply of Goods

21-1. The Organization of the Business Firm

21-1a. Incentives, Cooperation, and the Nature of the Firm

21-1b. Three Types of Business Firms

21-2. How Well Does the Corporate Structure Work?

21-3. The Economic Role of Costs

21-3a. Calculating Economic Costs and Profits

21-3b. How Do Economic and Accounting Profit Differ?

21-4. Short-Run and Long-Run Time Periods

21-5. Categories of Costs

21-6. Output and Costs in the Short Run

21-6a. Diminishing Returns and Production in the Short Run

21-6b. Diminishing Returns and the Shape of the Cost Curves

21-7. Output and Costs in the Long Run

21-7a. Economies and Diseconomies of Scale

21-7b. Alternative Shapes of the LRATC

21-8. What Factors Cause Cost Curves to Shift?

21-8a. Prices of Resources

21-8b. Taxes

21-8c. Regulations

21-8d. Technology

21-9. The Economic Way of Thinking About Costs

21-9a. What Are Sunk Costs?

21-9b. How Will Cost Influence Supply?

Key Points

Critical Analysis Questions

Chapter 22. Price Takers and the Competitive Process

22-1. Price Takers and Price Searchers

22-2. What Are the Characteristics of Price-Taker Markets?

22-3. How Does the Price Taker Maximize Profit?

22-3a. Profit Maximizing—A Numeric Example

22-3b. Losses and When to Go Out of Business

22-4. The Firm’s Short-Run Supply Curve

22-5. The Short-Run Market Supply Curve

22-6. Price and Output in Price-Taker Markets

22-6a. Long-Run Equilibrium

22-6b. How Will the Market Respond to an Increase in Demand?

22-6c. How Will the Market Respond to a Decrease in Demand?

22-6d. The Long-Run Market Supply Curve

22-6e. Supply Elasticity and the Role of Time

22-7. The Role of Profits and Losses

22-8. Competition Promotes Prosperity

Key Points

Critical Analysis Questions

Chapter 23. Price-Searcher Markets with Low Entry Barriers

23-1. Competitive Price-Searcher Markets

23-1a. Price and Output in Competitive Price-Searcher Markets

23-2. Contestable Markets and the Competitive Process

23-3. Evaluating Competitive Price-Searcher Markets

23-4. A Special Case: Price Discrimination

23-5. Entrepreneurship and Economic Progress

23-5a. Technology, Entrepreneurship, and Dynamic Competition

23-5b. Dynamic Competition, Innovation, and Business Failures

Key Points

Critical Analysis Questions

Chapter 24. Price-Searcher Markets with High Entry Barriers

24-1. Why Are Entry Barriers Sometimes High?

24-1a. Economies of Scale

24-1b. Government Licensing and Other Legal Barriers to Entry

24-1c. Patents

24-1d. Control Over an Essential Resource

24-2. Characteristics of a Monopoly

24-2a. Price and Output Under Monopoly

24-3. The Characteristics of an Oligopoly

24-3a. Interdependence Among Oligopolistic Firms

24-3b. Substantial Economies of Scale

24-3c. Significant Barriers to Entry

24-3d. Identical or Differentiated Products

24-4. Price and Output Under Oligopoly

24-4a. The Incentive to Collude … and to Cheat

24-4b. Obstacles to Collusion

24-4c. Uncertainty and Oligopoly

24-5. Market Power and Profit—The Early Bird Catches the Worm

24-6. Defects of Markets with High Entry Barriers

24-7. Policy Alternatives When Entry Barriers Are High

24-7a. Antitrust Policy and Controlling the Structure of an Industry

24-7b. Reduce Artificial Barriers to Trade

24-7c. Regulate the Price

24-7d. Problems with Regulation

24-7e. Supply Market with Government Production

24-7f. Pulling It Together

24-8. Dynamic Competition in the Digital Age

Key Points

Critical Analysis Questions

Chapter 25. The Supply of and Demand for Productive Resources

25-1. Resource Markets and Human and Nonhuman Resources

25-2. The Demand for Resources

25-2a. Substitution in Production

25-2b. Substitution in Consumption

25-2c. How Time Changes the Demand for Resources

25-2d. Shifts in the Demand for a Resource

25-3. Marginal Productivity and the Firm’s Hiring Decision

25-3a. Using a Variable Resource with a Fixed Resource

25-3b. MRP and the Firm’s Demand Curve for a Resource

25-3c. Multiple Resources and How Much to Use of Each

25-3d. Maximizing Profits When Multiple Resources Are Used

25-3e. Cost Minimization When Multiple Resources Are Used

25-4. The Supply of Resources

25-4a. Short-Run Versus Long-Run Resource Supply

25-4b. Short-Run Supply

25-4c. Long-Run Supply

25-5. Supply, Demand, and Resource Prices

25-5a. The Coordinating Function of Resource Prices

Key Points

Critical Analysis Questions

Chapter 26. Earnings, Productivity, and the Job Market

26-1. Why Do Earnings Differ?

26-1a. Earnings Differentials Due to Nonidentical Workers

26-1b. Earnings Differentials Due to Nonidentical Jobs

26-1c. Earnings Differentials Due to the Immobility of Labor

26-1d. Sources of Wage Differentials: A Summary

26-2. The Economics of Employment Discrimination

26-2a. How Much Impact Does Employment Discrimination Have on Earnings?

26-3. The Link Between Productivity and Earnings

26-3a. Robots, Productivity, and the Future of Employment

26-3b. Productivity and Compensation: Measurement Problems

Key Points

Critical Analysis Questions

Chapter 27. Investment, the Capital Market, and the Wealth of Nations

27-1. Why People Invest

27-2. Interest Rates

27-2a. How Interest Rates Are Determined

27-2b. The Money Rate Versus the Real Rate of Interest

27-2c. Interest Rates and Risk

27-3. The Present Value of Future Income and Costs

27-4. Present Value, Profitability, and Investment

27-4a. Expected Future Earnings, the Interest Rate, and Asset Values

27-4b. Asset Prices, Business Investment, and Efficiency

27-5. Investing in Human Capital

27-6. Uncertainty, Entrepreneurship, and Profit

27-6a. Returns to Physical and Human Capital

27-7. Why Is the Capital Market So Important?

Key Points

Critical Analysis Questions

Chapter 28. Income Inequality and Poverty

28-1. How Much Income Inequality Exists in the United States?

28-1a. The Factors Affecting Income Distribution

28-1b. Why Has Income Inequality Increased?

28-2. Household Expenditures and Economic Inequality

28-3. Income Mobility and Inequality in Economic Status

28-4. Poverty in the United States

28-4a. Transfer Payments and the Poverty Rate

28-4b. Why Haven’t Anti-Poverty Programs Been More Effective?

28-4c. Estimating the Costs of Redistribution

28-4d. Why Transfers Often Fail to Improve the Well-Being of Their Recipients

28-5. Income Inequality: Some Concluding Thoughts

Key Points

Critical Analysis Questions

Part 6. Applying the Basics: Special Topics in Economics

Special Topic 1. Government Spending and Taxation

ST01-1. Government Expenditures

ST01-1a. Federal Spending per Person, 1792–2019

ST01-1b. The Changing Composition of Federal Spending

ST01-2. Taxes and the Finance of Government

ST01-2a. Types of Taxes

ST01-3. Taxes and the Cost of Government

ST01-4. How has the Structure of the Personal Income Tax Changed?

ST01-5. Income Levels and Overall Tax Payments

ST01-6. Size of Government: A Cross-Country Comparison

ST01-7. How Does the Size of Government Affect Economic Growth?

ST01-8. Expenditures, Taxes, Debt Finance, and Democracy

Key Points

Critical Analysis Questions

Special Topic 2. The Economics of Social Security

ST02-1. The Financing and Determination of Benefits of Social Security

ST02-2. Why Is Social Security Headed for Problems?

ST02-3. Will the Trust Fund Make it Easier to Deal With the Retirement of the Baby-Boomers?

ST02-4. The Real Problem Created by the Current System

ST02-5. Does Social Security Help the Poor?

ST02-6. Social Security and the Treatment of Blacks and Working Married Women

ST02-6a. Social Security Adversely Affects Blacks and Other Groups With Below-Average Life Expectancy

ST02-6b. Discrimination Against Married Women in the Workforce

ST02-7. Is the Structure of Social Security Suitable for the Twenty-First Century?

Key Points

Critical Analysis Questions

Special Topic 3. The Stock Market: Its Function, Performance, and Potential as an Investment Opportunity

ST03-1. The Difference Between Stocks and Bonds

ST03-2. The Economic Functions of the Stock Market

ST03-3. Stock Market Performance: The Historical Record

ST03-4. The Interest Rate, the Value of Future Income, and Stock Prices

ST03-5. The Random Walk Theory of the Stock Market

ST03-6. How the Ordinary Investor can Beat the Experts

ST03-7. The Advantages of Indexed Mutual Funds

ST03-7a. Should You Invest in a Fund Because of Its Past Performance?

Key Points

Critical Analysis Questions

Special Topic 4. Keynes and Hayek: Contrasting Views on Sound Economics and the Role of Government

ST04-1. Keynes and Hayek: Two Great Economists

ST04-2. Keynes, Hayek, and Great Debates in Economics

ST04-2a. What Is the Cause and Cure for the Business Cycle?

ST04-2b. Should an Economy be Directed By Government Planning or Decentralized Individual Planning and the Invisible Hand of Market Prices?

ST04-2c. Can Democratic Decision-Making Be Counted On to Allocate Resources Efficiently?

Key Points

Critical Analysis Questions

Special Topic 5. The 2020 COVID-19 Recession: Cause, Response, and Implications for the Future

ST05-1. The Covid-19 Pandemic and Its Impact On the Economy

ST05-1a. The 2020 Recession was Different

ST05-2. Policy Response to the Pandemic and Recession

ST05-2a. Sweden: An Alternative Policy Strategy

ST05-3. How Will the 2020 Covid-19 Recession Change America?

ST05-3a. Decentralized Innovation and Entrepreneurship: The Path Forward

Key Points

Critical Analysis Questions

Special Topic 6. The Great Recession of 2008–2009: Causes and Response

ST06-1. Key Events Leading Up to the Great Recession

ST06-2. What Caused the Great Recession?

ST06-2a. Factor 1: Change in Mortgage Lending Standards

ST06-2b. Factor 2: Prolonged Low Interest Rate Policy of the Fed During 2002–2004

ST06-2c. Factor 3: The Increased Debt-to-Capital Ratio of Investment Banks

ST06-2d. Factor 4: High Debt/Income Ratio of Households

ST06-3. The Great Recession, Perverse Incentives, and Potential Reforms

Key Points

Critical Analysis Questions

Special Topic 7. Lessons from the Great Depression

ST07-1. The Economic Record of the Great Depression

ST07-2. Was the Great Depression Caused by the 1929 Stock Market Crash?

ST07-3. Why Was the Great Depression so Lengthy and Severe?

ST07-4. Fiscal Policy During the Great Depression

ST07-5. Lessons From the Great Depression

Key Points

Critical Analysis Questions

Special Topic 8. The Economics of Health Care

ST08-1. Expenditures and the Structure of the Health Care Industry

ST08-1a. Discrimination Against the Direct Purchase of Health Insurance

ST08-1b. Third-Party Payments and Health Care Inflation

ST08-1c. The Growth of the Elderly Population and the Health Care Sector

ST08-2. What Accounts for the Poor Performance of the Health Care Industry?

ST08-3. Empowering Consumers and Increasing Competitiveness

ST08-4. Could the Covid-19 Experience Lead to Improvement in Health Care?

ST08-5. Concluding Thoughts

Key Points

Critical Analysis Questions

Special Topic 9. Earnings Differences between Men and Women

ST09-1. Employment Discrimination and the Earnings of Women

ST09-2. Marital Status, Earnings, Work Environment, and the Gender Pay Gap

ST09-3. The Changing Career Objectives of Women

ST09-4. Implications for the Future

Key Points

Critical Analysis Questions

Special Topic 10. Do Labor Unions Increase the Wages of Workers?

ST10-1. Union Membership as a Share of the Workforce

ST10-2. How Do Unions Influence Wages?

ST10-2a. Supply Restrictions

ST10-2b. Bargaining Power

ST10-2c. Increased Demand

ST10-3. What Gives a Union Strength?

ST10-3a. Availability of Good Substitute Inputs

ST10-3b. The Elasticity of Demand for Products Produced by Unionized Firms

ST10-3c. Unionized Labor as a Share of the Cost of Production

ST10-3d. The Supply Elasticity of Substitute Inputs

ST10-4. The Wages of Union and Nonunion Employees

ST10-5. Unions, Profitability, and Employment in the Unionized Sector

ST10-6. The Impact of Unions On the Wages of All Workers

Key Points

Critical Analysis Questions

Special Topic 11. The Question of Resource Exhaustion

ST11-1. Forecasts of Resource Exhaustion

ST11-2. Why Have the Forecasts of Resource Crises Been Wrong?

ST11-3. Proved Reserves and Running Out of Resources

ST11-4. Are Resources Becoming Less Abundant?

ST11-5. Renewable Resources

ST11-5a. Are Forests Disappearing?

ST11-5b. Natural Resources When Markets Are Not Allowed to Function Fully: The Case of Water

Key Points

Critical Analysis Questions

Special Topic 12. Difficult Environmental Cases and the Role of Government

ST12-1. Government Regulation and the Environment

ST12-2. The Economics of Global Warming

ST12-3. Mitigation Versus Adaptation Strategy

ST12-4. Market-Like Schemes: Reducing the Cost of Specific Regulations

ST12-5. Property Rights as a Tool for Government Policy

ST12-5a. Ocean Fisheries: A Lack of Property Rights Causes Overfishing

ST12-6. Government Ownership of Resources and Provision of Services

ST12-7. Conclusion

Key Points

Critical Analysis Questions

Appendix A.

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Tags: James D Gwartney, Richard L Stroup, Russell S Sobel, David A Macpherson, Economics, Private, Public Choice