Macroeconomics Private and Public Choice 17th Edition by James D Gwartney, Richard L Stroup, Russell S Sobel, David A Macpherson ISBN 9780357134009 0357134001

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ISBN 10: 0357134001
ISBN 13: 9780357134009
Author: James D Gwartney, Richard L Stroup, Russell S Sobel, David A Macpherson

Macroeconomics 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 Microeconomics

Chapter 7. Consumer Choice and Elasticity

7-1. Fundamentals of Consumer Choice

7-2. Marginal Utility, Consumer Choice, and the Demand Curve of an Individual

7-2a. Consumer Equilibrium with Many Goods

7-2b. Price Changes and Consumer Choice

7-2c. Time Costs and Consumer Choice

7-2d. Market Demand Reflects the Demand of Individual Consumers

7-3. Elasticity of Demand

7-3a. Graphic Representation of Price Elasticity of Demand

7-3b. How Large Are the Demand Elasticities of Various Products?

7-3c. Why Do the Price Elasticities of Demand Vary?

7-3d. Time and Demand Elasticity

7-4. How Demand Elasticity and Price Changes Affect Total Expenditures (Or Revenues) on a Product

7-5. Income Elasticity

7-6. Price Elasticity of Supply

Key Points

Critical Analysis Questions

Chapter 8. Costs and the Supply of Goods

8-1. The Organization of the Business Firm

8-1a. Incentives, Cooperation, and the Nature of the Firm

8-1b. Three Types of Business Firms

8-2. How Well Does the Corporate Structure Work?

8-3. The Economic Role of Costs

8-3a. Calculating Economic Costs and Profits

8-3b. How Do Economic and Accounting Profit Differ?

8-4. Short-Run and Long-Run Time Periods

8-5. Categories of Costs

8-6. Output and Costs in the Short Run

8-6a. Diminishing Returns and Production in the Short Run

8-6b. Diminishing Returns and the Shape of the Cost Curves

8-7. Output and Costs in the Long Run

8-7a. Economies and Diseconomies of Scale

8-7b. Alternative Shapes of the LRATC

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

8-8a. Prices of Resources

8-8b. Taxes

8-8c. Regulations

8-8d. Technology

8-9. The Economic Way of Thinking About Costs

8-9a. What Are Sunk Costs?

8-9b. How Will Cost Influence Supply?

Key Points

Critical Analysis Questions

Chapter 9. Price Takers and the Competitive Process

9-1. Price Takers and Price Searchers

9-2. What Are the Characteristics of Price-Taker Markets?

9-3. How Does the Price Taker Maximize Profit?

9-3a. Profit Maximizing—A Numeric Example

9-3b. Losses and When to Go Out of Business

9-4. The Firm’s Short-Run Supply Curve

9-5. The Short-Run Market Supply Curve

9-6. Price and Output in Price-Taker Markets

9-6a. Long-Run Equilibrium

9-6b. How Will the Market Respond to an Increase in Demand?

9-6c. How Will the Market Respond to a Decrease in Demand?

9-6d. The Long-Run Market Supply Curve

9-6e. Supply Elasticity and the Role of Time

9-7. The Role of Profits and Losses

9-8. Competition Promotes Prosperity

Key Points

Critical Analysis Questions

Chapter 10. Price-Searcher Markets with Low Entry Barriers

10-1. Competitive Price-Searcher Markets

10-1a. Price and Output in Competitive Price-Searcher Markets

10-2. Contestable Markets and the Competitive Process

10-3. Evaluating Competitive Price-Searcher Markets

10-4. A Special Case: Price Discrimination

10-5. Entrepreneurship and Economic Progress

10-5a. Technology, Entrepreneurship, and Dynamic Competition

10-5b. Dynamic Competition, Innovation, and Business Failures

Key Points

Critical Analysis Questions

Chapter 11. Price-Searcher Markets with High Entry Barriers

11-1. Why Are Entry Barriers Sometimes High?

11-1a. Economies of Scale

11-1b. Government Licensing and Other Legal Barriers to Entry

11-1c. Patents

11-1d. Control Over an Essential Resource

11-2. Characteristics of a Monopoly

11-2a. Price and Output Under Monopoly

11-3. The Characteristics of an Oligopoly

11-3a. Interdependence Among Oligopolistic Firms

11-3b. Substantial Economies of Scale

11-3c. Significant Barriers to Entry

11-3d. Identical or Differentiated Products

11-4. Price and Output Under Oligopoly

11-4a. The Incentive to Collude … and to Cheat

11-4b. Obstacles to Collusion

11-4c. Uncertainty and Oligopoly

11-5. Market Power and Profit—The Early Bird Catches the Worm

11-6. Defects of Markets with High Entry Barriers

11-7. Policy Alternatives When Entry Barriers Are High

11-7a. Antitrust Policy and Controlling the Structure of an Industry

11-7b. Reduce Artificial Barriers to Trade

11-7c. Regulate the Price

11-7d. Problems with Regulation

11-7e. Supply Market with Government Production

11-7f. Pulling It Together

11-8. Dynamic Competition in the Digital Age

Key Points

Critical Analysis Questions

Chapter 12. The Supply of and Demand for Productive Resources

12-1. Resource Markets and Human and Nonhuman Resources

12-2. The Demand for Resources

12-2a. Substitution in Production

12-2b. Substitution in Consumption

12-2c. How Time Changes the Demand for Resources

12-2d. Shifts in the Demand for a Resource

12-3. Marginal Productivity and the Firm’s Hiring Decision

12-3a. Using a Variable Resource with a Fixed Resource

12-3b. MRP and the Firm’s Demand Curve for a Resource

12-3c. Multiple Resources and How Much to Use of Each

12-3d. Maximizing Profits When Multiple Resources Are Used

12-3e. Cost Minimization When Multiple Resources Are Used

12-4. The Supply of Resources

12-4a. Short-Run Versus Long-Run Resource Supply

12-4b. Short-Run Supply

12-4c. Long-Run Supply

12-5. Supply, Demand, and Resource Prices

12-5a. The Coordinating Function of Resource Prices

Key Points

Critical Analysis Questions

Chapter 13. Earnings, Productivity, and the Job Market

13-1. Why Do Earnings Differ?

13-1a. Earnings Differentials Due to Nonidentical Workers

13-1b. Earnings Differentials Due to Nonidentical Jobs

13-1c. Earnings Differentials Due to the Immobility of Labor

13-1d. Sources of Wage Differentials: A Summary

13-2. The Economics of Employment Discrimination

13-2a. How Much Impact Does Employment Discrimination Have on Earnings?

13-3. The Link Between Productivity and Earnings

13-3a. Robots, Productivity, and the Future of Employment

13-3b. Productivity and Compensation: Measurement Problems

Key Points

Critical Analysis Questions

Chapter 14. Investment, the Capital Market, and the Wealth of Nations

14-1. Why People Invest

14-2. Interest Rates

14-2a. How Interest Rates Are Determined

14-2b. The Money Rate Versus the Real Rate of Interest

14-2c. Interest Rates and Risk

14-3. The Present Value of Future Income and Costs

14-4. Present Value, Profitability, and Investment

14-4a. Expected Future Earnings, the Interest Rate, and Asset Values

14-4b. Asset Prices, Business Investment, and Efficiency

14-5. Investing in Human Capital

14-6. Uncertainty, Entrepreneurship, and Profit

14-6a. Returns to Physical and Human Capital

14-7. Why Is the Capital Market So Important?

Key Points

Critical Analysis Questions

Chapter 15. Income Inequality and Poverty

15-1. How Much Income Inequality Exists in the United States?

15-1a. The Factors Affecting Income Distribution

15-1b. Why Has Income Inequality Increased?

15-2. Household Expenditures and Economic Inequality

15-3. Income Mobility and Inequality in Economic Status

15-4. Poverty in the United States

15-4a. Transfer Payments and the Poverty Rate

15-4b. Why Haven’t Anti-Poverty Programs Been More Effective?

15-4c. Estimating the Costs of Redistribution

15-4d. Why Transfers Often Fail to Improve the Well-Being of Their Recipients

15-5. Income Inequality: Some Concluding Thoughts

Key Points

Critical Analysis Questions

Part 4. International Economics

Chapter 16. Gaining from International Trade

16-1. The Trade Sector of the United States

16-2. Gains from Specialization and Trade

16-2a. How Trade Expands Consumption Possibilities

16-2b. Some Real-World Considerations

16-3. Supply, Demand, and International Trade

16-4. The Economics of Trade Restrictions

16-4a. The Economics of Tariffs

16-4b. The Economics of Quotas

16-4c. Exchange Rate Controls as a Trade Restriction

16-5. Why Do Nations Adopt Trade Restrictions?

16-5a. The National-Defense Argument

16-5b. The Infant-Industry Argument

16-5c. The Antidumping Argument

16-5d. Special Interests and the Politics of Trade Restrictions

16-6. Do More Open Economies Perform Better?

16-7. Trade Barriers and Popular Trade Fallacies

16-7a. Trade Fallacy 1: Trade Restrictions That Limit Imports Save Jobs and Expand Employment

16-7b. Trade Fallacy 2: Free Trade With Low-Wage Countries Like Mexico and China Will Reduce the Wages of Americans

16-8. Institutions and the Changing Nature of Global Trade

Key Points

Critical Analysis Questions

Part 5. 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

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Tags: James D Gwartney, Richard L Stroup, Russell S Sobel, David A Macpherson, Macroeconomics