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For two-semester courses covering the principles of economics for students in business and economics. The relevance of economics shown through real-world business examples One of the challenges of teaching principles of economics is fostering interest in concepts, including opportunity cost, trade-offs, scarcity, and demand and supply that may not seem applicable to students’ lives. Economics makes these concepts relevant by demonstrating how real businesses apply them to make decisions every day.
With ever-changing world economies, the 8th Edition has been updated with the latest developments using new real-world business and policy examples. Regardless of their future career path -- opening an art studio, trading on Wall Street, or bartending at the local pub, students will benefit from understanding the economic forces behind their work. Also available with MyLab Economics By combining trusted author content with digital tools and a flexible platform, MyLab™ personalizes the learning experience and improves results for each student.
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- Höfundar: Glenn Hubbard, Anthony Patrick O'Brien
- Útgáfa:8
- Útgáfudagur: 2022-01-25
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- Format:Page Fidelity
- ISBN 13: 9781292430706
- Print ISBN: 9781292430645
- ISBN 10: 1292430702
Efnisyfirlit
- Half Title
- Title Page
- Copyright
- Dedication
- About The Authors
- Brief Contents
- Contents
- Preface
- Part 1: Introduction
- Chapter 1: Economics: Foundationsand Models
- Does Apple Manufacture the iPhone in the United States?
- 1.1 Three Key Economic Ideas
- People Are Rational
- People Respond to Economic Incentives
- Apply the Concept: Would a Congressional Bill Aimed at Increasing the Pay of Low-Wage Workers Backfi
- Optimal Decisions Are Made at the Margin
- Solved Problem 1.1: The Marginal Benefit and Marginal Cost of Delivering Packages for Amazon
- 1.2 The Economic Problem That Every Society Must Solve
- What Goods and Services Will Be Produced?
- How Will the Goods and Services Be Produced?
- Who Will Receive the Goods and Services Produced?
- Centrally Planned Economies versus Market Economies
- The Modern “Mixed” Economy
- Efficiency and Equity
- 1.3 Economic Models
- The Role of Assumptions in Economic Models
- Forming and Testing Hypotheses in Economic Models
- Positive and Normative Analysis
- Don’t Let This Happen to You: Don’t Confuse Positive Analysis with Normative Analysis
- Economics as a Social Science
- Apply the Concept: What Can Economics Contribute to the Debate over Tariffs?
- 1.4 Microeconomics and Macroeconomics
- 1.5 Economic Skills and Economics as a Career
- 1.6 A Preview of Important Economic Terms
- Conclusion
- An Inside Look: Are Tariffs Bringing Manufacturing Jobs Back Home or Just Raising Prices?
- *Chapter Summary and Problems
- Appendix: Using Graphs and Formulas
- Graphs of One Variable
- Graphs of Two Variables
- Slopes of Lines
- Taking into Account More Than Two Variables on a Graph
- Positive and Negative Relationships
- Determining Cause and Effect
- Are Graphs of Economic Relationships Always Straight Lines?
- Slopes of Nonlinear Curves
- Formulas
- Formula for a Percentage Change
- Formulas for the Areas of a Rectangle and a Triangle
- Summary of Using Formulas
- Problems and Applications
- Chapter 1: Economics: Foundationsand Models
- Chapter 2: Trade-offs, Comparative Advantage, and the Market System
- Elon Musk and Tesla Motors Face a Trade-off
- 2.1 Production Possibilities Frontiers and Opportunity Costs
- Graphing the Production Possibilities Frontier
- Solved Problem 2.1: Analyzing Trade-offs Using a Production Possibilities Frontier for Tesla Motors
- Increasing Marginal Opportunity Costs
- Economic Growth
- 2.2 Comparative Advantage and Trade
- Specialization and Gains from Trade
- Absolute Advantage versus Comparative Advantage
- Comparative Advantage and the Gains from Trade
- Don’t Let This Happen to You: Don’t Confuse Absolute Advantage and Comparative Advantage
- Solved Problem 2.2: Comparative Advantage and the Gains from Trade
- Apply the Concept: Comparative Advantage, Opportunity Cost, and Housework
- 2.3 The Market System
- The Circular Flow of Income
- The Gains from Free Markets
- The Market Mechanism
- Apply the Concept: A Story of the Market System in Action: How Do You Make an iPad?
- The Role of the Entrepreneur in the Market System
- The Legal Basis of a Successful Market System
- Apply the Concept: What Is Socialism?
- Conclusion
- An Inside Look: A Plug-in Porsche?
- Chapter Summary and Problems
- Chapter 3: Where Prices Come From: The Interaction of Demand and Supply
- A Basketball Player Takes a Tumble—And So Does Nike
- 3.1 The Demand Side of the Market
- Demand Schedules and Demand Curves
- The Law of Demand
- What Explains the Law of Demand?
- Holding Everything Else Constant: The Ceteris Paribus Condition
- Variables That Shift Market Demand
- Apply the Concept: Millennials and Generation Z Shake Up the Markets for Groceries, Big Macs, and Ru
- A Change in Demand versus a Change in Quantity Demanded
- Apply the Concept: Forecasting the Demand for Athletic Shoes
- 3.2 The Supply Side of the Market
- Supply Schedules and Supply Curves
- The Law of Supply
- Variables That Shift Market Supply
- Apply the Concept: Fracking, the U.S. Oil Boom, and Expected Oil Prices
- A Change in Supply versus a Change in Quantity Supplied
- 3.3 Market Equilibrium: Putting Demand and Supply Together
- How Markets Eliminate Surpluses and Shortages
- Demand and Supply Both Count
- Solved Problem 3.3: Demand and Supply Both Count: A Tale of Two Letters
- 3.4 The Effect of Demand and Supply Shifts on Equilibrium
- The Effect of Shifts in Demand on Equilibrium
- The Effect of Shifts in Supply on Equilibrium
- The Effect of Shifts in Demand and Supply over Time
- Apply the Concept: Higher Demand for Cobalt—But Lower Prices?
- Solved Problem 3.4: Can We Predict Changes in the Price and Quantity of Merino Wool?
- Shifts in a Curve versus Movements along a Curve
- Don’t Let This Happen to You: Remember: A Change in a Good’s Price Does Not Cause the Demand or
- Conclusion
- An Inside Look: If the Shoe Fits . . . Print It?
- Chapter Summary and Problems
- Chapter 4: Economic Efficiency, Government Price Setting, and Taxes
- What Do Food Riots in Venezuela and the Rise of Uber in the United States Have in Common?
- 4.1 Consumer Surplus and Producer Surplus
- Consumer Surplus
- Apply the Concept: The Consumer Surplus from Uber
- Producer Surplus
- What Consumer Surplus and Producer Surplus Measure
- 4.2 The Efficiency of Competitive Markets
- Marginal Benefit Equals Marginal Cost in Competitive Equilibrium
- Economic Surplus
- Deadweight Loss
- Economic Surplus and Economic Efficiency
- 4.3 Government Intervention in the Market: Price Floors and Price Ceilings
- Price Floors: Government Policy in Agricultural Markets
- Apply the Concept: Price Floors in Labor Markets: The Debate over Minimum Wage Policy
- Price Ceilings: Government Rent Control Policy in Housing Markets
- Don’t Let This Happen to You: Don’t Confuse“Scarcity” with “Shortage”
- Black Markets and Peer-to-Peer Sites
- Solved Problem 4.3: What’s the Economic Effect of a Black Market in Renting Apartments?
- The Results of Government Price Controls: Winners, Losers, and Inefficiency
- Apply the Concept: Price Controls Lead to Economic Crisis in Venezuela
- Positive and Normative Analysis of Price Ceilings and Price Floors
- 4.4 The Economic Effect of Taxes
- The Effect of Taxes on Economic Efficiency
- Tax Incidence: Who Actually Pays a Tax?
- Solved Problem 4.4: Who Bears the Burden of the Seattle Beverage Tax?
- Apply the Concept: Is the Burden of the Social Security Tax Really Shared Equally between Workers an
- Conclusion
- An Inside Look: Uber Fights to Repeal New York City Restrictions
- Chapter Summary and Problems
- Appendix: Quantitative Demand and Supply Analysis
- Demand and Supply Equations
- Calculating Consumer Surplus and Producer Surplus
- Review Questions
- Problems and Applications
- Chapter 5: Externalities, Environmental Policy, and Public Goods
- Are NextEra Energy and Green Power the Future?
- 5.1 Externalities and Economic Efficiency
- The Effect of Externalities
- Externalities and Market Failure
- What Causes Externalities?
- 5.2 Private Solutions to Externalities: The Coase Theorem
- The Economically Efficient Level of Pollution Reduction
- Apply the Concept: The Clean Air Act: How a Government Policy Reduced Infant Mortality
- The Basis for Private Solutions to Externalities
- Don’t Let This Happen to You: Remember That It’s the Net Benefit That Counts
- Do Property Rights Matter?
- The Problem of Transactions Costs
- The Coase Theorem
- Apply the Concept: How Can You Defend Your Knees on a Plane Flight?
- 5.3 Government Policies to Deal with Externalities
- Imposing a Tax When There Is a Negative Externality
- Providing a Subsidy When There Is a Positive Externality
- Apply the Concept: Should the Government Tax Cigarettes and Soda?
- Solved Problem 5.3: Are Congestion Fees the Answer to Big City Traffic Problems?
- Command-and-Control versus Market-Based Approaches
- The End of the Sulfur Dioxide Cap-and-Trade System
- Are Tradable Emission Allowances Licenses to Pollute?
- Apply the Concept: Does the United States Need a Green New Deal?
- 5.4 Four Categories of Goods
- The Demand for a Public Good
- The Optimal Quantity of a Public Good
- Solved Problem 5.4: Determining the Optimal Level of Public Goods
- Common Resources
- Conclusion
- Chapter Summary and Problems
- Chapter 6: Elasticity: The Responsiveness of Demand and Supply
- Do Soda Taxes Work?
- 6.1 The Price Elasticity of Demand and Its Measurement
- Measuring the Price Elasticity of Demand
- Elastic Demand and Inelastic Demand
- An Example of Calculating Price Elasticities
- The Midpoint Formula
- Solved Problem 6.1: Calculating the Price Elasticity of Demand
- When Demand Curves Intersect, the Flatter Curve Is More Elastic
- Polar Cases of Perfectly Inelastic and Perfectly Elastic Demand
- Don’t Let This Happen to You: Don’t Confuse Inelastic with Perfectly Inelastic
- 6.2 The Determinants of the Price Elasticity of Demand
- Availability of Close Substitutes
- Passage of Time
- Luxuries versus Necessities
- Definition of the Market
- Share of a Good in a Consumer’s Budget
- Some Estimated Price Elasticities of Demand
- 6.3 The Relationship between Price Elasticity of Demand and Total Revenue
- Elasticity and Revenue with a Linear Demand Curve
- Solved Problem 6.3: Price and Revenue Don’t Always Move in the Same Direction
- Apply the Concept: Amazon and Netflix Test the Price Elasticity of Demand for Their Services
- 6.4 Other Demand Elasticities
- Cross-Price Elasticity of Demand
- Income Elasticity of Demand
- Apply the Concept: Price Elasticity, Cross-Price Elasticity, and Income Elasticity in the Market for
- 6.5 Using Elasticity to Analyze the Disappearing Family Farm
- Solved Problem 6.5: Using Price Elasticity to Analyze the Effects of a Soda Tax
- 6.6 The Price Elasticity of Supply and Its Measurement
- Measuring the Price Elasticity of Supply
- Determinants of the Price Elasticity of Supply
- Apply the Concept: Why Are Oil Prices So Unstable?
- Polar Cases of Perfectly Elastic and Perfectly Inelastic Supply
- Using Price Elasticity of Supply to Predict Changes in Price
- Conclusion
- Chapter Summary and Problems
- Chapter 7: The Economics of Health Care
- Goodbye to Blue Cross and Blue Shield?
- 7.1 The Improving Health of People in the United States
- Changes over Time in U.S. Health
- Reasons for Long-Run Improvements in U.S. Health
- 7.2 Health Care around the World
- The U.S. Health Care System
- Apply the Concept: The Increasing Importance of Health Care in the U.S. Economy
- The Health Care Systems of Canada, Japan, and the United Kingdom
- Comparing Health Care Outcomes around the World
- How Useful Are Cross-Country Comparisons of Health Outcomes?
- 7.3 Information Problems and Externalities in the Market for Health Care
- Adverse Selection and the Market for “Lemons”
- Asymmetric Information in the Market for Health Insurance
- Don’t Let This Happen to You: Don’t Confuse Adverse Selection with Moral Hazard
- Externalities in the Market for Health Care
- Should the Government Run the Health Care System?
- 7.4 The Debate over Health Care Policy in the United States
- The Rising Cost of Health Care
- Apply the Concept: Are U.S. Firms Handicapped by Paying for Their Employees’ Health Insurance?
- Explaining Increases in Health Care Spending
- The Continuing Debate over Health Care Policy
- Market-Based Reforms
- Apply the Concept: Medicare for All?
- Conclusion
- Chapter Summary and Problems
- Chapter 8: Firms, the Stock Market, and Corporate Governance
- Investing in Lyft, a Company That Has Never Earned a Profit?
- 8.1 Types of Firms
- Who Is Liable? Limited and Unlimited Liability
- Corporations Earn the Majority of Revenue and Profits
- Apply the Concept: Why Are Fewer Young People Starting Businesses?
- The Structure of Corporations and the Principal–Agent Problem
- 8.2 How Firms Raise Funds
- Sources of External Funds
- Apply the Concept: The Rating Game: Are Federal, State, or City Governments Likely to Default on The
- Stock and Bond Markets Provide Capital—and Information
- The Fluctuating Stock Market
- Don’t Let This Happen to You: When Lyft Shares Are Sold, Lyft Doesn’t Get the Money
- Why Is It So Hard to Beat the Market?
- Apply the Concept: Why Would Anyone Buy Lyft’s Stock?
- Solved Problem 8.2: Why Does Warren Buffett Like Mutual Funds?
- 8.3 Using Financial Statements to Evaluate a Corporation
- The Income Statement
- The Balance Sheet
- Problems in Corporate Governance
- Apply the Concept: Should Investors Worry about Corporate Governance at Lyft?
- Conclusion
- Chapter Summary and Problems
- Appendix: Using Present Value
- The Concept of Present Value
- Solved Problem 8A.1: How to Receive Your Contest Winnings
- Using Present Value to Calculate Bond Prices
- Using Present Value to Calculate Stock Prices
- A Simple Formula for Calculating Stock Prices
- Review Questions
- Problems and Applications
- The Concept of Present Value
- Online Appendix: Income Statements and Balance Sheets
- Being Careful What You Wish For: Trade Wars and Whirlpool
- 9.1 The United States in the International Economy
- The Importance of Trade to the U.S. Economy
- U.S. International Trade in a World Context
- 9.2 Comparative Advantage in International Trade
- A Brief Review of Comparative Advantage
- Comparative Advantage and Absolute Advantage
- 9.3 How Countries Gain from International Trade
- Increasing Consumption through Trade
- Solved Problem 9.3: The Gains from Trade
- Why Don’t We See Complete Specialization?
- Does Anyone Lose as a Result of International Trade?
- Don’t Let This Happen to You: Remember That Trade Creates Both Winners and Losers
- Apply the Concept: Who Gains and Who Loses from U.S. Trade with China?
- Where Does Comparative Advantage Come From?
- 9.4 Government Policies That Restrict International Trade
- Tariffs
- Quotas and Voluntary Export Restraints
- Measuring the Economic Effect of the Sugar Quota
- Solved Problem 9.4: Measuring the Economic Effect of a Quota
- The High Cost of Preserving Jobs with Tariffs and Quotas
- Apply the Concept: Smoot-Hawley, the Politics of Tariffs, and the Cost of Protecting a Vanishing Ind
- Gains from Unilateral Elimination of Tariffs and Quotas
- Other Barriers to Trade
- 9.5 The Debate over Trade Policies and Globalization
- Why Do Some People Oppose the World Trade Organization?
- Dumping
- Apply the Concept: The Trade War of 2018
- Positive versus Normative Analysis (Once Again)
- Conclusion
- Chapter Summary and Problems
- Chapter 10: Consumer Choice andBehavioral Economics
- What Happened to Sears and the Other Department Stores?
- 10.1 Utility and Consumer Decision Making
- An Overview of the Economic Model of Consumer Behavior
- Utility
- The Principle of Diminishing Marginal Utility
- The Rule of Equal Marginal Utility per Dollar Spent
- Solved Problem 10.1: Finding the Optimal Level of Consumption
- What if the Rule of Equal Marginal Utility per Dollar Does Not Hold?
- Don’t Let This Happen to You: Equalize Marginal Utilities per Dollar
- The Income Effect and Substitution Effect of a Price Change
- Don’t Let This Happen to You: The Income Effect Doesn’t Involve an Increase in Money Income
- 10.2 Where Demand Curves Come From
- Apply the Concept: Are There Any Upward-Sloping Demand Curves in the Real World?
- 10.3 Social Influences on Decision Making
- The Effects of Celebrity Endorsements
- Network Externalities
- Does Fairness Matter?
- Apply the Concept: Taylor Swift Tries to Please Fans and Make Money
- Solved Problem 10.3: Why Doesn’t Tesla Charge Its Employees to Park Their Cars?
- 10.4 Behavioral Economics: Do People Make Rational Choices?
- Pitfalls in Decision Making
- Apply the Concept: Sunk Costs and Sports Teams
- “Nudges”: Using Behavioral Economics to Guide Behavior
- The Behavioral Economics of Shopping
- Apply the Concept: Trying to Use the Apple Approach to Save J.C. Penney
- Conclusion
- Chapter Summary and Problems
- Appendix: Using Indifference Curves and Budget Lines to Understand Consumer Behavior
- Consumer Preferences
- Indifference Curves
- The Slope of an Indifference Curve
- Can Indifference Curves Ever Cross?
- Consumer Preferences
- The Budget Constraint
- Choosing the Optimal Consumption of Pizza and Coke
- Apply the Concept: Apple Determines the Optimal Mix of iPhone Features
- Deriving the Demand Curve
- Solved Problem 10A.1: When Does a Price Change Make a Consumer Better Off?
- The Income Effect and the Substitution Effect of a Price Change
- How a Change in Income Affects Optimal Consumption
- The Slope of the Indifference Curve, the Slope of the Budget Line, and the Rule of Equal Marginal Ut
- The Rule of Equal Marginal Utility per Dollar Spent Revisited
- Review Questions
- Problems and Applications
- Fracking Lowers the Cost of Oil and Revolutionizes the World Market
- 11.1 Technology: An Economic Definition
- Apply the Concept: Oil Roughnecks Encounter Robots and Drones
- 11.2 The Short Run and the Long Run in Economics
- The Difference between Fixed Costs and Variable Costs
- Apply the Concept: Fixed Costs in the Publishing Industry
- Implicit Costs versus Explicit Costs
- The Production Function
- A First Look at the Relationship between Production and Cost
- 11.3 The Marginal Product of Labor and the Average Product of Labor
- The Law of Diminishing Returns
- Graphing Production
- Apply the Concept: Adam Smith’s Famous Account of the Division of Labor in a Pin Factory
- The Relationship between Marginal Product and Average Product
- An Example of Marginal and Average Values: College Grades
- 11.4 The Relationship between Short-Run Production and Short-Run Cost
- Marginal Cost
- Why Are the Marginal and Average Cost Curves U Shaped?
- Solved Problem 11.4: Calculating Marginal Cost and Average Total Cost
- 11.5 Graphing Cost Curves
- 11.6 Costs in the Long Run
- Economies of Scale
- Long-Run Average Cost Curves for Automobile Factories
- Solved Problem 11.6: Using Long-Run Average Cost Curves to Understand a Business Merger
- Apply the Concept: The Colossal River Rouge: Diseconomies of Scale at Ford Motor Company
- Don’t Let This Happen to You: Don’t Confuse Diminishing Returns with Diseconomiesof Scale
- Conclusion
- Chapter Summary and Problems
- Online Appendix: Using Isoquants and Isocost Lines to Understand Production and Cost
- Chapter 12: Firms in Perfectly CompetitiveMarkets
- Are Cage-Free Eggs the Road to Riches?
- 12.1 Perfectly Competitive Markets
- A Perfectly Competitive Firm Cannot Affect the Market Price
- The Demand Curve for the Output of a Perfectly Competitive Firm
- Don’t Let This Happen to You: Don’t Confuse the Demand Curve for Farmer Parker’s Wheat with th
- 12.2 How a Firm Maximizes Profit in a Perfectly Competitive Market
- Revenue for a Firm in a Perfectly Competitive Market
- Determining the Profit-Maximizing Level of Output
- 12.3 Illustrating Profit or Loss on the Cost Curve Graph
- Showing Profit on a Graph
- Solved Problem 12.3: Determining Profit-Maximizing Price and Quantity
- Don’t Let This Happen to You: Remember That Firms Maximize Their Total Prof it, Not Their Prof it
- Illustrating When a Firm Is Breaking Evenor Operating at a Loss
- 12.4 Deciding Whether to Produce or to Shut Down in the Short Run
- The Supply Curve of a Firm in the Short Run
- Apply the Concept: What Does “Break Even” Mean in the Oil Fields?
- Solved Problem 12.4: When to Shut Down a Farm
- The Market Supply Curve in a Perfectly Competitive Industry
- 12.5 “If Everyone Can Do It, You Can’t Make Money at It”: The Entry and Exit of Firms in the L
- Economic Profit and the Entry or Exit Decision
- Long-Run Equilibrium in a Perfectly Competitive Market
- The Long-Run Supply Curve in a Perfectly Competitive Market
- Apply the Concept: The Winding Path to Long-Run Equilibrium in the Egg Market
- Increasing-Cost and Decreasing-Cost Industries
- 12.6 Perfect Competition and Economic Efficiency
- Productive Efficiency
- Solved Problem 12.6: How Productive Efficiency Benefits Consumers
- Allocative Efficiency
- Conclusion
- Chapter Summary and Problems
- Chapter 13: Monopolistic Competition: The Competitive Model in a More Realistic Setting
- The Coffee Industry: From Supermarket Cans to Third Wave Coffeehouse
- 13.1 Demand and Marginal Revenue for a Firm in a Monopolistically Competitive Market
- The Demand Curve for a Monopolistically Competitive Firm
- Marginal Revenue for a Firm with a Downward-Sloping Demand Curve
- 13.2 How a Monopolistically Competitive Firm Maximizes Profit in the Short Run
- Solved Problem 13.2: Does Minimizing Cost Maximize Profit at Apple?
- 13.3 What Happens to Profits in the Long Run?
- How Does the Entry of New Firms Affect the Profits of Existing Firms?
- Don’t Let This Happen to You: Don’t Confuse Zero Economic Profit with Zero Accounting Profit
- Apply the Concept: Can Third Wave Coffeehouses Remain Profitable?
- Is Zero Economic Profit Inevitable in the Long Run?
- Solved Problem 13.3: The Profitability of Amazon Go
- 13.4 Comparing Monopolistic Competition and Perfect Competition
- Excess Capacity under Monopolistic Competition
- Is Monopolistic Competition Inefficient?
- How Consumers Benefit from Monopolistic Competition
- Apply the Concept: Are Ghost and Virtual Restaurants the Wave of the Future?
- 13.5 How Marketing Differentiates Products
- Brand Management
- Advertising
- Defending a Brand Name
- 13.6 What Makes a Firm Successful?
- Apply the Concept: Is Being the First Firm in the Market a Key to Success?
- Conclusion
- Chapter Summary and Problems
- Chapter 14: Oligopoly: Firms in LessCompetitive Markets
- Apple, Spotify, and the Music Streaming Revolution
- 14.1 Oligopoly and Barriers to Entry
- Barriers to Entry
- Apply the Concept: Are Unlicensed Yoga Instructors a Menace to Public Health?
- 14.2 Game Theory and Oligopoly
- A Duopoly Game: Price Competition between Two Firms
- Firm Behavior and the Prisoner’s Dilemma
- Don’t Let This Happen to You: Don’t Misunderstand Why Each Firm Ends Up Charging a Price of $9.9
- Solved Problem 14.2: Is Offering a College Student Discount a Prisoner’s Dilemma for Apple and Spo
- Can Firms Escape the Prisoner’s Dilemma?
- Apply the Concept: Are the Big Four Airlines Colluding?
- Cartels: The Case of OPEC
- 14.3 Sequential Games and Business Strategy
- Deterring Entry
- Solved Problem 14.3: Is Deterring EntryAlways a Good Idea?
- Bargaining
- 14.4 The Five Competitive Forces Model
- Competition from Existing Firms
- The Threat from Potential Entrants
- Competition from Substitute Goods or Services
- The Bargaining Power of Buyers
- The Bargaining Power of Suppliers
- Apply the Concept: Do Large Firms Live Forever?
- Conclusion
- Chapter Summary and Problems
- Chapter 15: Monopoly and Antitrust Policy
- The Monopoly in Your Mailbox
- 15.1 Is Any Firm Ever Really a Monopoly?
- Apply the Concept: Has the USPS Outlived Its Usefulness?
- 15.2 Where Do Monopolies Come From?
- Government Action Blocks Entry
- Apply the Concept: Does Hasbro Have a Monopoly on Monopoly?
- Control of a Key Resource
- Apply the Concept: Are Diamond Profits Forever? The De Beers Diamond Monopoly
- Network Externalities
- Natural Monopoly
- 15.3 How Does a Monopoly Choose Price and Output?
- Marginal Revenue Once Again
- Profit Maximization for a Monopolist
- Solved Problem 15.3: Finding the Profit-Maximizing Price and Output for a Cable Monopoly
- Don’t Let This Happen to You: Don’t Assume That Charging a Higher Price Is Always More Prof itab
- 15.4 Does Monopoly Reduce Economic Efficiency?
- Comparing Monopoly and Perfect Competition
- Measuring the Efficiency Losses from Monopoly
- How Large Are the Efficiency Losses Due to Monopoly?
- Market Power and Technological Change
- 15.5 Price Discrimination: Charging Different Prices for the Same Product
- The Requirements for Successful Price Discrimination
- An Example of Price Discrimination
- Don’t Let This Happen to You: Don’t Confuse Price Discrimination with Other Types of Discriminat
- Solved Problem 15.5: How Apple Uses Price Discrimination to Increase Profits
- Airlines: The Kings of Price Discrimination
- Big Data and Dynamic Pricing
- Perfect Price Discrimination
- Price Discrimination across Time
- Can Price Discrimination Be Illegal?
- 15.6 Government Policy toward Monopoly
- Antitrust Laws and Antitrust Enforcement
- Mergers: The Trade-off between Market Power and Efficiency
- The Department of Justice and FTC Merger Guidelines and the Herfindahl-Hirschman Index of Concentrat
- Regulating Natural Monopolies
- Apply the Concept: Should the Justice Department Break Up Google, Amazon, and Facebook?
- Conclusion
- Chapter Summary and Problems
- Chapter 16: The Markets for Labor and Other Factors of Production
- Great Hamburger? Thank a Robot
- 16.1 The Demand for Labor
- The Marginal Revenue Product of Labor
- Solved Problem 16.1: Hiring Decisions by a Firm That Is a Price Maker
- The Market Demand Curve for Labor
- Factors That Shift the Market Demand Curve for Labor
- 16.2 The Supply of Labor
- The Market Supply Curve of Labor
- Factors That Shift the Market Supply Curveof Labor
- 16.3 Equilibrium in the Labor Market
- The Effect on Equilibrium Wages of a Shift in Labor Demand
- Apply the Concept: Does It Matter Which College You Attend?
- The Effect of Immigration on the U.S. Labor Market
- Apply the Concept: Will You Compete with a Robot for a Job—Or Work with One?
- 16.4 Explaining Differences in Wages
- Don’t Let This Happen to You: Remember That Prices and Wages Are Determined at the Margin
- Apply the Concept: Technology and the Earnings of “Superstars”
- Compensating Differentials
- Discrimination
- Solved Problem 16.4: Is Passing “Comparable Worth” Legislation a Good Way to Close the Gap betwe
- Apply the Concept: Does Greg Have an Easier Time Finding a Job Than Jamal?
- Labor Unions
- 16.5 Personnel Economics
- Should Workers’ Pay Depend on How Much They Work or on How Much They Produce?
- Apply the Concept: A Better Way to Sell Contact Lenses
- Other Considerations in Setting Compensation Systems
- 16.6 The Markets for Capital and Natural Resources
- The Market for Capital
- The Market for Natural Resources
- Monopsony
- The Marginal Productivity Theory of Income Distribution
- Conclusion
- Chapter Summary and Problems
- Chapter 17: Public Choice, Taxes, and the Distribution of Income
- Should Your Small Business Be Taxed Like Apple?
- 17.1 Public Choice
- How Do We Know the Public Interest? Models of Voting
- Government Failure?
- Is Government Regulation Necessary?
- 17.2 The Tax System
- An Overview of the U.S. Tax System
- Progressive and Regressive Taxes
- Apply the Concept: Which Groups Pay the Most in Federal Taxes?
- Marginal and Average Income Tax Rates
- The Corporate Income Tax
- International Comparison of Corporate Income Taxes
- Evaluating Taxes
- Apply the Concept: Should the Federal Government Begin to Tax Wealth?
- 17.3 Tax Incidence Revisited: The Effect of Price Elasticity
- Don’t Let This Happen to You: Don’t Confuse Who Pays a Tax with Who Bears the Burden of the Tax
- Apply the Concept: Do Corporations Really Bear the Burden of the Federal Corporate Income Tax?
- Solved Problem 17.3: The Effect of Price Elasticity on the Excess Burden of a Tax
- 17.4 Income Distribution and Poverty
- Measuring the Income Distribution and Measuring Poverty
- Showing the Income Distribution with a Lorenz Curve
- Problems in Measuring Poverty and the Distribution of Income
- Explaining Income Inequality
- Policies to Reduce Income Inequality
- Apply the Concept: Who Are the 1 Percent, and How Do They Earn Their Incomes?
- Poverty around the World
- Conclusion
- Chapter Summary and Problems
- Chapter 18: GDP: Measuring Total Production and Income
- Politics, Macroeconomics, and General Motors
- 18.1 Gross Domestic Product Measures Total Production
- Measuring Total Production: Gross Domestic Product
- Solved Problem 18.1: Calculating GDP
- Production, Income, and the Circular-Flow Diagram
- Components of GDP
- Don’t Let This Happen to You: Remember What Economists Mean by Investment
- An Equation for GDP and Some Actual Values
- Apply the Concept: Microsoft’s Steve Ballmer Uses the U.S. Constitution to Reorganize Government D
- Measuring GDP Using the Value-Added Method
- 18.2 Does GDP Measure What We Want It to Measure?
- Shortcomings in GDP as a Measure of Total Production
- Apply the Concept: Why Do Many Developing Countries Have Such Large Underground Economies?
- Shortcomings of GDP as a Measure of Well-Being
- 18.3 Real GDP versus Nominal GDP
- Calculating Real GDP
- Solved Problem 18.3: Calculating Real GDP
- Comparing Real GDP and Nominal GDP
- The GDP Deflator
- 18.4 Other Measures of Total Production and Total Income
- Gross National Product
- National Income
- Personal Income
- Disposable Personal Income
- The Division of Income
- Apply the Concept: Should We Pay More Attention to Gross Domestic Income?
- Conclusion
- Chapter Summary and Problems
- Chapter 19: Unemployment and Inflation
- Former Inmates and Stoughton Trailers Meet in a High-Pressure Economy
- 19.1 Measuring the Unemployment Rate, the Labor Force Participation Rate, and the Employment–Popul
- The Household Survey
- Solved Problem 19.1: What Happens if the BLS Includes the Military?
- Problems with Measuring the Unemployment Rate
- Unemployment Rates for Different Groups
- How Long Are People Typically Unemployed?
- Trends in Labor Force Participation
- Apply the Concept: How Large Is the Potential U.S. Labor Force?
- The Establishment Survey: Another Measure of Employment
- Revisions in the Establishment Survey Employment Data: How Bad Was the 2007–2009 Recession?
- Job Creation and Job Destruction over Time
- 19.2 Types of Unemployment
- Frictional Unemployment and Job Search
- Structural Unemployment
- Cyclical Unemployment
- Full Employment
- Apply the Concept: Will Advances in Information Technology Permanently Increase Structural Unemploym
- 19.3 Explaining Unemployment
- Government Policies and the Unemployment Rate
- Labor Unions
- Efficiency Wages
- 19.4 Measuring Inflation
- The Consumer Price Index
- Is the CPI Accurate?
- Don’t Let This Happen to You: Don’t Miscalculate the Inflation Rate
- The Producer Price Index
- 19.5 Using Price Indexes to Adjust for the Effects of Inflation
- Solved Problem 19.5: What Has Been Happening to Real Wages in the United States?
- 19.6 Nominal Interest Rates versus Real Interest Rates
- 19.7 Does Inflation Impose Costs on the Economy?
- Inflation Affects the Distribution of Income
- The Problem with Anticipated Inflation
- The Problem with Unanticipated Inflation
- Apply the Concept: What’s So Bad about Falling Prices?
- Conclusion
- Chapter Summary and Problems
- Chapter 20: Economic Growth, the Financial System, and Business Cycles
- Millennials Experience the iPhone, Snapchat, . . . and the Great Recession
- 20.1 Long-Run Economic Growth
- Apply the Concept: The Connection between Economic Prosperity and Health
- Calculating Growth Rates and the Rule of 70
- What Determines the Rate of Long-Run Growth?
- Solved Problem 20.1: Where Does Productivity Come From?
- Apply the Concept: Can India Sustain Its Rapid Growth?
- Potential GDP
- 20.2 Saving, Investment, and the Financial System
- An Overview of the Financial System
- The Macroeconomics of Saving and Investment
- The Market for Loanable Funds
- Apply the Concept: Ebenezer Scrooge: Accidental Promoter of Economic Growth?
- Solved Problem 20.2: Are Future Budget Deficits a Threat to the Economy?
- 20.3 The Business Cycle
- Some Basic Business Cycle Definitions
- How Do We Know When the Economy Is in a Recession?
- What Happens during the Business Cycle?
- Don’t Let This Happen to You: Don’t Confuse the Price Level and the Inflation Rate
- Has the U.S. Economy Returned to Stability?
- Conclusion
- Chapter Summary and Problems
- Chapter 21: Long-Run Economic Growth: Sources and Policies
- Technological Change, Creative Destruction, and Rising Living Standards
- 21.1 Economic Growth over Time and around the World
- Economic Growth from 1,000,000 b.c.e. to the Present
- Apply the Concept: Why Did the Industrial Revolution Begin in England?
- Small Differences in Growth Rates Are Important
- The Problem with Slow Economic Growth
- Don’t Let This Happen to You: Don’t Confuse the Average Annual Percentage Change with the Total
- The Variation in per Capita Income around the World
- Is Income All That Matters?
- 21.2 What Determines How Fast Economies Grow?
- The Per-Worker Production Function
- Which Is More Important for Economic Growth: More Capital or Technological Change?
- Technological Change: The Key to Sustaining Economic Growth
- Apply the Concept: What Explains the Economic Failure of the Soviet Union?
- Solved Problem 21.2: Using the Economic Growth Model to Analyze the Failure of the Soviet Economy
- New Growth Theory
- Joseph Schumpeter and Creative Destruction
- 21.3 Economic Growth in the United States
- Economic Growth in the United States since 1950
- Is the United States Headed for a Long Period of Slow Growth?
- 21.4 Why Isn’t the Whole World Rich?
- Catch-up: Sometimes but Not Always
- Solved Problem 21.4: The Economic Growth Model’s Prediction of Catch-up
- Why Haven’t Most Western European Countries, Canada, and Japan Caught Up to the United States?
- Why Don’t More Low-Income Countries Experience Rapid Growth?
- Apply the Concept: Why Hasn’t Mexico Grown as Fast as China?
- The Benefits of Globalization
- 21.5 Growth Policies
- Enhancing Property Rights and the Rule of Law
- Apply the Concept: Will China’s Standard of Living Ever Exceed That of the United States?
- Improving Health and Education
- Policies That Promote Technological Change
- Policies That Promote Saving and Investment
- Apply the Concept: Is Sub-Saharan Africa on the Road to Economic Growth?
- Is Economic Growth Good or Bad?
- Conclusion
- Chapter Summary and Problems
- Chapter 22: Aggregate Expenditure and Output in the Short Run
- Glamping and Airstream’s Ride on the Business Cycle
- 22.1 The Aggregate Expenditure Model
- Aggregate Expenditure
- The Difference between Planned Investment and Actual Investment
- Macroeconomic Equilibrium
- Adjustments to Macroeconomic Equilibrium
- 22.2 Determining the Level of Aggregate Expenditure in the Economy
- Consumption
- The Volatility of Consumer Spending on Durables
- The Relationship between Consumption and National Income
- Income, Consumption, and Saving
- Solved Problem 22.2: Calculating the Marginal Propensity to Consume and the Marginal Propensity to S
- Planned Investment
- Apply the Concept: Is Student Loan Debt Causing Fewer Young People to Buy Houses?
- Government Purchases
- Net Exports
- Apply the Concept: The iPhone Is Made in China . . . or Is It?
- 22.3 Graphing Macroeconomic Equilibrium
- Showing a Recession on the 45°-Line Diagram
- The Important Role of Inventories
- A Numerical Example of Macroeconomic Equilibrium
- Don’t Let This Happen to You: Don’t Confuse Aggregate Expenditure with Consumption Spending
- Solved Problem 22.3: Determining Macroeconomic Equilibrium
- 22.4 The Multiplier Effect
- Apply the Concept: The Multiplier in Reverse: The Great Depression of the 1930s
- A Formula for the Multiplier
- Summarizing the Multiplier Effect
- Solved Problem 22.4: Using the Multiplier Formula
- The Paradox of Thrift
- 22.5 The Aggregate Demand Curve
- Conclusion
- Chapter Summary and Problems
- Appendix: The Algebra of Macroeconomic Equilibrium
- Review Questions
- General Motors Hopes the Economic Expansion Doesn’t Die of Old Age
- 23.1 Aggregate Demand
- Why Is the Aggregate Demand Curve Downward Sloping?
- Shifts of the Aggregate Demand Curve versus Movements along It
- The Variables That Shift the Aggregate Demand Curve
- Don’t Let This Happen to You: Understand Why the Aggregate Demand Curve Is Downward Sloping
- Solved Problem 23.1: Movements along the Aggregate Demand Curve or Shifts of the Curve?
- Apply the Concept: Which Components of Aggregate Demand Changed the Most during the 2007–2009 Rece
- 23.2 Aggregate Supply
- The Long-Run Aggregate Supply Curve
- The Short-Run Aggregate Supply Curve
- Apply the Concept: How Sticky Are Wages?
- Shifts of the Short-Run Aggregate Supply Curve versus Movements along It
- Variables That Shift the Short-Run Aggregate Supply Curve
- 23.3 Macroeconomic Equilibrium in the Long Run and the Short Run
- Recessions, Expansions, and Supply Shocks
- Apply the Concept: Does It Matter What Causes a Decline in Aggregate Demand?
- Apply the Concept: Is the Business Cycle Really a Cycle?
- 23.4 A Dynamic Aggregate Demand and Aggregate Supply Model
- What Is the Usual Cause of Inflation?
- The Recession of 2007–2009
- Solved Problem 23.4: Showing the Oil Shock of 1974–1975 on a Dynamic Aggregate Demand and Aggregat
- Conclusion
- Chapter Summary and Problems
- Appendix: Macroeconomic Schools of Thought
- The Monetarist Model
- The New Classical Model
- The Real Business Cycle Model
- The Austrian Model
- Apply the Concept: Karl Marx: Capitalism’s Severest Critic
- Chapter 24: Money, Banks, and the Federal Reserve System
- Is Venmo the End of Money?
- 24.1 What Is Money, and Why Do We Need It?
- Barter and the Invention of Money
- The Functions of Money
- What Can Serve as Money?
- Apply the Concept: Your Money Is No Good Here!
- 24.2 How Is Money Measured in the United States Today?
- M1: A Narrow Definition of the Money Supply
- M2: A Broad Definition of Money
- Don’t Let This Happen to You: Don’t Confuse Money with Income or Wealth
- Solved Problem 24.2: The Def initions of M1 and M2
- What about Credit Cards and Debit Cards?
- Apply the Concept: Are Bitcoins Money?
- 24.3 How Do Banks Create Money?
- Bank Balance Sheets
- Apply the Concept: Help for Young Borrowers: Fintech or Ceilings on Interest Rates?
- Using T-accounts to Show How a Bank Can Create Money
- The Simple Deposit Multiplier
- Don’t Let This Happen to You: Don’t Confuse Assets and Liabilities
- Solved Problem 24.3: Showing How Banks Create Money
- The Simple Deposit Multiplier versus the Real-World Deposit Multiplier
- 24.4 The Federal Reserve System
- The Establishment of the Federal Reserve System
- How the Federal Reserve Manages the Money Supply
- The “Shadow Banking System” and the Financial Crisis of 2007–2009
- 24.5 The Quantity Theory of Money
- Connecting Money and Prices: The Quantity Equation
- The Quantity Theory Explanation of Inflation
- How Accurate Are Forecasts of Inflation Based on the Quantity Theory?
- High Rates of Inflation
- Apply the Concept: The German Hyperinflation of the Early 1920s
- Conclusion
- Chapter Summary and Problems
- Chapter 25: Monetary Policy
- Who Elected the Fed?
- 25.1 What Is Monetary Policy?
- The Goals of Monetary Policy
- 25.2 The Money Market and the Fed’s Choice of Monetary Policy Targets
- Monetary Policy Targets
- The Demand for Money
- Shifts in the Money Demand Curve
- How the Fed Manages the Money Supply: A Quick Review
- Equilibrium in the Money Market
- A Tale of Two Interest Rates
- Choosing a Monetary Policy Target
- The Importance of the Federal Funds Rate
- Managing the Federal Funds Rate Today
- 25.3 Monetary Policy and Economic Activity
- How Interest Rates Affect Aggregate Demand
- The Effects of Monetary Policy on Real GDP and the Price Level
- Apply the Concept: Quantitative Easing, the Fed’s Balance Sheet, and Negative Interest Rates in Eu
- Can the Fed Eliminate Recessions?
- Fed Forecasts
- Apply the Concept: Trying to Hit a Moving Target: Making Policy with “Real-Time Data”
- A Summary of How Monetary Policy Works
- Don’t Let This Happen to You: Remember That with Monetary Policy, It’s the Interest Rates—Not
- 25.4 Monetary Policy in the Dynamic Aggregate Demand and Aggregate Supply Model
- The Effects of Monetary Policy on Real GDP and the Price Level: A More Complete Account
- Using Monetary Policy to Fight Inflation
- Solved Problem 25.4: The Effects of Monetary Policy
- 25.5 A Closer Look at the Fed’s Setting of Monetary Policy Targets
- Should the Fed Target the Money Supply?
- Why Doesn’t the Fed Target Both the Money Supply and the Interest Rate?
- The Taylor Rule
- Solved Problem 25.5: Applying the Taylor Rule
- Inflation Targeting . . . or Nominal GDP Targeting?
- Apply the Concept: Should the Fed Worry about the Prices of Food and Gasoline?
- 25.6 Fed Policies during the 2007–2009 Recession
- The Inflation and Deflation of the Housing Market Bubble
- The Changing Mortgage Market
- The Role of Investment Banks
- Apply the Concept: The Wonderful World of Leverage
- The Fed and the Treasury Department Respond
- Conclusion
- Chapter Summary and Problems
- Chapter 26: Fiscal Policy
- Can Fiscal Policy Increase Economic Growth?
- 26.1 What Is Fiscal Policy?
- What Fiscal Policy Is and What It Isn’t
- Automatic Stabilizers versus Discretionary Fiscal Policy
- An Overview of Government Spending and Taxes
- Apply the Concept: Is Spending on Social Security and Medicare a Fiscal Time Bomb?
- 26.2 The Effects of Fiscal Policy on Real GDP and the Price Level
- Short-Run Expansionary and Contractionary Fiscal Policy
- A Summary of How Fiscal Policy Affects Aggregate Demand
- Don’t Let This Happen to You: Don’t Confuse Fiscal Policy and Monetary Policy
- 26.3 Fiscal Policy in the Dynamic Aggregate Demand and Aggregate Supply Model
- 26.4 The Government Purchases and Tax Multipliers
- The Effect of Changes in the Tax Rate
- Taking into Account the Effects of Aggregate Supply
- The Multipliers Work in Both Directions
- Solved Problem 26.4: Fiscal Policy Multipliers
- 26.5 The Limits to Using Fiscal Policy to Stabilize the Economy
- Apply the Concept: Why Was the Recession of 2007–2009 So Severe?
- Does Government Spending Reduce Private Spending?
- Crowding Out in the Short Run
- Crowding Out in the Long Run
- Fiscal Policy in Action: Did the Stimulus Package of 2009 Succeed?
- 26.6 Deficits, Surpluses, and Federal Government Debt
- How the Federal Budget Can Serve as an Automatic Stabilizer
- Should the Federal Budget Always Be Balanced?
- Solved Problem 26.6: The Italian Government Confronts a Budget Deficit
- The Federal Government Debt
- Is Government Debt a Problem?
- Apply the Concept: Modern Monetary Theory: Should We Stop Worrying and Love the Debt?
- 26.7 Long-Run Fiscal Policy and Economic Growth
- Explaining Long-Run Increases in Real GDP
- How Can Fiscal Policy Affect Long-Run Economic Growth? The Long-Run Effects of Tax Policy
- Tax Simplification
- The Economic Effects of Tax Reform
- How Large Are Supply-Side Effects?
- Apply the Concept: Will President Trump’s Fiscal Policy Raise the Rate of Economic Growth?
- Conclusion
- Chapter Summary and Problems
- Appendix: A Closer Look at the Multiplier
- An Expression for Equilibrium Real GDP
- A Formula for the Government Purchases Multiplier
- A Formula for the Tax Multiplier
- The “Balanced Budget” Multiplier
- The Effects of Changes in Tax Rates on the Multiplier
- The Multiplier in an Open Economy
- Problem and Applications
- The Fed Deals with Inflation, Unemployment, . . . and the President
- 27.1 The Discovery of the Short-Run Trade-off between Unemployment and Inflation
- Explaining the Phillips Curve with Aggregate Demand and Aggregate Supply Curves
- Is the Phillips Curve a Policy Menu?
- Is the Short-Run Phillips Curve Stable?
- The Long-Run Phillips Curve
- The Role of Expectations of Future Inflation
- Apply the Concept: Do Workers Understand Inflation?
- 27.2 The Short-Run and Long-Run Phillips Curves
- Shifts in the Short-Run Phillips Curve
- How Does a Vertical Long-Run Phillips Curve Affect Monetary Policy?
- Apply the Concept: Does the Natural Rate of Unemployment Ever Change?
- Solved Problem 27.2: Changing Views of the Phillips Curve
- 27.3 Monetary Policy and Expectations of the Inflation Rate
- The Implications of Rational Expectations for Monetary Policy
- Is the Short-Run Phillips Curve Really Vertical?
- Real Business Cycle Models
- 27.4 Federal Reserve Policy from the 1970s to the Present
- The Effect of a Supply Shock on the Phillips Curve
- Paul Volcker and Disinflation
- Don’t Let This Happen to You: Don’t Confuse Disinflation with Deflation
- Solved Problem 27.4: Using Monetary Policy to Lower the Inflation Rate
- Recent Fed Chairs and the Debate over the Fed’s Future
- Apply the Concept: Has the Phillips Curve Disappeared?
- Should the Fed Be Independent of Congress and the President?
- Conclusion
- Chapter Summary and Problems
- Chapter 28: Macroeconomics in an Open Economy
- Amazon Deals with a Fluctuating Dollar
- 28.1 The Balance of Payments: Linking the United States to the International Economy
- The Current Account
- The Financial Account
- The Capital Account
- Why Is the Balance of Payments Always Zero?
- Don’t Let This Happen to You: Don’t Confuse the Trade Balance, the Current Account Balance, and
- 28.2 The Foreign Exchange Market and Exchange Rates
- Equilibrium in the Market for Foreign Exchange
- Shifts in Demand and Supply in the Foreign Exchange Market
- How Movements in the Exchange Rate Affect Exports and Imports
- Apply the Concept: Is a Strong Currency Good for a Country?
- Don’t Let This Happen to You: Don’t Confuse What Happens When a Currency Appreciates with What H
- Solved Problem 28.2: Toyota Rides the Exchange Rate Rollercoaster
- The Real Exchange Rate
- Exchange Rates in the Long Run
- Apply the Concept: The Big Mac Theory of Exchange Rates
- 28.3 Exchange Rate Systems
- The Floating Dollar
- The Euro
- Pegging against the Dollar
- Apply the Concept: The Chinese Yuan: The World’s Most Controversial Currency
- 28.4 The International Sector and National Saving and Investment
- Net Exports Equal Net Foreign Investment
- Domestic Saving, Domestic Investment, and Net Foreign Investment
- Solved Problem 28.4: Arriving at the Saving and Investment Equation
- 28.5 The Effect of a Government Budget Deficit on Investment
- 28.6 Monetary Policy and Fiscal Policy in an Open Economy
- Monetary Policy in an Open Economy
- Fiscal Policy in an Open Economy
- Conclusion
- Chapter Summary and Problems
- Online Appendix: The Gold Standard and the Bretton Woods System
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