经济学 理论与应用 英文版PDF|Epub|txt|kindle电子书版本网盘下载

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1 What Is Economics?1

PART I1

PRELIMINARIES1

1 WHAT lS ECONOMICS?1

PART I PRELIMINARIES1

Myths about Economics2

Economics, Scarcity, and Choice3

Scarcity and the Individual 3 Scarcity and Society3

Scarcity and Economics4

The World of Economics5

Microeconomics and Macroeconomics 5 Positive andNormative Economics 5 Fields of Economics6

Why Study Economics?8

The Methods of Economics9

The Art of Building Economic Models 9 Assumptionsand Conclusions 10 Two Fundamental Assumptions11

"How Much Math Do I Need?"13

The Basic Principles of Economics14

How to Study Economics15

The Concept of Opportunity Cost18

2 SCARCITY, CHOICE, AND ECONOMIC SYSTEMS18

2 Scarcity, Choice, and Economic Systems18

Opportunity Cost for Individuals 18 Opportunity Costand Society20

The Principle of Opportunity Cost20

Economic Systems26

SpecIalization and Exchange 27 Resource Allocation32

Resource Ownership 36 Types of Economic Systems37

Using the Theory: Opportunity Cost and the Internet39

3 SUPPLY AND DEMAND43

3 Supply and Demand43

The Size of the Market 44 Competition in Markets44

Markets44

Demand45

Price and Quantity Demanded 46 The Demand Scheduleand the Demand Curve 47 Changes in Demand48

Supply52

Price and Quantity Supplied 52 The Supply Schedule andthe Supp]y Curve 53 Changes in Supply55

Putting Supply and Demand Together57

What Happens When Things Change?60

The Principle of Markets and Equilibrium63

A Myth about Supply and Demand64

Government Intervention in Markets65

Price Ceilings 65 Price Floors67

Supply and Demandand Normative Economics68

Using the Theory: Anticipating a Price Change68

CONCEPT AND USE73

4 ELASTICITY:73

4 Elasticity: Concept and Use73

PART II MICROECONOMICS: FUNDAMENTAL CONCEPTS73

MICROECONOMICS: FUNDAMENTAL CONCEPTS73

PART II73

The Problem with Using Slope74

Price Elasticity of Demand74

The Elasticity Approach75

Calculating Price Elasticity of Demand76

Categoriz-ing Goods hy Elasticity78

Elasticity of Straight-LineDemand Curves80

Elasticity and Total Expenditure81

Determinants of Elasticity84

Other Demand Elasticities90

Income Elasticity of Demand 90 Cross-Price Elasticity ofDemand93

Price Elasticity of Supply94

Using the Theory: The Problem with Food97

5 CONSUMER CHOICE103

5 Consumer Choice103

The Budget Constraint104

Changes in the Budget Line106

Consumer Preferences108

Early Insights 108 Rationality 110 Tastes111

Consumer Decision Making112

What Happens When Things Change?116

Changes in Income 116 Changes in Price117

From Individual to Market Demand122

Consumers in Markets122

Challenges to Consumer Theory123

Using the Theory: Improving Education124

ApPendix: Consumer Theory with Indifference Curves131

The Indifference Map 133 The Marginal Rate of Substitution134

Consumer Decision Making134

Indifference Curves and the Individual DemandCurve136

6 Production and Cost137

6 PRODUCTION AND COST137

The Nature of the Firm138

Inputs and Outputs144

The Short Run and the Long Run145

Production in the Short Run146

Cost in the Short Run153

Production and Cost in the Long Run161

The Relationship between Long-Run and Short-RunCosts163

Average Cost and Plant Size165

Explaining the Shape of the LRATC Curve166

Using the Theory: Cost Curves andEconomic Reform in Russia169

7 HOW FIRMS MAKE DECISIONS: PROFIT MAXIMIZATION175

The Goal of Profit Maximization175

7 How Firms Make Decisions: Profit Maximization175

Understanding Profit176

Two Definitions of Profit 176 Why Are There Profits?178

The Profit-Maximizing OutPut Level179

A Myth about Profit179

Constraints on Revenue and Cost 180 Total Revenue181

The Goal of the Firm Revisited192

Wrong and Getting lt Right197

8 Pure Competition203

PART III203

PRODUCT MARKETS203

8 PURE COMPETITION203

PART III PRODUCT MARKETS203

The Notion of Competition204

What ls Pure Competition?205

The Purely Competitive Firm208

The Demand Curve Facing a Competitive Firm209

Cost and Revenue Data for a Competitive Firm209

Finding the Profit-Maximizing Output Level210

Measuring Total Profit212

The Firm's Short-Run Supply Curve214

The (Short-Run) Market Supply Curve 216 Short-Run Equilibrium216

Competitive Markets in the Short Run216

Competitive Markets in the Long Run219

Profit and Loss and the Long Run219

Long-Run Equilibrium220

Distinguishing Short-Run from Long-Run Outcomes222

The Notion of Zero Profit in Pure Competition223

Pure Competition and Plant Size224

A Summary of the Competitive Firm in the Long Run225

What Happens When Things Change?225

Constant-Cost Industries226

Increasing-Cost Industries227

Decreasing-Cost lndustries229

Changes in Demand: A Summary230

Using the Theory: Changes in Technology231

9 MonopoLy236

9 MONOPOLY236

What ls a Monopoly?236

The Origins of Monopoly237

EConomies of Scale 238 Control of Scarce Inputs238

Government-Enforced Barriers238

The Single-Price Monopoly240

Price and Output Decisions of a Single-Price Monopoly240

Profit and Loss 242 Monopoly in the Short Run244

Monopoly in the Long Run245

Comparing Monopoly to Pure Competition246

Why Monopolies Often Earn Zero Economic Profit249

Myths about Monopoly250

Price Discrimination251

Requirements for Price Discrimination252

Effects of Price Discrimination254

The Demise of Monopoly258

Using the Theory: Price Discrimination at Colleges and Universities259

10 MONOPOLISTIC COMPETITION ANO OLIGOPOLY263

The Concept of Imperfect Competition263

10 Monopolistic Competition and Oligopoly263

Monopolitic Competition264

Monopolistic Competition in the Long Run265

Monopolistic Competition in the Short Run266

Excess Capacity under Monopolistic Competition268

Nonprice Competition269

Oligopoly270

Oligopoly in the Real World271

Why Oligopolies Exist271

Oligopoly Behavior274

Cooperative Behavior in Oligopoly278

The Limits to Oligopoly284

Using the Theory: Advertising in Monopolisric Compettion and Oligopoly285

The Four Market Structurcs: A Postscript289

11 The Labor Market294

PART IV294

INPUT MARKETS294

11 THE LABOR MARKET294

Resource Markets in General294

PART IV INPUT MARKETS294

labor Markets in Particular296

Defining a labor Market 296 competitive labor Markets297

Demand for Labor by a single Firm298

The Firm's Employment Decision When Only Labor Is Variable299

The Firm's Employment Decision When Several Inputs Are Variable304

The Market Demand for Labor305

Shifts in the Market Labor Demand Curve307

Labor Supply310

Individual Labor Supply 311 Market Labor Supply313

Shifts in the Market Labor Supply curve313

Short-Run Versus Long-Run Labor Supply316

Labor Market Equilibrium319

what Happens when Things Change？321

A Change in Labor Demand321

A Change in Labor Supply 323 Labor Shortages and Surpluses324

USing the Theory：Understanding the Market for College-Educated Labor326

12 Income Inequality331

12 INCOME INEQUALITY331

Why Do Wages Differ?332

An Imaginary World 332 Compensating Differentials334

Barriers to Entry 340 Union Wage Setting342

Discrimination and Wages344

Employer Prejudice344

Employee and Customer Prejudice345

Statistical Discrimination346

Dealing with Discrimination346

Discrimination and Wage Differentials347

Measuring Income Inequality349

Income Inequality，Fairness，and Economics357

Using the Theory:The Minimum wage358

13 MARKETS FOR CAPITAL AND NATURAL RESOURCES363

13 Markets for Capital and Natural Resources363

Flows versus Stocks364

Rental Markets and Asset Markets364

Rental Markets for Capital and Natural Resources365

Demand for a Resource 365 Supply367

Market Equilibrium367

Asset Markets for Capital and Natural Resources368

Comparing Future Dollars with present Dollars369

Capitalizing an Income Stream371

Purchase Prices of Natural Resources372

An Application:Land Price Differentials373

Nonrenewable Resources：Are We Doomed?374

A Model of Resource Exhaustion375

Betting on the Planet377

Interest and the Market for Loanable Funds378

Consumers Time Preference378

The Time Productivity of Producers380

Nominal Interest versus Real Interest380

A Firm's selection of Investment Projects381

The Loanable Funds Market382

Financial Markets in the United States383

Growth and Value 386 Efficient Markets387

USing the Theory：A COrporate Buyout388

PART V392

EFFICIENCY AND THE ROLE OF GOVERNMENT392

14 ECONOMIC EFFICIENCY AND THE COMPETITIVE IDEAL392

The Meaning of Efficiency392

14 Economic Efficiency and the Competitive Ideal392

PART V EFFICIENCY ANO THE ROLE OF GOVERNMENT392

Pareto Improvements393

Side Payments and Pareto Improvements395

Potential Pareto Improvements396

Productive Efficiency397

The Elements of Efficiency397

Allocative Efficiency404

Economic Efficiency：Summary407

The Inefficiency of Imperfect Competition408

Where Do We Go from Here？410

Using the Theory：The Collapse of Communism410

15 GOVERNMENT’S ROLE IN ECONOMIC EFFICIECY416

15 Government's Role in Economic Efficiency416

the Institutional Infrastructure of Market Economy417

The Legal System418

Law and Regulation in Perspective421

Regulation421

Taxation422

Market Failures427

Imperfect Competition427

Externalities428

Public Goods434

Using the Theory：Case Studies of Antitrust and Regulation437

Breaking Up a Monopoly：Alcoa437

Regulation and Deregulation The Airlines437

Preserving Competition：Soft Drinks439

An Ongoing Challenge：Mighty Microsoft440

16 WHAT MACROECONOMICS TRIES TO EXPLAIN445

MACROECONOMICS：BASIC CONCEPTS445

PART VI445

PART VI MACROECONOMICS: BASIC CONCEPTS445

16 What Macroeconomics Tries to Explain445

Rapid Economic Growth446

Macroeconomic Concerns446

High Employment448

Stable Prices450

The Macroeconomic Approach451

Macroeconomic Controversies452

Aggregation in Macroeconomics452

As You Study Macroeconomics…454

17 PRODUCTION，INCOME，AND EMPLOYMENT457

17 Production, Income, and Employment457

GDP：A Definition458

Production and Gross Domestic Product458

The Expenditure Approach to GDP462

Other Approaches to GDP 468 Measuring GDP A SummarY470

Real versus Nominal GDP471

The Importance of Real Values：A Basic Principle471

How GDP Used 471 Problems with GDP473

Employment and Unemployment474

Types of Unemployment475

The Costs of Unemployment478

How Unemployment Is Measured480

Problems in Measuring Unemployment482

Using the Theory：Society’s Choice of GDP484

The Monetary SystEm489

18 The Monetary System, Prices, and Inflation489

18 THE MONETARY SYSTEM, PRICES，AND INFLATION489

HIstory of the Dollar490

Why Paper Currency Is Accepted as a Means of Payment490

Measuring the Price Level and Inflation492

Index Numbers 492 Consumer Price Index493

How the LPI Has Behaved493

From Price Index to Inflation Rate 494 How the CPI Is Used494

Real Variables and Adjustment for Inflation495

Inflation and the Measurement of Real GDP497

The Costs of Inflation497

The Inflation Myth498

The Redistributive Cost of Inflation499

The Resource Cost of Inflation502

Using the Theory：Is the CPI Accurate？503

Sources of Bias In the CPI503

The Consequences of Overstating Inflation505

Will We Change the CPI？506

Appendix：Calculating the CPI，the GDP Price Index，and Real GDP509

Calculating the Consumer Price Index509

Calculating the GDP Price Index510

Calculating Real GDP511

PRAT VII LONG-RUN MACROECONOMICS513

19 The Classical Long－Run Model513

PART VII513

LOHG-RUN MACROECONOMICS513

19 THE CLASSICAL LONG-RUN MODEL513

Macroeconomic Models：Classical versus Keynesian514

Assumptions of the Classical View516

How Much Output Will We Produce？517

The Labor Market517

Determining the Economy’s Output519

Total spending in a Very Simple Economy521

The Role of Spending521

Total Spending in a More Realistic Economy523

Leakages and Injections524

The Loanable Funds Market525

The Supply of Funds Curve526

The Demand for Funds Curve527

Equilibrium in the Loanable Funds Market528

The Loanable Funds Market and Say’s Law529

Money and Prices in the Classical Model531

The Demand for Money531

Monetary Equilibrium532

The Classical Model：A summary534

Using the Theory：Fiscal and Monetary Policy In the Classical Model535

An Increase in the Money Supply538

20 Economic Growth and Rising Living Standards543

20 ECONOMIC GROWTH AND RISING LIVING STANDARDS543

The Importance of Growth544

What Makes Economies Grow546

Growth in Employment546

Growth of the Capital stock552

Investment and the Capital Stock553

An Increase in Government Purchases553

Human Capital and Economic Growth558

Technological Change559

Economic Growth in the United States561

The Cost of Economic Growth562

Budgetary Costs562

Consumption Costs563

Opportunity Costs of Workers’Time565

Sacrifice of Other Social Goals565

Using ThE Theory：Economic Growth in the Less Developed Countries566

PART VIII SHORT-RUN MACROECONOMICS573

21 Booms and Recessions573

PART VIII573

SHORT-RUN MACROECONCMICS573

21 BOOMS AND RECESSIONS573

Can the Classical Model Explain Booms and Recessions？575

Shifts n Labor Demand576

Shifts in Labor Supply577

Verdict：The Classical Model Cannot Explain Booms and Recessions578

Booms and Recessions：A More Realistic View578

Opportunity Cost and Labor supply579

Firms’Benefits from Hiring：The Labor Demand Curve580

The Meaning of Labor Market Equilibrium580

The Labor Market in a Recession582

The Labor Market in a Boom582

What Triggers Booms and Recessions？583

A very Simple Economy583

The Real-World Economy583

Shocks That Push the Economy Away from Equilibrium584

Job Destruction and Job Greation586

The Economics of slow Adjustment587

Adjustment in a Boom588

Adjustment in a Recession589

The Speed of Adjustment589

Where Do We Go from Here?590

22 The short－Run Keynesian Model593

22 THE SHORT-RUN KEYNESIAN MODEL593

Consumption Spending595

The Relationship between Consumption and Disposable Income596

The Relationship between Consumption and Income599

Shifts in the Consumption－Income Line601

Investment Spending603

Government Purchases604

Income and Aggregate Expenditure604

Finding Equilibrium GDP606

Inventories and Equilibrium GDP607

Finding Equilibrium GDP with a Graph608

Equilibrium GDP and Employment611

What Happens When Things Change?614

A Change in Investment Spending614

The Expenditure Multiplier615

The Multiplier in Reverse617

Other Spending Shocks618

A Graphical View of the Multiplier618

An Important Proviso about the Multiplier620

Comparing Models：Classical and Keynesian622

The Role of saving622

The Effect of Fiscal Policy623

Using the Theory：The Recession of 1990－1991623

Appendix1：Finding Equilibrium GDP Algebraically627

Appendix2：The Special Case of the Tax Multiplier628

PART IX MONEY， PRICES， AND FLUCTUATIONS630

23 The Banking System and the Money Supply630

23 THE BANDING SYSTEM AND THE MONEY SUPPLY630

What Is Counted as Money630

Measuring the Money stock631

Assets and Their Liquidity631

MI and M2633

The Banking system634

Financial Intermediaries635

Commercial Banks636

A Bank’s Balance sheet636

The Federal Reserve System638

The Structure of the Fed638

The Federal Open Market Committee639

The Fed and the Money supply641

The Functions Of the Federal Reserve641

How the Fed Increases the Money supply642

The Demand Deposit Multiplier645

The Fed’s EfFect on the Banking System as a whole647

How the Fed Decreases the Money supply648

Some Important Provisos about the Demand Deposit Multiplier650

Other Tools for Controlling the Money supply651

Using the Theory：Bank Failures and Banking Panics652

24 The Money Market and the Interest Rate658

The Demand for Money658

24 THE MONEY MARDET AND THE INTEREST RATE658

An Individual’s Demand for Money659

The Economy-Wide Demand for Money660

The supply of Money662

Equilibrium in the Money Market663

How the Money Market Reaches Equilibrium665

How the Fed Changes the Interest Rate665

What Happens when Things Change?668

The Fed in Action669

How Do Interest Rate Changes Affect the Economy?671

Fiscal Policy (and Other spending Changes) Revisited673

Shifts in the Money Demand Curve677

Arc There Two Theories of the Interest Rate?680

Using the Theory：Active versus Passive Policy681

the Fed’s Response to Spending shocks682

The Fed’s Response to Changes in Money Demand683

25 Aggregate Demand and Aggregate Supply688

25 AGGREGATE DEMAND AND AGGREGATE SUPPLY688

The Aggregate Demand Curve689

Understanding the AD Curve691

Movements along the AD Curve692

Shifts of the AS Curve692

The Aggregate Supply Curve696

Prices and Costs in the Short Run697

Deriving the Aggregate Supply Curve700

Movements along the AS Curve701

Shifts of the AS Curve704

AD and AS Together：Short－Run EquIlibrium704

What Happens When Things Change?705

Demand Shocks in the Short Run705

Demand Shocks：Adjusting to the Long Run708

The Long－Run Aggregate Supply Curve711

Supply Shocks713

some Important Provisos about the AS Curve715

Using the Theory：The Recession and Recovery of 1990-92716

PART X720

MACROECONOMIC POLICY720

PART X MACROECONOMIC POLICY720

26 Inflation and Monetary Policy720

The objectives of Monetary Policy720

Low, Stable Inflation 721 Full Employment721

The Fed’s performance723

Federal Reserve Policy：Theory and Practice723