Modern Principles of Economics 5th Edition by Tyler Cowen, ISBN-13: 978-1319329532
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Description
Modern Principles of Economics 5th Edition by Tyler Cowen, ISBN-13: 978-1319329532
[PDF eBook eTextbook]
- Publisher: Worth Publishers; Fifth edition (September 2, 2020)
- Language: English
- 960 pages
- ISBN-10: 1319329535
- ISBN-13: 978-1319329532
Modern Principles means modern content and modern delivery and Tyler Cowen and Alex Tabarrok deliver with a knack for revealing the ‘invisible hand’ of economics at work and a unique combination of vivid writing, up-to-date relevant examples and unparalleled online resources, perfect for your principles of economics course.
Modern Principles of Economics places an emphasis on the power of incentives which underscores how economics helps us understand why we do what we do (in other words, the decisions we make in the face of incentives in the real world). These are brought to life via examples including a discussion of housing prices and the elasticity of supply, the declining labor force participation rate of young men, the platform economics of free goods like Facebook and Twitter, monetary policy in a pandemic and the politics and economics of trade in the Trump era.
Modern Principles of Economics is supported by Achieve, our integrated, online learning system which allows you to engage every student with powerful multimedia resources, robust homework, and a wealth of interactives, creating an extraordinary new learning resource for students.
Key features include:
- 170+ Marginal Revolution University videos have been deeply integrated into the text and pedagogy, providing valuable tools for both instructors and students
- Animated pre-lecture tutorials reinforce in-class learning
- LearningCurve adaptive quizzing offers practice questions and feedback
- Step-by-Step graphs and Discovering data activities help students develop their economic thinking
Table of Contents:
About this Book
Cover Page
Brief Contents
New Achieve for Modern Principles of Economics
What’s New in the Fifth Edition?
Title Page
Copyright Page
Dedication
About the Author
Preface: To the Instructor
Acknowledgments
Contents
Chapter 1 The Big Ideas
1.1 Big Idea One: Incentives Matter
1.2 Big Idea Two: Good Institutions Align Self-Interest with the Social Interest
1.3 Big Idea Three: Trade-offs Are Everywhere
Opportunity Cost
1.4 Big Idea Four: Think on the Margin
1.5 Big Idea Five: Trade Makes People Better Off
1.6 Big Idea Six: Wealth and Economic Growth Are Important
1.7 Big Idea Seven: Institutions Matter
1.8 Big Idea Eight: Economic Booms and Busts Cannot Be Avoided but Can Be Moderated
1.9 Big Idea Nine: Inflation Is Caused by Increases in the Supply of Money
1.10 Big Idea Ten: Central Banking Is a Hard Job
1.11 The Biggest Idea of All: Economics Is Fun
Chapter 1 Review
Key Concepts
Facts and Tools
Thinking and Problem Solving
Challenges
MRU Videos
Chapter 2 The Power of Trade and Comparative Advantage
2.1 Trade and Preferences
2.2 Specialization, Productivity, and the Division of Knowledge
2.3 Comparative Advantage
The Production Possibility Frontier
Opportunity Costs and Comparative Advantage
Comparative Advantage and Wages
Adam Smith on Trade
2.4 Trade and Globalization
2.5 Takeaway
Chapter 2 Review
Key Concepts
Facts and Tools
Thinking and Problem Solving
Challenges
MRU Videos
Chapter 3 Supply and Demand
3.1 The Demand Curve for Oil
3.2 Consumer Surplus
3.3 What Shifts the Demand Curve?
Important Demand Shifters
3.4 The Supply Curve for Oil
3.5 Producer Surplus
3.6 What Shifts the Supply Curve?
Important Supply Shifters
3.7 Takeaway
Chapter 3 Review
Key Concepts
Facts and Tools
Thinking and Problem Solving
Challenges
MRU Videos
Chapter 4 Equilibrium
4.1 Equilibrium and the Adjustment Process
Who Competes with Whom?
4.2 A Free Market Maximizes Producer Plus Consumer Surplus (the Gains from Trade)
4.3 Does the Model Work? Evidence from the Laboratory
4.4 Shifting Demand and Supply Curves
4.5 Terminology: Demand Compared with Quantity Demanded and Supply Compared with Quantity Supplied
4.6 Understanding the Price of Oil
4.7 Takeaway
Chapter 4 Review
Key Concepts
Facts and Tools
Thinking and Problem Solving
Challenges
MRU Videos
Chapter 5 Elasticity and Its Applications
5.1 The Elasticity of Demand
Determinants of the Elasticity of Demand
Calculating the Elasticity of Demand
Total Revenues and the Elasticity of Demand
5.2 Applications of Demand Elasticity
How American Farmers Have Worked Themselves Out of a Job
Why the War on Drugs Is Hard to Win
5.3 The Elasticity of Supply
Determinants of the Elasticity of Supply
Calculating the Elasticity of Supply
5.4 Applications of Supply Elasticity
Gun Buyback Programs
The Economics of Housing Supply
5.5 Using Elasticities for Quick Predictions (Optional)
How Much Would the Price of Oil Fall If the Arctic National Wildlife Refuge Were Opened Up for Drilling?
5.6 Takeaway
Chapter 5 Review
Key Concepts
Facts and Tools
Thinking and Problem Solving
Challenges
MRU Videos
Chapter 5 Appendix
Other Types of Elasticities
The Cross-Price Elasticity of Demand
The Income Elasticity of Demand
Chapter 6 Taxes and Subsidies
6.1 Commodity Taxes
6.2 Who Ultimately Pays the Tax Does Not Depend on Who Writes the Check
6.3 Who Ultimately Pays the Tax Depends on the Relative Elasticities of Supply and Demand
The Wedge Shortcut
Health Insurance Mandates and Tax Analysis
Who Pays the Cigarette Tax?
6.4 A Commodity Tax Raises Revenue and Reduces the Gains from Trade (Creates a Deadweight Loss)
Elasticity and Deadweight Loss
6.5 Subsidies
King Cotton and the Deadweight Loss of Water Subsidies
Wage Subsidies
6.6 Takeaway
Chapter 6 Review
Key Concepts
Facts and Tools
Thinking and Problem Solving
Challenges
MRU Videos
Chapter 7 The Price System: Signals, Speculation, and Prediction
7.1 Markets Link the World
7.2 Markets Link to One Another
From Oil to Candy Bars and Brick Driveways
7.3 Solving the Great Economic Problem
7.4 A Price Is a Signal Wrapped Up in an Incentive
7.5 Arbitrage and Speculation
Speculation
7.6 Signal Watching
7.7 Prediction Markets
7.8 Takeaway
Chapter 7 Review
Key Concepts
Facts and Tools
Thinking and Problem Solving
Challenges
MRU Videos
Chapter 8 Price Ceilings and Floors
8.1 Price Ceilings
Shortages
Reductions in Quality
Wasteful Lines and Other Search Costs
Lost Gains from Trade (Deadweight Loss)
Misallocation of Resources
The End of Price Ceilings
Does Uber Price Gouge?
8.2 Rent Controls
Shortages
Reductions in Product Quality
Wasteful Lines, Search Costs, and Lost Gains from Trade
Misallocation of Resources
Rent Regulation
8.3 Arguments for Price Ceilings
8.4 Universal Price Controls
8.5 Price Floors
Surpluses
Lost Gains from Trade (Deadweight Loss)
Wasteful Increases in Quality
The Misallocation of Resources
8.6 Takeaway
Chapter 8 Review
Key Concepts
Facts and Tools
Thinking and Problem Solving
Challenges
MRU Videos
Chapter 9 International Trade
9.1 Analyzing Trade with Supply and Demand
Analyzing Tariffs with Demand and Supply
9.2 The Costs of Protectionism
Winners and Losers from Trade
9.3 International Trade and Jobs
9.4 The Washing Machine Tariffs
9.5 The Economics and Politics of a Trade War
9.6 The U.S. Politics of Protectionism
9.7 Arguments Against International Trade
Child Labor
Trade and National Security
Strategic Trade Protectionism
9.8 Takeaway
Chapter 9 Review
Key Concepts
Facts and Tools
Thinking and Problem Solving
Challenges
MRU Videos
Chapter 10 Externalities: When the Price Is Not Right
10.1 External Costs, External Benefits, and Efficiency
External Costs
External Benefits
10.2 Private Solutions to Externality Problems
10.3 Government Solutions to Externality Problems
Command and Control
Tradeable Allowances
Climate Change and the Carbon Tax
Comparing a Carbon Tax with Tradeable Allowances (Cap and Trade)
10.4 Takeaway
Chapter 10 Review
Key Concepts
Facts and Tools
Thinking and Problem Solving
Challenges
MRU Videos
Chapter 11 Costs and Profit Maximization Under Competition
11.1 What Price to Set?
11.2 Maximizing Profits
Ignore Sunk Costs and Ignore Fixed Costs in the Short Run
Don’t Ignore Opportunity Costs
11.3 What Quantity to Produce?
11.4 Profits and the Average Cost Curve
11.5 Entry, Exit, and Shutdown Decisions
The Short-Run Shutdown Decision
11.6 Entry, Exit, and Industry Supply Curves
Increasing Cost Industries
Constant Cost Industrie
A Special Case: The Decreasing Cost Industry
Industry Supply Curves: Summary
11.7 Takeaway
Chapter 11 Review
Key Concepts
Facts and Tools
Thinking and Problem Solving
Challenges
MRU Videos
Chapter 11 Appendix
Chapter 12 Competition and the Invisible Hand
12.1 Invisible Hand Property 1: The Minimization of Total Industry Costs of Production
12.2 Invisible Hand Property 2: The Balance of Industries
The Invisible Hand
12.3 Creative Destruction
12.4 The Invisible Hand Works with Competitive Markets
12.5 Takeaway
Chapter 12 Review
Key Concepts
Facts and Tools
Thinking and Problem Solving
Challenges
MRU Videos
Chapter 13 Monopoly
13.1 Market Power
13.2 How a Firm Uses Market Power to Maximize Profit
The Elasticity of Demand and the Monopoly Markup
13.3 The Costs of Monopoly: Deadweight Loss
13.4 The Costs of Monopoly: Corruption and Inefficiency
13.5 The Benefits of Monopoly: Incentives for Research and Development
Patent Buyouts—A Potential Solution?
13.6 Sources of Market Power
13.7 Regulating Monopoly
Price Controls
Government Ownership
Antitrust Law and Merger Policy
13.8 Takeaway
Chapter 13 Review
Key Concepts
Facts and Tools
Thinking and Problem Solving
Challenges
MRU Videos
Chapter 14 Price Discrimination and Pricing Strategy
14.1 Price Discrimination
Preventing Arbitrage
14.2 Price Discrimination Is Common
Universities and Perfect Price Discrimination
14.3 Is Price Discrimination Bad?
Why Misery Loves Company and How Price Discrimination Helps to Cover Fixed Costs
14.4 Tying and Bundling
Tying
Bundling
Bundling and Cable TV
14.5 Takeaway
Chapter 14 Review
Key Concepts
Facts and Tools
Thinking and Problem Solving
Challenges
MRU Videos
Chapter 14 Appendix
Solving Price Discrimination Problems with Excel (Advanced Section)
Chapter 15 Oligopoly and Game Theory
15.1 Cartels
The Incentive to Cheat
No One Wins the Cheating Game
15.2 The Prisoner’s Dilemma
The Prisoner’s Dilemma and Repeated Interaction
The Prisoner’s Dilemma Has Many Applications
15.3 Oligopolies
15.4 When Are Cartels and Oligopolies Most Successful?
15.5 Government Policy Toward Cartels and Oligopolies
Government-Supported Cartels
15.6 Business Strategy and Changing the Game
The Danger of Price Matching Guarantees
The High Price of Loyalty
Other Ways of Changing the Game
15.7 Takeaway
Chapter 15 Review
Key Concepts
Facts and Tools
Thinking and Problem Solving
Challenges
Chapter 15 Appendix
Nash Equilibrium
Chapter 15 Appendix Questions
MRU Video
Chapter 16 Networks, Platforms, and the Economics of “Free Goods”
16.1 Network Goods Are Usually Sold by Monopolies or Oligopolies
16.2 The “Best” Product May Not Always Win
16.3 Competition Is “For the Market” Instead of “In the Market”
Limiting Contestability with Switching Costs
16.4 Music Is a Network Good
16.5 Platform Firms
Externalities and Elasticities
16.6 Why Platform Firms (Sometimes) Give Services Away for Free
Platform Firms and Indirect Network Effects
16.7 Antitrust and Regulation of Platform Firms
16.8 Takeaway
Chapter 16 Review
Key Concepts
Facts and Tools
Thinking and Problem Solving
Challenges
Chapter 17 Monopolistic Competition and Advertising
17.1 Sources of Product Differentiation
17.2 The Monopolistic Competition Model
Is Monopolistic Competition Inefficient?
17.3 The Economics of Advertising
Informative Advertising
Advertising as Signaling
Advertising Changes Our Tastes
Advertising Lowers the Price of Many Products
17.4 Takeaway
Chapter 17 Review
Key Concepts
Facts and Tools
Thinking and Problem Solving
MRU Video
Chapter 18 Labor Markets
18.1 The Demand for Labor and the Marginal Product of Labor
18.2 Supply of Labor
18.3 Labor Market Issues
Why Do Janitors in the United States Earn More Than Janitors in India Even When They Do the Same Job?
Human Capital
Compensating Differentials
Do Unions Raise Wages?
18.4 How Bad Is Labor Market Discrimination, or Can Lakisha Catch a Break?
Statistical Discrimination
Preference-Based Discrimination
Discrimination by Government
Why Discrimination Isn’t Always Easy to Identify
18.5 Takeaway
Chapter 18 Review
Key Concepts
Facts and Tools
Thinking and Problem Solving
Challenges
MRU Videos
Chapter 19 Public Goods and the Tragedy of the Commons
19.1 Four Types of Goods
19.2 Private Goods and Public Goods
19.3 Club Goods
The Peculiar Case of Advertising
19.4 Common Resources and the Tragedy of the Commons
Happy Solutions to the Tragedy of the Commons
19.5 Takeaway
Chapter 19 Review
Key Concepts
Facts and Tools
Thinking and Problem Solving
Challenges
MRU Videos
Chapter 19 Appendix
The Tragedy of the Commons: How Fast?
Chapter 20 Political Economy and Public Choice
20.1 Voters and the Incentive to Be Ignorant
Why Rational Ignorance Matters
20.2 Special Interests and the Incentive to Be Informed
20.3 A Formula for Political Success: Diffuse Costs, Concentrate Benefits
20.4 Voter Myopia and Political Business Cycles
20.5 Two Cheers for Democracy
The Median Voter Theorem
Democracy and Nondemocracy
Democracy and Famine
Democracy and Growth
20.6 Takeaway
Chapter 20 Review
Key Concepts
Facts and Tools
Thinking and Problem Solving
Challenges
MRU Videos
Chapter 21 Economics, Ethics, and Public Policy
21.1 The Case for Exporting Pollution and Importing Kidneys
21.2 Exploitation
21.3 Meddlesome Preferences
21.4 Fair and Equal Treatment
21.5 Cultural Goods and Paternalism
21.6 Poverty, Inequality, and the Distribution of Income
Rawls’s Maximin Principle
Utilitarianism
Robert Nozick’s Entitlement Theory
21.7 Who Counts? Immigration
21.8 Economic Ethics
21.9 Takeaway
Chapter 21 Review
Key Concepts
Facts and Tools
Thinking and Problem Solving
Challenges
Chapter 22 Managing Incentives
22.1 Lesson One: You Get What You Pay For
Prisons for Profit?
Piece Rates vs. Hourly Wages
22.2 Lesson Two: Tie Pay to Performance to Reduce Risk
Tournament Theory
Improving Executive Compensation with Pay for Relative Performance
Environment Risk and Ability Risk
Tournaments and Grades
22.3 Lesson Three: Money Isn’t Everything
22.4 Lesson Four: Nudges Can Work
22.5 Takeaway
Chapter 22 Review
Key Concepts
Facts and Tools
Thinking and Problem Solving
Challenges
Chapter 23 Stock Markets and Personal Finance
23.1 Passive vs. Active Investing
23.2 Why Is It Hard to Beat the Market?
23.3 How to Really Pick Stocks, Seriously
Diversify
Avoid High Fees
Compound Returns Build Wealth
The No-Free-Lunch Principle, or No Return Without Risk
23.4 Other Benefits and Costs of Stock Markets
Bubble, Bubble, Toil, and Trouble
23.5 Takeaway
Chapter 23 Review
Key Concepts
Facts and Tools
Thinking and Problem Solving
Challenges
MRU Videos
Chapter 24 Asymmetric Information: Moral Hazard and Adverse Selection
24.1 Moral Hazard
Overcoming Moral Hazard by Providing More Information
Overcoming Moral Hazard by Creating Better Incentives
24.2 Adverse Selection
Adverse Selection in Health Insurance
24.3 Signaling as a Response to Asymmetric Information
Signaling in the Job Market
Signaling in Dating, Marriage, and the Animal Kingdom
Is Signaling Good?
24.4 Takeaway
Chapter 24 Review
Key Concepts
Facts and Tools
Thinking and Problem Solving
Challenges
MRU Videos
Chapter 25 Consumer Choice
25.1 How to Compare Apples and Oranges
25.2 The Demand Curve
25.3 The Budget Constraint
25.4 Preferences and Indifference Curves
25.5 Optimization and Consumer Choices
25.6 The Income and Substitution Effects
25.7 Applications of Income and Substitution Effects
Losing Your Ticket
How Much Should Costco Charge for Membership?
Labor Supply
25.8 Labor Supply and Welfare Programs
25.9 Takeaway
Chapter 25 Review
Key Concepts
Facts and Tools
Thinking and Problem Solving
Challenges
MRU Videos
Chapter 26 GDP and the Measurement of Progress
26.1 What Is GDP?
GDP Is the Market Value …
. . . of All Finished . . .
. . . Goods and Services . . .
. . . Produced . . .
. . . within a Country . . .
. . . in a Year
26.2 Growth Rates
26.3 Nominal vs. Real GDP
The GDP Deflator
Real GDP Growth
Real GDP Growth per Capita
26.4 Cyclical and Short-Run Changes in GDP
26.5 The Many Ways of Splitting GDP
The National Spending Approach: Y = C + I + G + (Exports – Imports) Y=C+I+G+(Exports−Imports)
The Factor Income Approach: Y = Employee Compensation + Rent + Interest + Profit Y=Employee Compensation+Rent+Interest+Profit
Why Split?
26.6 Problems with GDP as a Measure of Output and Welfare
GDP Does Not Count the Underground Economy
GDP Does Not Count Nonpriced Production
GDP Does Not Count Bads: Environmental Costs
GDP Does Not Count the Health of Nations
GDP Does Not Measure the Distribution of Income
26.7 Takeaway
Chapter 26 Review
Key Concepts
Facts and Tools
Thinking And Problem Solving
Challenges
MRU Videos
Chapter 27 The Wealth of Nations and Economic Growth
27.1 Key Facts About the Wealth of Nations and Economic Growth
Fact One: GDP per Capita Varies Enormously Among Nations
Fact Two: Everyone Used to Be Poor
Fact Three: There Are Growth Miracles and Growth Disasters
Summarizing the Facts: Good and Bad News
27.2 Understanding the Wealth of Nations
The Factors of Production
27.3 Incentives and Institutions
Institutions
The Ultimate Causes of the Wealth of Nations
27.4 Takeaway
Chapter 27 Review
Key Concepts
Facts and Tools
Thinking and Problem Solving
Challenges
MRU Videos
Chapter 27 Appendix
The Magic of Compound Growth Using a Spreadsheet
Chapter 28 Growth, Capital Accumulation, and the Economics of Ideas: Catching Up vs. the Cutting Edge
28.1 The Solow Model and Catching-Up Growth
Capital, Production, and Diminishing Returns
Capital Growth Equals Investment Minus Depreciation
Why Capital Alone Cannot Be the Key to Economic Growth
Human Capital
From Capital Accumulation to Catching-Up Growth
28.2 The Investment Rate and Conditional Convergence
The Solow Model and an Increase in the Investment Rate
The Solow Model and Conditional Convergence
28.3 New Ideas and Cutting-Edge Growth
Better Ideas Drive Long-Run Economic Growth
Solow and the Economics of Ideas in One Diagram
28.4 The Economics of Ideas
Research and Development Is Investment for Profit
Spillovers, and Why There Aren’t Enough Good Ideas
Government’s Role in the Production of New Ideas
Market Size and Research and Development
28.5 The Future of Economic Growth
28.6 Takeaway
Chapter 28 Review
Key Concepts
Facts and Tools
Thinking and Problem Solving
Challenges
MRU Videos
Chapter 28 Appendix
Excellent Growth
Chapter 29 Saving, Investment, and the Financial System
29.1 The Supply of Savings
Individuals Want to Smooth Consumption
Individuals Are Impatient
Marketing and Psychological Factors
The Interest Rate
29.2 The Demand to Borrow
Individuals Want to Smooth Consumption
Borrowing Is Necessary to Finance Large Investments
The Interest Rate
29.3 Equilibrium in the Market for Loanable Funds
Shifts in Supply and Demand
29.4 The Role of Intermediaries: Banks, Bonds, and Stock Markets
Banks
The Bond Market
The Stock Market
29.5 What Happens When Intermediation Fails?
Insecure Property Rights
Controls on Interest Rates
Politicized Lending and Government-Owned Banks
Bank Failures and Panics
29.6 The Financial Crisis of 2007–2008: Leverage, Securitization, and Shadow Banking
Leverage
Securitization
The Shadow Banking System
29.7 Takeaway
Chapter 29 Review
Key Concepts
Facts and Tools
Thinking and Problem Solving
Challenges
MRU Videos
Chapter 29 Appendix
Bond Pricing and Arbitrage
Chapter 30 Unemployment and Labor Force Participation
30.1 Defining Unemployment
How Good an Indicator Is the Unemployment Rate?
30.2 Frictional Unemployment
30.3 Structural Unemployment
Labor Regulations and Structural Unemployment
Labor Regulations to Reduce Structural Unemployment
Factors That Affect Structural Unemployment
30.4 Cyclical Unemployment
The Natural Unemployment Rate
30.5 Labor Force Participation
Lifecycle Effects and Demographics
Incentives
The Decline in Male Labor Force Participation
30.6 Takeaway
Chapter 30 Review
Key Concepts
Facts and Tools
Thinking and Problem Solving
Challenges
MRU Videos
Chapter 31 Inflation and the Quantity Theory of Money
31.1 Defining and Measuring Inflation
Price Indexes
Inflation in the United States and Around the World
31.2 The Quantity Theory of Money
The Cause of Inflation
An Inflation Parable
31.3 The Costs of Inflation
Price Confusion and Money Illusion
Inflation Redistributes Wealth
Inflation and the Breakdown of Financial Intermediation
Hyperinflation and the Breakdown of Financial Intermediation
Inflation Interacts with Other Taxes
Inflation Is Painful to Stop
31.4 Takeaway
Chapter 31 Review
Key Concepts
Facts and Tools
Thinking and Problem Solving
Challenges
MRU Videos
Chapter 32 Business Fluctuations: Aggregate Demand and Supply
32.1 The Aggregate Demand Curve
Shifts in the Aggregate Demand Curve
32.2 The Long-Run Aggregate Supply Curve
Shifts in the Long-Run Aggregate Supply Curve
32.3 Real Shocks
Oil Shocks
More Shocks
32.4 Aggregate Demand Shocks and the Short-Run Aggregate Supply Curve
Short-Run Aggregate Supply Curve
The Long Run
32.5 Shocks to the Components of Aggregate Demand
A Shock to C →
Why Changes in v→ Tend to Be Temporary
Other AD Shocks
32.6 Understanding the Great Depression: Aggregate Demand Shocks and Real Shocks
Aggregate Demand Shocks and the Great Depression
Real Shocks and the Great Depression
32.7 Takeaway
Chapter 32 Review
Key Concepts
Facts and Tools
Thinking and Problem Solving
Challenges
MRU Videos
Chapter 33 Transmission and Amplification Mechanisms
33.1 Intertemporal Substitution
33.2 Uncertainty and Irreversible Investments
33.3 Labor Adjustment Costs
33.4 Time Bunching and Network Effects
33.5 Collateral Damage
33.6 Takeaway
Chapter 33 Review
Key Concepts
Facts and Tools
Thinking and Problem Solving
Challenges
MRU Videos
Chapter 33 Appendix
Chapter 34 The Federal Reserve System and Open Market Operations
34.1 What Is the Federal Reserve System?
34.2 The U.S. Money Supplies
34.3 Fractional Reserve Banking, the Reserve Ratio, and the Money Multiplier
34.4 How the Fed Controls the Money Supply
Open Market Operations
Payment of Interest on Reserves
34.5 The Federal Reserve Is the Lender of Last Resort
34.6 Revisiting Aggregate Demand and Monetary Policy
34.7 Who Controls the Fed?
34.8 Takeaway
Chapter 34 Review
Key Concepts
Facts and Tools
Thinking and Problem Solving
Challenges
MRU Videos
Chapter 34 Appendix
Chapter 35 Monetary Policy
35.1 Monetary Policy: The Best Case
Reversing Course and Engineering a Decrease in AD
The Fed as Manager of Market Confidence
35.2 The Negative Real Shock Dilemma
35.3 When the Fed Does Too Much
Dealing with Asset Price Bubbles
Rules vs. Discretion
35.4 Takeaway
Chapter 35 Review
Key Concepts
Facts and Tools
Thinking and Problem Solving
Challenges
MRU Videos
Chapter 36 The Federal Budget: Taxes and Spending
36.1 Tax Revenues
The Individual Income Tax
Social Security and Medicare Taxes
The Corporate Income Tax
The Bottom Line on the Distribution of Federal Taxes
State and Local Taxes
36.2 Spending
Social Security
Defense
Medicare and Medicaid
Unemployment Insurance and Welfare Spending
Everything Else
36.3 Is Government Spending Wasted?
36.4 The National Debt, Interest on the National Debt, and Deficits
Should We Have a Balanced Budget Amendment?
36.5 Will the U.S. Government Go Bankrupt?
The Future Is Hard to Predict
36.6 Revenues and Spending Undercount the Role of Government in the Economy
36.7 Takeaway
Chapter 36 Review
Key Concepts
Facts and Tools
Thinking and Problem Solving
Challenges
MRU Video
Chapter 37 Fiscal Policy
37.1 Why Should Fiscal Policy Work?
What Determines the Size of the Multiplier?
So How Big Is the Multiplier?
37.2 Limits to Fiscal Policy: Magnitude
Timing
Government Spending vs. Tax Cuts as Expansionary Fiscal Policy
Fiscal Policy Does Not Work Well to Combat Real Shocks
37.3 “Common Sense” Fiscal Policy
The Wisdom of “Common Sense” Fiscal Policy
37.4 So When Is Fiscal Policy a Good Idea?
37.5 Takeaway
Chapter 37 Review
Key Concepts
Facts and Tools
Thinking and Problem Solving
Challenges
MRU Videos
Chapter 38 International Finance
38.1 The U.S. Trade Deficit and Your Trade Deficit
38.2 The Balance of Payments
The Current Account
The Capital Account, Sometimes Called the Financial Account
The Official Reserves Account
How the Pieces Fit Together
Two Sides, One Coin
The Bottom Line on the Trade Deficit
38.3 What Are Exchange Rates?
Exchange Rate Determination in the Short Run
Exchange Rate Determination in the Long Run
38.4 How Monetary and Fiscal Policy Affect Exchange Rates and How Exchange Rates Affect Aggregate Demand
Monetary Policy
Fiscal Policy
38.5 Fixed vs. Floating Exchange Rates
The Problem with Pegs
38.6 What Are the IMF and the World Bank?
International Monetary Fund
The World Bank
38.7 Takeaway
Chapter 38 Review
Key Concepts
Facts and Tools
Thinking and Problem Solving
Challenges
MRU Videos
Cryptoeconomics
Some Basics of Cryptography
Non-Fungible Tokens
Bitcoin
Adjudicating Competing Blocks?
Weaknesses of the Bitcoin Protocol
Is Bitcoin a Bubble?
Slow Processing Speed and High Transaction Costs
Energy Cost
The 51% Attack Problem
Governing Cryptocurrencies
Beyond Bitcoin
The Rise of Smart Contracts
An Introduction to Decentralized Finance (DeFi)
Decentralized Exchanges
DeFi Borrowing and Lending
DeFi and Development Economics
Takeaway
Further Reading
Notes
Extended Descriptions
Front cover.
U S one-dollar bill
An example of public ledgers as blockchain.
Figure 1: An example of linkage in a blockchain.
Figure 2: Which blockchain is definitive?
Figure 3: Building on two competing blockchains.
Figure 4: Arbitrage.
Appendix A: Reading Graphs and Making Graphs
Appendix B: Solutions to Check Yourself Questions
Glossary
References
Index
Notes
Microeconomics Essentials
Macroeconomics Essentials
Economics Blogs and Websites
Back Cover
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