Principles of Economics in Context. (2019)

• Record Type: Book
• Further Information: Note: Neva Goodwin, Jonathan M. Harris, Julie A. Nelson, Brian Roach, Mariano Torras.
• Authors: Goodwin, Neva; Harris, Jonathan M; Nelson, Julie A; Roach, Brian; Torras, Mariano
• Contents: PART ONE: The Context for Economic Analysis Chapter 0: Economics and Well-Being Time Trend Graphs: U.S. Gross Domestic Product per Capita U.S. Unemployment Rate U.S. Inflation Rate Taxes as a Percentage of GDP Stock Market Performance Median Home Prices Median Worker Earnings vs. Corporate Profits Gender-Based Earnings Inequality Global International Trade Global Carbon Dioxide Emissions Bar Graphs for United States: Income Inequality Unequal Income Growth Educational Attainment Industrial Concentration Ratios International Comparison Graphs: GDP per Capita Growth Rate of GDP per Capita Net National Savings Government Debt Labor Productivity Average Annual Hours Worked Unemployment Rate Inflation Rate Taxes Received by Central Government Trade Balance Income Inequality (Gini coefficient) CEO Pay vs. Worker Pay Ratio Absolute Poverty Foreign Aid (by Donors) Foreign Aid (by Recipients) Internet Users Educational Performance Life Expectancy Subjective Well-Being Carbon Dioxide Emissions per Capita Local Air Quality Chapter 1: Economic Activity in Context 1. Our Starting Point 2. The Goals of an Economy 2.1 Intermediate and Final Goals 2.2 Traditional Economic Goals 2.3 Components of Well-Being 2.4 Economics and Well-being 3. The Issues That Define Economics 3.1 The Four Essential Economic Activities 3.2 The Three Basic Economic Questions 4. Economic Tradeoffs 4.1 Society’s Production-Possibilities Frontier 4.2 Tradeoffs Over Time Chapter 2: Useful Tools and Concepts Our Tools for Understanding Empirical Investigation Theoretical Investigation Historical Investigation Different Economic Theories: Examples of Two Basic Models The Basic Neoclassical Model The Contextual Model The Three Spheres of Economic Activity The Core Sphere The Public Purpose Sphere The Business Sphere The Size of the Three Spheres The Informal Sphere and Less Industrialized Countries Chapter 3: Markets and Society Three Definitions of Markets Markets as Places to Buy and Sell Markets Defined by Product Categories "The Market" as an Economic System The Institutional Requirements of Markets Institutions Related to Property and Decision Making Social Institutions of Trust Infrastructure for the Smooth Flow of Goods and Information Money as a Medium of Exchange Types of Markets Markets Defined by What is Sold Markets Defined by How Prices are Determined Advantages And Limitations of Markets Overview of Advantages and Disadvantages of Markets Assessing Market Outcomes PART TWO: Basic Economic Analysis Chapter 4: Supply and Demand 1. Introduction to the Microeconomic Market Model 2. The Theory of Supply 2.1 The Supply Schedule and Supply Curve 2.2 Changes in Supply 2.3 Nonprice Determinants of Supply 3. The Theory of Demand 3.1 The Demand Schedule and Demand Curve 3.2 Changes in Demand 3.3 Nonprice Determinants of Demand 4. The Theory of Market Adjustment 4.1 Surplus, Shortage, and Equilibrium 4.2 Market Forces and Other Considerations 4.3 Shifts in Supply and Demand 5. Topics in Market Analysis 5.1 Real-World Prices 5.2 Markets and Equity 5.3 Shortage, Scarcity, and Inadequacy 5.4 Precision Versus Accuracy Chapter 5: Elasticity The Price Elasticity of Demand 1.1 Price-Inelastic Demand 1.2 Price-Elastic Demand 1.3 Measuring Price Elasticity 1.4 Two Extreme Cases 1.5 Demand Curves and Elasticity 1.6 Elasticity and Revenues 1.7 Price Elasticity of Demand in the Real World 2. The Price Elasticity of Supply 3. Income Elasticity of Demand 4. Income and Substitution Effects of A Price Change 5. Short-Run versus Long-Run Elasticity Chapter 6: Welfare Analysis 1. Welfare Economics 2. Consumer Surplus 2.1 Quantifying Consumer Benefits 2.2 Consumer Surplus and Demand Curves 2.3 Consumer Surplus in an Entire Market 3. Producer Surplus 3.1 Quantifying Producer Benefits 3.2 Producer Surplus and Supply Curves 3.3 Producer Surplus in an Entire Market 4. Social Efficiency 4.1 Market Equilibrium and Social Efficiency 4.2 Price Ceilings 4.3 Price Floors Policy Inferences from Welfare Analysis 5.1 Laissez-Faire Economics 5.2 Market Failure Chapter 7: International Trade And Trade Policy 1. Trade, Specialization, and Productivity; 2. Gains from Trade 2.1 The Theory of Comparative Advantage 2.2 Factor-Price Equalization 2.3 Other Benefits of Free Trade 3. Drawbacks of Free Trade Vulnerability and Lock-In Power Differentials Trade and the Environment 3.4 Inequality and Other Social Impacts of Trade Globalization and Policy 4.1 Globalization Data and Trends 4.2 National Trade Policies 4.3 International Trade Agreements 5. Conclusion: Free Trade and Fair Trade Appendix: A Formal Theory of Gains from Trade PART THREE: Economics and Society Chapter 8: Economic Behavior and Rationality Historical Perspectives on Economic Behavior Classical Economic Views of Human Nature The Neoclassical Model Modern Perspectives on Economic Behavior Behavioral Economics; The Role of Time in Economic Decisions The Role of Emotions in Economic Decisions The Role of Influential Factors Selfishness and Altruism Insights from Neuroeconomics Economic Behavior in Contextual Economics Alternatives to Maximizing Behavior The Model of Economic Behavior in Contextual Economics Policy Inferences from our Model of Economic Behavior Predictable Irrationality and Nudges Government Policy Examples Concluding thoughts Chapter 9: Consumption and the Consumer Society Economic Theory and Consumption Consumer Sovereignty The Budget Line Consumer Utility Limitations of the Standard Consumer Model Consumption in Historical and International Context A Brief History of Consumer Society Limits to Modern Consumerism; Consumption in a Social Context Social Comparisons Advertising Private Versus Public Consumption Consumption in an Environmental Context The Link Between Consumption and the Environment Green Consumerism Consumption and Well-Being Does Money Buy Happiness? Affluenza and Voluntary Simplicity Consumption and Public Policy Appendix: A Formal Theory of Consumer Behavior A1. The Assumptions A2. The Budget Line and Its Slope A3. Indifference Curves A4. Utility Maximization A5. Response to Variations in Price Chapter 10: Markets for Labor 1. Economic Theory of Labor Markets 1.1 The Firm’s Decision to Hire Labor 1.2 The Individual’s Decision to Supply Labor 1.3 The Individual Supply Curve for Labor 1.4 The Market Supply Curve for Labor 1.5 Market Demand Curves 1.6 Market Adjustment 2. Explaining Variations in Wages 2.1 Wage Variations in the Neoclassical Labor Model 2.2 Social Norms, Bargaining Power, and Labor Unions 2.3 Efficiency Wages and Dual Labor Markets; 2.4 Discrimination 3. Contemporary Labor Issues and Policies 3.1 Labor Market Flexibility 3.2 Labor Markets and Immigration; 3.3 Cooperatives 3.4 Work-Life Balance 3.5 Labor Markets, Inequality, and Power Appendix: A Formal Model of a Firm’s Hiring Decision Part Four: Essential Topics for Contemporary Economics Chapter 11: Economic and Social Inequality Defining and Measuring Inequality 1.1 Inequality of What? 1.2 Measuring Inequality 2. Inequality Trends and Further Considerations 2.1 Income Inequality Over Time in the United States 2.2 Wealth Inequality 2.3 Further Perspectives on Inequality 2.4 Economic Mobility 3. International Data on Inequality 3.1 Cross-Country Comparisons 3.2 Global Inequality 4. Causes and Consequences of Inequality 4.1 Causes of Inequality 4.2 Consequences of Inequality 5. Responding to Inequality 5.1 Tax and Transfer Policies 5.2 Wage Policies 5.3 Public Spending and Regulatory Policies 5.4 Addressing Inequality in Developing and Transitional Countries 5.5 Concluding Thoughts Chapter 12: Taxes and Tax Policy Economic Theory and Taxes 1.1 Taxes in the Supply-and-Demand Model 1.2 Tax Revenues 1.3 Welfare Analysis of Taxation The Structure of Taxation in the United States; 2.1 Tax Progressivity 2.2 Federal Income Taxes 2.3 Federal Social Insurance Taxes 2.4 Federal Corporate Taxes 2.5 Other Federal Taxes 2.6 State and Local Taxes 3. Tax Analysis and Policy Issues 3.1 Tax Data for the United States 3.2 International Data on Taxes 3.3 Current Tax Policy Issues Chapter 13: The Economics of the Environment The Theory of Externalities 1.1 Negative Externalities in the Supply-and-Demand Model 1.2 Internalizing Negative Externalities 1.3 Positive Externalities Policy Implications of Externalities 2. Valuing the Environment 2.1 Total Economic Value 2.2 Nonmarket Valuation Methodologies 2.3 Cost-Benefit Analysis 3. Environmental Policies in Practice 3.1 Policy Options 3.2 Design and Performance of Environmental Policies Appendix: Formal Analysis of Negative Externalities Chapter 14: Common Property Resources and Public Goods 1. Goods other than Private Goods 2. Artificially Scarce Goods 3. Common Property Resources 3.1 Modeling a Common Property Resource 3.2 Policies for Common Property Resource Management 4. Public Goods 5. Climate Change; 5.1 Climate Change Data and Projections 5.2 Economic Analysis of Climate Change 5.3 Climate Change Policy 5.4 Economics of Renewable Energy Part Five: Resources, Production, and Market Organization Chapter 15: Capital Stocks and Resource Management; Capital Stocks 1.1 Stocks Versus Flows 1.2 The Five Types of Natural Capital Natural Capital 2.1 Renewable and Nonrenewable Natural Capital 2.2 Natural Capital and Sustainability Manufactured Capital 3.1 Fixed Manufactured Capital 3.2 Inventories; 3.3 Manufactured Capital in the Core and Public Purpose Spheres Human Capital 4.1 Physical Human Capital 4.2 Intangible Human Capital 5. Social Capital 6. Financial Capital 6.1 Equity Finance 6.2 Debt Finance 7. Sustaining Capital Stocks Chapter 16: Production Costs An Overview of Production 1.1 The Goals of Production 1.2 An Economic Perspective on Production Types of Production Costs Fixed Versus Variable Costs 2.2 Accounting Versus Economic Costs 2.3 Private Versus External Costs The Production Function 3.1 Thinking About Inputs and
• Edition: 2nd
• Publisher Details: Routledge
• Publication Date: 2019
• Extent: 1 online resource (798 pages), (78 illustrations)
• Languages: English
• ISBNs: 9780429797958; 0429797958
• Access Rights: Legal Deposit; Only available on premises controlled by the deposit library and to one user at any one time; The Legal Deposit Libraries (Non-Print Works) Regulations (UK).
• Access Usage: Restricted: Printing from this resource is governed by The Legal Deposit Libraries (Non-Print Works) Regulations (UK) and UK copyright law currently in force.