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• Essentials of Economics
• Copyright Page
• Table of Contents
• Dedication
• PREFACE
• PART ONE: THE ECONOMIC WAY OF THINKING–AN INTRODUCTION
• CHAPTER 1. THE ECONOMIC APPROACH
• WHAT IS ECONOMICS ABOUT?
• THE ECONOMIC WAY OF THINKING
• WHAT DO ECONOMISTS DO?
• CHAPTER 2. SOME TOOLS OF THE ECONOMIST
• OPPORTUNITY COST IS THE HIGHEST VALUED OPPORTUNITY LOST
• THE PRODUCTION POSSIBILITIES CURVE
• TRADE TIPS AND COMPARATIVE ADVANTAGE
• DIVISION OF LABOR, SPECIALIZATION, AND EXCHANGEIN ACCORDANCE WITH THE LAW OF COMPARATIVE ADVANTAGE
• THREE ECONOMIZING DECISIONS FACING ALL NATIONS: WHAT, HOW, AND FOR WHOM?
• TWO METHODS OF MAKING DECISIONS-THE MARKET AND GOVERNMENT PLANNING
• CHAPTER 3. SUPPLY, DEM AND, ANDTHE MARKET PROCESS
• SCARCITY NECESSITATES RATIONING
• CONSUMER CHOICE AND THE LAW OF DEMAND
• PRODUCER CHOICE AND THE LAW OF SUPPLY
• MARKETS AND THE COORDINATION OF SUPPLY AND DEMAND
• SHIFTS IN DEMAND AND CHANGES IN QUANTITY DEMANDED
• SHIFTS IN SUPPLY
• TIME AND THE ADJUSTMENT PROCESS
• HOW THE MARKET ANSWERS THE THREE BASIC ECONOMIC QUESTIONS
• THE COMMUNICATING, COORDINATING, AND MOTIVATING FUNCTIONS OF THE MARKET
• CHAPTER 4. SUPPLY AND DEMAND FOR THE PUBLIC SECTOR
• IDEAL ECONOMIC EFFICIENCY
• WHY MIGHT THE INVISIBLE HAND FAIL?
• THE ECONOMICS OF COLLECTIVE ACTION
• CONFLICTS BETWEEN GOOD ECONOMICS AND GOOD POLITICS
• PART TWO: MACROECONOMICS
• CHAPTER 5. TAKING THE NATION’S ECONOMIC PULSE
• MICRO- AND MACROECONOMICS
• THE CONCEPT OF GNP
• TWO MEASURES OF GNP AND WHY THEY ARE EQUAL
• DEPRECIATION AND NET NATIONAL PRODUCT
• OTHER RELATED INCOME MEASURES
• WHAT GNP DOES NOT CONSIDER
• WHAT GNP MEASURES
• EMPLOYMENT AND ECONOMIC INSTABILITY
• THREE TYPES OF UNEMPLOYMENT
• WHAT IS FULL EMPLOYMENT?
• THE ECONOMICS OF INFLATION
• WHO GAINS AND WHO LOSES FROM INFLATION?
• CHAPTER 6. AGGREGATE DEMAND AND EQUILIBRIUM IN A SIMPLE KEYNESIAN MODEL
• NET EXPORTS AS A COMPONENT OF AGGREGATE DEMAND
• THE MULTIPLIER PRINCIPLE
• THE PARADOX OF THRIFT
• INVESTMENT INSTABILITY AND THE ACCELERATOR
• THE ACCELERATOR-MULTIPLIER INTERACTION AND THE ROLE OF INVENTORIES
• THE CENTRAL THEME OF KEYNES
• CHAPTER 7. FISCAL POLICY ANDDEM AND MANAGEMENT
• FISCAL POLICY IN HISTORICAL PERSPECTIVE
• FISCAL POLICY FOR DEALING WITH INFLATION
• FISCAL POLICY AND BUDGET DEFICITS
• PRACTICAL LIMITATIONS OF DEMAND-MANAGEMENT STRATEGY
• AUTOMATIC STABILIZERS
• CHAPTER 8. AGGREGATE SUPPLY, FISCAL POLICY, AND STABILIZATION
• THE DETERMINANTS OF AGGREGATE SUPPLY
• THE AGGREGATE SUPPLY CURVE FOR THE CONSTRAINED ECONOMY
• FISCAL POLICY, AGGREGATE DEMAND, AND AGGREGATE SUPPLY
• WHAT DO WE KNOW ABOUT FISCAL POLICY?
• THE DUAL PROBLEMS OF MACROECONOMICS
• ADDENDUM
• CHAPTER 9. MONEY AND THE BANKING SYSTEM
• WHAT IS MONEY?
• THE BUSINESS OF BANKING
• THE FEDERAL RESERVE SYSTEM
• CHAPTER 10. MONEY, KEYNESIANISM, AND MONETARISM
• HISTORICAL BACKGROUND ON THE IMPORTANCE OF MONEY
• HOW MONETARY POLICY WORKS-THE MODERN KEYNESIAN VIEW
• THE MODERN MONETARIST VIEW
• THE BASIC PROPOSITIONS OF MONETARISM
• THE MONETARIST-KEYNESIAN CONTROVERSY IN PERSPECTIVE
• CHAPTER 11. EXPECTATIONS AND THE LIMITS OF MACROPOLICY
• THE PHILLIPS CURVE-THE DREAM AND THE REALITY
• ADAPTIVE EXPECTATIONS AND THE SHIFTING PHILLIPS CURVE
• POLITICS, EXPECTATIONS, AND THE SPIRALING UPWARD OF THE INFLATION RATE
• RATIONAL EXPECTATIONS
• INTEREST RATES AND THE EXPECTED RATE OF INFLATION
• PULLING IT ALL TOGETHER
• NEW DIRECTIONS IN MACROECONOMIC POLICY
• A MICROECONOMIC APPROACH TO MACROECONOMIC PROBLEMS
• PART THREE: MICROECONOMICS
• CHAPTER 12. DEMAND ANDCONSUMER CHOICE
• CHOICE AND INDIVIDUAL DEMAND
• THE ELASTICITY OF DEMAND
• DETERMINANTS OF SPECIFIC PREFERENCES– WHY DO CONSUMERS BUY THAT?
• ADDENDUM
• WHAT ARE INDIFFERENCE CURVES?
• CRUSOE IN A MONEY ECONOMY
• CHAPTER 13. COSTS AND THE SUPPLY OF GOODS
• ORGANIZATION OF THE BUSINESS FIRM
• THE ROLE OF COSTS
• SHORT RUN AND LONG RUN
• COSTS IN THE SHORT RUN
• WHAT FACTORS CAUSE THE FIRM’S COST CURVES TO SHIFT?
• CHAPTER 14. PURE COMPETITION AND MONOPOLY
• COMPETITION, ITS MEANING AND SIGNIFICANCE
• THE MODEL OF PURE COMPETITION
• THE WORKINGS OF THE COMPETITIVE MODEL
• OUTPUT ADJUSTMENTS AND LONG-RUN EQUILIBRIUM
• EFFICIENCY AND THE COMPETITIVE MODEL
• MONOPOLY-THE OTHER MARKET EXTREME
• PRICE DISCRIMINATION
• WHY IS MONOPOLY “BAD”?
• MONOPOLY AND COMPETITION
• CHAPTER 15. THE INTERMEDIATE CASES: MONOPOLISTIC COMPETITION AND OLIGOPOLY
• CHARACTERISTICS OF MONOPOLISTIC COMPETITION
• PRICE AND OUTPUT UNDER MONOPOLISTIC COMPETITION
• COMPARING PURE AND MONOPOLISTIC COMPETITION
• REAL-WORLD MONOPOLISTIC COMPETITORS
• CHARACTERISTICS OF OLIGOPOLY
• PRICE AND OUTPUT UNDER OLIGOPOLY
• CONCENTRATION AND REAL-WORLD OLIGOPOLISTIC POWER
• CHAPTER 16. BUSINESS STRUCTURE, REGULATION, AND DEREGULATION
• THE STRUCTURE OF THE U.S. ECONOMY
• ANTITRUST LEGISLATION-THE POLICY OBJECTIVES
• THEORIES OF REGULATION AND REGULATORY POLICY
• CHAPTER 17. THE SUPPLY OF AND DEMAND FOR PRODUCTIVE RESOURCES
• HUMAN AND NONHUMAN RESOURCES
• THE DEMAND FOR RESOURCES
• MARGINAL PRODUCTIVITY AND THE FIRM’S HIRING DECISION
• MARGINAL PRODUCTIVITY, DEMAND, AND ECONOMIC JUSTICE
• THE SUPPLY OF RESOURCES
• SUPPLY, DEMAND, AND RESOURCE PRICES
• CHAPTER 18. EARNINGS, SKILL ACQUISITION, AND THE JOB MARKET
• WHY DO EARNINGS DIFFER?
• PRODUCTIVITY AND THE GENERAL LEVEL OF WAGES
• HOW IS THE ECONOMIC PIE DIVIDED?
• PART FOUR: PUBLIC CHOICE
• CHAPTER 19. PROBLEM AREAS FOR THE MARKET
• EXTERNAL EFFECTS AND THE MARKET
• PUBLIC SECTOR RESPONSES TO EXTERNALITIES
• MARKET FAILURE: PUBLIC GOODS
• MARKET FAILURE: POOR INFORMATION
• CHAPTER 20. PUBLIC CHOICE: GAINING FROM GOVERNMENT AND GOVERNMENT FAILURE
• VOTERS’ DEMAND FOR POLITICAL REPRESENTATION
• SUPPLY, PROFITS, AND THE POLITICAL ENTREPRENEUR
• THE DEMAND FOR PUBLIC SECTOR ACTION
• THE ECONOMICS OF GOVERNMENT FAILURE
• THE ECONOMIC ANALYSIS OF THE PUBLIC SECTOR
• PART FIVE: INTERNATIONAL ECONOMICS
• CHAPTER 21. GAINING FROM INTERNATIONAL TRADE
• THE COMPOSITION OF THE INTERNATIONAL SECTOR
• COMPARATIVE ADVANTAGE AND TRADE BETWEEN NATIONS
• RESTRICTIONS TO TRADE
• INDEX
• CREDITS