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• Title Page
• Copyright
• Pearson’s Commitment to Diversity, Equity, and Inclusion
• Dedication
• About The Author
• Brief Contents
• Alternative Pathways Through The Chapters
• Detailed Contents
• Economics 14th Edition
• Preface
• Part One: Introduction
• Chapter 1. What Is Economics?
• Definition of Economics
• Two Big Economic Questions
• What, How, and For Whom?
• Do Choices Made in the Pursuit of Self-Interest also Promote the Social Interest?
• The Economic Way of Thinking
• A Choice Is a Tradeoff
• Making a Rational Choice
• Benefit: What You Gain
• Cost: What You Must Give Up
• How Much? Choosing at the Margin
• Choices Respond to Incentives
• Economics as Social Science and Policy Tool
• Economist as Social Scientist
• Economist as Policy Adviser
• Economists in the Economy
• Jobs for an Economics Major
• Will Jobs for Economics Majors Grow?
• Earnings of Economics Majors
• Skills Needed for Economics Jobs
• A Diversity Challenge in the Economics Profession
• Appendix Graphs in Economics
• Graphing Data
• Graphing Economic Data
• Scatter Diagrams
• Graphs Used in Economic Models
• Variables That Move in the Same Direction
• Variables That Move in Opposite Directions
• Variables That Have a Maximum or a Minimum
• Variables That Are Unrelated
• The Slope of a Relationship
• The Slope of a Straight Line
• The Slope of a Curved Line
• Graphing Relationships Among More Than Two Variables
• Ceteris Paribus
• When Other Things Change
• Mathematical Note Equations Of Straight Lines
• At Issue
• Economics In The News
• Chapter 2. The Economic Problem
• Production Possibilities and Opportunity Cost
• Production Possibilities Frontier
• Production Efficiency
• Tradeoff Along the PPF
• Opportunity Cost
• Using Resources Efficiently
• The PPF and Marginal Cost
• Preferences and Marginal Benefit
• Allocative Efficiency
• Gains from Trade
• Comparative Advantage and Absolute Advantage
• Achieving the Gains from Trade
• The Liz–Joe Economy and Its PPF
• Economic Growth
• The Cost of Economic Growth
• A Nation’s Economic Growth
• Changes in What We Produce
• Economic Coordination
• Firms
• Markets
• Property Rights
• Money
• Circular Flows Through Markets
• Coordinating Decisions
• Economics In Action
• Economics In The News
• Chapter 3. Demand And Supply
• Markets and Prices
• Demand
• The Law of Demand
• Demand Curve and Demand Schedule
• A Change in Demand
• A Change in the Quantity Demanded Versus a Change in Demand
• Supply
• The Law of Supply
• Supply Curve and Supply Schedule
• A Change in Supply
• A Change in the Quantity Supplied Versus a Change in Supply
• Market Equilibrium
• Price as a Regulator
• Price Adjustments
• Predicting Changes in Price and Quantity
• An Increase in Demand
• A Decrease in Demand
• An Increase in Supply
• A Decrease in Supply
• Changes in Both Demand and Supply
• Mathematical Note Demand, Supply, and Equilibrium
• Economics In The News
• Understanding the Scope of Economics Your Economic Revolution
• Talking with Esther Duflo
• Part Two: Macroeconomic Data
• Chapter 4. Measuring The Value Of production: GDP
• Gross Domestic Product
• GDP Defined
• GDP and the Circular Flow of Expenditure and Income
• Why “Domestic” and Why “Gross”?
• Measuring U.S. GDP
• The Expenditure Approach
• The Income Approach
• Nominal GDP and Real GDP
• Calculating Real GDP
• The Uses and Limitations of Real GDP
• The Standard of Living Over Time
• The Standard of Living Across Countries
• Limitations of GDP
• Appendix Graphs in Macroeconomics
• The Time-Series Graph
• Making a Time-Series Graph
• Reading a Time-Series Graph
• Ratio Scale Reveals Trend
• A Time-Series with a Trend
• Using a Ratio Scale
• Mathematical Note Chained-Dollar Real GDP
• Economics In Action
• At Issue
• Economics In The News
• Chapter 5. Monitoring Jobs And Inflation
• Employment and Unemployment
• Why Unemployment Is a Problem
• Current Population Survey
• Three Labor Market Indicators
• Other Definitions of Unemployment
• Most Costly Unemployment
• Alternative Measures of Unemployment
• Unemployment and Full Employment
• Frictional Unemployment
• Structural Unemployment
• Cyclical Unemployment
• “Natural” Unemployment
• Real GDP and Unemployment over the Cycle
• The Price Level, Inflation, and Deflation
• Why Inflation and Deflation Are Problems
• The Consumer Price Index
• Reading the CPI Numbers
• Constructing the CPI
• Measuring the Inflation Rate
• Distinguishing High Inflation from a High Price Level
• The Biased CPI
• Consequences and Magnitude of Bias
• Alternative Price Indexes
• Core Inflation
• Economics In Action
• Economics In The News
• Monitoring Macroeconomic Performance The Big Picture
• Talking with Dave Donaldson
• Part Three: Macroeconomic Trends
• Chapter 6. Economic Growth
• The Basics of Economic Growth
• Calculating Growth Rates
• Economic Growth Versus Business Cycle Expansion
• The Magic of Sustained Growth
• Applying the Rule of 70
• Long-Term Growth Trends
• Long-Term Growth in the U.S. Economy
• Real GDP Growth in the World Economy
• How Potential GDP Grows
• What Determines Potential GDP?
• What Makes Potential GDP Grow?
• Why Labor Productivity Grows
• Preconditions for Labor Productivity Growth
• Physical Capital Growth
• Human Capital Growth
• Technological Advances
• Is Economic Growth Sustainable? Theories, Evidence, and Policies
• Classical Growth Theory
• Neoclassical Growth Theory
• New Growth Theory
• New Growth Theory Versus Malthusian Theory
• Sorting Out the Theories
• The Empirical Evidence on the Causes of Economic Growth
• Policies for Achieving Faster Growth
• Economics In Action
• Economics In The News
• Chapter 7. Finance, Saving, And Investment
• Financial Markets and Financial Institutions
• Finance and Money
• Capital and Financial Capital
• Capital and Investment
• Wealth and Saving
• Financial Capital Markets
• Financial Institutions
• Funds That Finance Investment
• Financial Decisions and Risks
• The Time Value of Money
• Net Present Value
• The Decision Rule
• Financial Risk: Insolvency and Illiquidity
• Market Risk: Interest Rates and Asset Prices
• Getting Real
• The Loanable Funds Market
• The Demand for Loanable Funds
• The Supply of Loanable Funds
• Equilibrium in the Loanable Funds Market
• Changes in Demand and Supply
• Government in the Loanable Funds Market
• A Government Budget Surplus
• A Government Budget Deficit
• Economics In Action
• Economics In The News
• Chapter 8. Money, The Price Level, And Inflation
• What Is Money?
• Medium of Exchange
• Unit of Account
• Store of Value
• Money in the United States Today
• Depository Institutions
• Types of Depository Institutions
• What Depository Institutions Do
• Economic Benefits Provided by Depository Institutions
• How Depository Institutions Are Regulated
• Financial Technology
• The Federal Reserve System
• The Structure of the Fed
• The Fed’s Balance Sheet
• The Fed’s Policy Tools
• How Banks Create Money
• Creating Deposits by Making Loans
• The Money Creation Process
• The Money Multiplier
• The Money Market
• The Demand for Money
• Changes in the Demand for Money
• The Supply of Money
• Money Market Equilibrium
• The Quantity Theory of Money
• Mathematical Note The Money Multiplier
• Economics In Action
• At Issue
• Economics In The News
• Chapter 9. The Exchange Rate And The Balance Of Payments
• The Foreign Exchange Market
• Trading Currencies
• Exchange Rates
• Questions About the U.S. Dollar Exchange Rate
• An Exchange Rate Is a Price
• The Demand for One Money Is the Supply of Another Money
• Demand in the Foreign Exchange Market
• Demand Curve for U.S. Dollars
• Supply in the Foreign Exchange Market
• Supply Curve for U.S. Dollars
• Market Equilibrium
• Changes in the Demand for U.S. Dollars
• Changes in the Supply of U.S. Dollars
• Changes in the Exchange Rate
• Arbitrage, Speculation, and Market Fundamentals
• Arbitrage
• Speculation
• Market Fundamentals
• Exchange Rate Policy
• Flexible Exchange Rate
• Fixed Exchange Rate
• Crawling Peg
• Financing International Trade
• Balance of Payments Accounts
• Borrowers and Lenders
• The Global Loanable Funds Market
• Debtors and Creditors
• Is U.S. Borrowing for Consumption?
• Current Account Balance
• Net Exports
• Where Is the Exchange Rate?
• Economics In Action
• Economics In The News
• Understanding Macroeconomic Trends Expanding the Frontier
• Talking with Xavier Sala-i-Martin
• Part Four: Macroeconomic Fluctuations
• Chapter 10. Aggregate Supply And Aggregate Demand
• Aggregate Supply
• Quantity Supplied and Supply
• Long-Run Aggregate Supply
• Short-Run Aggregate Supply
• Changes in Aggregate Supply
• Aggregate Demand
• The Aggregate Demand Curve
• Changes in Aggregate Demand
• Explaining Macroeconomic Trends and Fluctuations
• Short-Run Macroeconomic Equilibrium
• Long-Run Macroeconomic Equilibrium
• Economic Growth and Inflation in the AS-AD Model
• The Business Cycle in the AS-AD Model
• Fluctuations in Aggregate Demand
• Fluctuations in Aggregate Supply
• Macroeconomic Schools of Thought
• The Classical View
• The Keynesian View
• The Monetarist View
• The Way Ahead
• Economics In Action
• Economics In The News
• Chapter 11. Expenditure Multipliers
• Fixed Prices and Expenditure Plans
• Expenditure Plans
• Consumption and Saving Plans
• Marginal Propensities to Consume and Save
• Slopes and Marginal Propensities
• Consumption as a Function of Real GDP
• Import Function
• Real GDP with a Fixed Price Level
• Aggregate Planned Expenditure
• Actual Expenditure, Planned Expenditure, and Real GDP
• Equilibrium Expenditure
• Convergence to Equilibrium
• The Multiplier
• The Basic Idea of the Multiplier
• The Multiplier Effect
• Why Is the Multiplier Greater Than 1?
• The Size of the Multiplier
• The Multiplier and the Slope of the AE Curve
• Imports and Income Taxes
• The Multiplier Process
• Business Cycle Turning Points
• The Multiplier and the Price Level
• Adjusting Quantities and Prices
• Aggregate Expenditure and Aggregate Demand
• Deriving the Aggregate Demand Curve
• Changes in Aggregate Expenditure and Aggregate Demand
• Equilibrium Real GDP and the Price Level
• Mathematical Note The Algebra Of The Keynesian Model
• Economics In Action
• Economics In The News
• Chapter 12. The Business Cycle, Inflation, And Deflation
• The Business Cycle
• Mainstream Business Cycle Theory
• Real Business Cycle Theory
• Inflation Cycles
• Demand-Pull Inflation
• Cost-Push Inflation
• Expected Inflation
• Forecasting Inflation
• Inflation and the Business Cycle
• Deflation
• What Causes Deflation?
• What Are the Consequences of Deflation?
• How Can Deflation Be Ended?
• The Phillips Curve
• The Short-Run Phillips Curve
• The Long-Run Phillips Curve
• Economics In Action
• Economics In The News
• Understanding Macroeconomic Fluctuations Boom and Bust
• Talking with Emi Nakamura
• Part Five: Macroeconomic Policy
• Chapter 13. Fiscal Policy
• The Federal Budget
• The Institutions and Laws
• Highlights of the 2022 Budget
• The Budget in Historical Perspective
• Budget Balance and Debt
• State and Local Budgets
• Supply-Side Effects of Fiscal Policy
• Full Employment and Potential GDP
• The Effects of the Income Tax
• Taxes on Expenditure and the Tax Wedge
• Taxes and the Incentive to Save and Invest
• Tax Revenues and the Laffer Curve
• The Supply-Side Debate
• Generational Effects of Fiscal Policy
• Generational Accounting and Present Value
• The Social Security Time Bomb
• Generational Imbalance
• International Debt
• Fiscal Stimulus
• Automatic Fiscal Policy and Cyclical and Structural Budget Balances
• Discretionary Fiscal Stimulus
• Economics In Action
• Economics In The News
• Chapter 14. Monetary Policy
• Monetary Policy Objectives and Framework
• Monetary Policy Objectives
• Operational “Stable Prices” Goal
• Operational “Maximum Employment” Goal
• Responsibility for Monetary Policy
• The Conduct of Monetary Policy
• The Monetary Policy Instruments
• Monetary Policy Decisions
• Hitting the Federal Funds Rate Target
• Monetary Policy Transmission
• Quick Overview
• Changes in Interest Rates
• Changes in Money and Loans
• Changes in Real GDP, Unemployment, and Inflation
• The Change in Aggregate Demand, Real GDP, and the Price Level
• The Fed Fights Recession
• The Fed Fights Inflation
• Loose Links and Long and Variable Lags
• Policy Strategies and Clarity
• Financial Crisis: Cure and Prevention
• The Anatomy of the Financial Crisis
• The Fed’s Policy Actions in Crisis
• Congress’s Policy Actions in Crisis
• Macroprudential Regulation
• Economics In Action
• At Issue
• Economics In The News
• Chapter 15. International Tradepolicy
• How Global Markets Work
• International Trade Today
• What Drives International Trade?
• Why the United States Imports T-Shirts
• Why the United States Exports Airplanes
• Winners, Losers, and the Net Gain from Trade
• Gains and Losses from Imports
• Gains and Losses from Exports
• Gains for All
• International Trade Restrictions
• Tariffs
• Import Quotas
• Other Import Barriers
• Export Subsidies
• The Case Against Protection
• Helps an Infant Industry Grow
• Counteracts Dumping
• Saves Domestic Jobs
• Allows Us to Compete with Cheap Foreign Labor
• Penalizes Lax Environmental Standards
• Prevents Rich Countries from Exploiting Developing Countries
• Reduces Offshore Outsourcing That Sends Good U.S. Jobs to Other Countries
• Avoiding Trade Wars
• Why Is International Trade Restricted?
• Compensating Losers
• Economics In Action
• At Issue
• Economics In The News
• Understanding Macroeconomic Policy Tradeoffs and Free Lunches
• Talking with Stephanie Schmitt-Grohé
• Glossary
• Index
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• D
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• Credits