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Economics

by:
ISBN: 9780073511276 | 0073511277
Edition: 8th
Format: Paperback
Publisher: McGraw-Hill/Irwin
Pub. Date: 9/5/2006

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SummaryTable of Contents
Steve Slavin' s lively and comprehensive Economics has a student-friendly, step-by-step approach; value pricing; and a built-in Workbook/Study Guide. Instructors and students like the author' s humorous anecdotes, direct language, and easy conversational style. The text encourages active rather than passive reading.
A Brief Economic History of the United States
1(22)
Introduction
1(1)
... MORE
The American Economy in the 19th Century
2(4)
Agricultural Development
2(2)
The National Railroad Network
4(1)
The Age of the Industrial Capitalist
5(1)
The American Economy in the 20th Century
6(11)
The Roaring Twenties
7(1)
The 1930s: The Great Depression
7(3)
The 1940s: World War II and Peacetime Prosperity
10(3)
The 1950s: The Eisenhower Years
13(1)
The Soaring Sixties: The Years of Kennedy and Johnson
13(1)
The Sagging Seventies: The Stagflation Decade
14(1)
The 1980s: The Age of Reagan
15(1)
The State of American Agriculture
15(1)
The ``New Economy'' of the Nineties
16(1)
Current Issue: America's Place in History
17(6)
Resource Utilization
23(24)
Economics Defined
23(1)
The Central Fact of Economics: Scarcity
24(2)
Scarcity and the Need to Economize
24(1)
The Economic Problem
24(1)
The Four Economic Resources
24(2)
Opportunity Cost
26(1)
Full Employment and Full Production
26(4)
The Production Possibilities Curve
30(5)
Productive Efficiency
35(1)
Economic Growth
35(2)
Current Issue: Will You Be Underemployed When You Graduate?
37(10)
Supply and Demand
47(24)
Demand
47(1)
Supply
48(2)
Equilibrium
50(1)
Surpluses and Shortages
50(1)
Shifts in Demand and Supply
51(4)
Price Ceilings and Price Floors
55(5)
Applications of Supply and Demand
60(2)
Interest Rate Determination
60(1)
College Parking
61(1)
The Rationing Function of the Price System
61(1)
Last Word
62(1)
Current Issue: High Gas Prices: Something Only an Economist Could Love
62(9)
The Mixed Economy
71(24)
The Three Questions of Economics
71(2)
What Shall We Produce?
71(1)
How Shall These Goods and Services Be Produced?
72(1)
For Whom Shall the Goods and Services Be Produced?
72(1)
To Sum Up
73(1)
The Invisible Hand, the Price Mechanism, and Perfect Competition
73(3)
The Invisible Hand
73(1)
The Price Mechanism
74(1)
Competition
74(1)
Trust
75(1)
Equity and Efficiency
75(1)
The Circular Flow Model
76(1)
The Economic Role of Government
77(1)
Market Failure
78(4)
Externalities
78(2)
Curbing Environmental Pollution
80(1)
Lack of Public Goods and Services
81(1)
Government Failure
82(2)
Capital
84(2)
The ``Isms'': Capitalism, Communism, Fascism, and Socialism
86(5)
The Decline and Fall of the Communist System
89(1)
Transformation in China
89(2)
Current Issue: The Bridge to Nowhere
91(4)
The Household-Consumption Sector
95(26)
GDP and Big Numbers
95(1)
Consumption
96(1)
Saving
97(1)
Average Propensity to Consume (APC)
97(1)
Average Propensity to Save (APS)
98(2)
Marginal Propensity to Consume (MPC)
100(1)
Marginal Propensity to Save (MPS)
101(1)
Graphing the Consumption and Saving Function
101(1)
Reading a Graph
101(1)
The Consumption Function
102(2)
The Saving Function
104(1)
Autonomous Consumption and Induced Consumption
104(3)
What the Consumer Buys
107(1)
Determinants of the Level of Consumption
108(3)
The Level of Disposable Income
109(1)
Credit Availability
109(1)
Stock of Liquid Assets in the Hands of Consumers
109(1)
Stock of Durable Goods in the Hands of Consumers
110(1)
Keeping Up with the Joneses
110(1)
Consumer Expectations
110(1)
The Permanent Income Hypothesis
111(1)
Is the Consumer Really King?
111(1)
Why Do We Spend So Much and Save So Little?
112(1)
Total Saving: Individual Saving + Business Saving + Government Saving
113(1)
Current Issue: The American Consumer: World-Class Shopper
114(7)
The Business-Investment Sector
121(24)
Proprietorships, Partnerships, and Corporations
121(5)
The Proprietorship
121(1)
The Partnership
122(1)
The Corporation
122(3)
Stocks and Bonds
125(1)
Capitalization and Control
125(1)
The Business Population
126(1)
Investment
126(4)
How Does Savings Get Invested?
130(1)
Gross Investment versus Net Investment
131(1)
Building Capital
132(1)
The Determinants of the Level of Investment
132(4)
The Sales Outlook
132(1)
Capacity Utilization Rate
133(1)
The Interest Rate
134(1)
The Expected Rate of Profit
134(1)
Why Do Firms Invest?
135(1)
Graphing the C + I Line
136(1)
The Summing Up of Investment
137(2)
Current Issue: ``Benedict Arnold Corporations''?
139(6)
The Government Sector
145(26)
Introduction: The Growing Economic Role of Government
145(1)
Government Spending
146(4)
Federal Government Spending
146(2)
State and Local Government Spending
148(1)
Government Purchases versus Transfer Payments
149(1)
Graphing the C + I + G Line
150(1)
Taxes
150(12)
The Average Tax Rate and the Marginal Tax Rate
151(2)
Types of Taxes
153(2)
Sources of Federal Revenue
155(4)
Recent Tax Legislation
159(1)
Sources of State and Local Revenue
160(1)
The State and Local Fiscal Dilemma
160(1)
Comparison of Taxes in the United States and Other Countries
161(1)
The Economic Role of Government
162(3)
Provision of Public Goods and Services
163(1)
Redistribution of Income
163(1)
Stabilization
163(1)
Economic Regulation
164(1)
Conclusion
164(1)
Current Issue: Will Social Security Be There for You?
165(6)
The Export-Import Sector
171(18)
The Basis for International Trade
171(1)
Specialization and Exchange
172(1)
U.S. Exports and Imports
173(2)
Outsourcing and Offshoring
175(1)
A Summing Up: C + I + G + Xn
176(1)
World Trade Agreements and Free Trade Zones
176(6)
Free Trade Zones
177(1)
World Trade Agreements
178(4)
Current Issue: Is Your School Sweatshirt Sewn in a Sweatshop?
182(7)
Gross Domestic Product
189(28)
What Is Gross Domestic Product?
189(2)
How GDP Is Measured
191(4)
The Expenditures Approach
191(1)
The Flow-of-Income Approach
192(3)
Two Things to Avoid When Compiling GDP
195(2)
Multiple Counting
195(2)
Treatment of Transfer Payments and Financial Transactions
197(1)
Nominal GDP versus Real GNP
197(5)
International GDP Comparisons
202(1)
Per Capita Real GDP
202(3)
Shortcomings of GDP as a Measure of National Economic Well-Being
205(4)
Production That Is Excluded
205(2)
Treatment of Leisure Time
207(1)
Human Costs and Benefits
208(1)
What Goes into GDP?
209(1)
Current Issue: GDP or GPI?
209(8)
Economic Fluctuations, Unemployment, and Inflation
217(34)
Economic Fluctuations
217(3)
Is There a Business Cycle?
217(1)
Cycle Turning Points: Peaks and Troughs
218(1)
The Conventional Three-Phase Business Cycle
219(1)
Business Cycle Theories
220(1)
Endogenous Theories
220(1)
Exogenous Theories
221(1)
Business Cycle Forecasting
221(2)
Unemployment
223(6)
The Problem
223(1)
How the Unemployment Rate Is Computed
223(2)
How Accurate Is the Unemployment Rate?
225(1)
Types of Unemployment
226(3)
Natural Unemployment Rate
229(1)
Inflation
229(13)
Defining Inflation
229(2)
Deflation and Disinflation
231(2)
The Post-World War II History of Inflation
233(1)
The Construction of the Consumer Price Index
234(2)
Anticipated and Unanticipated Inflation: Who Is Hurt by Inflation and Who Is Helped?
236(1)
What's a Dollar Worth Today?
237(1)
Theories of the Causes of Inflation
238(2)
Inflation as a Psychological Process
240(1)
Creeping Inflation and Hyperinflation
241(1)
The Misery Index
242(1)
Current Issue: Where Are All the Jobs?
243(8)
Classical and Keynesian Economics
251(24)
Part I: The Classical Economic System
251(4)
Say's Law
251(2)
Supply and Demand Revisited
253(2)
The Classical Equilibrium: Aggregate Demand Equals Aggregate Supply
255(5)
The Aggregate Demand Curve
255(2)
The Long-Run Aggregate Supply Curve
257(1)
The Short-Run Aggregate Supply Curve
258(2)
Part II: The Keynesian Critique of the Classical System
260(3)
Part III: The Keynesian System
263(3)
The Keynesian Aggregate Expenditure Model
263(3)
Disequilibrium and Equilibrium
266(1)
Aggregate Demand Exceeds Aggregate Supply
266(1)
Aggregate Supply Exceeds Aggregate Demand
267(1)
Summary: How Equilibrium Is Attained
267(1)
Keynesian Policy Prescriptions
267(1)
Current Issue: Keynes and Say in the 21st Century
268(7)
Fiscal Policy and the National Debt
275(26)
Putting Fiscal Policy into Perspective
275(1)
Part I: The Deflationary Gap and the Inflationary Gap
276(2)
The Deflationary Gap
276(1)
The Inflationary Gap
277(1)
Part II: The Multiplier and Its Applications
278(4)
The Multiplier
279(1)
Applications of the Multiplier
280(2)
Part III: The Automatic Stabilizers
282(3)
Personal Income and Payroll Taxes
283(1)
Personal Savings
284(1)
Credit Availability
284(1)
Unemployment Compensation
284(1)
The Corporate Profits Tax
284(1)
Other Transfer Payments
285(1)
Part IV: Discretionary Fiscal Policy
285(3)
Making the Automatic Stabilizers More Effective
286(1)
Public Works
286(1)
Changes in Tax Rates
286(1)
Changes in Government Spending
287(1)
Who Makes Fiscal Policy?
287(1)
Part V: The Deficit Dilemma
288(2)
Deficits, Surpluses, and the Balanced Budget
288(1)
Deficits and Surpluses: The Record
288(1)
Why Are Large Deficits So Bad?
289(1)
Must We Balance the Budget Every Year?
290(1)
Part VI: The Crowding-Out and Crowding-In Effects
290(2)
Part VII: The Public Debt
292(3)
Conclusion
295(1)
Current Issue: Deficits as Far as the Eye Can See
295(6)
Money and Banking
301(28)
Money
301(10)
The Three Jobs of Money
301(1)
Medium of Exchange
302(1)
Standard of Value
302(1)
Store of Value
302(1)
Money versus Barter
302(1)
Our Money Supply
303(1)
How Do We Pay Our Bills?
304(1)
M1, M2, and M3
304(2)
Our Growing Money Supply
306(1)
The Demand for Money
306(3)
The Demand Schedule for Money
309(1)
The Liquidity Trap
310(1)
Determination of the Interest Rate
310(1)
Banking
311(7)
A Short History of Banking
311(3)
Modern Banking
314(4)
The Creation and Destruction of Money
318(1)
The Creation of Money
318(1)
The Destruction of Money
319(1)
Limits to Deposit Creation
319(1)
Bank Regulation
319(4)
Branch Banking and Bank Chartering
319(2)
The Federal Deposit Insurance Corporation
321(1)
The Savings and Loan Debacle
321(1)
Wal-Mart Bank?
322(1)
Current Issue: Overdraft Privileges
323(6)
The Federal Reserve and Monetary Policy
329(26)
The Federal Reserve System
329(6)
The Federal Reserve District Banks
330(1)
The Board of Governors
330(2)
Independence of the Board of Governors
332(1)
Legal Reserve Requirements
332(2)
Primary and Secondary Reserves
334(1)
Deposit Expansion
335(4)
How Deposit Expansion Works
335(1)
The Deposit Expansion Multiplier
335(1)
Cash, Checks, and Electronic Money
336(3)
The Tools of Monetary Policy
339(7)
How Open-Market Operations Work
339(1)
The Federal Open-Market Committee
340(2)
Discount Rate and Federal Funds Rate Changes
342(2)
Changing Reserve Requirements
344(1)
Summary: The Tools of Monetary Policy
344(2)
The Fed's Effectiveness in Fighting Inflation and Recession
346(1)
The Depository Institutions Deregulation and Monetary Control Act of 1980
347(1)
The Banking Act of 1999
348(1)
Fiscal and Monetary Policies Should Mesh
349(1)
Current Issue: Who Controls Our Interest Rates?
349(6)
A Century of Economic Theory
355(30)
The Equation of Exchange
355(2)
The Quantity Theory of Money
357(1)
Classical Economics
358(2)
Keynesian Economics
360(1)
The Monetarist School
361(4)
The Importance of the Rate of Monetary Growth
361(1)
The Basic Propositions of Monetarism
362(2)
The Monetary Rule
364(1)
The Decline of Monetarism
364(1)
Supply-Side Economics
365(2)
The Work Effect
365(1)
The Saving and Investment Effect
365(1)
The Elimination of Productive Market Exchanges
366(1)
The Laffer Curve
366(1)
Rational Expectations Theory
367(3)
The Three Assumptions of Rational Expectations Theory
368(2)
21st Century Economic Theory
370(1)
Supply-Side Revival?
370(1)
The Economic Behaviorists
371(1)
Conclusion
371(1)
Current Issue: Is George W. Bush a Supply-Sider or a Keynesian?
372(5)
Appendix: A Guide to Macropolicy
377(1)
Conventional Macropolicy
377(1)
Fighting Recessions
377(1)
Conventional Fiscal Policy
377(1)
Conventional Monetary Policy
378(1)
Two Policy Dilemmas
378(1)
Fighting Inflation
378(1)
Conventional Fiscal Policy
378(1)
Conventional Monetary Policy
378(1)
Fighting Inflationary Recessions: Two More Policy Dilemmas
378(1)
Fiscal and Monetary Policy Lags
379(2)
The Lags
379(1)
Fiscal Policy Lags
379(1)
Monetary Policy Lags
380(1)
The Limits of Macropolicy
381(4)
Economic Growth and Productivity
385(24)
The Industrial Revolution and American Economic Development
385(2)
The Record of Productivity Growth
387(7)
How Saving and Investment Affect Productivity Growth
388(2)
How Labor Force Changes Affect Productivity Growth
390(1)
The Average Workweek and Workyear
390(1)
Our Declining Educational System
391(2)
The Permanent Underclass: Poverty, Drugs, and Crime
393(1)
Restrictions on Immigration
393(1)
The Role of Technological Change
394(2)
Rising Health Case Costs and the Shift to a Service Economy
396(2)
Additional Factors Affecting Our Rate of Growth
398(1)
Summary
399(2)
Economic Growth in the Less Developed Countries
401(2)
Current Issue: Health Care Costs in the Coming Decades
403(6)
Demand, Supply, and Equilibrium
409(24)
Demand Defined
409(1)
Individual Demand and Market Demand
410(1)
Changes in Demand
411(6)
Increases in Demand
411(1)
Decreases in Demand
412(1)
Problems
412(3)
What Causes Changes in Demand?
415(2)
Supply Defined
417(1)
Individual Supply and Market Supply
417(1)
Changes in Supply
418(3)
What Causes Changes in Supply?
420(1)
Graphing the Demand and Supply Curves
421(3)
Graphing the Demand Curve
422(1)
Graphing the Supply Curve
423(1)
Equilibrium
424(2)
Finding Equilibrium Price and Quantity
426(1)
Current Issue: Why Can't I Sell My House?
427(6)
The Elasticities of Demand and Supply
433(26)
The Elasticity of Demand
433(12)
Measuring Elasticity
435(1)
The Meaning of Elasticity
435(5)
Determinants of the Degree of Elasticity of Demand
440(3)
Advertising
443(2)
Elasticity and Total Revenue
445(1)
Elastic Demand and Total Revenue
445(1)
Inelastic Demand and Total Revenue
445(1)
Elasticity of Supply
446(3)
Elasticity over Time
447(2)
Tax Incidence
449(3)
Last Word
452(1)
Current Issue: How Elastic Is Your Demand for Food?
453(6)
Theory of Consumer Behavior
459(16)
Utility
460(4)
What Is Utility?
460(1)
Marginal Utility
460(1)
Total Utility
461(1)
Maximizing Utility
461(2)
The Water-Diamond Paradox
463(1)
Some Limitations of Utility Applications
464(1)
Consumer Surplus
464(4)
Do Price Gougers Rip Us Off?
468(1)
Current Issue: All-You-Can-Eat Buffets
468(7)
Cost
475(30)
Costs
475(4)
Fixed Costs
476(1)
Variable Costs
476(1)
Total Cost
476(1)
Marginal Cost
476(3)
The Short Run and in the Long Run
479(1)
The Short Run
479(1)
The Long Run
479(1)
Average Cost
479(19)
Average Fixed Cost
480(1)
Average Variable Cost
480(1)
Average Total Cost
481(1)
Graphing the AFC, AVC, ATC, and MC Curves
482(3)
Why Are the AVC and ATC Curves U-Shaped?
485(2)
The Production Function and the Law of Diminishing Returns
487(2)
Economies of Scale
489(1)
Diseconomies of Scale
490(1)
A Summing Up
491(1)
The Decision to Operate or Shut Down
492(2)
The Decision to Go Out of Business or Stay in Business
494(3)
Choosing Plant Size
497(1)
Current Issue: Wedding Hall or City Hall?
498(7)
Profit, Loss, and Perfect Competition
505(36)
Total Revenue and Marginal Revenue
505(2)
Graphing Demand and Marginal Revenue
506(1)
Economic and Accounting Profit
507(1)
Profit Maximization and Loss Minimization
507(7)
A Summing Up
510(4)
Efficiency
514(2)
Review of Efficiency and Profit Maximization
515(1)
Do You Really Need to Make a Profit?
516(1)
Definition of Perfect Competition
516(3)
The Perfect Competitor's Demand Curve
519(8)
The Short Run
520(2)
The Long Run
522(5)
Alternative Calculation of Profit and Loss
527(1)
The Perfect Competitor: A Price Taker, Not a Price Maker
528(1)
Efficiency, Price, and Profit
529(1)
Current Issue: The Internet Effect: A More Perfect Knowledge and Lower Prices
530(11)
Monopoly
541(24)
Monopoly Defined
541(12)
The Graph of the Monopolist
542(2)
Calculating the Monopolist's Profit
544(1)
Review of the Monopolist's Economic Analysis
545(3)
The Monopolist in the Short Run and in the Long Run
548(1)
Are All Monopolies Big Companies?
548(1)
Barriers to Entry
549(4)
Limits to Monopoly Power
553(1)
Economies of Scale and Natural Monopoly
553(3)
What Is Natural Monopoly?
553(2)
Two Policy Alternatives
555(1)
Is Bigness Good or Bad?
556(3)
Is Bigness Good or Bad?
556(2)
When Is Bigness Good?
558(1)
The Economic Case against Bigness
558(1)
Conclusion
558(1)
Current Issue: Would You Allow Wal-Mart to Open a Supercenter in Your Community?
559(6)
Monopolistic Competition
565(16)
Monopolistic Competition Defined
565(1)
The Monopolistic Competitor in the Short Run
565(2)
The Monopolistic Competitor in the Long Run
567(1)
Product Differentiation
568(2)
The Typical Monopolistic Competitor
570(2)
Price Discrimination
572(3)
Is the Monopolistic Competitor Inefficient?
575(1)
Current Issue: Selling Status
576(5)
Oligopoly
581(26)
Oligopoly Defined
581(1)
Two Measures of the Degree of Oligopolization
582(2)
Concentration Ratios
582(1)
The Herfindahl-Hirschman Index (HHI)
583(1)
The Competitive Spectrum
584(9)
Cartels
584(2)
Open Collusion
586(1)
Covert Collusion
586(1)
Price Leadership
587(2)
Cutthroat Competition
589(3)
Conclusion
592(1)
Current Issue: Cutthroat Competition in the College Textbook Market
593(8)
Appendix: The Four Types of Competition: A Review
601(1)
Perfect Competition
601(1)
Monopoly
602(1)
Monopolistic Competition
602(1)
Oligopoly
602(1)
Perfect Competition versus Imperfect Competition
602(1)
Summary Tables
603(4)
Corporate Mergers and Antitrust
607(18)
A Historical Perspective on Corporate Concentration
607(1)
Antitrust
608(3)
The Political Background
608(1)
The Sherman Antitrust Act
608(2)
The Clayton Antitrust Act
610(1)
The Federal Trade Commission Act (1914)
610(1)
Modern Antitrust
611(3)
Partial Breakdown of the Rule of Reason
611(1)
The 60 Percent Rule
612(1)
Two Landmark Cases
612(1)
European Antitrust
613(1)
Types of Mergers
614(1)
Horizontal Mergers
614(1)
Vertical Mergers
614(1)
Conglomerate Mergers
615(1)
Deregulation
615(1)
Corporate Misconduct
616(1)
How Effective Is Antitrust?
617(1)
The Trend toward Bigness
617(2)
Current Issue: The Enron Case
619(6)
Demand in the Factor Market
625(18)
Derived Demand
625(1)
Productivity
626(1)
Prices of Substitute Resources
626(1)
Marginal Revenue Product (MRP)
627(5)
The MRP of the Imperfect Competitor
631(1)
Changes in Resource Demand
632(4)
Changes in Resource Demand versus Changes in Quantity of Resource Demanded
632(1)
The Four Reasons for Changes in Resource Demand
633(2)
Optimum Resource Mix for the Firm
635(1)
Current Issue: Washing Machines and Women's Liberation
636(7)
Labor Unions
643(18)
A Short History of the American Labor Movement
643(6)
The Early Years
643(1)
Key Labor Legislation
644(1)
Craft Unions versus Industrial Unions
645(2)
Union Organizing since the 1950s
647(2)
The Formation of Change to Win
649(1)
Jobs: Exportable and Nonexportable
649(1)
The Economic Power of Labor Unions
650(1)
The Economic Power of Large Employers
650(2)
Collective Bargaining
652(4)
Strikes, Lockouts, and Givebacks
652(2)
The Collective Bargaining Agreement
654(1)
The Strike
654(1)
Averting Strikes: Mediation and Arbitration
655(1)
Current Issue: Will You Ever Be a Member of a Labor Union?
656(5)
Labor Markets and Wage Rates
661(26)
The Supply of Labor
661(4)
Noncompeting Groups
661(1)
The Theory of the Dual Labor Market
662(2)
The Backward-Bending Labor Supply Curve
664(1)
The Demand for Labor
665(2)
The Marginal Revenue Product Schedule
665(1)
Nonhomogeneous Jobs
666(1)
The Effects of Employment Discrimination on Wages
667(3)
Employment Discrimination against Women
667(2)
Employment Discrimination against African Americans
669(1)
Conclusion
670(1)
The Wage Rate: Supply and Demand
670(1)
High Wage Rates and Economic Rent
670(2)
Real Wages versus Money Wages
672(4)
The Minimum Wage and the Living Wage
676(3)
The Minimum Wage Rate: 1938 to the Present
676(1)
Should There Be a Minimum Wage Rate?
677(2)
The Living Wage
679(1)
Current Issue: The Education Gap
679(8)
Rent, Interest, and Profit
687(22)
Rent
687(5)
What Is Land?
687(2)
How Is Rent Determined?
689(1)
Economic Rent
690(1)
Are Prices High because Rents Are High, or Are Rents High because Prices Are High?
691(1)
Interest
692(6)
What Is Capital?
692(1)
How Is the Interest Rate Determined?
692(1)
Interest Rates and Consumer Loans
693(2)
The Present Value of Future Income
695(3)
Profits
698(3)
How Are Profits Determined?
698(1)
How Large Are Profits?
698(1)
Theories of Profit
698(3)
Conclusion
701(1)
Current Issue: Subprime, Fringe, and Payday Lending
701(8)
Income Distribution and Poverty
709(32)
Income Distribution in the United States
709(8)
The Poor, the Middle Class, and the Rich
709(5)
Distribution of Wealth in the United States
714(1)
Distribution of Income: Equity and Efficiency
714(2)
What Determines Income Distribution?
716(1)
Poverty in America
717(16)
Poverty Defined
717(2)
Who Are the Poor?
719(2)
Child Poverty
721(1)
The Main Government Transfer Programs
722(4)
Theories of the Causes of Poverty
726(2)
The Conservative View versus the Liberal View
728(2)
Solutions
730(3)
Current Issue: Will Social Security Be There for You?
733(8)
International Trade
741(28)
Part I: A Brief History of U.S. Trade
742(3)
U.S. Trade before 1975
742(1)
U.S. Trade since 1975
742(1)
U.S. Government Trade Policy
743(2)
Part II: The Theory of International Trade
745(11)
Specialization and Trade
745(1)
Comparative Advantage
745(4)
Absolute Advantage versus Comparative Advantage
749(1)
The Arguments for Protection
749(5)
Tariffs or Quotas
754(1)
Conclusion
755(1)
Part III: The Practice of International Trade
756(2)
What Are the Causes of Our Trade Imbalance?
756(2)
Part IV: Our Trade Deficit with Japan and China
758(4)
Japanese Trading Practices
758(2)
Our Trade Deficit with China
760(1)
Trading with China and Japan: More Differences than Similarities
761(1)
Final Word
762(1)
Free Trade in Word and Deed
762(1)
Reducing Our Trade Deficit
763(1)
Current Issue: Buy American?
763(6)
International Finance
769(24)
The Mechanics of International Finance
769(3)
Financing International Trade
769(1)
The Balance of Payments
770(2)
Exchange Rate Systems
772(8)
The Gold Standard
773(1)
The Gold Exchange Standard, 1934--73
774(1)
The Freely Floating Exchange Rate System, 1973 to the Present
775(2)
How Well Do Freely Floating (Flexible) Exchange Rates Work?
777(1)
The Euro
777(1)
The Yen and the Yuan
777(3)
Running Up a Tab in the Global Economy
780(6)
From Largest Creditor to Largest Debtor
780(5)
Living beyond Our Means
785(1)
A Codependent Relationship
785(1)
Why We Need to Worry about the Current Account Deficit
786(1)
Current Issue: Editorial: American Exceptionality
786(7)
Glossary793(10)
Index803

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