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Macroeconomics

ISBN: 9780072854879 | 0072854871
Edition: 7th
Format: Paperback
Publisher: McGraw-Hill/Irwin
Pub. Date: 2/23/2004

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SummaryTable of Contents
Steve Slavin's lively and comprehensive Macroeconomics student-friendly, step-by-step approach, coupled with its low price and built-in Workbook/Study Guide is very attractive to adopters. 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
14(1)
The Sagging Seventies: The Stagflation Decade
14(1)
The 1980s: The Age of Reagan
15(1)
The State of American Agriculture
16(1)
The ``New Economy'' of the Nineties
16(1)
The American Economy in the New Millennium
17(1)
9/11 and After
17(1)
Last Word
18(5)
Resource Utilization
23(22)
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(1)
Opportunity Cost
25(1)
Full Employment and Full Production
26(4)
The Production Possibilities Frontier
30(5)
Productive Efficiency
35(1)
Economic Growth
35(10)
Supply and Demand
45(22)
Demand
45(1)
Supply
46(2)
Equilibrium
48(1)
Surpluses and Shortages
48(1)
Shifts in Demand and Supply
49(4)
Price Ceilings and Price Floors
53(5)
Applications of Supply and Demand
58(2)
Interest Rate Determination
58(1)
College Parking
59(1)
The Rationing Function of the Price System
59(1)
Last Word
60(7)
The Mixed Economy
67(24)
The Three Questions of Economics
67(1)
What Shall We Produce?
67(1)
How Shall These Goods Be Produced?
68(1)
For Whom Shall the Goods Be Produced?
68(1)
The Invisible Hand, the Price Mechanism, and Perfect Competition
68(4)
The Invisible Hand
69(1)
The Price Mechanism
70(1)
Competition
70(1)
Trust
71(1)
Equity and Efficiency
71(1)
The Circular Flow Model
72(1)
The Economic Role of Government
73(1)
Market Failure
74(7)
Externalities
74(3)
Curbing Environmental Pollution
77(3)
Lack of Public Goods and Services
80(1)
Capital
81(2)
The ``Isms'': Capitalism, Communism, Fascism, and Socialism
83(5)
The Decline and Fall of the Communist System
86(1)
Transformation in China
86(2)
Last Word: The Mixed Economy
88(3)
The Household-Consumption Sector
91(26)
GDP and Big Numbers
91(1)
Consumption
92(1)
Saving
93(1)
Average Propensity to Consume (APC)
94(1)
Average Propensity to Save (APS)
94(2)
Marginal Propensity to Consume (MPC)
96(1)
Marginal Propensity to Save (MPS)
97(1)
Graphing the Consumption Function
97(4)
The Saving Function
101(3)
What the Consumer Buys
104(1)
Determinants of the Level of Consumption
105(2)
The Level of Disposable Income
105(1)
Credit Availability
106(1)
Stock of Liquid Assets in the Hands of Consumers
106(1)
Stock of Durable Goods in the Hands of Consumers
106(1)
Keeping Up with the Joneses
107(1)
Consumer Expectations
107(1)
The Permanent Income Hypothesis
107(1)
Determinants of the Level of Saving
108(1)
Why Do We Spend So Much and Save So Little?
109(1)
Is the Consumer Really King?
110(1)
Total Saving: Individual Saving + Business Saving + Government Saving
111(1)
Last Word
111(6)
The Business-Investment Sector
117(24)
Proprietorships, Partnerships, and Corporations
117(6)
The Proprietorship
117(1)
The Partnership
118(1)
The Corporation
118(2)
Stocks and Bonds
120(2)
Capitalization and Control
122(1)
The Business Population
123(1)
Investment
123(3)
How Does Savings Get Invested?
126(1)
Gross Investment versus Net Investment
127(1)
Building Capital
128(1)
The Determinants of the Level of Investment
128(4)
The Sales Outlook
128(1)
Capacity Utilization Rate
129(1)
The Interest Rate
129(1)
The Expected Rate of Profit
130(1)
Why Do Firms Invest?
131(1)
Graphing the C + I Line
132(1)
The Summing Up of Investment
133(8)
The Government Sector
141(26)
Introduction: The Growing Economic Role of Government
141(1)
Government Spending
142(4)
Federal Government Spending
142(2)
State and Local Government Spending
144(1)
Government Purchases versus Transfer Payments
145(1)
Graphing the C + I + G Line
146(1)
Taxes
146(14)
The Average Tax Rate and the Marginal Tax Rate
147(2)
Types of Taxes
149(2)
Sources of Federal Revenue
151(3)
Recent tax Regulation
154(2)
Conclusion
156(1)
Sources of State and Local Revenue
156(1)
The State and Local Fiscal Dilemma
157(1)
Comparison of Taxes in the United States and Other Countries
158(2)
The Economic Role of Government
160(7)
Provision of Public Goods and Services
160(1)
Redistribution of Income
160(1)
Stabilization
161(1)
Economic Regulation
161(1)
Conclusion
161(6)
The Export-Import Sector
167(16)
The Basis for International Trade
167(1)
Specialization and Exchange
168(1)
U.S. Exports and Imports
169(3)
A Summing Up: C + I + G + Xn
172(2)
World Trade Agreements and Free Trade Zones
174(9)
Free Trade Zones
174(1)
World Trade Agreements
175(8)
Gross Domestic Product
183(26)
What Is Gross Domestic Product?
183(1)
How GDP Is Measured
184(5)
The Expenditures Approach
185(1)
The Flow-of-Income Approach
186(3)
Two Things to Avoid When Compiling GDP
189(2)
Multiple Counting
189(2)
Treatment of Transfer Payments
191(1)
GDP versus Real GDP
191(5)
International GDP Comparisons
196(1)
Per Capita Real GDP
197(3)
Shortcomings of GDP as a Measure of National Economic Well-Being
200(4)
Production That Is Excluded
200(2)
Treatment of Leisure Time
202(1)
Human Costs and Benefits
202(1)
What Goes into GDP?
203(1)
The Last Word on GDP
204(5)
Economic Fluctuations, Unemployment, and Inflation
209(34)
Economic Fluctuations
209(3)
Is There a Business Cycle?
209(1)
Cycle Turning Points: Peaks and Troughs
210(1)
The Conventional Three-Phase Business Cycle
211(1)
Business Cycle Theories
212(1)
Endogenous Theories
212(1)
Exogenous Theories
213(1)
Business Cycle Forecasting
213(1)
Unemployment
214(8)
The Problem
214(1)
How the Unemployment Rate Is Computed
215(4)
Types of Unemployment
219(3)
Natural Unemployment Rate
222(1)
Inflation
222(13)
Defining Inflation
222(2)
Deflation and Disinflation
224(2)
The Post--World War II History of Inflation
226(1)
The Construction of the Consumer Price Index
227(2)
Anticipated and Unanticipated Inflation: Who Is Hurt by Inflation and Who Is Helped?
229(2)
Theories of the Causes of Inflation
231(3)
Inflation as a Psychological Process
234(1)
Creeping Inflation and Hyperinflation
234(1)
The Misery Index
235(8)
Classical and Keynesian Economics
243(24)
The Classical Economic System
243(4)
Say's Law
243(2)
Supply and Demand Revisited
245(2)
The Classical Equilibrium: Aggregate Demand Equals Aggregate Supply
247(5)
The Aggregate Demand Curve
247(2)
The Long-Run Aggregate Supply Curve
249(1)
The Short-Run Aggregate Supply Curve
250(2)
The Keynesian Critique of the Classical System
252(3)
The Keynesian System
255(3)
The Keynesian Aggregate Expenditure Model
256(2)
Disequilibrium and Equilibrium
258(1)
Aggregate Demand Exceeds Aggregate Supply
258(1)
Aggregate Supply Exceeds Aggregate Demand
259(1)
Summary: How Equilibrium Is Attained
259(1)
Keynesian Policy Prescriptions
259(8)
Fiscal Policy and the National Debt
267(26)
Putting Fiscal Policy into Perspective
267(1)
The Deflationary Gap and the Inflationary Gap
268(3)
The Deflationary Gap
268(1)
The Inflationary Gap
269(2)
The Multiplier and Its Applications
271(3)
The Multiplier
271(1)
Applications of the Multiplier
272(2)
The Automatic Stabilizers
274(3)
Personal Income and Payroll Taxes
275(1)
Personal Savings
276(1)
Credit Availability
276(1)
Unemployment Compensation
276(1)
The Corporate Profits Tax
276(1)
Other Transfer Payments
277(1)
Discretionary Fiscal Policy
277(3)
Making the Automatic Stabilizers More Effective
278(1)
Public Works
278(1)
Changes in Tax Rates
278(1)
Changes in Government Spending
279(1)
Who Makes Fiscal Policy?
279(1)
The Deficit Dilemma
280(3)
Deficits, Surpluses, and the Balanced Budget
280(1)
Deficits and Surpluses: The Record
280(2)
Why Are Large Deficits So Bad?
282(1)
Must We Balance the Budget Every Year?
283(1)
The Crowding-Out and Crowding-In Effects
283(2)
The Public Debt
285(2)
Conclusion
287(6)
Money and Banking
293(28)
Money
293(12)
The Four Jobs of Money
293(1)
Medium of Exchange
294(1)
Standard of Value
294(1)
Store of Value
294(1)
Standard of Deferred Payment
294(1)
Money versus Barter
295(1)
M1, M2, and M3
295(4)
Our Growing Money Supply
299(1)
The Demand for Money
299(3)
The Demand Schedule for Money
302(1)
The Liquidity Trap
302(1)
Determination of the Interest Rate
303(2)
Banking
305(6)
A Short History of Banking
305(2)
Modern Banking
307(4)
The Creation and Destruction of Money
311(1)
The Creation of Money
311(1)
The Destruction of Money
312(1)
Limits to Deposit Creation
312(1)
Bank Regulation
312(9)
Branch Banking and Bank Chartering
312(2)
The Federal Deposit Insurance Corporation
314(1)
The Savings and Loan Debacle
314(7)
The Federal Reserve and Monetary Policy
321(28)
The Federal Reserve System
321(6)
The Federal Reserve District Banks
322(1)
The Board of Governors
323(1)
Independence of the Board of Governors
324(1)
Legal Reserve Requirements
325(2)
Primary and Secondary Reserves
327(1)
Deposit Expansion
327(4)
How Deposit Expansion Works
327(1)
The Deposit Expansion Multiplier
327(2)
Cash, Checks, and Electronic Money
329(2)
The Tools of Monetary Policy
331(7)
How Open-Market Operations Work
331(1)
The Federal Open-Market Committee
332(2)
Discount Rate and Federal Funds Rate Changes
334(1)
Changing Reserve Requirements
335(1)
Summary: The Tools of Monetary Policy
336(2)
The Fed's Effectiveness in Fighting Inflation and Recession
338(1)
The American Economy According to Chairman Greenspan
339(2)
The Depository Institutions Deregulation and Monetary Control Act of 1980
341(1)
The Banking Act of 1999
342(1)
Fiscal and Monetary Policies Should Mesh
342(1)
Last Word
343(6)
Twentieth-Century Economic Theory
349(32)
The Equation of Exchange
349(2)
The Quantity Theory of Money
351(1)
Classical Economics
352(2)
Keynesian Economics
354(1)
The Monetarist School
355(4)
The Importance of the Rate of Monetary Growth
355(1)
The Basic Propositions of Monetarism
356(2)
The Monetary Rule
358(1)
The Decline of Monetarism
358(1)
Supply-Side Economics
359(3)
The Work Effect
359(1)
The Saving and Investment Effect
359(1)
The Elimination of Productive Market Exchanges
360(1)
The Laffer Curve
360(2)
Rational Expectations Theory
362(4)
The Three Assumptions of Rational Expectations Theory
362(3)
Are Wages Downwardly Flexible?
365(1)
21st Century Economic Theory
366(1)
The Supply-Side Revival?
366(1)
The Economic Behaviorists
366(1)
Conclusion
367(6)
Appendix: A Guide to Macropolicy
373(1)
Fighting Recessions
373(1)
Conventional Fiscal Policy
373(1)
Conventional Monetary Policy
374(1)
Two Policy Dilemmas
374(1)
Fighting Inflation
374(1)
Conventional Fiscal Policy
374(1)
Conventional Monetary Policy
374(1)
Fighting Inflationary Recessions: Two More Policy Dilemmas
374(1)
Fiscal and Monetary Policy Lags
375(2)
The Lags
375(1)
Fiscal Policy Lags
375(1)
Monetary Policy Lags
376(1)
The Limits of Macropolicy
377(1)
Conclusion
378(3)
Economic Growth and Productivity
381(22)
The Industrial Revolution and American Economic Development
381(1)
The Record of Productivity Growth
382(8)
How Saving and Investment Affect Productivity Growth
384(3)
How Labor Force Changes Affect Productivity Growth
387(1)
The Average Workweek and Workyear
387(1)
Our Declining Educational System
387(1)
The Permanent Underclass: Poverty, Drugs, and Crime
388(1)
Restrictions on Immigration
389(1)
The Role of Technological Change
390(1)
Additional Factors Affecting Our Rate of Growth
391(2)
Summary
393(2)
Productivity Growth and the ``Jobless Recovery''
395(1)
Economic Growth in the Less Developed Countries
396(7)
Income Distribution and Poverty
403(28)
Income Distribution in the United States
403(9)
The Poor, the Middle Class, and the Rich
403(4)
Distribution of Wealth in the United States
407(2)
Distribution of Income: Equity and Efficiency
409(1)
What Determines Income Distribution?
410(2)
Poverty in America
412(13)
Poverty Defined
412(2)
Who Are the Poor?
414(1)
Child Poverty
415(2)
The Main Government Transfer Programs
417(1)
Theories of the Causes of Poverty
418(2)
The Conservative View versus the Liberal View
420(2)
Solutions
422(3)
Last Word
425(6)
International Trade
431(32)
A Brief History of U.S. Trade
432(2)
U.S. Trade before 1975
432(1)
U.S. Trade since 1975
432(1)
U.S. Government Trade Policy
433(1)
The Theory of International Trade
434(15)
Specialization and Trade
434(2)
Domestic Exchange Equations
436(1)
The Terms of Trade
436(2)
Absolute Advantage and Comparative Advantage
438(5)
The Arguments for Protection
443(4)
Tariffs or Quotas
447(1)
Conclusion
448(1)
The Practice of International Trade
449(3)
What Are the Causes of Our Trade Imbalance?
449(3)
Our Trade Deficit with Japan and China
452(4)
Japanese Trading Practices
453(2)
Our Trade Deficit with China
455(1)
Trading with China and Japan: More Differences than Similarities
455(1)
Final Word
456(7)
International Finance
463(22)
The Mechanics of International Finance
463(4)
Financing International Trade
464(1)
The Balance of Payments
464(3)
Exchange Rate Systems
467(7)
The Gold Standard
467(1)
The Gold Exchange Standard, 1934--73
468(1)
The Freely Floating Exchange Rate System, 1973 to the Present
469(3)
How Well Do Freely Floating (Flexible) Exchange Rates Work?
472(1)
The Euro
472(1)
The Yen and the Yuan
472(2)
Running Up a Tab in the Global Economy
474(11)
From Largest Creditor to Largest Debtor
474(3)
Living beyond Our Means
477(1)
Why We Need to Worry about the Current Account Deficit
478(7)
Glossary485(10)
Index495

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