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Economics: Private & Public Choice

by: Gwartney, James D.; Stroup, Richard L.; Sobel, Russell S.; Macpherson, David A.

Economics: Private & Public Choice

by: Gwartney, James D.; Stroup, Richard L.; Sobel, Russell S.; Macpherson, David A.

ISBN 13:
9780324205640
ISBN 10:
0324205643
Edition: 11th
Format: Hardcover
Copyright: 03/23/2005
Publisher: South-Western College Pub
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Summary

Authors James D. Gwartney, Richard L. Stroup, Russell S. Sobel, and David Macpherson, believe that a course on principles of economics should focus on the power and relevance of the economic way of thinking. It is this belief and corresponding writing approach that has made ECONOMICS: PRIVATE AND PUBLIC CHOICE one of South-Western's most solid and enduring texts. Throughout this text, the authors integrate applications and real-world data in an effort to make the basic concepts of economics come alive for the reader.

Part 1 The Economic Way of Thinking

(53)

The Economic Approach

(25)

What Is Economics About?

(1)

Outstanding Economist

The Importance of Adam Smith, the Father of Economic Science

(1)

Economics at the Movies

Ferris Bueller's Day Off (1986)

(4)

The Economic Way of Thinking

(7)

Positive and Normative Economics

(1)

Pitfalls to Avoid in Economic Thinking

(3)

Economics as a Career

(1)

Key Points

(1)

Critical Analysis Questions

(2)

Addendum

Understanding Graphs

(6)

Some Tools of the Economist

(25)

What Shall We Give Up?

(2)

Trade Creates Value

(1)

Outstanding Economist

Thomas Sowell

(1)

Economics at the Movies

Wall Street (1987)

(2)

The Importance of Property Rights

(1)

Key to Prosperity

Private Ownership

(4)

Applications in Economics

Protecting Endangered Species and the Environment with Private-Property Rights

(1)

Production Possibilities Curve

(5)

Trade, Output, and Living Standards

(1)

Key to Prosperity

Gains from Trade

(2)

Human Ingenuity and the Creation of Wealth

(1)

Key to Prosperity

Human Ingenuity

(1)

Economic Organization

(2)

Key Points

(1)

Critical Analysis Questions

(1)

Addendum

Comparative Advantage, Specialization, and Gains from Trade

(2)

Part 2 Markets and Government

(92)

Supply, Demand, and the Market Process

(27)

Consumer Choice and the Law of Demand

(3)

Changes in Demand Versus Changes in Quantity Demanded

(4)

Thumbnail Sketch

Factors That Cause Changes in Demand and Quantity Demanded

(1)

Producer Choice and the Law of Supply

(1)

Key to Prosperity

Profits and Losses

(2)

Outstanding Economist

Alfred Marshall

(1)

Changes in Supply Versus Changes in Quantity Supplied

(1)

Thumbnail Sketch

Factors That Cause Changes in Supply and Quantity Supplied

(2)

How Market Prices are Determined: Supply and Demand Interact

(3)

Economics at the Movies

Pretty Woman (1990)

(1)

How Markets Respond to Changes in Demand and Supply

(2)

Thumbnail Sketch

How Changes in Demand and Supply Affect Market Price and Quantity

(1)

Invisible Hand Principle

(1)

Key to Prosperity

Invisible Hand Principle

(3)

Key Points

(1)

Critical Analysis Questions

(2)

Supply and Demand: Applications and Extensions

(24)

The Link between Resource and Product Markets

(2)

The Economics of Price Controls

(1)

Applications in Economics

The Imposition of Price Ceilings During Hurricane Hugo

(5)

Black Markets and the Importance of the Legal Structure

(2)

The Impact of a Tax

(5)

Tax Rates, Tax Revenues, and the Laffer Curve

(3)

Applications in Economics

The Laffer Curve and Mountain-Climbing Deaths

102

(1)

The Impact of a Subsidy

102

(3)

Key Points

105

(1)

Critical Analysis Questions

105

(2)

Difficult Cases for the Market, and the Role of Government

107

(17)

A Closer Look at Economic Efficiency

108

(1)

If It's Worth Doing, It's Worth Doing Imperfectly

109

(1)

Economics at the Movies

Along Came Polly (2004)

110

(1)

Thinking about the Economic Role of Government

110

(2)

Potential Shortcomings of the Market

112

(5)

Applications in Economics

Capturing External Benefits: The Case of Walt Disney World

117

(4)

Pulling Things Together

121

(1)

Key Points

122

(1)

Critical Analysis Questions

122

(2)

The Economics of Collective Decision Making

124

(22)

The Size and Growth of the U.S. Government

125

(2)

The Differences and Similarities between Governments and Markets

127

(1)

Applications in Economics

Perspectives on the Cost of Political Competition: What Does It Cost to Get Elected?

127

(2)

Political Decision Making: An Overview

129

(1)

Outstanding Economist

James Buchanan

130

(2)

When the Political Process Works Well

132

(2)

When the Political Process Works Poorly

134

(1)

Applications in Economics

Sweet Subsides to Sugar Growers: A Case Study of Special-Interest Effect

135

(5)

Economic Organization: Who Produces: Who Pays, and Why It Matters

140

(2)

The Economic Way of Thinking about Government

142

(1)

Could Constitutional Changes Help Promote Prosperity?

142

(1)

Thumbnail Sketch

What Weakens the Case for Market-Sector Allocation Versus Public-Sector Intervention, and Vice Versa

142

(1)

Key Points

143

(1)

Critical Analysis Questions

144

(2)

Part 3 Core Macroeconomics

146

(220)

Taking the Nation's Economic Pulse

148

(21)

GDP---A Measure of Output

149

(1)

Outstanding Economist

Simon Kuznets

149

(2)

GDP as a Measure of Both Output and Income

151

(5)

Adjusting for Price Changes and Deriving Real GDP

156

(4)

Problems with GDP as a Measuring Rod

160

Applications in Economics

Converting Prior Data to Current Dollars: The Case of Gasoline

159

(3)

Differences in GDP Over Time

162

(1)

Applications in Economics

The Time Cost of Goods: Today and Yesterday

163

(2)

The Great Contribution of GDP

165

(1)

Key Points

165

(1)

Critical Analysis Questions

166

(2)

Addendum

The Construction of a Price Index

168

(1)

Economic Fluctuations, Unemployment, and Inflation

169

(20)

Swings in the Economic Pendulum

170

(2)

Measures of Economic Activity

Expansions and Recessions

172

(1)

Economic Fluctuations and the Labor Market

172

(2)

Measures of Economic Activity

Deriving the Unemployment Rate

174

(1)

Thumbnail Sketch

Formulas for Key Labor Market Indicators

175

(1)

Three Types of Unemployment

176

(1)

Myths in Economics

Unemployment Would Not Exist If the Economy Were Operating Efficiently

177

(2)

Employment Fluctuations---The Historical Record

179

(1)

Measures of Economic Activity

Would Personal Savings Accounts Reduce the Rate of Unemployment?

180

(1)

Actual and Potential GDP

181

(1)

The Effects of Inflation

182

(4)

Key Points

186

(1)

Critical Analysis Questions

186

(3)

An Introduction to Basic Macroeconomic Markets

189

(25)

Understanding Macroeconomics: Our Game Plan

190

(1)

Four Key Markets: Resources, Goods and Services, Loanable Funds, and Foreign Exchange

190

(3)

Aggregate Demand for Goods and Services

193

(2)

Thumbnail Sketch

Why Is the Aggregate Quantity Demanded Inversely Related to the Price Level?

195

(1)

Aggregate Supply of Goods and Services

195

(3)

Thumbnail Sketch

Why Is the Short-Run Aggregate Quantity Supplied Directly Related to the Price Level?

198

(1)

Equilibrium in the Goods and Services Market

198

(4)

Resource Market

202

(1)

Loanable Funds Market

203

(3)

Foreign Exchange Market

206

(1)

Applications in Economics

Bonds, Interest Rates, and Bond Prices

207

(2)

Leakages and Injections from the Circular Flow of Income

209

(2)

Key Points

211

(1)

Critical Analysis Questions

212

(2)

Working with Our Basic Aggregate Demand and Aggregate Supply Model

214

(22)

Anticipated and Unanticipated Changes

215

(1)

Factors That Shift Aggregate Demand

215

(3)

Thumbnail Sketch

What Factors Affect Aggregate Demand?

218

(1)

Shifts in Aggregate Supply

218

(3)

Thumbnail Sketch

What Factors Affect Long-Run and Short-Run Aggregate Supply?

221

(1)

Steady Economic Growth and Anticipated Changes in Long-Run Aggregate Supply

221

(1)

Unanticipated Changes and Market Adjustments

222

(6)

The Business Cycle Revisited

228

(2)

Does a Market Economy Have a Self-Correcting Mechanism?

230

(4)

Key Points

234

(1)

Critical Analysis Questions

234

(2)

Keynes and the Evolution of Macroeconomics

236

(20)

The Great Depression and Macroeconomics

237

(1)

Outstanding Economist

John Maynard Keynes

238

(3)

Keynesian Equilibrium

241

(5)

The Keynesian Model Within the AD-AS Framework

246

(1)

The Multiplier

247

(3)

Applications in Economics

Sports Stadiums, Development Subsidies, and the Multiplier

250

(1)

Keynesian View of the Business Cycle

251

(1)

Evolution of Modern Macroeconomics

252

(2)

Key Points

254

(1)

Critical Analysis Questions

254

(2)

Fiscal Policy

256

(21)

Budget Deficits and Surpluses

257

(1)

Keynesian View of Fiscal Policy

258

(2)

The Outstanding Economist

Paul Samuelson

260

(1)

Fiscal Policy and the Crowding-Out Effect

260

(2)

New Classical View of Fiscal Policy

262

(2)

Fiscal Policy Changes and Problems of Timing

264

(2)

How Politics Hampers the Effectiveness of Fiscal Policy

266

(1)

Fiscal Policy as a Stabilization Tool: A Modern Synthesis

267

(1)

The Supply-Side Effects of Fiscal Policy

268

(2)

Applications in Economics

Have Supply-Side Economists Found a Way to Soak the Rich?

270

(2)

The Fiscal Policy of the United States

272

(1)

Thumbnail Sketch

The Impact of Expansionary Fiscal Policy---A Summary of Four Views

272

(3)

Key Points

275

(1)

Critical Analysis Questions

275

(2)

Money and the Banking System

277

(25)

What Is Money?

278

(1)

How the Supply of Money Affects Its Value

279

(1)

How Is the Money Supply Measured?

280

(2)

The Business of Banking

282

(3)

Economics at the Movies

It's a Wonderful Life (1946)

285

(1)

How Banks Create Money by Extending Loans

285

(2)

The Federal Reserve System

287

(2)

Outstanding Economist

Alan Greenspan

289

(5)

Thumbnail Sketch

What Are the Differences between the U.S. Treasury and the Federal Reserve Banking System?

294

(1)

Ambiguities in the Meaning and Measurement of the Money Supply

295

(2)

Applications in Economics

Will Money Be Electronic in the Future?

297

(1)

The Changing Nature of Money around the World

297

(2)

Key Points

299

(1)

Critical Analysis Questions

299

(3)

Modern Macroeconomics and Monetary Policy

302

(25)

The Impact of Monetary Policy on Output and Inflation

303

(1)

Outstanding Economist

Milton Friedman

304

(4)

Thumbnail Sketch

The Transmission of Monetary Policy---A Summary

308

(3)

Monetary Policy in the Long Run

311

(4)

Monetary Policy When the Effects Are Anticipated

315

(1)

Interest Rates and Monetary Policy

315

(3)

Effects of Monetary Policy---A Summary

318

(1)

Thumbnail Sketch

What Are the Effects of Monetary Policy?

318

(1)

Testing the Major Implications of Monetary Theory

319

(5)

Key Points

324

(1)

Critical Analysis Questions

325

(2)

Stabilization Policy, Output, and Employment

327

(19)

Economic Fluctuations---The Historical Record

328

(1)

Can Discretionary Policy Promote Economic Stability?

329

(2)

Measures of Economic Activity

Index of Leading Indicators

331

(1)

How Are Expectations Formed?

332

(2)

Outstanding Economist

Robert Lucas

334

(1)

Macro Policy Implications of Adaptive and Rational Expectations

334

(2)

The Phillips Curve: The View of the 1960s Versus Today

336

(4)

Applications in Economics

Perverse Macroeconomic Policy and the Great Depression

340

(1)

Economics at the Movies

Seabiscuit (2003)

341

(1)

The Modern Consensus View of Stabilization Policy

342

(1)

Key to Prosperity

Price Stability

342

(2)

Key Points

344

(1)

Critical Analysis Questions

344

(2)

Economic Growth and the Wealth of Nations

346

(20)

Importance of Economic Growth

347

(2)

Best and Worst Growth Records

349

(1)

What Determines Whether a Country Will Grow or Stagnate?

350

(1)

Applications in Economics

China: Is It a Special Case?

351

(3)

Outstanding Economist

Douglass C. North

354

(1)

What Institutions and Policies Will Promote Growth?

354

(1)

Thumbnail Sketch

Sources of Economic Growth

355

(2)

Role of Government and Economic Progress

357

(1)

Key to Prosperity

Government and the Environment for Prosperity

357

(4)

Economic Freedom and Growth

361

(3)

Key Points

364

(1)

Critical Analysis Questions

364

(2)

Part 4 International Economics

366

(51)

Gaining from International Trade

369

(24)

The Trade Sector of the United States

370

(1)

Gains from Specialization and Trade

371

(1)

Economics at the Movies

Cast Away (2000)

372

(4)

Key to Prosperity

International Trade

376

(1)

Supply, Demand, and International Trade

377

(2)

The Economics of Trade Restrictions

379

(3)

Why Do Nations Adopt Trade Restrictions?

382

(1)

Applications in Economics

Do More Open Economies Perform Better?

383

(2)

Trade Barriers and Popular Trade Fallacies

385

(2)

The Changing Nature of Global Trade

387

(2)

Key Points

389

(1)

Critical Analysis Questions

390

(3)

International Finance and the Foreign Exchange Market

393

(24)

The Foreign Exchange Market

394

(2)

Determinants of the Exchange Rate

396

(1)

Why Do Exchange Rates Change?

397

(4)

Thumbnail Sketch

What Factors Cause a Nation's Currency to Appreciate or Depreciate?

401

(1)

International Finance and Alternative Exchange Rate Regimes

401

(2)

Balance of Payments

403

(5)

Myths in Economics

408

(1)

Are Trade Deficits Bad and Trade Surpluses Good?

408

(2)

Key Points

410

(1)

Critical Analysis Questions

411

(2)

Addendum

Selected Economic Indicators: An International Comparison

413

(4)

Part 5 Core Microeconomics

417

(184)

Consumer Choice and Elasticity

420

(22)

The Fundamentals of Consumer Choice

421

(1)

Marginal Utility, Consumer Choice, and the Demand Curve of an Individual

422

(4)

Market Demand Reflects the Demand of Individual Consumers

426

(1)

Elasticity of Demand

426

(6)

How Demand Elasticity and Price Changes Affect Total Expenditures (or Revenues) on a Product

432

(1)

Income Elasticity

433

(1)

Price Elasticity of Supply

434

(1)

Key Points

435

(1)

Critical Analysis Questions

435

(1)

Addendum

Consumer Choice and Indifference Curves

436

(6)

Costs and the Supply of Goods

442

(25)

The Organization of the Business Firm

443

(3)

Costs, Competition, and the Corporation

446

(2)

Applications in Economics

Cooking the Books: How the Market Responds to Criminal Behavior

448

(1)

The Economic Role of Costs

449

(1)

Short-Run and Long-Run Time Periods

450

(1)

Applications in Economics

Economic and Accounting Costs: A Hypothetical Example

451

(1)

Categories of Costs

451

(1)

Output and Costs in the Short Run

452

(1)

Thumbnail Sketch

Compact Glossary on Cost

453

(4)

Output and Cost in the Long Run

457

(4)

What Factors Cause Cost Curves to Shift?

461

(1)

The Economic Way of Thinking about Costs

462

(2)

Myths of Economics

A Good Business Decision Maker Will Never Sell a Product for Less than Its Production Costs

464

(1)

Key Points

465

(1)

Critical Analysis Questions

465

(2)

Price Takers and the Competitive Process

467

(21)

Price Takers and Price Searchers

468

(1)

Applications in Economics

The Aalsmeer Flower Auction: An Illustration of a Competitive Market

468

(1)

What Are the Characteristics of Price-Taker Markets?

469

(1)

How Does the Price Taker Maximize Profit?

470

(2)

Applications in Economics

Experimental Economics: The Significance of Competition

472

(3)

The Firm's Short-Run Supply Curve

475

(1)

The Short-Run Market Supply Curve

476

(1)

Price and Output in Price-Taker Markets

476

(4)

Applications in Economics

Coffee Production In a Price Takers' Market

480

(2)

The Role of Profits and Losses

482

(1)

Competition Promotes Prosperity

483

(1)

Key to Prosperity

Competition

483

(1)

Outstanding Economist

Friedrich A. von Hayek

484

(1)

Key Points

485

(1)

Critical Analysis Questions

485

(3)

Price-Searcher Markets with Low Entry Barriers

488

(19)

Competitive Price-Searcher Markets

488

(4)

Economics at the Movies

You've Got Mail (1998)

492

(1)

Dynamic Competition, Innovation, and Business Failures

493

(1)

Contestable Markets and the Competitive Process

493

(2)

Complex Decision Making and the Entrepreneur

495

(1)

Applications in Economics

Entrepreneurs at the Helm of Some Bizarre Occupations

496

(1)

Applications in Economics

Five Entrepreneurs Who Have Changed Our Lives

497

(2)

Entrepreneurship and Economic Progress

499

(1)

Key to Prosperity

Entrepreneurship

499

(1)

Evaluating Competitive Price-Searcher Markets

500

(2)

A Special Case: Price Discrimination

502

(2)

Key Points

504

(1)

Critical Analysis Questions

505

(2)

Price-Searcher Markets with High Entry Barriers

507

(23)

Why Are Entry Barriers Sometimes High?

508

(1)

The Characteristics of a Monopoly

509

(4)

The Characteristics of an Oligopoly

513

(1)

Price and Output under Oligopoly

514

(4)

Market Power and Profit---The Early Bird Catches the Worm

518

(1)

Applications in Economics

Oligopolistic Decision Making, Game Theory, and the Prisoner's Dilemma

519

(1)

Defects of Markets with High Entry Barriers

520

(1)

Economics at the movies

A Beautiful Mind (2001)

520

(1)

Policy Alternatives When Entry Barriers Are High

521

(5)

The Competitive Process in the Real World

526

(1)

Key Points

527

(1)

Critical Analysis Questions

528

(2)

The Supply of and Demand for Productive Resources

530

(20)

Human and Nonhuman Resources

531

(2)

Outstanding Economist

Gary Becker

533

(1)

The Demand for Resources

533

(4)

Marginal Productivity and the Firm's Hiring Decision

537

(4)

The Supply of Resources

541

(3)

Supply, Demand, and Resource Prices

544

(2)

The Coordinating Function of Resource Prices

546

(1)

Key Points

547

(1)

Critical Analysis Questions

548

(2)

Earnings, Productivity, and the Job Market

550

(16)

Why Do Earnings Differ?

551

(2)

Applications in Economics

A College Degree as a Job Market Signal: Why You Should Take More Math

553

(3)

Thumbnail Sketch

What Are the Sources of Earnings Differentials?

556

(1)

Applications in Economics

America's Millionaires

557

(1)

The Economics of Employment Discrimination

557

(3)

The Link between Productivity and Earnings

560

(1)

Key to Economic Progress

Link between Productivity and Earnings

560

(2)

Myths of Economics

Automation Is the Major Cause of Unemployment

562

(1)

Applications in Economics

Are Lifetime Jobs Disappering?

563

(1)

Key Points

564

(1)

Critical Analysis Questions

564

(2)

Investment, the Capital Market, and the Wealth of Nations

566

(18)

Why People Invest

567

(1)

Economics at the Movies

A Knight's Tale (2001)

568

(1)

Interest Rates

568

(3)

The Present Value of Future Income and Costs

571

(2)

Present Value, Profitability, and Investment

573

(1)

Applications in Economics

Would You Like to Become a Millionaire?

574

(1)

Investing in Human Capital

575

(1)

Uncertainty, Entrepreneurship, and Profit

576

(1)

Outstanding Economist

Joseph Schumpeter

577

(2)

The Capital Market and the Wealth of Nations

579

(1)

Key to Economic Progress

Innovation and the Capital Market

579

(2)

Key Points

581

(1)

Critical Analysis Questions

582

(2)

Income Inequality and Poverty

584

(17)

How Much Income Inequality Exists in the United States?

585

(4)

Income Mobility and Inequality in Economic Status

589

(2)

Poverty in the United States

591

(1)

Measures of Economic Activity

How Is the Poverty Rate Calculated?

592

(3)

Applications in Economics

Competition for Transfers and the Net Gain of Recipients

595

(1)

Income Inequality: Some Concluding Thoughts

596

(2)

Key Points

598

(1)

Critical Analysis Questions

598

(3)

Part 6 Applying the Basics: Special Topics

601

(138)

Government Spending and Taxation

604

(11)

Government Expenditures

605

(2)

Taxes and the Finance of Government

607

(1)

Taxes and the Cost of Government

608

(4)

Size of Government: The U.S. Versus Other Countries

612

(1)

Key Points

613

(1)

Critical Analysis Questions

614

(1)

The Internet: How Is It Changing the Economy?

615

(8)

Use of the Internet

616

(1)

Economic Gains from the Internet

616

(2)

Key Sectors of Internet Growth

618

(1)

More Efficient Consumer Markets

619

(1)

More Efficient Input Markets and Production Process

620

(1)

Labor Markets and the Internet: Faster and Better Employee-Employer watches

620

(1)

Concluding Thought

621

(1)

Key Points

622

(1)

Critical Analysis Questions

622

(1)

The Economics of Social Security

623

(11)

Why Is Social Security Headed for Problems?

625

(1)

Will the Trust Fund Lighten the Future Tax Burden?

626

(1)

The Real Problem of the Current System

627

(1)

Who Is Helped and Who Is Hurt by Social Security?

628

(2)

Personal Retirement Accounts and Social Security Reform

630

(2)

Key Points

632

(1)

Critical Analysis Questions

633

(1)

The Stock Market: Its Function, Performance, and Potential as an Investment Opportunity

634

(10)

The Economic Functions of the Stock Market

635

(1)

Stock Market Performance: The Historical Record

636

(1)

The Interest Rate, the Value of Future Income, and Stock Prices

637

(1)

The Random Walk Theory of the Stock Market

638

(1)

How the Ordinary Investor Can Beat the Experts

639

(3)

Key Points

642

(1)

Critical Analysis Questions

643

(1)

The Federal Budget and the National Debt

644

(10)

Deficits, Surpluses, and the National Debt

645

(1)

Who Owns the National Debt?

645

(2)

How Does Debt, Financing Influence Future Generations?

647

(3)

Government Debt: A Cross-Country Comparison

650

(1)

Social Security, Budget Deficits, and National Debt

651

(1)

The Political Economy, Demographics, and Debt Financing

651

(1)

Demographic Changes and Budget Deficits

652

(1)

Key Points

652

(1)

Critical Analysis Questions

653

(1)

Labor Market Policies and Unemployment: A Cross-Country Analysis

654

(11)

Cross-Country Variations in Unemployment Rates

655

(1)

The Structure of Labor Markets

656

(7)

Key Points

663

(1)

Critical Analysis Questions

664

(1)

Institutions, Policies, and the Irish Miracle

665

(8)

Ireland's U-Turn

666

(2)

The Impact of the Policy U-Turn

668

(3)

Key Points

671

(1)

Critical Analysis Questions

671

(2)

The Economics of Health Care

673

(10)

The Structure of the Health-Care Industry

674

(2)

Third-Party Payments and Health-Care Inflation

676

(2)

Is the U.S. Headed for a Health-Care Crisis?

678

(1)

Applications in Economics

Could Imports from Canada Reduce the Drug Prices of Americans?

679

(1)

Averting the Crisis: How to Move Toward a Consumer-Driven System

679

(3)

Key Points

682

(1)

Critical Analysis Questions

682

(1)

School Choice: Can It Improve the Quality of Education in America?

683

(8)

Educational Spending and Student Performance

684

(1)

Economics and the Structure of the Educational System

685

(2)

Alternative Ways of Increasing Competition and Expanding the Options of Consumers

687

(2)

The Impact of Structural Change

689

(1)

Conclusion

690

(1)

Key Points

690

(1)

Critical Analysis Questions

690

(1)

Is Discrimination Responsible for the Earnings Difference between Men and Women?

691

(6)

Employment Discrimination and the Earnings of Women

692

(1)

Marital Status and the Earnings of Women

693

(1)

The Changing Career Objectives of Women

693

(3)

Implications for the Future

696

(1)

Key Points

696

(1)

Critical Analysis Questions

696

(1)

Do Labor Unions Increase the Wages of Workers?

697

(11)

Union Membership as a Share of the Workforce

698

(2)

How Do Unions Influence Wages?

700

(3)

What Gives a Union Strength?

703

(2)

The Wages of Union and Nonunion Employees

705

(1)

The Impact of Unions on the Wages of All Workers

706

(1)

Key Points

707

(1)

Critical Analysis Questions

707

(1)

How Does Government Regulation Affect Your Life?

708

(11)

Regulation of Business

709

(1)

The Political Economy of Regulation

710

(2)

Applications in Economics

Limousines and Restraints on Entry

712

(1)

The Costs of Regulation

713

(1)

Applications in Economics

Superfund: a Highly Inefficient Cleanup Program

714

(3)

Future Directions for Regulatory Policy

717

(1)

Key Points

718

(1)

Critical Analysis Questions

718

(1)

Resource Management: How Property Rights and Markets Replace Conflict with Cooperation

719

(10)

Property Rights: The Key to Environmental Quality

720

(4)

Applications in Economics

Looking Ahead at the Flying D Ranch

724

(1)

How Property Rights Affect Environmental Quality and Life Expectancy

724

(1)

Markets, Economizing, and Resource Conservation

724

(2)

Applications in Economics

Managing Forests for Nature, Too

726

(2)

Key Points

728

(1)

Critical Analysis Questions

728

(1)

Difficult Environmental Cases and the Role of Government

729

(10)

Government Regulation and the Environment

730

(1)

Climate Change and the Uncertainty Problem

730

(2)

Market-like Schemes: Reducing the Cost of Specific Regulations

732

(1)

Applications in Economics

Fighting the Risks of Global Warming: Mitigation or Adaptation?

733

(1)

Property Rights as a Tool for Government Policy

734

(1)

Weakening Property Rights: The Endangered Species Act

735

(2)

Government Ownership of Resources and Provision of Services

737

(1)

Conclusion

738

(1)

Key Points

738

(1)

Critical Analysis Questions

738

(1)

Appendix A General Business and Economic Indicators for the United States

739

(8)

Appendix B Answers to Selected Critical Analysis Questions

747

(25)

Glossary

772

(11)

Index

783

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Economics: Private & Public Choice

Economics: Private & Public Choice

9780324205640

0324205643

Summary

Table of Contents

Supplemental Materials

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Amazon no longer offers textbook rentals. We do!

Economics: Private & Public Choice

Economics: Private & Public Choice

9780324205640

0324205643

Summary

Table of Contents

Supplemental Materials

Write a Review

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