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Macroeconomics

by: Slavin, Stephen L.

Macroeconomics

by: Slavin, Stephen L.

ISBN 13:
9780072854879
ISBN 10:
0072854871
Edition: 7th
Format: Paperback
Copyright: 02/23/2004
Publisher: McGraw-Hill/Irwin
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Summary

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

(22)

Introduction

(1)

The American Economy in the 19th Century

(4)

Agricultural Development

(2)

The National Railroad Network

(1)

The Age of the Industrial Capitalist

(1)

The American Economy in the 20th Century

(11)

The Roaring Twenties

(1)

The 1930s: The Great Depression

(3)

The 1940s: World War II and Peacetime Prosperity

(3)

The 1950s: The Eisenhower Years

(1)

The Soaring Sixties: The Years of Kennedy and Johnson

(1)

The Sagging Seventies: The Stagflation Decade

(1)

The 1980s: The Age of Reagan

(1)

The State of American Agriculture

(1)

The ``New Economy'' of the Nineties

(1)

The American Economy in the New Millennium

(1)

9/11 and After

(1)

Last Word

(5)

Resource Utilization

(22)

Economics Defined

(1)

The Central Fact of Economics: Scarcity

(2)

Scarcity and the Need to Economize

(1)

The Economic Problem

(1)

The Four Economic Resources

(1)

Opportunity Cost

(1)

Full Employment and Full Production

(4)

The Production Possibilities Frontier

(5)

Productive Efficiency

(1)

Economic Growth

(10)

Supply and Demand

(22)

Demand

(1)

Supply

(2)

Equilibrium

(1)

Surpluses and Shortages

(1)

Shifts in Demand and Supply

(4)

Price Ceilings and Price Floors

(5)

Applications of Supply and Demand

(2)

Interest Rate Determination

(1)

College Parking

(1)

The Rationing Function of the Price System

(1)

Last Word

(7)

The Mixed Economy

(24)

The Three Questions of Economics

(1)

What Shall We Produce?

(1)

How Shall These Goods Be Produced?

(1)

For Whom Shall the Goods Be Produced?

(1)

The Invisible Hand, the Price Mechanism, and Perfect Competition

(4)

The Invisible Hand

(1)

The Price Mechanism

(1)

Competition

(1)

Trust

(1)

Equity and Efficiency

(1)

The Circular Flow Model

(1)

The Economic Role of Government

(1)

Market Failure

(7)

Externalities

(3)

Curbing Environmental Pollution

(3)

Lack of Public Goods and Services

(1)

Capital

(2)

The ``Isms'': Capitalism, Communism, Fascism, and Socialism

(5)

The Decline and Fall of the Communist System

(1)

Transformation in China

(2)

Last Word: The Mixed Economy

(3)

The Household-Consumption Sector

(26)

GDP and Big Numbers

(1)

Consumption

(1)

Saving

(1)

Average Propensity to Consume (APC)

(1)

Average Propensity to Save (APS)

(2)

Marginal Propensity to Consume (MPC)

(1)

Marginal Propensity to Save (MPS)

(1)

Graphing the Consumption Function

(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)

Glossary

485

(10)

Index

495

Amazon no longer offers textbook rentals. We do!

Macroeconomics

Macroeconomics

9780072854879

0072854871

Summary

Table of Contents

Supplemental Materials

Write a Review

Amazon no longer offers textbook rentals. We do!

Macroeconomics

Macroeconomics

9780072854879

0072854871

Summary

Table of Contents

Supplemental Materials

Write a Review

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