Macroeconomics, Global Edition, 3rd Edition
- Length: 449 pages
- Edition: 3
- Language: English
- Publisher: Pearson
- Publication Date: 2021-08-11
- ISBN-10: 1292412135
- ISBN-13: 9781292412139
- Sales Rank: #0 (See Top 100 Books)
For courses in the principles of macroeconomics. An evidence-basedapproach to economics Throughout Macroeconomics,3rd Edition, authors Daron Acemoglu, David Laibson, and John List usereal economic questions and data to help students learn about the world aroundthem. Taking a fresh approach, they use the themes of optimization,equilibrium, and empiricism to not only illustrate the power of simple economicideas, but also to explain and predict whats happening in todays society.Each chapter begins with an empirical question that is relevant to the life ofa student and is later answered using data in the Evidence-Based Economicsfeature. As a result of the texts practical emphasis, students learn to applyeconomic principles to guide the decisions they make in their own daily lives
Cover Page Half Title Title Page Copyright Dedication About the Authors Brief Contents Contents Preface Acknowledgments Macroeconomics: Flexibility Chart Part I: Introduction to Economics Chapter 1: The Principles and Practice of Economics 1.1 The Scope of Economics Economic Agents and Economic Resources Definition of Economics Positive Economics and Normative Economics Microeconomics and Macroeconomics 1.2 Three Principles of Economics 1.3 The First Principle of Economics: Optimization Trade-offs and Budget Constraints Opportunity Cost Cost-Benefit Analysis Evidence-Based Economics: Is Facebook free? 1.4 The Second Principle of Economics: Equilibrium The Free-Rider Problem 1.5 The Third Principle of Economics: Empiricism 1.6 Is Economics Good for You? Summary Key Terms Questions Evidence-Based Economics Problems Problems Chapter 2: Economic Science: Using Data and Models to Understand the World 2.1 The Scientific Method Models and Data An Economic Model Evidence-Based Economics: How much more does a worker with a 4-year college degree earn compared to a worker with a high school degree? Means and Medians Argument by Anecdote 2.2 Causation and Correlation The Red Ad Blues Causation Versus Correlation Choice & Consequence: Spend Now and Pay Later? Experimental Economics and Natural Experiments Evidence-Based Economics: What is the return to education? 2.3 Economic Questions and Answers Summary Key Terms Questions Evidence-Based Economics Problems Problems Appendix: Constructing and Interpreting Charts and Graphs A Study about Incentives Experimental Design Describing Variables Cause and Effect Appendix Key Terms Appendix Problems Chapter 3: Optimization: Trying to Do the Best You Can 3.1 Optimization: Trying to Choose the Best Feasible Option Choice & Consequence: Do People Actually Choose the Best Feasible Option? 3.2 Optimization Application: Renting the Optimal Apartment Before and After Comparisons 3.3 Optimization Using Marginal Analysis Marginal Cost Evidence-Based Economics: How does location affect the rental cost of housing? Summary Key Terms Questions Evidence-Based Economics Problems Problems Chapter 4: Demand, Supply, and Equilibrium 4.1 Markets Competitive Markets 4.2 How Do Buyers Behave? Demand Curves Willingness to Pay From Individual Demand Curves to Aggregated Demand Curves Building the Market Demand Curve Shifting the Demand Curve Evidence-Based Economics: How much more gasoline would people buy if its price were lower? 4.3 How Do Sellers Behave? Supply Curves Willingness to Accept From the Individual Supply Curve to the Market Supply Curve Shifting the Supply Curve 4.4 Supply and Demand in Equilibrium Curve Shifting in Competitive Equilibrium Letting the Data Speak: Technological Breakthroughs Drive Down the Equilibrium Price of Oil Letting the Data Speak: The Day Oil Became Garbage 4.5 What Would Happen If the Government Tried to Dictate the Price of Gasoline? Choice & Consequence: The Unintended Consequences of Fixing Market Prices Summary Key Terms Questions Evidence-Based Economics Problems Problems Part II: Introduction to Macroeconomics Chapter 5: The Wealth of Nations: Defining and Measuring Macroeconomic Aggregates 5.1 Macroeconomic Questions 5.2 National Income Accounts: Production = Expenditure = Income Production Expenditure Income Circular Flows National Income Accounts: Production National Income Accounts: Expenditure Evidence-Based Economics: In the United States, what is the total market value of annual economic production? Letting the Data Speak: Saving versus Investment National Income Accounting: Income 5.3 What Isn’t Measured by GDP? Physical Capital Depreciation Home Production The Underground Economy Externalities Gross Domestic Product versus Gross National Product The Increase in Income Inequality Leisure Does GDP Buy Happiness? 5.4 Real versus Nominal The GDP Deflator The Consumer Price Index Inflation Adjusting Nominal Variables Summary Key Terms Questions Evidence-Based Economics Problems Problems Chapter 6: Aggregate Incomes 6.1 Inequality Around the World Measuring Differences in GDP per Capita Letting the Data Speak: The Big Mac Index Cross-Country Differences in GDP per capita GDP per Worker Productivity Incomes and the Standard of Living Choice & Consequence: Dangers of Just Focusing on GDP per Capita 6.2 Productivity and the Aggregate Production Function Productivity Differences The Aggregate Production Function Labor Physical Capital and Land Technology Representing the Aggregate Production Function 6.3 The Role and Determinants of Technology Technology Dimensions of Technology Letting the Data Speak: Moore’s Law Choice & Consequence: Academic Misallocation in Nazi Germany Letting the Data Speak: Efficiency of Production and Productivity at the Company Level Entrepreneurship Letting the Data Speak: Monopoly and GDP Evidence-Based Economics: Why is the average American so much richer than the average Indian? Summary Key Terms Questions Evidence-Based Economics Problems Problems Appendix: The Mathematics of Aggregate Production Functions Part III: Long-Run Growth and Development Chapter 7: Economic Growth 7.1 The Power of Economic Growth A First Look at U.S. Growth Exponential Growth Choice & Consequence: The Power of Exponential Growth Patterns of Growth Letting the Data Speak: Levels versus Growth 7.2 How Does a Nation’s Economy Grow? Optimization: The Choice Between Saving and Consumption What Brings Sustained Growth? Choice & Consequence: Is Increasing the Saving Rate Always a Good Idea? Knowledge, Technological Change, and Growth Letting the Data Speak: Technology and Life Expectancy 7.3 The History of Growth and Technology Growth Before Modern Times Letting the Data Speak: The Great Productivity Puzzle Evidence-Based Economics: Why are you so much more prosperous than your great-great-grandparents were? Malthusian Limits to Growth The Industrial Revolution Growth and Technology Since the Industrial Revolution 7.4 Growth, Inequality, and Poverty Growth and Inequality Growth and Poverty Letting the Data Speak: Income Inequality in the United States Choice & Consequence: Inequality versus Poverty How Can We Reduce Poverty? Summary Key Terms Questions Evidence-Based Economics Problems Problems Appendix: The Solow Growth Model The Three Building Blocks of the Solow Model Steady-State Equilibrium in the Solow Model Determinants of GDP Dynamic Equilibrium in the Solow Model Sources of Growth in the Solow Model Calculating Average (Compound) Growth Rates Appendix Key Terms Appendix Problems Chapter 8: Why Isn’t the Whole World Developed? 8.1 Proximate Versus Fundamental Causes of Prosperity Geography Culture Institutions A Natural Experiment of History 8.2 Institutions and Economic Development Inclusive and Extractive Economic Institutions How Economic Institutions Affect Economic Outcomes Letting the Data Speak: Democracy and Growth Letting the Data Speak: Divergence and Convergence in Eastern Europe The Logic of Extractive Economic Institutions Inclusive Economic Institutions and the Industrial Revolution Letting the Data Speak: Blocking the Railways Evidence-Based Economics: Are tropical and semitropical areas condemned to poverty by their geographies? 8.3 Is Foreign Aid the Solution to World Poverty? Choice & Consequence: Foreign Aid and Corruption Summary Key Terms Questions Evidence-Based Economics Problems Problems Part VI: Equilibrium in the Macroeconomy Chapter 9: Employment and Unemployment 9.1 Measuring Employment and Unemployment Classifying Potential Workers Calculating the Unemployment Rate Trends in the Unemployment Rate 9.2 Equilibrium in the Labor Market The Demand for Labor Shifts in the Labor Demand Curve The Supply of Labor Shifts in the Labor Supply Curve Letting the Data Speak: Who Is Unemployed? Letting the Data Speak: Racial Disparities in Unemployment and the Existence of Racial Discrimination Equilibrium in a Competitive Labor Market 9.3 Why Is There Unemployment? Voluntary Unemployment Job Search and Frictional Unemployment 9.4 Wage Rigidity and Structural Unemployment Minimum Wage Laws Choice & Consequence: Luddites and Robots Labor Unions and Collective Bargaining Efficiency Wages Choice & Consequence: Minimum Wage Laws and Employment Downward Wage Rigidity 9.5 Cyclical Unemployment and the Natural Rate of Unemployment Evidence-Based Economics: How did unemployment and wages respond to the COVID-19 pandemic in the United States? Summary Key Terms Questions Evidence-Based Economics Problems Problems Chapter 10: Credit Markets 10.1 What Is the Credit Market? Borrowers and the Demand for Loans Real and Nominal Interest Rates The Credit Demand Curve Saving Decisions The Credit Supply Curve Choice & Consequence: Why Do People Save? Equilibrium in the Credit Market Credit Markets and the Efficient Allocation of Resources 10.2 Banks and Financial Intermediation: Putting Supply and Demand Together Letting the Data Speak: Financing Start-ups Assets and Liabilities on the Balance Sheet of a Bank 10.3 What Banks Do Identifying Profitable Lending Opportunities Maturity Transformation Management of Risk Bank Runs Bank Regulation and Bank Solvency Evidence-based Economics: How often do banks fail? Choice & Consequence: Too Big to Fail Choice & Consequence: Asset Price Fluctuations and Bank Failures Summary Key Terms Questions Evidence-Based Economics Problems Problems Chapter 11: The Monetary System 11.1 Money The Functions of Money Types of Money The Money Supply Choice & Consequence: Non-Convertible Currencies in U.S. History 11.2 Money, Prices, and GDP Nominal GDP, Real GDP, and Inflation The Quantity Theory of Money 11.3 Inflation What Causes Inflation? The Consequences of Inflation The Social Costs of Inflation The Social Benefits of Inflation Evidence-Based Economics: What caused the German hyperinflation of 1922–1923? 11.4 The Federal Reserve The Central Bank and the Objectives of Monetary Policy What Does the Central Bank Do? 11.5 Bank Reserves and the Plumbing of the Monetary System Bank Reserves and Liquidity The Demand Side of the Federal Funds Market The Supply Side of the Federal Funds Market and Equilibrium in the Federal Funds Market Two Ways That the Fed Controls the Federal Funds Rate Choice & Consequence: Obtaining Reserves Outside the Federal Funds Market The Fed’s Influence on the Money Supply and the Inflation Rate The Relationship Between the Federal Funds Rate and the Long-Term Real Interest Rate Letting the Data Speak: Two Models of Inflation Expectations Summary Key Terms Questions Evidence-Based Economics Problems Problems Part V: Short-Run Fluctuations and Macroeconomic Policy Chapter 12: Short-Run Fluctuations 12.1 Economic Fluctuations and Business Cycles Patterns of Economic Fluctuations The Great Depression 12.2 Macroeconomic Equilibrium and Economic Fluctuations Labor Demand and Fluctuations Sources of Fluctuations Letting the Data Speak: Unemployment and the Growth Rate of Real GDP: Okun’s Law Multipliers and Economic Fluctuations Equilibrium in the Medium Run: Partial Recovery and Full Recovery 12.3 Modeling Expansions Evidence-Based Economics: What caused the recession of 2007–2009? Evidence-Based Economics: What caused the recession of 2020? Summary Key Terms Questions Evidence-Based Economics Questions Problems Chapter 13: Countercyclical Macroeconomic Policy 13.1 The Role of Countercyclical Policies in Economic Fluctuations 13.2 Countercyclical Monetary Policy Controlling the Federal Funds Rate Other Tools of the Fed Expectations, Inflation, and Monetary Policy Zero Lower Bound Letting the Data Speak: Managing Expectations in Monetary Policy Contractionary Monetary Policy: Reducing Inflation Policy Trade-Offs Choice & Consequence: Policy Mistakes 13.3 Countercyclical Fiscal Policy Fiscal Policy over the Business Cycle: Automatic and Discretionary Components Analysis of Expenditure-Based Fiscal Policy Analysis of Taxation-Based Fiscal Policy Letting the Data Speak: The Response of Consumption to Tax Cuts Fiscal Policies That Directly Target the Labor Market Policy Waste and Policy Lags Letting the Data Speak: Hybrid Policies That Involve Cooperation Between Fiscal and Monetary Policymakers Evidence-Based Economics: How much does government expenditure stimulate GDP? Summary Key Terms Questions Evidence-Based Economics Problems Problems Part VI: Macroeconomics in a Global Economy Chapter 14: Macroeconomics and International Trade 14.1 Why and How We Trade Absolute Advantage and Comparative Advantage Comparative Advantage and International Trade Efficiency and Winners and Losers from Trade How We Trade Letting the Data Speak: Living in an Interconnected World Choice & Consequence: Trade Policy and Politics Trade Barriers: Tariffs 14.2 The Current Account and the Financial Account Trade Surpluses and Trade Deficits International Financial Flows The Workings of the Current Account and the Financial Account 14.3 International Trade, Technology Transfer, and Economic Growth Letting the Data Speak: From IBM to Lenovo Evidence-Based Economics: Are companies like Nike harming workers in Vietnam? Summary Key Terms Questions Evidence-Based Economics Problems Problems Chapter 15: Open Economy Macroeconomics 15.1 Exchange Rates Nominal Exchange Rates Flexible, Managed, and Fixed Exchange Rates 15.2 The Foreign Exchange Market How Do Governments Intervene in the Foreign Exchange Market? Defending an Overvalued Exchange Rate Choice & Consequence: Fixed Exchange Rates and Corruption Evidence-Based Economics: How did George Soros make $1 billion? 15.3 The Real Exchange Rate and Exports From the Nominal to the Real Exchange Rate Co-Movement Between the Nominal and the Real Exchange Rates The Real Exchange Rate and Net Exports Letting the Data Speak: Why Did the Chinese Authorities Keep the Yuan Undervalued? 15.4 GDP in the Open Economy Revisiting Black Wednesday Interest Rates, Exchange Rates, and Net Exports Letting the Data Speak: The Costs of Fixed Exchange Rates Summary Key Terms Questions Evidence-Based Economics Problems Problems Endnotes Glossary Credits Index A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
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