Principles of Macroeconomics, Global Edition, 13th Edition
- Length: 480 pages
- Edition: 13
- Language: English
- Publisher: Pearson
- Publication Date: 2019-08-23
- ISBN-10: 1292303824
- ISBN-13: 0001292303824
- Sales Rank: #2302239 (See Top 100 Books)
This title is a Pearson Global Edition. The Editorial team at Pearson has worked closely with educators around the world to include content which is especially relevant to students outside the United States.
For one-semester courses in the principles of macroeconomics.
An introduction to the functioning of the economy and the power and breadth of economics
Reviewers tell us that Case/Fair/Oster is one of the all-time bestselling principles of economics texts because they trust it to be clear, thorough, and complete. Readers of Principles of Macroeconomics, 13th Edition, Global Edition come away with a basic understanding of how market economies function, an appreciation for the things they do well, and a sense of things they do poorly. With the latest research and added exercises, students begin to learn the art and science of economic thinking and start to look at some policy, and even personal decisions, in a different way.
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Front Cover Title Page Copyright Page About the Authors Brief Contents Contents Preface Part I Introduction to Economics 1 The Scope and Method of Economics Why Study Economics? To Learn a Way of Thinking Economics in Practice Rainfall and Schooling in India Economics in Practice Majoring in Economics Makes You Less Vulnerable to a Recession! To Understand Society To Be an Informed Citizen The Scope of Economics Microeconomics and Macroeconomics Economics in Practice How Italian Is a Ferrari? The Diverse Fields of Economics The Method of Economics Theories and Models Economics in Practice Does Your Part-time Job Affect Your Academic Performance? Economic Policy An Invitation Economic Skills and Economics as a Career Summary Review Terms and Concepts Problems Appendix: How to Read and Understand Graphs 2 The Economic Problem: Scarcity and Choice Scarcity, Choice, and Opportunity Cost Scarcity and Choice in a One-person Economy Scarcity and Choice in an Economy of Two or More Economics in Practice Frozen Foods and Opportunity Costs The Production Possibility Frontier The Economic Problem Economics in Practice Changing Consumption Patterns in China Economic Systems and the Role of Government Command Economies Laissez-Faire Economies: The Free Market Mixed Systems, Markets, and Governments Looking Ahead Summary Review Terms and Concepts Problems 3 Demand, Supply, and Market Equilibrium Firms and Households: the Basic Decision-making Units Input Markets and Output Markets: the Circular Flow Demand in Product/output Markets Changes in Quantity Demanded Versus Changes in Demand Price and Quantity Demanded: the Law of Demand Other Determinants of Household Demand Economics in Practice Have You Bought This Textbook? Economics in Practice People Drink Tea on Rainy Days Shift of Demand Versus Movement Along a Demand Curve From Household Demand to Market Demand Supply in Product/output Markets Price and Quantity Supplied: the Law of Supply Other Determinants of Supply Shift of Supply Versus Movement Along a Supply Curve From Individual Supply to Market Supply Market Equilibrium Excess Demand Excess Supply Market Equilibrium with Equations Changes in Equilibrium Economics in Practice Quinoa Demand and Supply in Product Markets: A Review Economics in Practice “Shrinkflation” During Festive Seasons Looking Ahead: Markets and the Allocation of Resources Summary Review Terms and Concepts Problems 4 Demand and Supply Applications The Price System: Rationing and Allocating Resources Price Rationing Constraints on the Market and Alternative Rationing Mechanisms Economics in Practice Why Do I Have to Pay More for My Food? the Truth Behind the Flood Crises Prices and the Allocation of Resources Price Floor Supply and Demand Analysis: Tariffs (TAX) Economics in Practice The Price Mechanism at Work for Shakespeare Supply and Demand and Market Efficiency Consumer Surplus Producer Surplus Competitive Markets Maximize the Sum of Producer and Consumer Surplus Potential Causes of Deadweight Loss from Underand Overproduction Looking Ahead Summary Review Terms and Concepts Problems Part II Concepts and Problems in Macroeconomics 5 Introduction to Macroeconomics Macroeconomic Concerns Output Growth Unemployment Inflation and Deflation The Components of the Macroeconomy The Circular Flow Diagram The Three Market Arenas The Role of the Government in the Macroeconomy A Brief History of Macroeconomics Economics in Practice Macroeconomics in Literature The U.S. Economy Since 1970 Summary Review Terms and Concepts Problems 6 Measuring Output and National Income Gross Domestic Product Final Goods and Services Exclusion of Used Goods and Paper Transactions Exclusion of Output Produced Abroad by Domestically Owned Factors of Production Calculating GDP The Expenditure Approach Economics in Practice Are Christie’s Brokerage Services Counted in Gdp? Economics in Practice Estimating Depreciation in the National Income and Product Accounts The Income Approach Nominal Versus Real GDP Economics in Practice GDP: One of the Great Inventions of the 20th Century Calculating Real GDP Calculating the GDP Deflator The Problems of Fixed Weights Limitations of the GDP Concept GDP and Social Welfare The Informal Economy Economics in Practice An Alternative to GSP: the Human Development Index Gross National Income per Capita Looking Ahead Summary Review Terms and Concepts Problems 7 Unemployment, Inflation, and Long-run Growth Unemployment Measuring Unemployment Economics in Practice Time Use for the Unemployed in a Recession Components of the Unemployment Rate Economics in Practice Female Labor Force Participation and Economic Development The Costs of Unemployment Economics in Practice The Consequences of Unemployment Persist Inflation and Deflation The Consumer Price Index The Costs of Inflation What About Deflation? Economics in Practice Chain-linked Consumer Price Index in the News Long-Run Growth Output and Productivity Growth Looking Ahead Summary Review Terms and Concepts Problems Part III The Core of Macroeconomic Theory 8 Aggregate Expenditure and Equilibrium Output The Keynesian Theory of Consumption Economics in Practice Behavioral Biases in Saving Behavior Other Determinants of Consumption Planned Investment (I) Versus Actual Investment Planned Investment and the Interest Rate (r) Other Determinants of Planned Investment The Determination of Equilibrium Output (income) The Saving/investment Approach to Equilibrium Adjustment to Equilibrium The Multiplier Economics in Practice The Rise and Fall of Nokia The Multiplier Equation Economics in Practice The Paradox of Thrift The Size of the Multiplier in the Real World Looking Ahead Summary Review Terms and Concepts Problems Appendix: Deriving the Multiplier Algebraically 9 The Government and Fiscal Policy Government in the Economy Government Purchases (G), Net Taxes (T), and Disposable Income (Yd) The Determination of Equilibrium Output (Income) Fiscal Policy at Work: Multiplier Effects The Government Spending Multiplier The Tax Multiplier The Balanced-budget Multiplier Economics in Practice Regional Autonomy and Government Budgeting in Spain The Federal Government Debt The Federal Budget The Budget in 2017 Fiscal Policy Since 1993: the Clinton, Bush, Obama, and Trump Administrations The Economy’s Influence on the Government Budget Automatic Stabilizers and Destabilizers Full-employment Budget Looking Ahead Summary Review Terms and Concepts Problems EOC Questions Appendix A Appendix B Appendix Summary Appendix Problems 10 Money, The Federal Reserve, and the Interest Rate An Overview of Money What Is Money? Economics in Practice Don’t Kill the Birds! Commodity and Fiat Monies Measuring the Supply of Money in the United States How Banks Create Money A Historical Perspective: Goldsmiths Economics in Practice A Run on the Bank: George Bailey, Mary Poppins, Wyatt Earp The Modern Banking System The Creation of Money The Money Multiplier The Federal Reserve System Functions of the Federal Reserve The Demand for Money Interest Rates and Security Prices Economics in Practice Professor Serebryakov Makes an Economic Error How the Federal Reserve Controls the Interest Rate Tools Prior to 2008 Expanded Fed Activities Beginning in 2008 The Federal Reserve Balance Sheet Tools After 2008 Looking Ahead Summary Review Terms and Concepts Problems Appendix Appendix Problems 11 The Determination of Aggregate Output, the Price Level, and the Interest Rate The Aggregate Supply (AS) Aggregate Supply in the Short Run Shifts of the Short-run Aggregate Supply Curve The Aggregate Demand (AD) Curve Planned Aggregate Expenditure and the Interest Rate The Behavior of the Fed Economics in Practice Central Bankers: Does Personality Matter? Deriving the AD Curve Economics in Practice Central Banks and Price Stability: Which Prices to Look At? The Final Equilibrium Other Reasons for a Downward-Sloping AD Curve The Long Run AS Curve Potential GDP Economics in Practice The Simple “Keynesian” Aggregate Supply Curve Summary Review Terms and Concepts Problems 12 Policy Effects and Cost Shocks in the As/ad Model Fiscal Policy Effects Fiscal Policy Effects in the Long Run Monetary Policy Effects The Fed’s Response to the Shape of the AD Curve When the Fed Cares More About the Price Level than Output What Happens When There Is a Zero Interest Rate Bound? Shocks to the System Cost Shocks Economics in Practice South African Prices Surge as Cape Town Goes Dry Demand-Side Shocks Expectations Monetary Policy Since 1970 Inflation Targeting Looking Ahead Summary Review Terms and Concepts Problems 13 The Labor Market in the Macroeconomy The Labor Market: Basic Concepts The Classical View of the Labor Market The Classical Labor Market and the Aggregate Supply Curve The Unemployment Rate and the Classical View Explaining the Existence of Unemployment Efficiency Wage Theory Imperfect Information Minimum Wage Laws Explaining the Existence of Cyclical Unemployment Sticky Wages Economics in Practice Evidence on Sticky Wages Economics in Practice How the Sharing Economy Is Transforming the Job Market An Open Question The Short-Run Relationship Between the Unemployment Rate and Inflation The Phillips Curve: A Historical Perspective Aggregate Supply and Aggregate Demand Analysis and the Phillips Curve Expectations and the Phillips Curve Inflation and Aggregate Demand The Long-Run Aggregate Supply Curve, Potential Output, and the Natural Rate of Unemployment The Nonaccelerating Inflation Rate of Unemployment (NAIRU) Looking Ahead Summary Review Terms and Concepts Problems Part IV Further Macroeconomics Issues 14 Financial Crises, Stabilization, and Deficits The Stock Market, the Housing Market, and Financial Crises Stocks and Bonds Determining the Price of a Stock The Stock Market Since 1948 Housing Prices Since 1952 Household Wealth Effects on the Economy Financial Crises and the 2008 Bailout Economics in Practice Predicting an Economy’s Future Time Lags Regarding Monetary and Fiscal Policy Recognition Lags Implementation Lags Response Lags Summary Government Deficit Issues Deficit Targeting Summary Review Terms and Concepts Problems 15 Household and Firm Behavior in the Macroeconomy: A Further Look Households: Consumption and Labor Supply Decisions The Life-Cycle Theory of Consumption The Labor Supply Decision Interest Rate Effects on Consumption Government Effects on Consumption and Labor Supply: Taxes and Transfers A Possible Employment Constraint on Households A Summary of Household Behavior The Household Sector Since 1970 Economics in Practice Measuring Housing Price Changes Firms: Investment and Employment Decisions Expectations and Animal Spirits Excess Labor and Excess Capital Effects Inventory Investment A Summary of Firm Behavior The Firm Sector Since 1970 Productivity and the Business Cycle The Short-Run Relationship Between Output and Unemployment The Size of the Multiplier Economics in Practice Estimating Multipliers: the Mafia Link Summary Review Terms and Concepts Problems 16 Long-Run Growth The Growth Process: from Agriculture to Industry Sources of Economic Growth Increase in Labor Supply Economics in Practice Government Strategy for Growth Increase in Physical Capital Increase in the Quality of the Labor Supply (Human Capital) Increase in the Quality of Capital (Embodied Technical Change) Economics in Practice Germany’s Open Border Policy Disembodied Technical Change More on Technical Change U.S. Labor Productivity: 1952 I–2017 IV Growth and the Environment and Issues of Sustainability Summary Review Terms and Concepts Problems 17 Alternative Views In Macroeconomics Keynesian Economics Monetarism The Velocity of Money The Quantity Theory of Money The Keynesian/monetarist Debate Supply-Side Economics The Laffer Curve Evaluating Supply-side Economics New Classical Macroeconomics The Development of New Classical Macroeconomics Rational Expectations Economics in Practice Brexit and Consumer Expectations Real Business Cycle Theory and New Keynesian Economics Evaluating the Rational Expectations Assumption Behavioral Macroeconomics Testing Alternative Macroeconomic Models Summary Review Terms and Concepts Problems Part V The World Economy 18 International Trade, Comparative Advantage, and Protectionism Trade Surpluses and Deficits The Economic Basis for Trade: Comparative Advantage Absolute Advantage Versus Comparative Advantage Terms of Trade Exchange Rates The Sources of Comparative Advantage The Heckscher-Ohlin Theorem Other Explanations for Observed Trade Flows Trade Barriers: Tariffs, Export Subsidies, and Quotas Economics in Practice Globalization Improves Firm Productivity U.S. Trade Policies, GATT, and the WTO Economics in Practice What Happens When We Lift a Quota? Free Trade or Protection? The Case for Free Trade The Case for Protection Economics in Practice Reshaping the Global Trade Order An Economic Consensus Summary Review Terms and Concepts Problems 19 Open-Economy Macroeconomics: the Balance of Payments and Exchange Rates The Balance of Payments The Current Account The Financial Account Economics in Practice Debtor and Creditor Nations Equilibrium Output (Income) in an Open Economy The International Sector and Planned Aggregate Expenditure Imports, Exports, and the Trade Feedback Effect Import and Export Prices and the Price Feedback Effect The Open Economy with Flexible Exchange Rates The Market for Foreign Exchange Factors That Affect Exchange Rates The Effects of Exchange Rates on the Economy An Interdependent World Economy Summary Review Terms and Concepts Problems Appendix: World Monetary Systems since 1900 Appendix Summary Appendix Problems 20 Economic Growth In Developing Economies Life in the Developing Nations: Population and Poverty Economics in Practice What Can We Learn from the Height of Children? Economic Development: Sources and Strategies The Sources of Economic Development Economics in Practice Corruption Strategies for Economic Development Economics in Practice Who You Marry May Depend on the Rain Two Examples of Development: China and India Economics in Practice Boosting Agricultural Income Through Digital Finance Development Interventions Random and Natural Experiments: Some New Techniques in Economic Development Education Ideas Health Improvements Summary Review Terms and Concepts Problems Part VI Methodology 21 Critical Thinking About Research Selection Bias Causality Correlation Versus Causation Random Experiments Regression Discontinuity Economics in Practice Moving to Opportunity Economics in Practice Control Groups and Experimental Economics Difference-in-differences Economics in Practice Using Difference-in-differences to Study the Efficacy of Medical Insurance in Japan Statistical Significance Regression Analysis Summary Review Terms and Concepts Problems Glossary Index Photo Credits
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