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Part 1 What Is Economics？1

Introduction The Ordinary Business of Life1

Any Given Sunday1

The Invisible Hand2

My Benefit，Your Cost3

Good Times，Bad Times4

Onward and Upward4

An Engine for Discovery4

Chapter1 First Principles5

Common Ground5

Individual Choice：The Core of Economics6

Resources are scarce6

Opportunity cost：The real cost of something is what you must give up to get it7

For Inquiring Minds：Got a Penny？8

“How much？” is a decision at the margin8

People usually exploit opportunities to make themselves better off9

For Inquiring Minds：Pay for Grades？10

Individual choice：Summing it up10

Economics in Action：A Woman’s Work10

Interaction：How Economies Work11

There are gains from trade12

Markets move toward equilibrium13

For Inquiring Minds：Choosing Sides13

Resources should be used as efficiently as possible to achieve society’s goals14

Markets usually lead to efficiency15

When markets don’t achieve efficiency，government intervention can improve society’s welfare16

Economics in Action：Restoring Equilibrium on the Freeways16

A Look Ahead17

Chapter2 Economic Models：Trade-offs and Trade20

Tunnel Vision20

Models in Economics：Some Important Examples21

For Inquiring Minds：Models for Money21

Trade-offs：The production possibility frontier22

Comparative advantage and gains from trade26

Pitfalls：Misunderstanding Comparative Advantage29

Comparative advantage and international trade29

Transactions：The circular-flow diagram30

Economics in Action：Rich Nation，Poor Nation33

Using Models34

Positive versus normative economics34

When and why economists disagree35

For Inquiring Minds：When Economists Agree36

Economics in Action：Economists in Government36

A Look Ahead37

Chapter 2 Appendix：Graphs in Economics41

Getting the Picture41

Graphs，Variables，and Economic Models41

How Graphs Work41

Two-variable graphs41

Curves on a graph43

A Key Concept：The Slope of a Curve44

The slope of a linear curve44

Horizontal and vertical curves and their slopes45

The slope of a nonlinear curve46

Calculating the slope along a nonlinear curve47

Maximum and minimum points48

Graphs That Depict Numerical Information49

Types of numerical graphs49

Problems in interpreting numerical graphs52

Part2 Supply and Demand56

Chapter3 Supply and Demand56

Gretzky’s Last Game56

Supply and Demand：A Model of a Competitive Market57

The Demand Curve57

The demand schedule and the demand curve58

Shifts of the demand curve59

Understanding shifts of the demand curve60

Economics in Action：Beating the Traffic62

The Supply Curve63

The supply schedule and the supply curve63

Shifts of the supply curve64

Understanding shifts of the supply curve66

Economics in Action：Down（and Up） on the Farm67

Supply，Demand，and Equilibrium68

Pitfalls：Bought and Sold？68

Finding the equilibrium price and quantity68

Why do all sales and purchases in a market take place at the same price？69

Why does the market price fall if it is above the equilibrium price？70

Why does the market price rise if it is below the equilibrium price？70

Using equilibrium to describe markets70

Economics in Action：A Fish Story71

Changes in Supply and Demand72

What happens when the demand curve shifts72

What happens when the supply curve shifts73

Pitfalls：Which Curve Is It，Anyway？74

Simultaneous shifts in supply and demand74

For Inquiring Minds：Supply，Demand，and Controlled Substances76

Economics in Action：Plain Vanilla Gets Fancy76

Competitive Markets—and Others77

A Look Ahead78

Chapter4 The Market Strikes Back83

Big City，Not-So-Bright Ideas83

Why Governments Control Prices84

Price Ceilings84

Modeling a price ceiling85

Why a price ceiling causes inefficiency86

For Inquiring Minds：The Rent Control Aristocracy88

So why are there price ceilings？88

Economics in Action：Oil Shortages in the 1970s89

Price Floors90

For Inquiring Minds：Price Floors and Butter Cookies92

Why a price floor causes inefficiency92

So why are there price floors？93

Economics in Action：“Black Labor” in Southern Europe93

Controlling Quantities95

The anatomy of quantity controls95

The costs of quantity controls98

Economics in Action：The Clams of New Jersey99

A Surprise Parallel：Taxes99

Why is a tax like a quota？99

Who pays an excise tax？100

The revenue from an excise tax101

The costs of taxation102

For Inquiring Minds：If Selling Cigarettes Is a Crime，Only Criminals will Sell Cigarettes103

Economics in Action：Who Pays the FICA？103

A Look Ahead104

Chapter5 Consumer and Producer Surplus109

Making Gains by the Book109

Consumer Surplus and the Demand Curve110

Willingness to pay and the demand curve110

Willingness to pay and consumer surplus111

How changing prices affect consumer surplus113

For Inquiring Minds：I Want a New Drug115

Economics in Action：When Money Isn’t Enough116

Producer Surplus and the Supply Curve116

Cost and producer surplus116

Changes in producer surplus119

Economics in Action：Gaining from Disaster120

Consumer Surplus，Producer Surplus，and the Gains from Trade121

The gains from trade121

The efficiency of markets：A preliminary view122

A few words of caution125

Economics in Action：eBay and Efficiency126

Applying Consumer and Producer Surplus：The Efficiency Costs of a Tax127

Deadweight loss and elasticities130

Economics in Action：Missing the Boats132

A Look Ahead133

Part 3 Introduction to Macroeconomics138

Chapter6 Macroeconomics：The Big Picture138

Disappointed Graduates138

Microeconomics versus Macroeconomics140

Macroeconomics：The whole is greater than the sum of its parts140

Macroeconomic policy141

Long-run growth141

Economic aggregates142

Economics in Action：The Great Depression142

The Business Cycle144

For Inquiring Minds：Defining Recessions and Expansions145

Employment and Unemployment145

Aggregate output146

Taming the business cycle148

Economics in Action：Has the Business Cycle Been Tamed？148

Long-Run Economic Growth149

For Inquiring Minds：When Did Long-Run Growth Start？150

Economics in Action：The Difference a Point Makes150

Inflation and Deflation151

Economics in Action：A Fast（Food） Measure of Inflation153

The Open Economy153

Economics in Action：North of the Border155

A Look Ahead156

Chapter7 Tracking the Macroeconomy159

After the Revolution159

The National Accounts160

The circular-flow diagram，revisited and expanded160

Gross domestic product163

Calculating GDP164

For Inquiring Minds：OurImputed Lives165

Pitfalls：GDP：What’s In and What’s Out166

For Inquiring Minds：Gross What？167

What GDP tells us168

Economics in Action：Creating the National Accounts168

Real GDP and Aggregate Output169

Calculating real GDP169

A technical detail：“Chained” dollars170

What real GDP doesn’t measure171

Economics in Action：Good Decades，Bad Decades172

The Unemployment Rate173

Understanding the unemployment rate173

Growth and unemployment175

Economics in Action：Jobless Recoveries176

Price Indexes and the Aggregate Price Level176

Market baskets and price indexes177

The consumer price index178

Other price measures179

For Inquiring Minds：Is the CPI Biased？180

Economics in Action：Indexing to the CPI180

A Look Ahead181

Part 4：The Economy in the Long Run186

Chapter8 Long-Run Economic Growth186

The Bad Old Days186

Comparing Economies Across Time and Space187

Real GDP per capita187

Pitfalls：Change in Levels versus Rate of Change188

Growth rates189

Economics in Action：The Luck of the Irish190

The Sources of Long-Run Growth191

The crucial importance of productivity191

Explaining growth in productivity191

Accounting for growth：the aggregate production function192

For Inquiring Minds：The Wal-Mart Effect193

Pitfalls：It May Be Diminished…But It’s Still Positive194

What about natural resources？196

Economics in Action：The Information Technology Paradox197

Why Growth Rates Differ198

Savings and investment spending198

Foreign investment199

Education200

Infrastructure200

Research and development200

For Inquiring Minds：Inventing R＆D201

Political stability，propetyy rights，and excessive government intervention201

Economics in Action：The Brazilian Breadbasket201

Success，Disappointment，and Failure202

The East Asian miracle203

Latin America’s disappointment204

Africa’s troubles204

Economics in Action：Are Economies Converging？205

A Look Ahead206

Chapter9 Savings，Investment Spending，and the Financial System210

A Hole in the Ground210

Matching Up Savings and Investment Spending211

Pitfalls：Investment versus Investment Spending211

The savings-investment spending identity211

Pitfalls：The Different Kinds of Capital214

For Inquiring Minds：Who Enforces the Accounting？216

The market for loanable funds216

Savings，investment spending，and government policy219

Economics in Action：Budgets and Investment Spending in the 1990s221

The Financial System221

Three tasks of a financial system222

Types of assets225

Financial intermediaries226

Economics in Action：Banks and the South Korean Miracle228

Financial Fluctuations229

The demand for stocks229

For Inquiring Minds：How Now，Dow Jones？230

Stock market expectations230

Stock prices and macroeconomics231

Economics in Action：“Irrational Exuberance”232

A Look Ahead233

Part5 Short-Run Economic Fluctuations236

Chapter10 Aggregate Supply and Aggregate Demand236

Shocks to the system236

Aggregate Supply237

The short-run aggregate supply curve237

For Inquiring Minds：What’s Truly Flexible，What’s Truly Sticky239

Shifts of the short-run aggregate supply curve240

The long-run aggregate supply curve242

From the short run to the long run244

Pitfalls：Are We There Yet？What the Long Run Really Means245

Economics in Action：Prices and Output in the Great Depression245

Aggregate Demand246

Why is the aggregate demand curve downward-sloping？247

Shifts in the aggregate demand curve248

Pitfalls：Changes in Wealth：A Movement Along versus a Shift of the Aggregate Demand Curve249

Government policies and aggregate demand249

Economics in Action：Moving Along the Aggregate Demand Curve，1979-80250

The Multiplier251

The AS-AD Model254

Short-run macroeconomic equilibrium255

Shifts of the SRAS curve256

Shifts in aggregate demand：Short-run effects257

Long-run macroeconomic equilibrium258

Economics in Action：Supply Shocks versus Demand Shocks in Practice260

Macroeconomic Policy261

For Inquiring Minds：Keynes and the Long Run262

Policy in the face of demand shocks262

Responding to supply shocks263

Economics in Action：The End of the Great Depression263

A Look Ahead264

Chapter11 Income and Expenditure269

Be a Patriot and Spend269

Consumer Spending270

Current disposable income and consumer spending270

Shifts of the aggregate consumption function273

Economics in Action：Famous First Forecasting Failures274

Investment Spending276

The interest rate and investment spending276

Expected future real GDP，production capacity，and investment spending277

Inventories and unplanned investment spending278

Economics in Action：A Tale of Two Investment Spending Slumps279

Behind Shifts of the Aggregate Demand Curve：The Income-Expenditure Model280

Planned aggregate spending and real GDP281

Income-expenditure equilibrium283

Pitfalls：Income-Expenditure Equilibrium versus Short-Run Macroeconomic Equilibrium284

The multiplier process and inventory adjustment285

Economics in Action：Bad Times in Buenos Aires288

A Look Ahead288

Chapter11 Appendix：Deriving the Multiplier Algebraically292

Chapter12 Fiscal Policy293

A Bridge to Prosperity？293

Fiscal Policy：The Basics294

Taxes，purchases of goods and services，government transfers，and borrowing294

The government budget and total spending295

For Inquiring Minds：Investment Tax Credits296

Expansionary and contractionary fiscal policy296

A cautionary note：Lags in fiscal policy298

Economics in Action：Expansionary Fiscal Policy in Japan298

Fiscal Policy and the Multiplier299

Multiplier effects of an increase in government purchases of goods and services299

Multiplier effects of changes in government taxes and transfers300

How taxes affect the multiplier301

Economics in Action：How Much Bang for the Buck？302

The Budget Balance304

The budget balance as a measure of fiscal policy304

The business cycle and the cyclically adjusted budget balance305

Should the budget be balanced？307

Economics in Action：Stability Pact—or Stupidity Pact？307

Long-Run Implications of Fiscal Policy308

Deficits，surpluses，and debt308

Pitfalls：Deficits versus Debt309

Problems posed by rising government debt309

Deficits and debt in practice310

For Inquiring Minds：What Happened to the Debt from World War Ⅱ？312

Implicit liabilities312

Economics in Action：Argentina’s Creditors Take a Haircut313

A Look Ahead315

Chapter 12 Appendix：Taxes and the Multiplier319

Chapter13 Money，Banking，and the Federal Reserve System321

A Waggon-Way Through the Air321

The Meaning of Money322

What is money？322

Pitfalls：Plastic and the Money Supply322

Roles of money323

Types of money323

Measuring the money supply324

For Inquiring Minds：What’s with All the Currency？325

Economics in Action：The History of the Dollar325

The Monetary Role of Banks326

What banks do326

The problem of bank runs327

Bank regulation328

For Inquiring Minds：Is Banking a Con？328

Economics in Action：It’s a Wonderful Banking System329

Determining the Money Supply330

How banks create money330

Reserves，bank deposits，and the money multiplier331

The money multiplier in reality332

Economics in Action：Multiplying Money Down333

The Federal Reserve system334

The Fed：America’s central bank334

What the Fed does：Reserve requirements and the discount rate335

Open-market operations336

Economics in Action：Building Europe’s Fed338

A Look Ahead338

Chapter14 Monetary Policy342

Eight Times a Year342

The Demand for Money343

The opportunity cost of holding money343

The money demand curve345

Prices and the demand for money345

Shifts of the real money demand curve347

The velocity approach to money demand348

Economics in Action：A Yen for Cash349

Money and Interest Rates350

The equilibrium interest rate350

Two models of interest rates？351

Pitfalls：The Target versus the Market351

Monetary policy and the interest rate351

For Inquiring Minds：Long-Term Interest Rates353

Economics in Action：The Fed Takes Action353

Monetary Policy and Aggregate Demand354

Expansionary and contractionary monetary policy354

Monetary policy and the multiplier356

Two models of interest rates，revisited357

Economics in Action：The Fed and the Output Gap，1985-2004359

Money，Output，and Prices in the Long Run360

Short-run and long-run effects of an increase in the money supply360

Monetary neutrality361

The interest rate in the long run362

Economics in Action：International Evidence of Monetary Neutrality363

A Look Ahead364

Part 6 The Supply Side and the Medium Run368

Chapter15 Labor Markets，Unemployment，and Inflation368

Two Paths to Unemployment368

The Nature of Unemployment369

For Inquiring Minds：Full Employment—It’s the Law369

Job creation and job destruction369

Frictional unemployment370

Structural unemployment371

The natural rate of unemployment373

Changes in the natural rate of unemployment374

Economics in Action：Eurosclerosis376

Unemployment and the Business Cycle377

The output gap and the unemployment rate377

Okun’s law379

Pitfalls：When is a “Law” Not a Law379

Economics in Action：Jobless Recoveries380

Why Doesn’t the Labor Market Move Quickly to Equilibrium？380

Economics in Action：Sticky Wages in the Great Depression382

Unemployment and Inflation：The Phillips Curve382

The short-run Phillips curve383

For Inquiring Minds：The Aggregate Supply Curve and the Short-Run Phillips Curve384

Inflation expectations and the short-run Phillips curve385

The long-run Phillips curve387

The natural rate，revisited388

Economics in Action：From the Scary Seventies to the Nifty Nineties388

A Look Ahead389

Chapter16 Inflation，Disinflation，and Deflation393

Hourly Wages393

Money and Inflation394

Money and prices，revisited394

For Inquiring Minds：Indexing to Inflation397

The inflation tax397

The Logic of Hyperinflation398

Economics in Action：Money and Prices in Brazil，1985-1995399

Effects of Inflation400

Winners and losers from unexpected inflation400

Expected inflation and interest rates401

The costs of inflation403

The optimal rate of inflation405

For Inquiring Minds：A Case for Deflation？405

Economics in Action：Inflation and Interest Rates in the United States406

Moderate Inflation and Disinflation407

Causes of moderate inflation407

The problem of disinflation407

Economics in Action：The Great Disinflation of the 1980s408

Deflation410

Effects of unexpected deflation410

Effects of expected deflation410

Economics in Action：Japan’s Trap411

A Look Ahead411

Part 7 Events and Ideas415

Chapter17 The Making of Modern Macroeconomics415

Purge the Rottenness？415

Classical Macroeconomics416

Money and the price level416

The business cycle417

Economics in Action：When did the business cycle begin？417

The Great Depression and the Keynesian Revolution418

Keynes’s theory418

For Inquiring Minds：The Politics of Keynes420

Policy to fight recessions420

Economics in Action：The End of the Great Depression421

Challenges to Keynesian Economics422

The revival of monetary policy422

Monetarism422

Inflation and the natural rate of unemployment425

The political business cycle425

Economics in Action：The Fed’s Flirtation with Monetarism426

Rational Expectations，Real Business Cycles，and New Classical Macroeconomics426

Rational expectations427

Real business cycles？427

For Inquiring Minds：Supply-side Economics428

Economics in Action：Total Factor Productivity and the Business Cycle428

The Modern Consensus429

Is expansion and monetary policy helpful in fighting recessions？430

Is fiscal policy effective in fighting recessions？430

Can monetary and/or fiscal policy reduce unemployment in the long run？430

Should fiscal policy be used in a discretionary way？430

Should monetary policy be used in a discretionary way？431

The clean little secret of macroeconomics432

Economics in Action：After the Bubble432

A Look Ahead433

Part 8 The Open Economy436

Chapter18 International Trade436

A Rose by Any Other Nation436

Comparative Advantage and International Trade437

Production possibilities and comparative advantage，revisited438

The gains from international trade440

Pitfalls：The Pauper Labor Fallacy441

Sources of comparative advantage441

For Inquiring Minds：Does Trade Hurt Poor Countries？442

For Inquiring Minds：Increasing Returns and International Trade443

Economics in Action：The Comparative Advantage of the United States444

Supply，Demand，and International Trade444

The effects of imports445

The effects of exports447

International trade and factor markets448

Economics in Action：Trade，Wages，and Land Prices in the Nineteenth Century449

The Effects of Trade Protection450

The effects of a tariff450

The effects of an import quota452

Economics in Action：Trade Protection in the United States452

The Political Economy of Trade Protection453

Arguments for trade protection453

For Inquiring Minds：Bittersweet454

The politics of trade protection454

International trade agreements and the World Trade Organization455

Economics in Action：Declining Tariffs455

A Look Ahead456

Chapter19 Open-Economy Macroeconomics460

Euro Dilemmas460

Capital Flows and the Balance of Payments461

Balance of payments accounts461

For Inquiring Minds：GDP，GNP，and the Current Account464

Modeling private international capital flows464

Underlying determinants of international capital flows467

For Inquiring Minds：Twin Deficits？467

Economics in Action：The Golden Age of Capital Flows468

The Role of the Exchange Rate469

Understanding exchange rates469

Pitfalls：Which Way Is Up？470

The equilibrium exchange rate470

Inflation and real exchange rates473

Purchasing power parity475

For Inquiring Minds：Burgernomics476

Economics in Action：The Dollar and the Deficit476

Exchange Rate Policy478

Exchange rate regimes478

How can an exchange rate be held fixed？478

The exchange rate regime dilemma480

For Inquiring Minds：From Bretton Woods to the Euro481

Economics in Action：China Pegs the Yuan482

Exchange Rates and Macroeconomic Policy482

Devaluation and revaluation of fixed exchange rates483

Monetary policy under floating exchange rates483

International business cycles484

Economics in Actions：The Joy of a Devalued Pound485

Solutions to “Check Your Understanding”Questions489

Macroeconomic Data 1929-2004513

Glossary519

Index529