Economic Way of Thinking, The

Häftad, Engelska, 2014

Av Paul Heyne, Peter Boettke, David Prychitko

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Intended primarily for one semester survey courses in general economics, this text also provides practical content to current and aspiring industry professionals.

Learn how to think like an economist.

The Economic Way of Thinking goes beyond explaining the basic principles of micro- and macroeconomic analysis by showing readers a method of reasoning that teaches them how to apply these principles as tools. The authors expose readers to a method of reasoning that makes them think like an economist through example and application and also shows them how not to think, by exposing errors in popular economic reasoning.

The latest edition has been thoroughly updated with current material.

Produktinformation

Utgivningsdatum2014-03-27
Mått10 x 10 x 10 mm
Vikt580 g
FormatHäftad
SpråkEngelska
Antal sidor456
Upplaga13
FörlagPearson Education
ISBN9780132991292

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Brief Contents Chapter 1 The Economic Way of Thinking Recognizing OrderThe Importance of Social CooperationHow Does It Happen?An Apparatus of the Mind–The Skill of the EconomistCooperation Through Mutual AdjustmentSignalsRules of the GameProperty Rights as Rules of the GameThe Biases of Economic Theory: A Weakness or a Strength?Biases or Conclusions?The Skills of the EconomistQuestions for DiscussionChapter 2 Efficiency, Exchange and Comparative Advantage Goods and BadsThe Myth of Material WealthTrade Creates WealthIs It Worth It? Efficiency and ValuesRecognizing Trade-Offs: Comparing Opportunity Costs of ProductionThe Gains from Specialization and ExchangeWhy Specialize?From Individual Trade to International Trade, and Back AgainTransaction CostsIncentives to Reduce Transaction Costs: MiddlemenMiddlemen Create InformationMarkets as Discovery ProcessesThe Big Picture: First Thoughts on Economic GrowthSearching for an ExplanationThe Evolution of Rules That Encourage Specialization and ExchangeQuestions for DiscussionChapter 3 Substitutes Everywhere: The Concept of Demand On the Notion of “Needs”Marginal ValuesForks in the Road: Everyday Choices Are Marginal ChoicesThe Demand CurveThe Law of DemandDemand and Quantity DemandedDemand Itself Can ChangeEverything Depends on Everything ElseMisperceptions Caused by InflationTime Is on Our SidePrice Elasticity of DemandThinking About ElasticityElasticity and Total ReceiptsThe Myth of Vertical DemandWhat Role Should Demand Play?Is Money All That Matters? Money Costs, Other Costs, and Economic CalculationQuestions for DiscussionChapter 4 Cost and Choice: The Concept of Supply Refresher on Opportunity CostsCosts Are Tied to Actions, Not ThingsWhat Do I Do Now? The Irrelevance of “Sunk Costs”Producers’ Costs as Opportunity CostsMarginal Opportunity CostsCosts and SupplyThe Supply CurveSupply Itself Can ChangeMarginal and Average CostsThe Cost of a Volunteer Military ForcePrice Elasticity of SupplyCost as JustificationQuestions for DiscussionChapter 5 Supply and Demand: A Process of Coordination The Market Is a Process of Plan CoordinationThe Basic ProcessCompetition, Cooperation, and Market ClearingChanging Market ConditionsLearning from Free-Market Prices Central Planning and the Knowledge ProblemProperty Rights and InstitutionsMoney: The General Medium of ExchangeMoney and InterestTime PreferenceSaving Creates Credit OpportunitiesThe Risk Factor in Interest RatesReal and Nominal Interest RatesQuestions for DiscussionChapter 6 Unintended Consequences: More Applications of Supply and Demand Catastrophe and ConfusionCatastrophe and CoordinationThe Urge to Fix PricesCompetition When Prices Are FixedAppropriate and Inappropriate SignalsLooking for an Apartment in the City? Read the Obituary!Strong Booze, Stronger Drugs: Criminal IncentivesSkim Milk, Whole Milk, and Gangster MilkmenSupports and SurplusesSupply, Demand, and the Minimum WageSlavery Goes Global, AgainHigh-Priced Sports, Low-Priced Poetry: Who’s to Blame?Do Costs Determine Prices?The Dropouts Release Their First CD“There’s Gold in Them Thar Hills!” So What?Even Butchers Don’t Have the GutsWhy Does It Cost So Much to Change Bedpans?An Appendix: Framing Economic Questions CorrectlyBeware of Wrong Questions or Misleading Specifications of the ProblemBeware of Data That Appear to Speak for ThemselvesThe Graphic Case of Growing and Permanent ShortagesOnce Over LightlyQuestions for DiscussionChapter 7 Profit and Loss Wage, Rent, and Interest: Incomes Established in Advance by ContractProfit: Income That Can Be Positive or NegativeCalculating Profit: What Should Be Included in Costs?Comparing Economic Profit and Accounting ProfitUncertainty: A Necessary Condition for ProfitThe EntrepreneurThe Entrepreneur as Residual ClaimantNot-for-Profit InstitutionsEntrepreneurship and the Market ProcessMere Luck?Profit and Loss as Coordinating Signals: The Role of Monetary CalculationBeware of ExpertsAn Appendix: Profiteering in Futures MarketsQuestions for DiscussionChapter 8 Price Searching The Popular Theory of Price SettingIntroducing Ed SikeThe Basic Rule for Maximizing Net RevenueThe Concept of Marginal RevenueWhy Marginal Revenue Is Less Than PriceSetting Marginal Revenue to Equal Marginal CostWhat About Those Empty Seats?The Price Discriminator’s DilemmaThe College as Price SearcherSome Strategies for Price DiscriminationEd Sike Finds a WayResentment and RationaleLunch and Dinner PricesCost-Plus-Markup ReconsideredQuestions for DiscussionChapter 9 Competition and Government Policy Competition as a ProcessThe Pressures of CompetitionControlling CompetitionRestrictions on CompetitionCompetition for the Key Resource: The $1,000,000 Taxi LicenseCompetition and Property RightsThe Ambivalence of Government PoliciesSelling Below CostWhat Is the Appropriate Cost?“Predators” and CompetitionRegulating Prices“Antitrust” PolicyInterpretations and ApplicationsVertical Restraints: Competitive or AnticompetitiveThe Range of OpinionToward EvaluationOnce Over LightlyQuestions for DiscussionChapter 10 Externalities and Conflicting Rights Externalities, Negative and PositivePerfection Is UnattainableNegotiationReducing Externalities Through AdjudicationThe Case of the Complaining HomeownerThe Importance of PrecedentsThe Problem of Radical ChangeReducing Externalities Through LegislationMinimizing CostsAnother Approach: Taxing EmissionsLicenses to Pollute?Efficiency and FairnessThe Bubble ConceptRights and the Social Problem of PollutionTraffic Congestion as an ExternalityOnce Over LightlyQuestions for DiscussionChapter 11 Markets and Government Private Versus Public?Competition and IndividualismEconomic Theory and Government ActionThe Right to Use CoercionIs Government Necessary?Excluding NonpayersThe Free-Rider ProblemPositive Externalities and Free RidersLaw and OrderNational DefenseRoads and SchoolsIncome RedistributionThe Regulation of Voluntary ExchangeGovernment and the Public InterestInformation and Democratic GovernmentsThe Interests of Elected OfficialsConcentrated Benefits, Dispersed CostsPositive Externalities and Government PoliciesHow Do People Identify the Public Interest?The Prisoners’ DilemmaThe Limits of Political InstitutionsOnce Over LightlyQuestions for DiscussionChapter 12 the Distribution of Income Suppliers and DemandersCapital and Human ResourcesHuman Capital and InvestmentProperty Rights and IncomeActual, Legal, and Moral RightsExpectations and InvestmentPeople or Machines?The Derived Demand for Productive ServicesWho Competes Against Whom?Unions and CompetitionPoverty and InequalityWhy Inequality Is IncreasingAre the Rich Getting Richer and the Poor Getting Poorer?Redistributing IncomeChanging Rules and Social CooperationOnce Over LightlyChapter 13 Measuring the Overall Performance of Economic Systems Gross Domestic ProductGDP or GNP?GDP as Total Income Created in the Domestic EconomyGDP Is Not a Measure of All Purchases in the EconomyGDP as Total Value AddedIs Value Added Always Positive?Loose Ends: Unsold Inventories and Used GoodsAggregate FluctuationsUnemployment and NonemploymentEmployed, Not Employed, and UnemployedLabor-Market DecisionsUnemployment and RecessionsInflationRecession and Inflation Since 1960What Causes Aggregate Fluctuations?Chapter 14 Money The Evolution of MoneyThe Myth of Fiat MoneyThe Nature of Money TodaySo How Much Money Is Out There?Credibility and ConfidenceBanks Under Regulation: Legal Reserve RequirementsDeposit Expansion and the Creation of MoneyThe Fed as Monitor and Rule EnforcerThe Tools Used by the FedThe Discount RateOpen Market OperationsMonetary EquilibriumBut Who Is Really in Charge?An Appendix: What About Gold?Once Over LightlyChapter 15 Economic Performance and Real-World Politics The Great DepressionWhat Really Happens in a Recession?A Cluster of ErrorsCredit and Coordination: Savings and Investment in the Free MarketCredit and Discoordination: The Unsustainable BoomThe Recession is the CorrectionWhen Is Monetary Policy Effective?The Case for Fiscal PolicyThe Necessity of Good TimingThe Federal Budget as a Policy ToolTime Horizons and PoliticsDeficits UnlimitedWhy Not Government at All Levels?Who Is at the Controls?Understanding Recent ExperienceOnce Over LightlyChapter 16 The Wealth of Nations: Globalization and Economic Growth Who Is Rich, Who Is Poor?The Historical RecordSources of Economic GrowthForeign InvestmentHuman CapitalOil Comes from Our MindsEconomic Freedom IndexThe Developmental Power of Private Property RightsThe Asian RecordOutside of AsiaThe Difficulties of International GDP ComparisonsGlobalization and Its DiscontentsThe Power of Popular OpinionThe Power of Special InterestsThe Outsourcing Controversy: Soundbytes vs. AnalysisOnce Over Lightly