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Principles of Macroeconomics

ISBN-10: 0131442341

ISBN-13: 9780131442344

Edition: 7th 2004

Authors: Case, Ray C. Fair

List price: $121.33
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Description:

These two highly-respected authors have revised this best-selling book to include more current, modern subject matter and events, while maintaining those features that have contributed to its great success. It continues to use stories, graphs, and equations and a unified and logical organization that make economic concepts easy-to-understand and relevant to all readers. Users of this book see the connection between growth, trade, comparative advantage the production possibilities frontier. Recent changes in the economy are highlighted so that readers can understand how these events actually affect investment decisions and policy. The 90s boom and the recent bust are examined.New issues such as the movements for and against globalization, trade agreements and barriers, the World Trade Organization, the enviroment, child labor, sovereignty, the impact of AIDs on developing economics are all explored in this new edition. This book continues to provide an excellent foundation in the scope and method of economics; demand, supply, and market equilibrium; measuring national output and national income; long-run and short-run concerns; aggregate expenditure and equilibrium output; the government and fiscal policy; the money supply and the Federal Reserve system; interest rates and output; inflation; the labor market and unemployment; macroeconomic issues and policy; the stock market and the economy; long-run growth; and open-economy macroeconomics.An excellent reference resource for those involved in fiscal decision-making policies, whether in government or in large, international firms.
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Book details

List price: $121.33
Edition: 7th
Copyright year: 2004
Publisher: Prentice Hall PTR
Publication date: 11/25/2003
Binding: Mixed Media
Pages: 512
Size: 8.25" wide x 11.00" long x 0.50" tall
Weight: 2.244
Language: English

Ray C. Fair is Professor of Economics, Yale University.

Preface
Introduction
Introduction to Economics
The Scope and Method of Economics
Why Study Economics?
The Scope of Economics
The Methods of Economics
The Economic Problem: Scarcity and Choice
Scarcity, Choice, and Opportunity Cost
Economic Systems
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
Supply in Product/Output Markets
Market Equilibrium
Demand and Supply in Product Markets: A Review
Looking Ahead: Markets and the Allocation of Resources
The Price System and Demand and Supply
The Price System: Rationing and Allocating Resources
Supply and Demand Analysis: An Oil Import Fee
Macroeconomics
Concepts and Problems in Macroeconomics
Introduction to Macroeconomics
The Roots of Macroeconomics
Macroeconomic Concerns
Government in the Macroeconomy
The Components of the Macroeconomy
The Methodology of Macroeconomics
The U.S. Economy in the Twentieth Century: Trends and Cycles
Measuring National Output and National Income
Gross Domestic Product
Calculating Gdp
The Income Approach
From Gdp to Disposable Personal Income
Nominal Versus Real Gdp
Limitations of the Gdp Concept
Long-Run and Short-Run Concerns: Growth, Productivity, Unemployment, and Inflation
Long-Run Output and Productivity Growth
Recessions, Depressions, and Unemployment
Inflation
The Goods and Money Markets
Aggregate Expenditure and Equilibrium Output
Aggregate Output and Aggregate Income (Y)
Equilibrium Aggregate Output (Income)
The Multiplier
The Government and Fiscal Policy
Government in the Economy
Fiscal Policy at Work: Multiplier Effects
Adding the International Sector
The Federal Budget
The Economy's Influence on the Government Budget
The Money Supply and the Federal Reserve System
An Overview of Money
How Banks Create Money
The Federal Reserve System
How The Federal Reserve Controls the Money Supply
Money Demand, the Equilibrium Interest Rate, and Monetary Policy
The Demand for Money
The Equilibrium Interest Rate
Looking Ahead: The Federal Reserve and Monetary Policy
Macroeconomic Analysis
Money, the Interest Rate, and Output: Analysis and Policy
The Links Between the Goods Market and the Money Market
Combining the Goods Market and the Money Market
Other Determinants of Planned Investment
Aggregate Demand, Aggregate Supply, and Inflation
The Aggregate Demand Curve
The Aggregate Supply Curve
The Equilibrium Price Level
The Long-Run Aggregate Supply Curve
Aggregate Demand, Aggregate Supply, and Monetary and Fiscal Policy
Causes of Inflation
The Labor Market, Unemployment, and Inflation
The Labor Market: Basic Concepts
The Classical View of the Labor Market
Explaining the Existence of Unemployment
The Short-Run Relationship Between the Unemployment Rate and Inflation
The Long-Run Aggregate Supply Curve, Potential GDP, and the Natural Rate of Unemployment
Macroeconomic Issues and Policy
The Effects of the Stock Market on the Economy
The Federal Reserve's Respoinse to the State of the Economy
Lags in the Economy's Response to Monetary and Fiscal Policy
Government Budget Policy
Business Cycles in other Countries
Household and Firm Behavior in the Macroeconomy: A Further Look
Households: Consumption and Labor Supply Decisions
Firms: Investment and Employment Decisions
Productivity and the Business Cycle
The Relationship Between Output and Unemployment
The Size of the Multiplier
Long-Run Growth
The Growth Process: From Agriculture to Industry
The Sources of Economic Growth
Growth and Productivity in the United States
Economic Growth and Public Policy
The Pros and Cons of Growth
Debates in Macroeconomics: Monetarism, New Classical Theory, and Supply-Side Economics
Keynesian Economics
Monetarism
New Classical Macroeconomics
Supply-Side Economics
Testing Alternative Macroeconomic Models
International Economics
The World Economy
International Trade, Comparative Advantage, and Protectionism
Trade Surpluses and Deficits
The Economic Basis for Trade: Comparative Advantage
The Sources of Comparative Advantage
Trade Barriers: Tariffs, Export Subsidies, and Quotas
Free Trade or Protection?
An Economic Consensus
Open-Economy Macroeconomics: The Balance of Payments and Exchange Rates
The Balance of Payments
Equilibrium Output (Income) in an Open Economy
The Open Economy with Flexible Exchange Rates
An Interdependent World Economy
Economic Growth in Developing and Transitional Economies
Life in the Developing Nations: Population and Poverty
Economic Development: Sources and Strategies
Issues in Economic Development
Economies in Transition
The End of the Soviet Union
The Transition to a Market Economy
Glossary
Solutions to Even-Numbered Problems
Index
Photo Credits