经济学 理论与应用 英文版PDF电子书下载

1 What Is Economics? 1

PART I 1

PRELIMINARIES 1

1 WHAT lS ECONOMICS? 1

PART I PRELIMINARIES 1

Myths about Economics 2

Economics, Scarcity, and Choice 3

Scarcity and the Individual 3 Scarcity and Society 3

Scarcity and Economics 4

The World of Economics 5

Microeconomics and Macroeconomics 5 Positive andNormative Economics 5 Fields of Economics 6

Why Study Economics? 8

The Methods of Economics 9

The Art of Building Economic Models 9 Assumptionsand Conclusions 10 Two Fundamental Assumptions 11

"How Much Math Do I Need?" 13

The Basic Principles of Economics 14

How to Study Economics 15

The Concept of Opportunity Cost 18

2 SCARCITY, CHOICE, AND ECONOMIC SYSTEMS 18

2 Scarcity, Choice, and Economic Systems 18

Opportunity Cost for Individuals 18 Opportunity Costand Society 20

The Principle of Opportunity Cost 20

Economic Systems 26

SpecIalization and Exchange 27 Resource Allocation 32

Resource Ownership 36 Types of Economic Systems 37

Using the Theory: Opportunity Cost and the Internet 39

3 SUPPLY AND DEMAND 43

3 Supply and Demand 43

The Size of the Market 44 Competition in Markets 44

Markets 44

Demand 45

Price and Quantity Demanded 46 The Demand Scheduleand the Demand Curve 47 Changes in Demand 48

Supply 52

Price and Quantity Supplied 52 The Supply Schedule andthe Supp]y Curve 53 Changes in Supply 55

Putting Supply and Demand Together 57

What Happens When Things Change? 60

The Principle of Markets and Equilibrium 63

A Myth about Supply and Demand 64

Government Intervention in Markets 65

Price Ceilings 65 Price Floors 67

Supply and Demandand Normative Economics 68

Using the Theory: Anticipating a Price Change 68

CONCEPT AND USE 73

4 ELASTICITY: 73

4 Elasticity: Concept and Use 73

PART II MICROECONOMICS: FUNDAMENTAL CONCEPTS 73

MICROECONOMICS: FUNDAMENTAL CONCEPTS 73

PART II 73

The Problem with Using Slope 74

Price Elasticity of Demand 74

The Elasticity Approach 75

Calculating Price Elasticity of Demand 76

Categoriz-ing Goods hy Elasticity 78

Elasticity of Straight-LineDemand Curves 80

Elasticity and Total Expenditure 81

Determinants of Elasticity 84

Other Demand Elasticities 90

Income Elasticity of Demand 90 Cross-Price Elasticity ofDemand 93

Price Elasticity of Supply 94

Using the Theory: The Problem with Food 97

5 CONSUMER CHOICE 103

5 Consumer Choice 103

The Budget Constraint 104

Changes in the Budget Line 106

Consumer Preferences 108

Early Insights 108 Rationality 110 Tastes 111

Consumer Decision Making 112

What Happens When Things Change? 116

Changes in Income 116 Changes in Price 117

From Individual to Market Demand 122

Consumers in Markets 122

Challenges to Consumer Theory 123

Using the Theory: Improving Education 124

ApPendix: Consumer Theory with Indifference Curves 131

The Indifference Map 133 The Marginal Rate of Substitution 134

Consumer Decision Making 134

Indifference Curves and the Individual DemandCurve 136

6 Production and Cost 137

6 PRODUCTION AND COST 137

The Nature of the Firm 138

Inputs and Outputs 144

The Short Run and the Long Run 145

Production in the Short Run 146

Cost in the Short Run 153

Production and Cost in the Long Run 161

The Relationship between Long-Run and Short-RunCosts 163

Average Cost and Plant Size 165

Explaining the Shape of the LRATC Curve 166

Using the Theory: Cost Curves andEconomic Reform in Russia 169

7 HOW FIRMS MAKE DECISIONS: PROFIT MAXIMIZATION 175

The Goal of Profit Maximization 175

7 How Firms Make Decisions: Profit Maximization 175

Understanding Profit 176

Two Definitions of Profit 176 Why Are There Profits? 178

The Profit-Maximizing OutPut Level 179

A Myth about Profit 179

Constraints on Revenue and Cost 180 Total Revenue 181

The Goal of the Firm Revisited 192

Wrong and Getting lt Right 197

8 Pure Competition 203

PART III 203

PRODUCT MARKETS 203

8 PURE COMPETITION 203

PART III PRODUCT MARKETS 203

The Notion of Competition 204

What ls Pure Competition? 205

The Purely Competitive Firm 208

The Demand Curve Facing a Competitive Firm 209

Cost and Revenue Data for a Competitive Firm 209

Finding the Profit-Maximizing Output Level 210

Measuring Total Profit 212

The Firm's Short-Run Supply Curve 214

The (Short-Run) Market Supply Curve 216 Short-Run Equilibrium 216

Competitive Markets in the Short Run 216

Competitive Markets in the Long Run 219

Profit and Loss and the Long Run 219

Long-Run Equilibrium 220

Distinguishing Short-Run from Long-Run Outcomes 222

The Notion of Zero Profit in Pure Competition 223

Pure Competition and Plant Size 224

A Summary of the Competitive Firm in the Long Run 225

What Happens When Things Change? 225

Constant-Cost Industries 226

Increasing-Cost Industries 227

Decreasing-Cost lndustries 229

Changes in Demand: A Summary 230

Using the Theory: Changes in Technology 231

9 MonopoLy 236

9 MONOPOLY 236

What ls a Monopoly? 236

The Origins of Monopoly 237

EConomies of Scale 238 Control of Scarce Inputs 238

Government-Enforced Barriers 238

The Single-Price Monopoly 240

Price and Output Decisions of a Single-Price Monopoly 240

Profit and Loss 242 Monopoly in the Short Run 244

Monopoly in the Long Run 245

Comparing Monopoly to Pure Competition 246

Why Monopolies Often Earn Zero Economic Profit 249

Myths about Monopoly 250

Price Discrimination 251

Requirements for Price Discrimination 252

Effects of Price Discrimination 254

The Demise of Monopoly 258

Using the Theory: Price Discrimination at Colleges and Universities 259

10 MONOPOLISTIC COMPETITION ANO OLIGOPOLY 263

The Concept of Imperfect Competition 263

10 Monopolistic Competition and Oligopoly 263

Monopolitic Competition 264

Monopolistic Competition in the Long Run 265

Monopolistic Competition in the Short Run 266

Excess Capacity under Monopolistic Competition 268

Nonprice Competition 269

Oligopoly 270

Oligopoly in the Real World 271

Why Oligopolies Exist 271

Oligopoly Behavior 274

Cooperative Behavior in Oligopoly 278

The Limits to Oligopoly 284

Using the Theory: Advertising in Monopolisric Compettion and Oligopoly 285

The Four Market Structurcs: A Postscript 289

11 The Labor Market 294

PART IV 294

INPUT MARKETS 294

11 THE LABOR MARKET 294

Resource Markets in General 294

PART IV INPUT MARKETS 294

labor Markets in Particular 296

Defining a labor Market 296 competitive labor Markets 297

Demand for Labor by a single Firm 298

The Firm's Employment Decision When Only Labor Is Variable 299

The Firm's Employment Decision When Several Inputs Are Variable 304

The Market Demand for Labor 305

Shifts in the Market Labor Demand Curve 307

Labor Supply 310

Individual Labor Supply 311 Market Labor Supply 313

Shifts in the Market Labor Supply curve 313

Short-Run Versus Long-Run Labor Supply 316

Labor Market Equilibrium 319

what Happens when Things Change？ 321

A Change in Labor Demand 321

A Change in Labor Supply 323 Labor Shortages and Surpluses 324

USing the Theory：Understanding the Market for College-Educated Labor 326

12 Income Inequality 331

12 INCOME INEQUALITY 331

Why Do Wages Differ? 332

An Imaginary World 332 Compensating Differentials 334

Barriers to Entry 340 Union Wage Setting 342

Discrimination and Wages 344

Employer Prejudice 344

Employee and Customer Prejudice 345

Statistical Discrimination 346

Dealing with Discrimination 346

Discrimination and Wage Differentials 347

Measuring Income Inequality 349

Income Inequality，Fairness，and Economics 357

Using the Theory:The Minimum wage 358

13 MARKETS FOR CAPITAL AND NATURAL RESOURCES 363

13 Markets for Capital and Natural Resources 363

Flows versus Stocks 364

Rental Markets and Asset Markets 364

Rental Markets for Capital and Natural Resources 365

Demand for a Resource 365 Supply 367

Market Equilibrium 367

Asset Markets for Capital and Natural Resources 368

Comparing Future Dollars with present Dollars 369

Capitalizing an Income Stream 371

Purchase Prices of Natural Resources 372

An Application:Land Price Differentials 373

Nonrenewable Resources：Are We Doomed? 374

A Model of Resource Exhaustion 375

Betting on the Planet 377

Interest and the Market for Loanable Funds 378

Consumers Time Preference 378

The Time Productivity of Producers 380

Nominal Interest versus Real Interest 380

A Firm's selection of Investment Projects 381

The Loanable Funds Market 382

Financial Markets in the United States 383

Growth and Value 386 Efficient Markets 387

USing the Theory：A COrporate Buyout 388

PART V 392

EFFICIENCY AND THE ROLE OF GOVERNMENT 392

14 ECONOMIC EFFICIENCY AND THE COMPETITIVE IDEAL 392

The Meaning of Efficiency 392

14 Economic Efficiency and the Competitive Ideal 392

PART V EFFICIENCY ANO THE ROLE OF GOVERNMENT 392

Pareto Improvements 393

Side Payments and Pareto Improvements 395

Potential Pareto Improvements 396

Productive Efficiency 397

The Elements of Efficiency 397

Allocative Efficiency 404

Economic Efficiency：Summary 407

The Inefficiency of Imperfect Competition 408

Where Do We Go from Here？ 410

Using the Theory：The Collapse of Communism 410

15 GOVERNMENT’S ROLE IN ECONOMIC EFFICIECY 416

15 Government's Role in Economic Efficiency 416

the Institutional Infrastructure of Market Economy 417

The Legal System 418

Law and Regulation in Perspective 421

Regulation 421

Taxation 422

Market Failures 427

Imperfect Competition 427

Externalities 428

Public Goods 434

Using the Theory：Case Studies of Antitrust and Regulation 437

Breaking Up a Monopoly：Alcoa 437

Regulation and Deregulation The Airlines 437

Preserving Competition：Soft Drinks 439

An Ongoing Challenge：Mighty Microsoft 440

16 WHAT MACROECONOMICS TRIES TO EXPLAIN 445

MACROECONOMICS：BASIC CONCEPTS 445

PART VI 445

PART VI MACROECONOMICS: BASIC CONCEPTS 445

16 What Macroeconomics Tries to Explain 445

Rapid Economic Growth 446

Macroeconomic Concerns 446

High Employment 448

Stable Prices 450

The Macroeconomic Approach 451

Macroeconomic Controversies 452

Aggregation in Macroeconomics 452

As You Study Macroeconomics… 454

17 PRODUCTION，INCOME，AND EMPLOYMENT 457

17 Production, Income, and Employment 457

GDP：A Definition 458

Production and Gross Domestic Product 458

The Expenditure Approach to GDP 462

Other Approaches to GDP 468 Measuring GDP A SummarY 470

Real versus Nominal GDP 471

The Importance of Real Values：A Basic Principle 471

How GDP Used 471 Problems with GDP 473

Employment and Unemployment 474

Types of Unemployment 475

The Costs of Unemployment 478

How Unemployment Is Measured 480

Problems in Measuring Unemployment 482

Using the Theory：Society’s Choice of GDP 484

The Monetary SystEm 489

18 The Monetary System, Prices, and Inflation 489

18 THE MONETARY SYSTEM, PRICES，AND INFLATION 489

HIstory of the Dollar 490

Why Paper Currency Is Accepted as a Means of Payment 490

Measuring the Price Level and Inflation 492

Index Numbers 492 Consumer Price Index 493

How the LPI Has Behaved 493

From Price Index to Inflation Rate 494 How the CPI Is Used 494

Real Variables and Adjustment for Inflation 495

Inflation and the Measurement of Real GDP 497

The Costs of Inflation 497

The Inflation Myth 498

The Redistributive Cost of Inflation 499

The Resource Cost of Inflation 502

Using the Theory：Is the CPI Accurate？ 503

Sources of Bias In the CPI 503

The Consequences of Overstating Inflation 505

Will We Change the CPI？ 506

Appendix：Calculating the CPI，the GDP Price Index，and Real GDP 509

Calculating the Consumer Price Index 509

Calculating the GDP Price Index 510

Calculating Real GDP 511

PRAT VII LONG-RUN MACROECONOMICS 513

19 The Classical Long－Run Model 513

PART VII 513

LOHG-RUN MACROECONOMICS 513

19 THE CLASSICAL LONG-RUN MODEL 513

Macroeconomic Models：Classical versus Keynesian 514

Assumptions of the Classical View 516

How Much Output Will We Produce？ 517

The Labor Market 517

Determining the Economy’s Output 519

Total spending in a Very Simple Economy 521

The Role of Spending 521

Total Spending in a More Realistic Economy 523

Leakages and Injections 524

The Loanable Funds Market 525

The Supply of Funds Curve 526

The Demand for Funds Curve 527

Equilibrium in the Loanable Funds Market 528

The Loanable Funds Market and Say’s Law 529

Money and Prices in the Classical Model 531

The Demand for Money 531

Monetary Equilibrium 532

The Classical Model：A summary 534

Using the Theory：Fiscal and Monetary Policy In the Classical Model 535

An Increase in the Money Supply 538

20 Economic Growth and Rising Living Standards 543

20 ECONOMIC GROWTH AND RISING LIVING STANDARDS 543

The Importance of Growth 544

What Makes Economies Grow 546

Growth in Employment 546

Growth of the Capital stock 552

Investment and the Capital Stock 553

An Increase in Government Purchases 553

Human Capital and Economic Growth 558

Technological Change 559

Economic Growth in the United States 561

The Cost of Economic Growth 562

Budgetary Costs 562

Consumption Costs 563

Opportunity Costs of Workers’Time 565

Sacrifice of Other Social Goals 565

Using ThE Theory：Economic Growth in the Less Developed Countries 566

PART VIII SHORT-RUN MACROECONOMICS 573

21 Booms and Recessions 573

PART VIII 573

SHORT-RUN MACROECONCMICS 573

21 BOOMS AND RECESSIONS 573

Can the Classical Model Explain Booms and Recessions？ 575

Shifts n Labor Demand 576

Shifts in Labor Supply 577

Verdict：The Classical Model Cannot Explain Booms and Recessions 578

Booms and Recessions：A More Realistic View 578

Opportunity Cost and Labor supply 579

Firms’Benefits from Hiring：The Labor Demand Curve 580

The Meaning of Labor Market Equilibrium 580

The Labor Market in a Recession 582

The Labor Market in a Boom 582

What Triggers Booms and Recessions？ 583

A very Simple Economy 583

The Real-World Economy 583

Shocks That Push the Economy Away from Equilibrium 584

Job Destruction and Job Greation 586

The Economics of slow Adjustment 587

Adjustment in a Boom 588

Adjustment in a Recession 589

The Speed of Adjustment 589

Where Do We Go from Here? 590

22 The short－Run Keynesian Model 593

22 THE SHORT-RUN KEYNESIAN MODEL 593

Consumption Spending 595

The Relationship between Consumption and Disposable Income 596

The Relationship between Consumption and Income 599

Shifts in the Consumption－Income Line 601

Investment Spending 603

Government Purchases 604

Income and Aggregate Expenditure 604

Finding Equilibrium GDP 606

Inventories and Equilibrium GDP 607

Finding Equilibrium GDP with a Graph 608

Equilibrium GDP and Employment 611

What Happens When Things Change? 614

A Change in Investment Spending 614

The Expenditure Multiplier 615

The Multiplier in Reverse 617

Other Spending Shocks 618

A Graphical View of the Multiplier 618

An Important Proviso about the Multiplier 620

Comparing Models：Classical and Keynesian 622

The Role of saving 622

The Effect of Fiscal Policy 623

Using the Theory：The Recession of 1990－1991 623

Appendix1：Finding Equilibrium GDP Algebraically 627

Appendix2：The Special Case of the Tax Multiplier 628

PART IX MONEY， PRICES， AND FLUCTUATIONS 630

23 The Banking System and the Money Supply 630

23 THE BANDING SYSTEM AND THE MONEY SUPPLY 630

What Is Counted as Money 630

Measuring the Money stock 631

Assets and Their Liquidity 631

MI and M2 633

The Banking system 634

Financial Intermediaries 635

Commercial Banks 636

A Bank’s Balance sheet 636

The Federal Reserve System 638

The Structure of the Fed 638

The Federal Open Market Committee 639

The Fed and the Money supply 641

The Functions Of the Federal Reserve 641

How the Fed Increases the Money supply 642

The Demand Deposit Multiplier 645

The Fed’s EfFect on the Banking System as a whole 647

How the Fed Decreases the Money supply 648

Some Important Provisos about the Demand Deposit Multiplier 650

Other Tools for Controlling the Money supply 651

Using the Theory：Bank Failures and Banking Panics 652

24 The Money Market and the Interest Rate 658

The Demand for Money 658

24 THE MONEY MARDET AND THE INTEREST RATE 658

An Individual’s Demand for Money 659

The Economy-Wide Demand for Money 660

The supply of Money 662

Equilibrium in the Money Market 663

How the Money Market Reaches Equilibrium 665

How the Fed Changes the Interest Rate 665

What Happens when Things Change? 668

The Fed in Action 669

How Do Interest Rate Changes Affect the Economy? 671

Fiscal Policy (and Other spending Changes) Revisited 673

Shifts in the Money Demand Curve 677

Arc There Two Theories of the Interest Rate? 680

Using the Theory：Active versus Passive Policy 681

the Fed’s Response to Spending shocks 682

The Fed’s Response to Changes in Money Demand 683

25 Aggregate Demand and Aggregate Supply 688

25 AGGREGATE DEMAND AND AGGREGATE SUPPLY 688

The Aggregate Demand Curve 689

Understanding the AD Curve 691

Movements along the AD Curve 692

Shifts of the AS Curve 692

The Aggregate Supply Curve 696

Prices and Costs in the Short Run 697

Deriving the Aggregate Supply Curve 700

Movements along the AS Curve 701

Shifts of the AS Curve 704

AD and AS Together：Short－Run EquIlibrium 704

What Happens When Things Change? 705

Demand Shocks in the Short Run 705

Demand Shocks：Adjusting to the Long Run 708

The Long－Run Aggregate Supply Curve 711

Supply Shocks 713

some Important Provisos about the AS Curve 715

Using the Theory：The Recession and Recovery of 1990-92 716

PART X 720

MACROECONOMIC POLICY 720

PART X MACROECONOMIC POLICY 720

26 Inflation and Monetary Policy 720

The objectives of Monetary Policy 720

Low, Stable Inflation 721 Full Employment 721

The Fed’s performance 723

Federal Reserve Policy：Theory and Practice 723