Friday, November 21, 2014

Economics Principles and Policy Eleventh Edition



Economics Principles and Policy Eleventh Edition
Buku ini  diterbitkan 2011 oleh South-Western, Cengage Learning merupakan buku edisi kesebelas.
Judul:   Economics Principles and Policy Eleventh Edition
Oleh:  William J. Baumol, et al
Penerbit:  South-Western, Cengage Learning
Tahun: 2011
Jumlah Halaman: 846  hal.


Penulis:
William J. Baumol lahir di New York City dan menerima BSS nya di College of the City of New York dan gelar Ph.D. di University of London. Dia adalah Profesor Kewirausahaan dan Direktur Akademik dari Berkley Pusat Studi Wirausaha di New York University, tempat ia mengajar kursus  dalam pengantar ekonomi mikro, dan Joseph Douglas Green, 1895, Profesor Ekonomi Emeritus dan Ekonom Senior Universitas Princeton. Dia adalah konsultan utama untuk pengelolaan perusahaan dalam berbagai industri di Amerika Serikat dan negara-negara lain serta sejumlah lembaga pemerintah. Dalam beberapa bidang, termasuk telekomunikasi dan utilitas listrik industri, kebijakan peraturan saat ini berdasarkan rekomendasi eksplisit. Di antara banyak kontribusi untuk ekonomi  dia melakukan penelitian tentang teori perusahaan, yang contestability pasar, ekonomi seni dan jasa-lain "penyakit biaya layanan" adalah sering disebut sebagai "penyakit Baumol ini"  dalam pertumbuhan ekonomi, kewirausahaan, dan inovasi. Selain ekonomi, ia mengajar kursus di patung kayu di Princeton selama sekitar 20 tahun dan merupakan pelukis (Anda mungkin melihat beberapa lukisannya di http://pages.stern.nyu.edu/~wbaumol/).
Profesor Baumol telah menjabat  presiden American Economic Association dan tiga organisasi profesional lainnya. Dia adalah anggota terpilih dari National Academy of Sciences, yang diciptakan oleh Kongres AS, dan dari American Philosophical Society, didirikan oleh Benjamin Franklin. Dia juga di dewan pengawas dari Dewan Nasional Pendidikan Ekonomi dan Dana Pengembangan Theater. Dia adalah penerima 11 gelar kehormatan.
Baumol adalah penulis ratusan jurnal dan surat kabar artikel dan lebih dari 35 buku, termasuk Global Trade and Conflicting National Interests (2000); The Free-Market Innovation Machine (2002); Good Capitalism, Bad Capitalism (2007); and The Microtheory of Innovative Entrepreneurship (2010). Tulisan-tulisannya telah diterjemahkan ke dalam lebih dari selusin bahasa.

Alan S. Blinder lahir di New York City dan dihadiri Princeton University, di mana salah seorang guru adalah William Baumol. Setelah mendapatkan gelar master di London School of Economics dan Ph.D. di MIT, Blinder kembali ke Princeton, di mana ia memiliki diajarkan sejak tahun 1971, termasuk makroekonomi mengajar pengantar sejak tahun 1977. Dia adalah saat ini Gordon S. Rentschler Memorial Profesor Ekonomi dan Urusan Publik dan co-direktur Pusat Princeton untuk Studi Kebijakan Ekonomi, yang didirikannya. Pada Januari 1993, Blinder pergi ke Washington sebagai bagian dari Dewan pertama Presiden Clinton Penasihat Ekonomi. Kemudian, dari Juni 1994 hingga Januari 1996, ia menjabat sebagai wakil  Ketua Federal Reserve Board. Ia kemudian memainkan peran dalam merumuskan kedua fiskal dan kebijakan moneter dari tahun 1990-an, topik yang dibahas secara luas dalam buku ini. Dia  juga disarankan ikut beberapa kampanye presiden.
Blinder telah berkonsultasi untuk sejumlah lembaga keuangan terbesar di dunia, bersaksi puluhan kali sebelum komite kongres, dan telah terlibat dalam beberapa kewirausahaan start-up. Selama bertahun-tahun, ia telah menulis surat kabar dan majalah artikel tentang kebijakan ekonomi, dan ia saat ini memiliki kolom reguler di Wall Street Journal.
Selain itu, potongan op-ed Blinder masih muncul secara berkala di surat kabar lainnya. dia juga
sering muncul di PBS, CNN, CNBC, dan Bloomberg TV.
Blinder telah menjabat sebagai presiden dari Asosiasi Ekonomi Timur dan wakil presiden dari American Economic Association dan merupakan anggota dari Filosofis Amerika Society, American Academy of Arts dan Ilmu, dan Dewan Hubungan Luar Negeri.

Lingkup Pembahasan:
Edisi kesebelas adalah produk dari hampir 30 tahun keberadaan dan modifikasi buku ini. Dalam tanggapan terhadap survei pengguna fakultas, menjadi jelas bahwa sejumlah bab umumnya tidak tercakup oleh instruktur karena kurangnya waktu, meskipun materi adalah cukup menarik bagi siswa dan tidak-atau tidak perlu-teknis menuntut.
Jadi kita disederhanakan beberapa bab tersebut lebih-terutama Bab 9 pada saham dan obligasi
pasar, Bab 13 tentang regulasi dan antitrust, Bab 17 tentang ekonomi lingkungan, dan Bab 21 tentang kemiskinan dan ketimpangan-untuk membuat praktis bagi instruktur untuk menetapkan salah satu atau semua dari mereka  bagi para siswa untuk membaca seluruhnya sendiri.
Pada bagian buku mikro, telah menambahkan sejumlah bahan baru  atas permintaan koresponden. Misalnya, dalam materi pada sifat optimalitas statis persaingan sempurna,  ditambah pembahasan teorema Coase dan lebih pada perilaku ekonomi. Tapi seperti yang sudah ditunjukkan, perubahan utama adalah di materi baru pada pertumbuhan  mikroekonomi dan kewirausahaan.
Di bagian makroekonomi dari buku ini, kita mencoba untuk membuat hubungan antara pendek
menjalankan dan jangka panjang yang lebih jelas dan lebih eksplisit dengan masing-masing edisi melewati.  Pada edisi ini juga  ditambah banyak materi baru pada masalah di subprime tersebut
pasar hipotek, krisis keuangan berikutnya dan kemungkinan resesi, dan ekonomi beberapa
isu dalam kampanye presiden 2008.  Bahan-bahan baru yang tersebar di banyak bab dari teks, sehingga dapat menemukan diskusi tentang kejadian terkini dan kebijakan dekat dengan tempat di mana prinsip-prinsip yang relevan diajarkan. Edisi ini juga menambahkan sedikit lebih banyak bahan dari China; sayangnya, pengalaman di Zimbabwe telah memberikan kontemporer contoh hiperinflasi.

Daftar Isi:
PART 1 GETTING ACQUAINTED WITH ECONOMICS
Chapter 1 What Is Economics? 3
        Ideas Foe Beyond The Final Exam  4 
        Inside The Economist’s Toolkit   8
        Summary 13
        Key Terms 14
        Discussion Questions 14
Chapter 2 The Economy: Myth and Reality 21
        What’s Missing From The Picture? Government  32
        Conclusion: It’s A Mixed Economy  36
        Summary 36
        Key Terms 36
        Discussion Questions 37  
Chapter 3 The Fundamental Economic Problem: Scarcity and Choice 39
        Scarcity, Choice, and Opportunity Cost  40
        Scarcity and Choice For A Single Firm   42
        Scarcity and Choice for the Entire Sciety 45
        ISSUE REVISITED: COPING WITH THE BUDGETDEFICIT 46
        The Concepts of Effiency   46
        The Three Coordination Tasks of Any Economy   47
        Task 1 How The Market Fosters Efficient Resource Allocation   48
        Task 2 Market Exchange and Deciding How Much of Each Good to Produce  50
        Task 3 How to Distribute The Economy’s Outputs Among Consumers   50
        Summary 52
        Key Terms 53
        Test Yourself 53
        Discussion Questions 53
Chapter 4 Supply and Demand: An Initial Look 55
        The Invisible Hand   56
        Demand and Quantity Demanded  57
        Supply abd Demand Supplied   61
        Supply and Demand Equilibrium 64
        Effects of Demand Shifts on Supplay Demand Equilibrium 66
        Supplay Shifts and Supply Demand Rquilibrium  67
        A Simple But Powerful Lesson   76
        Summary 76
        Key Terms 77
        Test Yourself 77
        Discussion Questions 78

PART 2 THE BUILDING BLOCKS OF DEMAND AND SUPPLY
Chapter 5 Consumer Choice: Individual and Market Demand 83
        Scarcity and Demand  84
        Utility: A Tool to Analyze Purchase Decisions   85
        Behavioral Economics: Are Economic Decisions Really Made “Rationality”?   92
        Consumer Choise As a Trade-Off: Opportunity Cost  92
        From Individual Demand Curves to Market Demand Curves    96
        Summary 98
        Key Terms 99
        Test Yourself 99
        Discussion Questions 99
Chapter 6 Demand and Elasticity 107
        Elasticity: The Measure of Responsiveness  108
        Price Elasticity of Demand: Its Effect on Total Revenue and Total Expenditure   113
       What Determines Demand Elasticity?  115
        The Time Period of The Demand Curve and Economic Decision Making   118
        Real-World Application: Polaroid Versus Kodak   120
        In Conclusion   121
        Summary 121
        Key Terms 121
        Test Yourself 121
        Discussion Questions 122
Chapter 7 Production, Inputs, and Cost: Building Blocks for Supply Analysis 127
        Short-Run Versus Long-Run Costs; What Makes an Input Variable?  128
        Production, Input Choice, and Cost With One Variabel Input   130
        Multiple Input Decisions; The Choice of Optimal Input Combinations  133
        Cost and Its Deoendence on Output    137
        Economies of Scale   142
        Summary 147
        Key Terms 148
        Test Yourself 148
        Discussion Questions
Chapter 8 Output, Price, and Profit: The Importance of Marginal Analysis 155
        Price and Quantity: One Decision, Not Two    157
        Total Profit: Keep Youe Eye on The Goal    158
        Economic Profit and Optimal Decision Making    158
        Marginal Analysis and Maximizationn of Total Profit     163
        Generalization: The Logic of Marginal Analysis and Maximization    168
        Conclusion: The Fundamental Role of Marginal Analysis   170
        The Theory and Reality: A Word of Caution   171
        Summary 171
        Key Terms 172
        Test Yourself 172
        Discussion Question 172
Chapter 9 Investing in Business: Stocks and Bonds 177
        Corporations and Their Unique Characteristics    179
        Buying Stocks and Bonds    183
        Stock Exchanges and Their Functions    185
        Speculations    189
        Summary 193
        Key Terms 193
        Test Yourself 193
        Discussion Questions 194

PART 3 MARKETS AND THE PRICE SYSTEM
Chapter 10 The Firm and the Industry under Perfect Competition 197
        Perfect Competition Defined    198
        The Perfectly Competitive Firm    199
        The Perfectly Competitive Industry   205
        Perfect Competition and Economic Efficiency   211
        Summary 214
        Key Terms 214
        Test Yourself 214
        Discussion Questions 215
Chapter 11 Monopoly 217
        Monopoly Defined    218
        The Monopolist’s Supply Decision    221
        Can Anything Good Be Said About Monopoly?  226
        Price Discrimination Under Monopoly   227
        Summary 231
        Key Terms 232
        Test Yourself 232
        Discussion Questions 232
Chapter 12 Between Competition and Monopoly 235
        Monopolistic Competition   236
        Oligopoly   241
        Monopolistic Competitionn, Oligopoly, and Public Welfare   257
        A Glance Backward: Comparing The Four Market Forms      258
        Summary 259
        Key Terms 260
        Test Yourself 260
        Discussion Questions 260
Chapter 13 Limiting Market Power: Regulation and Antitrust 263
        The Public Interest Issue: Monopoly Power Versus Mere Size     264
        Part 1:     Antitrust Laws and Policies     265
             Measuring Market Power: Concentration     267
             A Crucial Problem For Antitrust: The Redemblance of Monoplolization and Vigorous
                Competitions   269
             Anticompetitive Practices and Antitrust    270
             Use of Antitrust Laws to Prevent Competition   271
        Part 2:  Regulations     273
            What Is Regulation?  273
             Some Objectives of Regulation   274
             Two Key Issues That Face Regulators     275
             The Pros and Cons of “Bigness”  278
             Deregulation    279
             Concluding Observations   282
             Summary 283
             Key Terms 283
        Discussion Questions 283

PART 4 THE VIRTUES AND LIMITATIONS OF MARKETS
Chapter 14 The Case for Free Markets I: The Price System 287
        Efficient Resource Allocation and Pricing    288
        Scarcity and The Need To Coordinate Economic Decisions     292
        How Perfect Competition Achieves Efficiency: A Graphic Abalysis   299
        How Perfect Competition Achieves Optimal Output: Marginal Analysis    301
        Toward Assessment of The Price Mechanism   306
        Summary 307
        Key Terms 307
        Test Yourself 307
        Discussion Questions 307
Chapter 15 The Shortcomings of Free Markets 309
        What Does The Market do Poorly?    310
        Efficient Resource Allocationn: A Review    311
        Externalitas: Getting The Prices Weong   312
        Provision of Public Goods    316
        Allocation of Resources of Market Failure    320
        Market Failure abd Government Failure     323
        The Cost Disease of Some Vital Services: Invitation to Government Failure    324
        The Market System on Balance    330
        Epilogue: The Unforgiving Markett, Its Gift of Abundance, and Its Dangerous Friends   330
        Summary 331
        Key Terms 332
        Test Yourself 332
        Discussion Questions 332
Chapter 16 The Market’s Prime Achievement: Innovation and Growth 333
        The Market Economy’s Incredible Growth Record     334
        Innovation, Not Invention, Is The Unique Free-Market Accomplisment     338
        Sources of Free-Market Innovation: The Role of The Entrepreneur    339
        Microeconomic Analysis of The Innovative Oligopoly Firm    340
        Do Free Markets Spendenough on R&D Activities?   349
        The Market Economy and The Speedy Dissemination  New Technology    351
        Conclusion: The Market Economy and Its Innovation Assembly Line    353
        Summary 353
        Key Terms 354
        Discussion Questions 354
Chapter 17 Externalities, the Environment, and Natural Resources 355
        Part 1: The Economics of Environmental Protection    356
               Review-Externalities: A Critical Dhortcoming of The Market Mechanism   356
               Basic Approaches to Environmental Policy    363
               Two Cheers for the Market    367
       Part 2: The Economics of Natural Resources       368
               Economic Analysis: The Free Market and Pricing of Depletable Resources   369
              Actual Resource Prices in the Twentieth Century   371
               Summary 375
               Key Terms 375
               Test Yourself 376
        Discussion Questions 376
Chapter 18 Taxation and Resource Allocation 377
        The Level and Rypes of Taxation    378
        The Federal Tax System    379
        The State and Local Tax System    383
        The Concept of Equity in Taxation    384
        The Concept of Efficiency in Taxation     385
        Shifting the Tax Burden: Tax Incidence     387
        When Taxation can Improve Efficiency     391
        Equity, Effiency, and The Optimal Tax    391
        Summary 393
        Key Terms 393
        Test Yourself 394
        Discussion Questions 394

PART 5 THE DISTRIBUTION OF INCOME
Chapter 19 Pricing the Factors of Production 397
        The Principle of Marginal Productivity      398
        Inputs and Their Derived Demand Curves   399
        Investment, Capital, and Interest   401
        The Determination of Rent    405
        Payments to Business Owners: Are Profits too High or Too Low?   411
        Criticisms of Marginal Productivity Theory    414
        Summary 415
        Key Terms 416
        Test Yourself 416
        Discussion Questions 416
Chapter 20 Labor and Entrepreneurship: The Human Inputs 419
        Part 1: The Markets for Labor     420
             Wage Determination in Competitive Market    421
              The Supply of Labor    424
              Why do Wages Differ?  428
               Unions and Collective Bargaining    430
       Part 2: The Entrepreneur: The Other Human Input   435
              Entrepreneurship and Growth    435
              Institutions and The Supply of Innovative Entrepreneurship    440
              Summary 441
              Key Terms 442
              Test Yourself 442
        Discussion Questions 443
 Chapter 21 Poverty, Inequality, and Discrimination 445
        The Facts: Poverty    446
        The Facts: Inequal Incomes     450
        The Facts: Discrimination     452
        The Trade off Between Equality and Eddiciency    453
        Policies to Combat Poverty   454
        Other Policies to Combat Infquality   457
        Policies to Combat Discrimination    458
        A look Back   459
        Summary 460
        Key Terms 460
        Test Yourself 460
        Discussion Questions 461

PART 6 THE MACROECONOMY: AGGREGATE SUPPLY AND DEMAND
Chapter 22 An Introduction to Macroeconomics 467
        Drawing A Line Between Macroeconomics and Microeconomics     468
        Supply and Demand in Macroeconomics     469
        Gross Domestic Product    471
        The Economy on A Roller Coaster    475
        The Problem of Macroeconomic Stabilization: A Sneak Preview     483
        Summary 485
        Key Terms 486
        Test Yourself 486
        Discussion Questions 487
Chapter 23 The Goals of Macroeconomic Policy 489
        Part 1: The Goal of Economic Growth    490
             Productivity Growth: From Little Acorns     490
             The Capacity to Produce; Potential GDP and The Production Function    492
             The Growth Rate of Potential  GDP     493
       Part 2: The Goal of Low Unemployment    495
             The Human Costs of High Unemployment   496
             Counting the Unemployed: The Official Statistics     497
             Types of Unemployment    498
             How Much Employment is “Full Employment”?   499
             Unemployment Insurance: The Invaluable Cushion   499
      Part 3: The Goal of Low Inflation   500
             Inflation: The Myth and The Reality    501
             Inflationn as a Redistributor of Income and Wealth  504
             Real Versus Nominal Interest Rates   504
             Inflations Distorts Measurements   505
             Other Costs of Inflation    506
             The Costs of Low Versus High Inflation   507
             Low Inflation Does Not Necessarily Lead to High Inflation   509
             Summary 509
             Key Terms 510
             Test Yourself 510
        Discussion Questions 511
Chapter 24 Economic Growth: Theory and Policy 517
        The Three Pillars of Productivity Growth    518
        Levels, Growth Rates, and The Convergence Hypothesis     520
        Growth Policy: Encouraging Capital Formation    522
        Growth Policy: Improving Education and Training   524
        Growth Policy: Spurring Technological Change    526
        The Productivity Slowdown and Speed-up in the United States    527
        Growth in the Developing Countries   531
        From the Long Run to The Short Run    533
        Summary 533
        Key Terms 534
        Test Yourself 534
        Discussion Questions 535
Chapter 25 Aggregate Demand and the Powerful Consumer 537
        Aggregate Demand, Domestic Product, and National Income     538
        The Circular Flow of Spending, Production, and Income    539
        Consumer Spending and Income: The Important Relationship    541
        The Consumption Function and the Marginal Propensity to Consume   544
        Factors that shift the Consumption Function    545
        The Extreme Variability of Investment    548
        The Determinants of Net Exports    549
        How Predictable is Aggregate Demand?   550
        Summary 550
        Key Terms 551
        Test Yourself 551
        Discussion Questions 552
Chapter 26 Demand-Side Equilibrium: Unemployment or Inflation? 559
        The Meaning of Equilibrium GDP       560
        The Mechanics of Income Determination    562
        The Aggregate Demand Curve     564
        Demand Side  Equilibrium and Full Employment    566
        The Coordination of Saving and Investment    567
        Changes on the Demand Side: Multiplier Analysis    569
        The Multiplier is a General Concept    573
        The Multiplier and the Aggregate Demand Curve   574
        Summary 575
        Key Terms 576
        Test Yourself 576
        Discussion Questions 577
Chapter 27 Bringing in the Supply Side: Unemployment and Inflation? 583
        The Aggregate Supply Curve     584
        Equilibrium of Aggregate Demand and Supply    587
        Inflation and the Multiplier    588
        Recessionary and Inflationary Caps Revisites     589
        Adjusting to an Inflationary Gap: Inflation    593
        Stagflation From a Supply Shock    595
        Applying the model to a Growing Economy     596
        A Role for Stabilixation Policy    600
        Summary 600
        Key Terms 601
        Test Yourself 601
        Discussion Questions 602

PART 7 FISCAL AND MONETARY POLICY
Chapter 28 Managing Aggregate Demand: Fiscal Policy 605
        Income taxes and the consumption schedule   606
        The Multiplier Revisited    607
        Planning Expansionary Fiscal Policy    610
        Planning Contractionary Fiscal  Policy   611
        The Choice Between Spending Policy abd Tax Policy   611
        Some Marsh Realities    612
        The Idea Behind Supply Side Tax Cuts    613
        Summary 617
        Key Terms 617
        Test Yourself 617
        Discussion Questions 618
Chapter 29 Money and the Banking System 625
        The Nature of Money     626
        How The Quantity of  Money is Measured    630
        The Banking System   632
        The Origins of the Money Supply    635
        Banks and Money Creation   636
        Why the Money Creation Formula is Oversimplified   642
        The Need For Mobetary Policy    643
        Summary 643
        Key Terms 644
        Test Yourself 644
        Discussion Questions 644
Chapter 30 Managing Aggregate Demand: Monetary Policy 645
        Money and Income: The Important Difference     646
        America’s Central Bank: The Federal Reserve System      647
        Implementing Monetary Policy: Open-Market Operations     649
        Other Methods of Monetary Control    652
        How Monetary Policy Works   654
        Money and the Price Level in the Keynesian Model    656
        Unconventional Monetary Policy     658
        From models to policy debates     658
        Summary 659
        Key Terms 659
        Test Yourself 659
        Discussion Questions 660
Chapter 31 The Debate over Monetary and Fiscal Policy 661
        Velocity and the Quantity Theory of Money     662
        Fiscal Policy, Interest Rates, and Velocity    665
        Debate: Should We Rely on Fiscal
        VELOCITY AND THE QUANTITY THEORY OF MONEY 662
        Some Determinants of Velocity 664
        Monetarism: The Quantity Theory Modernized 665
        FISCAL POLICY, INTEREST RATES, AND VELOCITY 665
        Application: The Multiplier Formula Revisited 666
        Application: The Government Budget and Investment 667
        DEBATE: SHOULD WE RELY ON FISCAL OR MONETARY POLICY? 667
        DEBATE: SHOULD THE FED CONTROL THE MONEY SUPPLY OR INTEREST RATES? 668
        Two Imperfect Alternatives 670
        What Has the Fed Actually Done? 670
        DEBATE: THE SHAPE OF THE AGGREGATE SUPPLY CURVE 671
        DEBATE: SHOULD THE GOVERNMENT INTERVENE? 673
        Lags and the Rules-versus-Discretion Debate 675
        DIMENSIONS OF THE RULES-VERSUS-DISCRETION DEBATE 675
Chapter 32 Budget Deficits in the Short and Long Run 683
Chapter 33 The Trade-Off between Inflation and Unemployment 701
 

PART 8 THE UNITED STATES IN THE WORLD ECONOMY
Chapter 34 International Trade and Comparative Advantage 723
Chapter 35 The International Monetary System:Order or Disorder? 745
Chapter 36 Exchange Rates and the Macroeconomy 763

PART 9 POSTSCRIPT: THE FINANCIAL CRISIS OF 2007–2009
Chapter 37 The Financial Crisis and the Great Recession 779

| APPENDIX | Answers to Odd-Numbered Test Yourself Questions 795
Glossary 813
Index 825


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