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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