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Economics : Private and Public Choice.

Author: James D Gwartney; Richard Stroup
Publisher: Burlington : Elsevier Science, 2014.
Edition/Format:   eBook : Document : English : 2nd edView all editions and formats
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Gwartney, James D.
Economics : Private and Public Choice.
Burlington : Elsevier Science, ©2014
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: James D Gwartney; Richard Stroup
ISBN: 9781483264431 1483264432
OCLC Number: 897647046
Notes: Chapter 9. the multiplier, the accelerator, and a keynesian view of the business cycle.
Economics.
Description: 1 online resource (936 pages)
Contents: Front Cover; Economics: Private and Public Choice; Copyright Page; Table of Contents; MYTHS OF ECONOMICS; OUTSTANDING ECONOMISTS; PERSPECTIVES IN ECONOMICS; SUGGESTED OUTLINES FOR ONE-SEMESTER COURSES; PREFACE; ACKNOWLEDGMENTS; PART ONE: THE ECONOMIC WAY OF THINKING --
AN INTRODUCTION; CHAPTER 1. THE ECONOMIC APPROACH; WHAT IS ECONOMICS ABOUT?; THE ECONOMIC WAY OF THINKING; POSITIVE ECONOMICS; NORMATIVE ECONOMICS; PITFALLS OF POSITIVE ECONOMICS; WHAT DO ECONOMISTS DO?; CHAPTER 2. SOME TOOLS OF THE ECONOMIST; OPPORTUNITY COST IS THE HIGHEST VALUED OPPORTUNITY LOST. The production possibilities curvetrade tips and comparative advantage; three economizing decisions facing all nations: what, how, and for whom?; two methods of making decisions-the market and government planning; chapter 3. supply, demand, and the market process; scarcity necessitates rationing; consumer choice and the law of demand; producer choice and the law of supply; markets and the coordination of supply and demand; the communicating, coordinating, and motivating functions of the market; chapter 4. a bird's-eye view of the public sector; ideal economic efficiency. Why might the invisible hand fail?government-a potential vehicle for gain; the market and the public sector-two methods of economic organization; conflicts between good economics and good politics; chapter 5. taxes and government spending; what do federal, state, and local governments buy?; how big is government?; the growth of government; taxes to pay for a growing government; politics, tax incidence, and the structure of taxes; who pays the tax bill?; the taxes paid in other countries; taxes and politics-a final word; part two: macroeconomics; chapter 6. taking the nation's economic pulse. The concept of the gnpthe circular flow of expenditures and resource costs; two ways of measuring gnp; the expenditure approach; the resource cost-income approach; gross national product or gross national cost?; five problems with gnp as a measuring rod; what gnp does not measure; the great contribution of gnp; other related income measures; the real income-real output link; chapter 7. unemployment, inflation, and business cycles; micro- and macroeconomics; swings in the economic pendulum; three different views of the business cycle; employment fluctuations in a dynamic economy. What is full employment?a closer look at the employment statistics; the economics of inflation; the cost of inflation; the economic way of thinking-discussion questions; chapter 8. aggregate equilibrium and a simple keynesian model; tools of the modern keynesian analysis; saving, investment, and the circular flow analysis; keynes and the view of classical economists; the determinants of consumption; the determinants of investment; equilibrium and the keynesian model; leakages and injections-another way of looking at equilibrium; the major message of keynes.

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