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Table of Contents

    • About the Authors
    • Acknowledgments
    • Preface
    • 1The Central Idea
      • 1.1Scarcity and Choice for Individuals
      • 1.2Scarcity and Choice for the Economy as a Whole
      • 1.3Market Economies and the Price System
      • 1.4End-of-Chapter Material
    • 2Observing and Explaining the Economy

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      • 2.1Why Has Driving Shifted into Reverse?

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      • 2.2Variables, Correlation, and Causation

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      • 2.3Economic Policies

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      • 2.4End-of-Chapter Material

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      • 2.5Appendix: Reading, Understanding, and Creating Graphs

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    • 3The Supply and Demand Model

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      • 3.1Demand

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      • 3.2Supply

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      • 3.3Market Equilibrium: Combining Supply and Demand

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      • 3.4End-of-Chapter Material

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    • 4Subtleties of the Supply and Demand Model

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      • 4.1Interference with Market Prices

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      • 4.2Elasticity of Demand

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      • 4.3Working with Demand Elasticities

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      • 4.4Elasticity of Supply

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      • 4.5End-of-Chapter Material

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    • 5Macroeconomics: The Big Picture

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      • 5.1Measuring the “Size” of an Economy

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      • 5.2Unemployment, Inflation, and Interest Rates

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      • 5.3Macroeconomic Theory and Policy

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      • 5.4End-of-Chapter Material

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      • 5.5Appendix: The Miracle of Compound Growth

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    • 6Measuring the Production, Income, and Spending of Nations

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      • 6.1Measuring GDP

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      • 6.2Saving

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      • 6.3Measuring Real GDP

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      • 6.4Shortcomings of the GDP Measure

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      • 6.5End-of-Chapter Material

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    • 7The Spending Allocation Model

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      • 7.1The Spending Shares

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      • 7.2The Effect of Interest Rates on Spending Shares

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      • 7.3Determining the Equilibrium Interest Rate

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      • 7.4The Relationship between Saving and Investment

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      • 7.5End-of-Chapter Material

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    • 8Unemployment and Employment

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      • 8.1Unemployment and Other Labor Market Indicators

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      • 8.2The Nature of Unemployment

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      • 8.3Modeling the Labor Market

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      • 8.4End-of-Chapter Material

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    • 9Productivity and Economic Growth

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      • 9.1Labor and Capital without Technology

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      • 9.2Technology: The Engine of Growth

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      • 9.3Measuring Technology

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      • 9.4Technology Policy

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      • 9.5End-of-Chapter Material

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      • 9.6Appendix: Deriving the Growth Accounting Formula

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    • 10Economic Growth around the World

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      • 10.1Global Disparities in Income

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      • 10.2Catching Up (or Not?)

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      • 10.3Fundamental Causes of Economic Growth

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      • 10.4Increasing Capital per Worker

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      • 10.5The Spread and Use of Technology

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      • 10.6End-of-Chapter Material

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    • 11Money and Inflation

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      • 11.1What Is Money?

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      • 11.2The Fed, the Banks, and the Role of Reserves

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      • 11.3The Federal Funds Market

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      • 11.4Money Growth and Inflation

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      • 11.5End-of-Chapter Material

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    • 12The Nature and Causes of Economic Fluctuations

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      • 12.1Changes in Aggregate Demand Lead to Changes in Production

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      • 12.2Forecasting Real GDP

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      • 12.3The Response of Consumption to Income

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      • 12.4Finding Real GDP When Consumption and Income Move Together

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      • 12.5Spending Balance and Departures of Real GDP from Potential GDP

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      • 12.6End-of-Chapter Material

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      • 12.7Appendix: Deriving the Formula for the Keynesian Multiplier and the Forward-Looking Consumption Model

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    • 13The Economic Fluctuations Model

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      • 13.1The Aggregate Demand Curve

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      • 13.2The Inflation Adjustment Line

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      • 13.3Combining the Aggregate Demand Curve and the Inflation Adjustment Line

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      • 13.4End-of-Chapter Material

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    • 14Using the Economic Fluctuations Model

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      • 14.1Changes in Government Purchases

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      • 14.2Changes in Monetary Policy

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      • 14.3Price Shocks

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      • 14.4Using the Economic Fluctuations Model to Understand the Great Recession

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      • 14.5Using the Economic Fluctuations Model to Understand the Impact of the COVID-19 Pandemic

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      • 14.6Using the Economic Fluctuations Model to Understand the Return of High Inflation

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      • 14.7End-of-Chapter Material

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    • 15Fiscal Policy

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      • 15.1The Government Budget

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      • 15.2Countercyclical Fiscal Policy

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      • 15.3The Structural versus the Cyclical Surplus

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      • 15.4End-of-Chapter Material

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    • 16Monetary Policy

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      • 16.1The Federal Reserve’s Balance Sheet

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      • 16.2When the Interest Rate Hits Zero

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      • 16.3The Economic Fluctuations Model

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      • 16.4Central Bank Independence

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      • 16.5The Exchange Rate

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      • 16.6End-of-Chapter Material

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    • 17Capital and Financial Markets

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      • 17.1The Distinction between Physical Capital and Financial Capital

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      • 17.2Markets for Physical Capital

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      • 17.3Markets for Financial Capital

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      • 17.4The Trade-off between Risk and Returns

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      • 17.5Corporate Governance Problems

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      • 17.6The Role of Government in Financial Markets

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      • 17.7End-of-Chapter Material

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      • 17.8Appendix: Present Discounted Value

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    • 18International Trade

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      • 18.1Trends in International Trade

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      • 18.2Comparative Advantage

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      • 18.3Reasons for Comparative Advantage

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      • 18.4Gains from Expanded Markets

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      • 18.5Tariffs and Quotas

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      • 18.6The History of Trade Restrictions

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      • 18.7Arguments for Trade Barriers

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      • 18.8How to Reduce Trade Barriers

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      • 18.9End-of-Chapter Material

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    • 19International Finance

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      • 19.1Exchange Rates

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      • 19.2Exchange Rate Determination

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      • 19.3Fixed Exchange Rates

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      • 19.4Currency Unions

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      • 19.5End-of-Chapter Material

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