Microeconomics in context:
Gespeichert in:
| Beteiligte Personen: | , , , , |
|---|---|
| Format: | Buch |
| Sprache: | Englisch |
| Veröffentlicht: |
London
Routledge
2019
|
| Ausgabe: | Fourth edition |
| Schlagwörter: | |
| Links: | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=030650513&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| Beschreibung: | Includes index |
| Umfang: | xxxi, 614 Seiten Illustrationen |
| ISBN: | 9781138314511 9781138314566 |
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| 245 | 1 | 0 | |a Microeconomics in context |c Neva Goodwin, Jonathan Harris, Julie Nelson, Brian Roach, and Mariano Torras |
| 250 | |a Fourth edition | ||
| 264 | 1 | |a London |b Routledge |c 2019 | |
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Datensatz im Suchindex
| _version_ | 1819327531705171968 |
|---|---|
| adam_text | Contents
List of Figures xv
List of Tables xix
Preface xxi
Acknowledgments xxvii
Sample Course Outlines xxix
PART I:THE CONTEXT FOR ECONOMIC ANALYSIS 1
0 MICROECONOMICS AND WELL-BEING 3
1 ECONOMIC ACTIVITY IN CONTEXT 20
1. OUR STARTING POINT 20
2. THE GOALS OF AN ECONOMY 22
2.1 INTERMEDIATE AND FINAL GOALS 23
2.2 TRADITIONAL ECONOMIC GOALS 23
2.3 COMPONENTS OF WELL-BEING 26
2.4 ECONOMICS AND WELL-BEING 28
3. THE ISSUESTHAT DEFINE ECONOMICS 30
3.1 THE FOUR ESSENTIAL ECONOMIC ACTIVITIES 30
3.2 THETHREE BASIC ECONOMIC QUESTIONS 32
4. ECONOMICTRADEOFFS 33
4.1 SOCIETY S PRODUCTION-POSSIBILITIES FRONTIER 33
4.2 TRADEOFFS OVERTIME 37
5. MICROECONOMICS IN CONTEXT 40
5.1 THE TRADITIONAL ECONOMIC MODEL 40
5.2 THE CONTEXTUAL APPROACH 42
2 MARKETS AND SOCIETY 47
1. THETHREE SPHERES OF ECONOMIC ACTIVITY 47
1.1 THE CORE SPHERE 47
1.2 THE PUBLIC PURPOSE SPHERE 50
1.3 THE BUSINESS SPHERE 53
1.4 THE SIZE OFTHETHREE SPHERES 55
1.5 THE INFORMAL SPHERE AND LESS INDUSTRIALIZED
COUNTRIES 56
VII
CONTENTS
2. THE ROLE OF MARKETS 58
2.1 THREE DEFINITIONS OF MARKETS 58
2.2 INSTITUTIONAL REQUIREMENTS OF MARKETS 60
3. TYPES OF MARKETS 66
3.1 MARKETS DEFINED BY WHAT IS SOLD 66
3.2 MARKETS DEFINED BY HOW PRICES ARE DETERMINED 68
4. ADVANTAGES AND LIMITATIONS OF MARKETS 70
4.1 OVERVIEW OF ADVANTAGES AND DISADVANTAGES
OF MARKETS 70
4.2 ASSESSING MARKET OUTCOMES 71
PART II: BASIC ECONOMIC ANALYSIS 77
3 SUPPLY AND DEMAND 79
1. INTRODUCTION TOTHE MICROECONOMIC MARKET MODEL 80
2. THETHEORY OF SUPPLY 81
2.1 THE SUPPLY SCHEDULE AND SUPPLY CURVE 83
2.2 CHANGES IN SUPPLY 85
2.3 NONPRICE DETERMINANTS OF SUPPLY 86
3. THETHEORY OF DEMAND 88
3.1 THE DEMAND SCHEDULE AND DEMAND CURVE 89
3.2 CHANGES IN DEMAND 91
3.3 NONPRICE DETERMINANTS OF DEMAND 92
4. THETHEORY OF MARKET ADJUSTMENT 94
4.1 SURPLUS, SHORTAGE, AND EQUILIBRIUM 94
4.2 MARKET FORCES AND OTHER CONSIDERATIONS 98
4.3 SHIFTS IN SUPPLY AND DEMAND 99
5. TOPICS IN MARKET ANALYSIS 104
5.1 REAL-WORLD PRICES 104
5.2 MARKETS AND EQUITY 106
5.3 SHORTAGE, SCARCITY, AND INADEQUACY 107
5.4 PRECISION VERSUS ACCURACY 108
4 ELASTICITY 115
1. THE PRICE ELASTICITY OF DEMAND 116
1.1 PRICE-INELASTIC DEMAND 116
1.2 PRICE-ELASTIC DEMAND 117
1.3 MEASURING PRICE ELASTICITY 118
1.4 TWO EXTREME CASES 121
1.5 DEMAND CURVES AND ELASTICITY 123
1.6 ELASTICITY AND REVENUES 126
1.7 PRICE ELASTICITY OF DEMAND IN THE REAL WORLD 128
2. THE PRICE ELASTICITY OF SUPPLY 131
3. INCOME ELASTICITY OF DEMAND 134
4. INCOME AND SUBSTITUTION EFFECTS OF A PRICE CHANGE 136
5. SHORT-RUN VERSUS LONG-RUN ELASTICITY 138
5 WELFARE ANALYSIS 143
1. WELFARE ECONOMICS 143
2. CONSUMER SURPLUS 146
2.1 QUANTIFYING CONSUMER BENEFITS 146
viii
CONTENTS
2.2 CONSUMER SURPLUS AND DEMAND CURVES 148
2.3 CONSUMER SURPLUS IN AN ENTIRE MARKET 151
3. PRODUCER SURPLUS 153
3.1 QUANTIFYING PRODUCER BENEFITS 153
3.2 PRODUCER SURPLUS AND SUPPLY CURVES 154
3.3 PRODUCER SURPLUS IN AN ENTIRE MARKET 156
4. SOCIAL EFFICIENCY 158
4.1 MARKET EQUILIBRIUM AND SOCIAL EFFICIENCY 159
4.2 PRICE CEILINGS 160
4.3 PRICE FLOORS 163
5. POLICY INFERENCES FROM WELFARE ANALYSIS 167
5.1 LAISSEZ-FAIRE ECONOMICS 167
5.2 MARKET FAILURE 168
6 INTERNATIONAL TRADE AND TRADE POLICY 174
1. TRADE, SPECIALIZATION, AND PRODUCTIVITY 174
2. GAINS FROMTRADE 176
2.1 THE THEORY OF COMPARATIVE ADVANTAGE 177
2.2 FACTOR PRICE EQUALIZATION 181
2.3 OTHER BENEFITS OF FREE TRADE 183
3. DRAWBACKS OF FREE TRADE 184
3.1 VULNERABILITY AND LOCK-IN 185
3.2 POWER DIFFERENTIALS 185
3.3 TRADE ANDTHE ENVIRONMENT 186
3.4 INEQUALITY AND OTHER SOCIAL IMPACTS OF TRADE 189
4. GLOBALIZATION AND POLICY 191
4.1 GLOBALIZATION DATA ANDTRENDS 191
4.2 NATIONALTRADE POLICIES 193
4.3 INTERNATIONALTRADE AGREEMENTS 198
5. CONCLUSION: FREETRADE AND FAIRTRADE 201
APPENDIX: A FORMALTHEORY OF GAINS FROMTRADE 208
PART III: ECONOMICS AND SOCIETY 211
7 ECONOMIC BEHAVIOR AND RATIONALITY 213
1. HISTORICAL PERSPECTIVES ON ECONOMIC BEHAVIOR 213
1.1 CLASSICAL ECONOMIC VIEWS OF HUMAN NATURE 213
1.2 THE NEOCLASSICAL MODEL 214
2. MODERN PERSPECTIVES ON ECONOMIC BEHAVIOR 216
2.1 BEHAVIORAL ECONOMICS 216
2.2 THE ROLE OFTIME IN ECONOMIC DECISIONS 219
2.3 THE ROLE OF EMOTIONS IN ECONOMIC DECISIONS 220
2.4 THE ROLE OF INFLUENTIAL FACTORS 221
2.5 SELFISHNESS AND ALTRUISM 222
2.6 INSIGHTS FROM NEUROECONOMICS 225
3. ECONOMIC BEHAVIOR IN CONTEXTUAL ECONOMICS 226
3.1 ALTERNATIVES TO MAXIMIZING BEHAVIOR 226
3.2 THE MODEL OF ECONOMIC BEHAVIOR IN
CONTEXTUAL ECONOMICS 228
4. POLICY INFERENCES FROM OUR MODEL OF ECONOMIC BEHAVIOR 229
IX
CONTENTS
4.1 PREDICTABLE IRRATIONALITY AND NUDGES 229
4.2 GOVERNMENT POLICY EXAMPLES 231
4.3 CONCLUDINGTHOUGHTS 233
8 CONSUMPTION AND THE CONSUMER SOCIETY 238
1. ECONOMICTHEORY AND CONSUMPTION 239
1.1 CONSUMER SOVEREIGNTY 239
1.2 THE BUDGET LINE 240
1.3 CONSUMER UTILITY 243
1.4 LIMITATIONS OFTHE STANDARD CONSUMER MODEL 245
2. CONSUMPTION IN HISTORICAL AN D INTERNATIONAL CONTEXT 247
2.1 A BRIEF HISTORY OF CONSUMER SOCIETY 248
2.2 LIMITS TO MODERN CONSUMERISM 250
3. CONSUMPTION IN A SOCIAL CONTEXT 253
3.1 SOCIAL COMPARISONS 254
3.2 ADVERTISING 256
3.3 PRIVATE VERSUS PUBLIC CONSUMPTION 257
4. CONSUMPTION IN AN ENVIRONMENTAL CONTEXT 258
4.1 THE LINK BETWEEN CONSUMPTION ANDTHE ENVIRONMENT 259
4.2 GREEN CONSUMERISM 261
5. CONSUMPTION AND WELL-BEING 262
5.1 DOES MONEY BUY HAPPINESS? 262
5.2 AFFLUENZA AND VOLUNTARY SIMPLICITY 266
5.3 CONSUMPTION AND PUBLIC POLICY 268
APPENDIX: A FORMALTHEORY OF CONSUMER BEHAVIOR 277
Al. THE ASSUMPTIONS 277
A2. THE BUDGET LINE AND ITS SLOPE 277
A3. INDIFFERENCE CURVES 278
A4. UTILITY MAXIMIZATION 280
A5. RESPONSE TO VARIATIONS IN PRICE 282
9 MARKETS FOR LABOR 284
1. ECONOMICTHEORY OF LABOR MARKETS 284
1.1 THE FIRM S DECISION TO HIRE LABOR 285
1.2 THE INDIVIDUAL S DECISION TO SUPPLY LABOR 286
1.3 THE INDIVIDUAL SUPPLY CURVE FOR LABOR 289
1.4 THE MARKET SUPPLY CURVE FOR LABOR 291
1.5 MARKET DEMAND CURVES 294
1.6 MARKET ADJUSTMENT 294
2. EXPLAINING VARIATIONS IN WAGES 296
2.1 WAGE VARIATIONS IN THE NEOCLASSICAL LABOR MODEL 296
2.2 SOCIAL NORMS, BARGAINING POWER, AND LABOR UNIONS 300
2.3 EFFICIENCY WAGES AND DUAL LABOR MARKETS 303
2.4 DISCRIMINATION 305
3. CONTEMPORARY LABOR ISSUES AND POLICIES 309
3.1 LABOR FORCE PARTICIPATION RATES 309
3.2 LABOR MARKET FLEXIBILITY 311
3.3 LABOR MARKETS AND IMMIGRATION 312
3.4 COOPERATIVES 314
3.5 WORK-LIFE BALANCE 315
X
CONTENTS
3.6 LABOR MARKETS, INEQUALITY, AND POWER 317
APPENDIX: A FORMAL MODEL OF A FIRM S HIRING DECISION 327
PART IV: ESSENTIAL TOPICS FOR CONTEMPORARY ECONOMICS 329
10 ECONOMIC AND SOCIAL INEQUALITY 331
1. DEFINING AND MEASURING INEQUALITY 331
1.1 INEQUALITY OF WHAT? 331
1.2 MEASURING INEQUALITY 333
2. INEQUALITY TRENDS AND FURTHER CONSIDERATIONS 338
2.1 INCOME INEQUALITY OVERTIME IN THE UNITED STATES 338
2.2 WEALTH INEQUALITY 340
2.3 FURTHER PERSPECTIVES ON INEQUALITY 342
2.4 ECONOMIC MOBILITY 343
3. INTERNATIONAL DATA ON INEQUALITY 346
3.1 CROSS-COUNTRY COMPARISONS 346
3.2 GLOBAL INEQUALITY 347
4. CAUSES AND CONSEQUENCES OF INEQUALITY 350
4.1 CAUSES OF INEQUALITY 350
4.2 CONSEQUENCES OF INEQUALITY 356
5. RESPONDING TO INEQUALITY 357
5.1 TAX ANDTRANSFER POLICIES 357
5.2 WAGE POLICIES 360
5.3 PUBLIC SPENDING AND REGULATORY POLICIES 361
5.4 ADDRESSING INEQUALITY IN DEVELOPING AND
TRANSITIONAL COUNTRIES 362
5.5 CONCLUDINGTHOUGHTS 363
11 TAXES AND TAX POLICY 371
1. ECONOMICTHEORY ANDTAXES 372
1.1 TAXES IN THE SUPPLY-AND-DEMAND MODEL 372
1.2 TAX REVENUES 374
1.3 WELFARE ANALYSIS OF TAXATION 376
2. THE STRUCTURE OF TAXATION IN THE UNITED STATES 378
2.1 TAX PROGRESSIVITY 378
2.2 FEDERAL INCOMETAXES 380
2.3 FEDERAL SOCIAL INSURANCE TAXES 383
2.4 FEDERAL CORPORATE TAXES 383
2.5 OTHER FEDERALTAXES 385
2.6 STATE AND LOCAL TAXES 386
3. TAX ANALYSIS AND POLICY ISSUES 387
3.1 TAX DATA FOR THE UNITED STATES 387
3.2 INTERNATIONAL DATA ON TAXES 388
3.3 CURRENTTAX POLICY ISSUES 390
12 THE ECONOMICS OF THE ENVIRONMENT 402
1. THE THEORY OF EXTERNALITIES 403
1.1 NEGATIVE EXTERNALITIES IN THE
SUPPLY-AND-DEMAND MODEL 403
XI
CONTENTS
1.2 INTERNALIZING NEGATIVE EXTERNALITIES 405
1.3 POSITIVE EXTERNALITIES 407
1.4 POLICY IMPLICATIONS OF EXTERNALITIES 408
2. VALUINGTHE ENVIRONMENT 411
2.1 TOTAL ECONOMIC VALUE 411
2.2 NONMARKET VALUATION METHODOLOGIES 413
2.3 COST-BENEFIT ANALYSIS 418
3. ENVIRONMENTAL POLICIES IN PRACTICE 423
3.1 POLICY OPTIONS 423
3.2 DESIGN AND PERFORMANCE OF ENVIRONMENTAL POLICIES 427
APPENDIX: FORMAL ANALYSIS OF NEGATIVE EXTERNALITIES 435
13 COMMON PROPERTY RESOURCES AND PUBLIC GOODS 439
1. GOODS OTHERTHAN PRIVATE GOODS 440
2. ARTIFICIALLY SCARCE GOODS 443
3. COMMON PROPERTY RESOURCES 445
3.1 MODELING A COMMON PROPERTY RESOURCE 445
3.2 POLICIES FOR COMMON PROPERTY RESOURCE MANAGEMENT 447
4. PUBLIC GOODS 449
5. CLIMATE CHANGE 453
5.1 CLIMATE CHANGE DATA AND PROJECTIONS 454
5.2 ECONOMIC ANALYSIS OF CLIMATE CHANGE 456
5.3 CLIMATE CHANGE POLICY 457
5.4 ECONOMICS OF RENEWABLE ENERGY 459
PART V: RESOURCES, PRODUCTION, AND MARKET ORGANIZATION 467
14 CAPITAL STOCKS AND RESOURCE MANAGEMENT 469
1. CAPITAL STOCKS 469
1.1 STOCKS VERSUS FLOWS 470
1.2 THE FIVETYPES OF CAPITAL 472
2. NATURAL CAPITAL 474
2.1 RENEWABLE AND NONRENEWABLE NATURAL CAPITAL 474
2.2 NATURAL CAPITAL AND SUSTAINABILITY 477
3. MANUFACTURED CAPITAL 477
3.1 FIXED MANUFACTURED CAPITAL 477
3.2 INVENTORIES 479
3.3 MANUFACTURED CAPITAL IN THE CORE AND
PUBLIC PURPOSE SPHERES 479
4. HUMAN CAPITAL 480
4.1 PHYSICAL HUMAN CAPITAL 480
4.2 INTANGIBLE HUMAN CAPITAL 482
5. SOCIAL CAPITAL 483
6. FINANCIAL CAPITAL 484
6.1 EQUITY FINANCE 484
6.2 DEBT FINANCE 485
7. SUSTAINING CAPITAL STOCKS 486
15 PRODUCTION COSTS 491
1. AN OVERVIEW OF PRODUCTION 491
1.1 THE GOALS OF PRODUCTION 491
1.2 AN ECONOMIC PERSPECTIVE ON PRODUCTION 493
XII
CONTENTS
2. TYPES OF PRODUCTION COSTS 494
2.1 FIXED VERSUS VARIABLE COSTS 494
2.2 ACCOUNTING VERSUS ECONOMIC COSTS 495
2.3 PRIVATE VERSUS EXTERNAL COSTS 497
3. THE PRODUCTION FUNCTION 498
3.1 THINKING ABOUT INPUTS AND OUTPUTS 499
3.2 GRAPHING PRODUCTION FUNCTIONS 500
3.3 PRODUCTION IN THE SHORT RUN 502
4. PRODUCTION COSTS 505
4.1 PRODUCTION COSTS INTHE SHORT RUN 505
4.2 PRODUCTION COSTS IN THE LONG RUN 509
4.3 PRODUCTION PROCESS CHOICE 512
16 PERFECTLY COMPETITIVE MARKETS 518
1. UNDERSTANDING MARKET POWER AND COMPETITION 518
1.1 THE BUSINESS PERSPECTIVE ON COMPETITION AND
MARKET POWER 519
1.2 THE CONSUMER PERSPECTIVE ON COMPETITION AND
MARKET POWER 519
1.3 THE CITIZEN PERSPECTIVE ON COMPETITION AND
MARKET POWER 520
1.4 THE ECONOMISTS PERSPECTIVE ON COMPETITION AND
MARKET POWER 520
2. PERFECT COMPETITION 521
2.1 THE CONDITIONS OF PERFECT COMPETITION 521
2.2 EXAMPLES OF PERFECT COMPETITION? 522
3. PROFIT MAXIMIZATION UNDER PERFECT COMPETITION 524
3.1 REVENUES 524
3.2 PROFIT MAXIMIZATION EXAMPLE 525
3.3 PROFITS UNDER PERFECT COMPETITION 529
4. LOSSES AND EXIT 531
4.1 LOSSES INTHE SHORT RUN 532
4.2 LOSSES INTHE LONG RUN 534
5. PRODUCTION, EFFICIENCY, AND EQUITY 535
5.1 PATH DEPENDENCE 535
5.2 NETWORK EXTERNALITIES 536
5.3 MARKETS, EFFICIENCY, AND EQUITY 538
APPENDIX: A FORMAL MODEL OF PERFECT COMPETITION 543
17 MARKETS WITH MARKET POWER 548
1. THE TRADITIONAL MODELS 548
2. PURE MONOPOLY: ONE SELLER 549
2.1 THE CONDITIONS OF MONOPOLY 549
2.2 EXAMPLES OF MONOPOLY 552
2.3 PROFIT MAXIMIZATION FOR A MONOPOLIST 552
2.4 MONOPOLY AND INEFFICIENCY 555
2.5 CAN MONOPOLY BE EFFICIENT? 556
3. MONOPOLISTIC COMPETITION 563
3.1 THE CONDITIONS OF MONOPOLISTIC COMPETITION 563
3.2 EXAMPLES OF MONOPOLISTIC COMPETITION 563
3.3 PROFIT MAXIMIZATION WITH MONOPOLISTIC COMPETITION 564
3.4 MONOPOLISTIC COMPETITION AND LONG-RUN EFFICIENCY 565
CONTENTS
4. OLIGOPOLY 566
4.1 MARKET STRUCTURE OF AN OLIGOPOLISTIC INDUSTRY 567
4.2 OLIGOPOLY ANDTHE BEHAVIOR OF FIRMS 567
4.3 EXAMPLES OF OLIGOPOLY 571
5. MARKET POWER, WELL-BEING, AND POLITICS 573
5.1 MARKET CONCENTRATION AND POLITICS 573
5.2 FINALTHOUGHTS 576
APPENDIX: FORMAL ANALYSIS OF MONOPOLY AND
MONOPOLISTIC COMPETITION 580
Glossary 583
Index 599
XIV
|
| any_adam_object | 1 |
| author | Goodwin, Neva R. 1944- Harris, Jonathan M. 1948- Nelson, Julie A. 1956- Roach, Brian A. Torras, Mariano |
| author_GND | (DE-588)170644359 (DE-588)130583863 (DE-588)138941017 (DE-588)171083520 (DE-588)171757777 |
| author_facet | Goodwin, Neva R. 1944- Harris, Jonathan M. 1948- Nelson, Julie A. 1956- Roach, Brian A. Torras, Mariano |
| author_role | aut aut aut aut aut |
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| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 338 - Production |
| dewey-raw | 338.5 |
| dewey-search | 338.5 |
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| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| edition | Fourth edition |
| format | Book |
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| id | DE-604.BV045262593 |
| illustrated | Illustrated |
| indexdate | 2024-12-20T18:22:25Z |
| institution | BVB |
| isbn | 9781138314511 9781138314566 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-030650513 |
| oclc_num | 1077605849 |
| open_access_boolean | |
| owner | DE-355 DE-BY-UBR DE-2070s |
| owner_facet | DE-355 DE-BY-UBR DE-2070s |
| physical | xxxi, 614 Seiten Illustrationen |
| publishDate | 2019 |
| publishDateSearch | 2019 |
| publishDateSort | 2019 |
| publisher | Routledge |
| record_format | marc |
| spellingShingle | Goodwin, Neva R. 1944- Harris, Jonathan M. 1948- Nelson, Julie A. 1956- Roach, Brian A. Torras, Mariano Microeconomics in context Gesellschaft Microeconomics Microeconomics Social aspects Mikroökonomie (DE-588)4039225-9 gnd |
| subject_GND | (DE-588)4039225-9 |
| title | Microeconomics in context |
| title_auth | Microeconomics in context |
| title_exact_search | Microeconomics in context |
| title_full | Microeconomics in context Neva Goodwin, Jonathan Harris, Julie Nelson, Brian Roach, and Mariano Torras |
| title_fullStr | Microeconomics in context Neva Goodwin, Jonathan Harris, Julie Nelson, Brian Roach, and Mariano Torras |
| title_full_unstemmed | Microeconomics in context Neva Goodwin, Jonathan Harris, Julie Nelson, Brian Roach, and Mariano Torras |
| title_short | Microeconomics in context |
| title_sort | microeconomics in context |
| topic | Gesellschaft Microeconomics Microeconomics Social aspects Mikroökonomie (DE-588)4039225-9 gnd |
| topic_facet | Gesellschaft Microeconomics Microeconomics Social aspects Mikroökonomie |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=030650513&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT goodwinnevar microeconomicsincontext AT harrisjonathanm microeconomicsincontext AT nelsonjuliea microeconomicsincontext AT roachbriana microeconomicsincontext AT torrasmariano microeconomicsincontext |