Original PDF Economics Today 19th by Roger Leroy Miller PDF
Original PDF Economics Today 19th by Roger Leroy Miller PDF
Original PDF Economics Today 19th by Roger Leroy Miller PDF
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ISBN-13: 978-0-13-447877-7
ISBN-10: 0-13-447877-0
9 0 0 0 0
Roger LeRoy Miller
NI NETEENTH
9 780134 478777 EDI TI ON
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Economics
Today
Roger LeRoy Miller
Research Professor of Economics,
University of Texas-Arlington
New York, NY
Thanks,
—R.L.M.
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1 16
Preface xx
PART 1 Introduction
1 The Nature of Economics 1
2 Scarcity and the World of Trade-Offs 27
3 Demand and Supply 49
4 Extensions of Demand and Supply Analysis 75
5 Public Spending and Public Choice 100
6 Funding the Public Sector 124
vii
PART 1 Introduction
EXAMPLE
Microeconomic and Macroeconomic
1 The Nature of Economics 1
Implications of the Gig Economy 3 The Power of Economic Analysis 2 • The Three Basic Economic Questions and Two
Getting Directions 8
Opposing Sets of Answers 4
INTERNATIONAL POLICY WHAT IF… the government increases pharmaceutical companies’ costs but prevents them
EXAMPLE from raising their prices? 5
Greece Discovers That Higher Tax Rates The Economic Approach: Systematic Decisions 6 • Economics as a Science 7
Encourage More Tax Evasion 6 • Positive versus Normative Economics 10
BEHAVIORAL EXAMPLE YOU ARE THERE The Incentive to Understand Chickens’ “Speech” 11
Why Doesn’t Higher Pay Persuade Some ISSUES & APPLICATIONS Why More Highly Educated Women Are Having More
Women to Avoid Traditional Gender Children 12
Roles? 7
Summary: What You Should Know/Where to Go to Practice 13 • Problems 14
• References 17
APPENDIX A Reading and Working with Graphs 18
Direct and Inverse Relationships 18 • Constructing a Graph 19 • Graphing Numbers
in a Table 20 • The Slope of a Line (A Linear Curve) 22 • Summary: What You
Should Know/Where to Go to Practice 25 • Problems 26
viii
BEHAVIORAL EXAMPLE Summary: What You Should Know/Where to Go to Practice 138 • Problems 139
Trying to Boost Government Tax • References 141
Receipts by Making Tax Delinquents
Feel Bad 134
INTERNATIONAL EXAMPLE ISSUES & APPLICATIONS Interpreting Employment Data as the Gig Economy Grows 158
Summary: What You Should Know/Where to Go to Practice 159 • Problems 161
How Variations in Prices of Imported
Items Can Push Apart the PPI and
• References 163
CPI 152
BEHAVIORAL EXAMPLE
Animal Spirits and Business Fluctuations:
Can Fear Cause Recessions? 157
INTERNATIONAL POLICY 18 Policies and Prospects for Global Economic Growth 397
EXAMPLE Labor Resources and Economic Growth 398 • Capital Goods and Economic
Indian Farmers Confront “Dead Land” Growth 400 • A Recent Shift in Global Growth Trends 401 • Private International
Problems 401 Financial Flows as a Source of Global Growth 404 • International Institutions and
INTERNATIONAL EXAMPLE Policies for Global Growth 406
Myanmar Ends Monopolies’ Control of WHAT IF… the World Bank and the IMF were to face competition from new international lending
Financial Information to Spur Foreign institutions? 408
Investment 405
YOU ARE THERE Will Renewable Energy “Leapfrog” African Nations to Higher Economic
BEHAVIORAL EXAMPLE Growth? 409
Nudging the World’s Poor to Make
Different Choices 399 ISSUES & APPLICATIONS China’s One-Child Policy Relaxed––To Promote Economic
Growth 409
Summary: What You Should Know/Where to Go to Practice 410 • Problems 412 •
References 415
BEHAVIORAL EXAMPLE YOU ARE THERE A Soft Drink Company Faces Another Entry into an Already Crowded
Industry 572
Do Business Schools’ Uses of Their
Rankings Inform or Persuade? 568 ISSUES & APPLICATIONS Professional Service Firms Confront Easier Entry by New
Competitors 572
Summary: What You Should Know/Where to Go to Practice 573 • Problems 575
• References 577
BEHAVIORAL EXAMPLE ISSUES & APPLICATIONS How Firms Engage in Conspiracies to Restrain Trade 618
Does Bounded Rationality Strengthen Summary: What You Should Know/Where to Go to Practice 619 • Problems 620
or Weaken the Argument for • References 623
Regulation? 611
INTERNATIONAL EXAMPLE
A U.S. Firm Asks French Antitrust
Authorities to Halt a Pricing
Conspiracy 613
Glossary G-1
Index I-1
xix
xx
Public policy issues concern your students just as they concern everyone else. Much of the theory
throughout this text relates to exactly how changing public policies affect all of us.
• In Chapter 2, read-
ers will find out
why “free” tax-filing
ISSUES &
Specialist 2nd Class Kristopher Kirsop/Released
II
I do not wish to make a third with Pontius Pilate and Mr.
Chadband in raising the question, “What is Truth?” but merely to
suggest here that, as soon as ever you raise it over poetry or over
prose fiction, it becomes—as Aristotle did not miss to discover—
highly philosophical and ticklish. To begin at plumb bottom with your
mere matter-of-fact man, you will be asked to explain how in the
world there can be “truth” in “fiction,” the two being opponent and
mutually exclusive terms; and such a man will tell you that larkspurs
don’t listen, lilies don’t whisper, and no spray blossoms with pleasure
because a bird has clung to it; wherefore, what is the use of
pretending any such lies? Ascending a little higher in the scale of
creation, we come to another bottom, a false bottom, a Bully Bottom,
who enjoys make-believe, but feels it will never do “to bring in (God
shield us!) a lion among ladies.” Still ascending past much timber, we
emerge on the decks of argosies—
Like signiors and rich burghers on the flood,
portlily negligent of all this bottom-business on which they ride,
carrying piled canvas over the foam of perilous seas. In short, the
man who hasn’t it in his soul that there is a truth of emotion and a
truth of imagination just as solid for a keelson as any truth of fact,
merely does not know what literature is about. As Heine once said of
a fat opponent, “it is easier for a camel to enter the Kingdom of
Heaven than for that fellow to pass through the eye of a needle.”
Now Trollope, if we look at him in one way, and consider him as an
entirely honest Bottom, simply saw Micawber as a grotesque
creation and Victor Hugo as a writer extravagantly untrue to nature.
He merely could not understand what Hugo would be aiming at (say)
in Gastibelza or in the divine serenade:
Here Trollope asserts less than one-half of his true claim. He not
only carried all Barsetshire in his brain as a map, with every cross-
road, by-lane, and footpath noted—Trollope was great at cross-
roads, having as an official reorganised, simplified, and speeded-up
the postal service over a great part of rural England—but knew all
the country-houses, small or great, of that shire, with their families,
pedigrees, intermarriages, political interests, monetary anxieties, the
rise and fall of interdependent squires, parsons, tenants; how a
mortgage, for example, will influence a character, a bank-book set
going a matrimonial intrigue, a transferred bill operate on a man’s
sense of honour. You seem to see him moving about the Cathedral
Close in “very serviceable suit of black,” or passing the gates and
lodge of a grand house in old hunting-pink like a very wise solicitor
on a holiday: garrulous, to be sure, but to be trusted with any secret
—to be trusted most of all, perhaps, with that secret of a maiden’s
love which as yet she hardly dares to avow to herself. Here let us
listen to the late Frederic Harrison, who puts it exactly:
8
I should prefer to say that it grew.—Q.