Principles of Economics: Scarcity and Social Provisioning (2nd Ed.)
About This Book
How Economists Use Theories and Models to Understand Economic Issues Learning Objectives By the end of this section, you will be able to: - Interpret a circular flow diagram - Explain the importance of economic theories and models - Describe goods and services markets and labor markets John Maynard Keynes (1883–1946), one of the greatest economists of the twentieth century, pointed out that economics is not just a subject area but also a way of thinking. Keynes, shown in Figure 1, famously wrote
| Category | business |
|---|---|
| Subject | Economics |
| Year | 2023 |
| Authors | |
| Chapters | 43 |
| Word Count | |
| Price | |
| License | Creative Commons - Attribution - https://creativecommons.org/licenses/by/4.0/ |
Chapters
- Microeconomics and Macroeconomics
- Introduction
- How Individuals Make Choices Based on Their Budget Constraint
- Introduction to Defining Economics: A Pluralistic Approach
- Adjusting Nominal Values to Real Values
- Tracking Real GDP over Time
- Comparing GDP among Countries
- How Economists Define and Compute the Unemployment Rate
- Tracking Inflation
- How to Measure Changes in the Cost of Living
- Trade Balances and Flows of Financial Capital
- The Pros and Cons of Trade Deficits and Surpluses
- Introduction to the Aggregate Demand–Aggregate Supply Model
- Macroeconomic Perspectives on Demand and Supply
- Shifts in Aggregate Supply and Demand
- How the AD/AS Model Incorporates Unemployment and Inflation
- The Labor Market and Full Employment Equilibrium
- The Loanable Funds Market
- Introduction to the Keynesian Perspective
- The Multiplier Effect and the Recessionary and Inflationary Gaps
- The Keynesian Synthesis
- The Keynesian Perspective on Market Forces
- Taxation
- Using Fiscal Policy to Fight Recession, Unemployment, and Inflation
- Automatic Stabilizers
- How to Accumulate Personal Wealth
- How Banks Create Money
- The Role of Banks
- Introduction to Monetary Policy and Bank Regulation
- Bank Regulation
- How a Central Bank Executes Monetary Policy
- Monetary Policy and Economic Outcomes
- Introduction to the Metallist Approach to Government Finance
- Practical Problems with Discretionary Fiscal Policy
- Fiscal Policy, Investment, and Economic Growth
- Testing the Orthodox Theory of the Firm
- Costing and Pricing: A Heterodox Alternative
- The Tradeoff between Economic Output and Environmental Protection
- The Metallist and the Barter Myth
- Smith, Marx, Keynes, Chartalism and Modern Money Theory
- The Money Hierarchy and the False Duality of the State and Market
- Introduction to Information, Risk, and Insurance
- Improving Countries’ Standards of Living