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CONTENTS1

PART I1

INTR0DUCTION1

CHAPTER 1TEN PRINCIPLES OF ECON0MICS3

How People Make Decisions4

Principle #1: People Face Tradeoffs4

Principle #2: The Cost of SOmething ls What You Give Up to Get It5

Principle #3: Rational People Think at the Margin6

Principle #4: People Respond to Incentives7

How People Interact8

Principle #5: Trade Can Make Everyone Better Off8

Principle #6: Markets Are Usually a Good Way to Organize Economic Activity9

Principle #7: Governments Can Sometimes Improve Market Outcomes10

How the Economy as a Whole works10

Principle #8: A Country's Standard of Living Depends on Its Ability to Produce Goods and Services11

Principle #9: Prices Rise When the Government Prints Too Much Money12

Principle #10: Society Faces a Short Run Tradeoff between Inflation and Unemployment13

Conclusion13

Summary14

Key Concepts14

Questions for Review15

Problems and Applications15

CHAPTER 2THINKING LIKE AN EC0NOMIST17

The Economist as Scientist18

The Scientific Method: Observation, Theory and More Observation19

The Role of Assumptions19

Economic Models20

Our First Model: The Circular-Flow Diagram21

Our Second Model: The Production Possibilities Frontier22

Microeconomics and Macroeconomics25

The Economist as Policymaker26

Positive versus Normative Analysis26

EconomistS in Washington27

Why Economists Disagree28

Differences in Scientific Judgments28

Differences in Values29

Charlatans and Cranks29

Perception versus Reality30

Let's Get Going31

Summary32

Key Concepts32

Questions for Review32

Problems and Applications33

Graphs of Two Variables: The Coordinate System34

Graph5 of a Single Variable34

Appendix: Graphing--A Brief Review34

Curves in the Coordinate System36

Slope and Elasticity39

Cause and Effect41

Omitted Variables41

Reverse Causality42

CHAPTER 3INTERDEPENDENCE AND THE GAINS FR0M TRADE45

A Parable for the Modem Economy46

Production Possibilities46

Specialization and Trade48

The Principle of Comparative Advantage50

Absolute Advantage51

Opportunity Cost and Comparative Advantage51

Comparative Advantage and Trade52

Should Michael Jordan Mow His Own Lawn?53

Applications of Comparative Advantage53

FYI: The Legacy of Adam Smith and David Ricardo54

Should the United States Trade with Other Countries?54

Conclusion55

Summary55

Key Concepts56

Questions for Review56

Problems and Applications56

PART II57

SUPPLY AND DEMAND I:HOW MARKETS W0RK59

CHAPTER 4THE MARKET F0RCES OF SUPPLY AND DEMAND61

Markets and Competition62

Competitive Markets62

Competition: Perfect and Otherwise62

Price63

Demand63

The Determinants of Individual Demand63

Income64

Prices of Related Goods64

Tastes64

Expectations64

The Demand Schedule and the Demand Curve64

Ceteris Paribus66

Market Demand versus Individual Demand66

Shifts in the Demand Curve68

CASE STUDY: Two Ways to Reduce the Quantity of Smoking Demanded69

Supply70

The Supply Schedule and the Supply Curve71

Expectations71

Technology71

Input Prices71

Price71

The Determinants of Individual Supply71

Market Supply versus Individual Supply72

Shifts in the Supply Curve73

Supply and Demand Together74

Equilibrium76

Three Steps to Analyzing Changes in Equilibrium78

Example: A Change in Demand78

Shifts in Curves versus Movements along Curves80

Example: A Change in Supply80

Example:A Change in Both Supply and Demand81

Conclusion: How Prices Allocate Resources81

lN THE NEWS: Supply, Demand, and the Price of Paper--Pulp Reality83

Summary84

Key Concepts85

Questions for Review85

Problems and Applications85

CHAPTER 5ELASTICITY AND ITS APPUCATI0N89

The Elasticity of Demand90

The Price Elasticity of Demand and Its Determinants90

Necessities versus Luxuries90

Availability of Close Substitutes90

Definition of the Market90

Time Horizon91

Computing the Price Elasticity of Demand91

FYI: Calculating E1asticities Using the Midpoint Method92

The Variety of Demand Curves92

Total Revenue and the Price Elasticity of Demand94

The Income Elasticity of Demand96

CASE STUDY: Pricing Admission to a Museum96

FYI: Elasticity and Total Revenue along a Linear Demand Curve97

IN THE NEWS: On the Road with Elasticity--For Whom the Booth Tolls, Price Really Does Matter98

The Elasticity of Supply99

The Price Elasticity of Supply and Its Determinants99

Computing the Price Elasticity of Supply99

The Variety of Supply Curves100

Three Applications of Supply, Demand, and Elasticity102

Can Good News fOr Farming Be Bad News fOr Farmers?103

Why Did OPEC Fail to Keep the Price of Oil High?105

Does Drug Interdiction Increase or Decrease Drug-Related Crime?106

Conclusion108

Summary108

Problems and Applications109

Questions for Review109

Key Concepts109

CHAPTER 6SUPPLY DEMAND, AND GOVERNMENT POLICIES111

Controls on Prices112

How Price Ceilings Affect Market Outcomes112

CASE STUOY: Lines at the Gas Pump113

CASE STUDY: Rent Control in the Short Run and Long Run115

IN THE NEWS: Rent Control in New York City--Home Free: Some Rich and Famous of New York City Bask in Shelter of Rent Law116

How Price Floors Affect Market Outcomes117

CASE STUDY: The Minimum Wage118

Evaluating Price Controls120

Taxes121

How Taxes on Buyers Affect Market Outcomes122

How Taxes on Sellers Affect Market Outcomes123

CASE STU0Y: Can Congress Distribute the Burden of a Payroll Tax?124

Elasticity and Tax Incidence125

CASE STUDY: Who Pays the Luxury Tax?127

Conclusion128

Key Concepts128

Questions for Review128

Summary128

Problems and Applications129

PART III129

SUPPLY AND DEMAND II:MARKETS AND WELFARE131

CHAPTER 7CONSUMERS, PRODUCERS, AND THE EFFICIENCY 0F MARKETS133

Willingness to Pay134

Consumer Surplus134

Using the Demand Curve to Measure Consumer Surplus135

How a Lower Price Raises Consumer Surplus138

What Does Consumer Surplus Measure?138

Producer Surplus140

Cost and the Willingness to Sell140

Using the Supply Curve to Measure Producer Surplus141

How a Higher Price Raises Producer Surplus143

The Benevolent Social Planner144

Market Efficiency144

FYI: The Invisible Hand of the Marketplace145

Evaluating the Market Equilibrium146

lN THE NEWS: Ticket Scalping--Tickets? Supply Meets Demand on Sidewalk148

Conclusion: Market Efficiency and Market Failure150

Summary151

Key Concepts151

Questions for Review151

Problems and Applications151

CHAPTER 8APPLICATI0N: THE COSTS 0F TAXATION155

How a Tax Affects Market Participants156

The Deadweight Loss of Taxation156

Welfare without a Tax157

Welfare with a Tax158

Changes in Welfare158

Deadweight Losses and the Gains from Trade159

The Determinants of the Deadweight Loss160

CASE STUDY: The Deadweight Loss of Taxes on Labor162

CASE STUDY: Henry George and the Tax on Land163

Deadweight Loss and Tax Revenue as Taxes vary164

CASE STUDY: The Laffer Curve and Supply-Side Economics166

Conclusion168

IN THE NEWS: Should Ukraine Cut Tax Rates to Raise Tax Revenue?--A Big Tax Cut to Lyt the Economy-Not Her, in Ukraine169

PrOblems and Applications170

Questions for Review170

Key Concepts170

Summary170

CHAPTER 9APPLICATION: INTERNATIONAL TRADE173

The Determinants of Trade174

The Equilibrium without Trade174

The World Price and Comparative Advantage175

FYI: Comparing Prices and Comparative Advantage175

The Winners and Losers frOm Trade176

The Gains and Losses of an Exporting Country176

The Gains and Losses of an ImPOrting Country179

The Effects of a Tariff181

The Effects of an IMport Quota182

The Lessons for Trade Policy185

The Arguments for Restricting Trade186

The Jobs Argument186

The Infant-Industry Argumen187

The National-Security Argument187

President Wins Tomato Accord for Flaridians: Mexico Agrees to End Low-Price Shipments188

IN THE NEWS: NAFTA and Mexican Tomatoes-188

The Unfair-Competition Argument189

The Protection-as-a-Bargaining-Chip Argument189

CASE STUDY: GATT and the Multilateral Approach to Free Trade189

IN THE NEWS: A Chicken Invasion--U.S. Chicken in Every Pot? Nyet! Russians Cry Foul190

Conclusion191

Summary192

Key Concepts192

Questions for Review193

Problems and Applications193

PART IV197

THE ECONOMICS OF THE PUBLIC SECT0R197

CHAPTER 10EXTERNALITIES199

Welfare Economics:A Recap201

Externalities and Market Inefficiency201

Negative Externalities in Production202

Positive Externalities in Production203

CASE STUDY: The Debate over Technology Policy204

Externalities in Consumption205

Private Solutions to Externalities207

The Types of Private Solutions207

IN THE NEWS: An Outraged Citizen Speaks Out-Smokers, Pick UP Your Butts208

The Coase Theorem208

Why Private Solutions DO NOt Always Work209

Public POlicies toward Externalities210

Regulation210

Pigovian Taxes and Subsidies211

Tradable Pollution Permits212