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Table of Contents
Preface; Acknowledgments; Reference; Contents; Acronyms; Part I Building Blocks; 1 The Economy in the World; 1.1 The History of Pasta; 1.2 The Economic Perspective; 1.3 Macroeconomics vs. Microeconomics; 1.4 What Is an Economy For?; 1.5 What Economics Actually Measures; 1.6 A Look Ahead; Problems; References; 2 Resources and Economic Processes; 2.1 Ecosystems and Resource Use; 2.2 Gradients; 2.3 Renewable vs. Exhaustible Resources; 2.4 Major Types of Renewable Resources; 2.5 The Rational Use of Exhaustible Resources; 2.6 Technology and Resource Use; Problems; References; 3 Key Variables.
3.1 GDP3.1.1 Don't Double-Count; 3.1.2 GDP, Value Added, and Resources; 3.1.3 What GDP Isn't; 3.2 Resource Use; 3.2.1 Aggregate Energy Use; 3.2.2 Ecological Footprints; 3.3 Inflation; 3.3.1 Price Indexes; 3.3.2 Applying a Price Index; 3.3.3 Calculating Inflation; 3.4 Unemployment; 3.5 Interest Rates; 3.5.1 Real vs. Nominal Interest; 3.6 Foreign Affairs; 3.6.1 Interpreting the Balance of Payments; 3.7 Exchange Rates; 3.7.1 Exchange Rates and Interest Rates; 3.7.2 Exchange Rates and the Overall Investment Climate; Appendix: Price Indexes; Appendix: Real and Nominal Interest Rates.
Appendix: Real Exchange RatesAppendix: Data Links; Problems; References; Part II The Long-Run Model; 4 Labor, Resources, and the Production Function; 4.1 Overview; 4.2 The Production Function; 4.2.1 Diminishing Marginal Product; 4.2.2 Output, Value, and GDP; 4.2.3 Graphical Presentation; 4.3 Labor Demand; 4.4 Labor Supply; 4.5 Resource Markets; 4.5.1 Resource Supply; 4.5.2 Resource Use; 4.5.3 The Biosphere's Absorptive Capacity; 4.6 The Cobb-Douglas Function; 4.7 The Per-Worker Production Function; Appendix: Summary of Terminology; Appendix: Why K? Why N? Why A? Why Z?
Appendix: Treatment in Calculus and AlgebraDiminishing MPK and MPN; Constant Returns to Scale; Problems; References; 5 The Composition of Output; 5.1 Introduction; 5.2 Components of Aggregate Demand; 5.3 Consumption; 5.4 Investment; 5.5 Government Expenditure; 5.6 Net Exports; 5.7 Real Exchange Rates; Appendix: Summary of Terminology; Appendix: Unintended Investment; Appendix: Alternative Consumption Functions; Problems; References; 6 The Long-Run Model (The Classical World); 6.1 Overview; 6.2 Labor-Market Equilibrium; 6.3 Equilibrium Output; 6.4 Markets Work Well.
6.4.1 The Real Wage Will Adjust6.4.2 What's Made Is Sold; 6.5 What Changes Output; 6.6 Real-Nominal Divide; 6.7 Money and Prices; 6.8 Interest Rates; 6.9 Policy Implications; 6.9.1 The Problem of Recession; 6.10 Growth, the Long-Run Model, and Potential Output; Appendix: What Is ``Nominal Output''?; Appendix: Taxes and the Effect on Wages; Problems; References; 7 Growth with Abundant Resources; 7.1 Introduction; 7.2 Capital and Investment; 7.3 Resources; 7.4 Labor Force; 7.5 Diminishing Returns to Capital; 7.6 Innovation; 7.7 Convergence; 7.8 Mechanics of Growth; 7.9 Institutions.
3.1 GDP3.1.1 Don't Double-Count; 3.1.2 GDP, Value Added, and Resources; 3.1.3 What GDP Isn't; 3.2 Resource Use; 3.2.1 Aggregate Energy Use; 3.2.2 Ecological Footprints; 3.3 Inflation; 3.3.1 Price Indexes; 3.3.2 Applying a Price Index; 3.3.3 Calculating Inflation; 3.4 Unemployment; 3.5 Interest Rates; 3.5.1 Real vs. Nominal Interest; 3.6 Foreign Affairs; 3.6.1 Interpreting the Balance of Payments; 3.7 Exchange Rates; 3.7.1 Exchange Rates and Interest Rates; 3.7.2 Exchange Rates and the Overall Investment Climate; Appendix: Price Indexes; Appendix: Real and Nominal Interest Rates.
Appendix: Real Exchange RatesAppendix: Data Links; Problems; References; Part II The Long-Run Model; 4 Labor, Resources, and the Production Function; 4.1 Overview; 4.2 The Production Function; 4.2.1 Diminishing Marginal Product; 4.2.2 Output, Value, and GDP; 4.2.3 Graphical Presentation; 4.3 Labor Demand; 4.4 Labor Supply; 4.5 Resource Markets; 4.5.1 Resource Supply; 4.5.2 Resource Use; 4.5.3 The Biosphere's Absorptive Capacity; 4.6 The Cobb-Douglas Function; 4.7 The Per-Worker Production Function; Appendix: Summary of Terminology; Appendix: Why K? Why N? Why A? Why Z?
Appendix: Treatment in Calculus and AlgebraDiminishing MPK and MPN; Constant Returns to Scale; Problems; References; 5 The Composition of Output; 5.1 Introduction; 5.2 Components of Aggregate Demand; 5.3 Consumption; 5.4 Investment; 5.5 Government Expenditure; 5.6 Net Exports; 5.7 Real Exchange Rates; Appendix: Summary of Terminology; Appendix: Unintended Investment; Appendix: Alternative Consumption Functions; Problems; References; 6 The Long-Run Model (The Classical World); 6.1 Overview; 6.2 Labor-Market Equilibrium; 6.3 Equilibrium Output; 6.4 Markets Work Well.
6.4.1 The Real Wage Will Adjust6.4.2 What's Made Is Sold; 6.5 What Changes Output; 6.6 Real-Nominal Divide; 6.7 Money and Prices; 6.8 Interest Rates; 6.9 Policy Implications; 6.9.1 The Problem of Recession; 6.10 Growth, the Long-Run Model, and Potential Output; Appendix: What Is ``Nominal Output''?; Appendix: Taxes and the Effect on Wages; Problems; References; 7 Growth with Abundant Resources; 7.1 Introduction; 7.2 Capital and Investment; 7.3 Resources; 7.4 Labor Force; 7.5 Diminishing Returns to Capital; 7.6 Innovation; 7.7 Convergence; 7.8 Mechanics of Growth; 7.9 Institutions.