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Book SynopsisThis book is aimed at presenting a common-sense, first-principles, philosophical perspective on a vital subject that seems to have lost its way. There is such a thing as justice, there is such a thing as truth; and these two need not be lost forever.Trade ReviewEconomics is not about measuring artificial constructs such as GDP, or inflation, nor whether stock prices follow a geometric brownian motion. Economics concerns human welfare, and the best mechanism to achieve the fairest outcome which preserves our civilisation.” Dr Kim Sawyer; “I’m really enjoying reading John’s book “A Philosophers take on Economics”, absolutely spot on for what is happening today. I’m pretty sure it’s the only book I’ve read by an economist (philosopher) that I could understand! And I sub-majored in economics many years ago at Melbourne Uni.” Grant Tenni; “I ‘Saw the Cat’ whilst reading John Tippett’s book in April. Now a proud ‘Georgist’ currently reading Progress and Poverty.” Gerald Vandermeer

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Book SynopsisExamines the economic roots of poverty, the actions that can be taken to eradicate it, and the ethical case for integrating the poor into the mainstream of society. This title considers both the economic feasibility of religious views regarding the eradication of poverty and the ethical aspects of economic programs.

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Book SynopsisThe sports industry provides a seemingly endless set of examples from every area of microeconomics, giving students the opportunity to study economics in a context that holds their interest. Thoroughly updated to reflect the current landscape, The Economics of Sports introduces core economic concepts and theories and applies them to US and international sports. Divided into five parts, the book focuses on three major areas of the economics of sports: industrial organization, public economics, and labor economics. Updates for this seventh edition include: â An entirely new chapter on sports gambling and a fully revised section on intercollegiate sports; â Updated material on social justice in sports and the impact of the COVID-19 pandemic on the industry; â More coverage of international sports, e-sports, and new biographical sketches. This well-presented and accessible text is supported by easy-to-follow pedagogical features, such as end-of-Table of ContentsPart 1. Introduction and Review of Economic Concepts 1.Economics and Sports 2. Review of the Economist’s Arsenal Part 2: The Industrial Organization of Sports 3. Sports Leagues and Franchises 4. Monopoly and Antitrust 5. Competitive Balance 6. Sports Gambling Part 3: Public Finance and Sports 7. Teams, Stadiums, and Municipalities 8. Mega-Events Part 4: The Labor Economics of Sports 9. An Introduction to Labor Markets in Professional Sports 9. An Introduction to Labor Markets in Professional Sports 10. Labor Market Imperfections 11. Diversity, Equity and Inclusion in Sport Part 5: Sports in the Not-for-Profit Sector 12. The Economics of Intercollegiate College Sports

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Book SynopsisThis 14th edition ofSales Force Management continues to build on the book?s reputation as a contemporary classic, fully updated for modern sales management teaching, research, and practice.By identifying recent trends and applications,Sales Force Managementcombines real-world sales management best practices with cutting-edge theory and empirical research in a single, authoritative source. The authors have strengthened the focus on the use of technology in sales management including the use of AI in predictive sales analytics, updated the content to reflect the enduring impact of the Covid-19 pandemic, and revised the case studies and features throughout. Pedagogical features include the following: All-new Thought Bubblers posing international challenges regularly encountered by sales managers to develop students? cultural intelligence and ability to handle cross-cultural interactions with ease. Engaging breakout questions designed to spark lively discussion. Leadership Challenge assignments at the end of every chapter to help students understand and apply the principles they have learned in the classroom. Minicases updated to reflect contemporary B2B industry settings that today?s graduating sales students will find themselves in, such as technology sales roles. Leadership, Innovation, and Technology boxes that simulate real-world challenges faced by salespeople and their managers. Ethical Moment boxes in each chapter put students on the firing line of making ethical choices in sales. Role-Play exercises at the end of each chapter, designed to enable students to learn by doing. This fully updated new edition is an invaluable resource for students of sales management at both undergraduate and postgraduate levels. Online supplementary resources include an Instructor?s Manual and PowerPoint lecture slides.

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Book SynopsisThe vast majority of Canadians are blissfully unaware that every man, woman and child in Canada now owes a $35,000 share of government debt and must pay this back, with interest! Make no mistake, this debt will change our country and affect every single Canadian in the decades to come.Table of ContentsForeword v Introduction 1 Chapter 1: The Elephant in the Room 13 Chapter 2: The Devil is in the Details 31 Chapter 3: The Role of the Unions 47 Chapter 4: Politicians and Bureaucrats at the Trough 69 Chapter 5: Ontario Hydro: Power to the People 85 Chapter 6: Education: The New Sacred Cow 101 Chapter 7: Police Pensions 115 Chapter 8: How Much Do You Really Owe? 131 Chapter 9: A Ten-Step Plan for Pension Reform 145 Chapter 10: Steering the Titanic 157 Endnotes 177 Index 199

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Book SynopsisUsing a unique, question-based format, Global Trade Policy offers accessible coverage of the key questions in trade and policy; it charts the changing policy landscape and evolving institutional arrangements for trade policies, examines trade theory, and provides students with an economic framework to better understand the current issues in national and international trade policy. Uses a unique, question-based format to explore the questions and current debates in international trade policy and their implications Explores trade theory to help guide discussions of trade policy, including traditional theories of inter-industry trade, as well as newer theories of intra-industry and intra-firm trade Examines the national and international effects of widely used policies designed to directly and indirectly affect trade, and considers the evolving institutional arrangements for these Charts the changing policy landscape from traditional tradeTrade Review“International economics teaching at the undergraduate and master’s level generally sequences trade theory, trade policy, exchange rate determination and balance of payments, and international monetary adjustment under alternative exchange rate regimes – more or less in that order – with applications to countries, regional arrangements, and institutions brought into the discussion throughout. This clearly written volume focuses on the first two dimensions of international economics in the real-sector context. In chapter 1, Smith (Univ. of Minnesota) covers traditional Ricardian and factor-endowment-based trade models; she develops partial and general trade equilibria in chapter 2 and intra-industry and intra-firm trade in chapter 3. This discussion is thoroughly up-to-date and highlights the gap in conceptual elegance between inter-industry and intra-industry trade models. In part 2, Smith applies partial and general equilibrium constructs to trade policy, starting with tariffs and proceeding to subsidies and quotas and other quantitative restrictions, then compares the welfare consequences of alternative trade interventions. The book’s real value comes in part 4 on the trade consequences of all kinds of domestic policies whose consequences (and often intent) include distorting trade. This covers a “dog’s breakfast” of measures often hard to sort out (e.g., policies on labor standards, the environment, human rights). Summing Up: Highly recommended. Upper-division undergraduate and graduate students.”– I. Walter, New York University.(Choice, May 2014)Table of ContentsAcknowledgments xi List of Tables xv List of Figures xvii Preface xxi Part One Trade Theory as Guidance to Trade Policy 1 1 Preliminaries: Trade Theory 3 1.1 What Are the Core Questions Asked by International Trade Economists? 3 1.2 How Can Trade Theory Provide Guidance to Trade Policy? 4 1.3 How Has International Trade Evolved over Time in Practice? 5 1.4 How Has Trade Theory Evolved over Time? 6 1.5 How Is the Book Organized? 9 Further Reading 11 2 Inter-industry Trade 13 2.1 What Are the Effects of Trade in the Long Run, When Countries Differ in Technologies? 14 2.1.1 What are the production possibilities? 15 2.1.2 What are the relative costs and prices in autarky? 16 2.1.3 What are the world prices with trade and patterns of trade? 17 2.1.4 What are the gains from trade? 20 2.1.5 What are the effects of liberalizing trade policy? 22 2.2 What Are the Effects of Trade in the Long Run, When Countries Differ in Endowments? 24 2.2.1 How are endowments and outputs related? 28 2.2.2 How are goods prices and factor prices related? 29 2.2.3 What are the production possibilities? 32 2.2.4 What are the relative costs and prices in autarky? 32 2.2.5 What are the world prices with trade and the patterns of trade? 33 2.2.6 What are the gains from trade? 35 2.2.7 What are the effects of liberalizing trade policy? 37 2.2.8 How does factor mobility change the trade patterns? 38 2.3 What Are the Effects of Trade in the Short Run, When Countries Differ in Immobile Endowments? 39 2.3.1 What are the production possibilities? 40 2.3.2 What are the relative costs and prices in autarky? 42 2.3.3 What are the world prices with trade? 46 2.3.4 What are the patterns of trade? 47 2.3.5 What are the gains and income distribution effects of trade? 47 2.3.6 What are the effects of liberalizing trade policy? 50 2.4 Summary Remarks 51 Applied Problems 54 Further Reading 55 3 Intra-Industry and Intra-Firm Trade 57 3.1 What Is Intra-Industry Trade and Its Effects? 58 3.1.1 What are the patterns and gains from intra-industry trade? 60 3.2 What Is Intra-Firm Trade and Its Effects? 65 3.2.1 What are the patterns and motives for foreign direct investment? 66 3.2.2 How is trade related to foreign direct investment? 68 3.2.3 What are the patterns and motives for outsourcing and offshoring? 69 3.3 Summary Remarks 71 Applied Problems 74 Further Reading 76 Notes 78 Part Two Trade Policies and Their Effects 81 4 Preliminaries: Trade Policy and Welfare Considerations 83 4.1 What Are Traditional Trade Policies? 83 4.2 What Approaches Are Used to Examine Trade Policy? 84 4.3 What Are the Welfare Effects of Liberalizing Trade Policy? 85 4.4 How Is Part Two Organized? 88 Further Reading 89 Note 90 5 Tariffs 91 5.1 What Are Tariffs, Their Types and Purpose? 91 5.2 What Are the Effects of Tariffs? 92 5.2.1 Case 1: What are the effects of a tariff imposed by a large importer? 95 5.2.2 Case 2: What are the effects of a tariff imposed by a small importer? 100 5.2.3 Case 3: What are the effects of a tariff when export supply is inelastic relative to import demand? 103 5.2.4 How is the burden of the tariff allocated across countries and agents? 106 5.3 What Are the Effects of Tariff Liberalization? 107 5.4 How Protective Are Tariffs of the Domestic Industry? 109 5.4.1 How does tariff escalation affect the protection of the domestic industry? 110 5.5 Summary Remarks 111 Applied Problems 115 Further Reading 116 Notes 117 6 Export Subsidies 119 6.1 What Are Export Subsidies, Their Types and Purpose? 119 6.2 What Are the Effects of Export Subsidies? 120 6.2.1 Case 1: What are the effects of an export subsidy imposed by a large exporter? 122 6.2.2 Case 2: What are the effects of an export subsidy imposed by a small exporter? 127 6.2.3 Case 3: What are the effects of an export subsidy when export supply is elastic relative to import demand? 129 6.2.4 Case 4: What are the effects of an export subsidy imposed by a large country with a comparativedisadvantage? 132 6.2.5 How is the burden of the export subsidy allocated across countries and agents? 136 6.3 What Are the Effects of Liberalizing Export Subsidies? 137 6.4 Summary Remarks 138 Applied Problems 142 Further Reading 143 Note 143 7 Quantitative Restrictions 145 7.1 What Are Quantitative Restrictions, Their Types and Purpose? 145 7.2 What Are the Effects of Quantitative Restrictions? 147 7.2.1 Case 1: What are the effects of an import quota imposed by a large importer? 149 7.2.2 Case 2: What are the effects of an export quota (or voluntary export restriction) imposed by alarge exporter? 153 7.2.3 Case 3: What are the effects of a ban imposed between two large countries? 154 7.3 Summary Remarks 157 Applied Problems 160 Further Reading 160 8 Policy Comparisons 163 8.1 What Are Policy Equivalents, and Their Purpose? 163 8.2 What Are the Relative Effects of Policy Equivalents? 164 8.2.1 What are the relative effects of tariffs, quotas, and VERs? 164 8.2.2 What are the relative effects of bans? 168 8.2.3 What are the relative effects of export subsidies? 168 8.2.4 How do the policies compare? 169 8.3 What Are the Relative Effects of Liberalizing Policies? 172 8.4 What Are the Effects of Substituting Policies? 174 8.5 Summary Remarks 176 Applied Problems 180 Further Reading 182 Note 182 Part Three Trade-Related Policies 183 9 Preliminaries: Trade-Related Policies and Trade in Services 185 9.1 What Are Trade-Related Policies? 185 9.2 How Have Trade-Related Policies Evolved over Time in Practice? 186 9.3 How Have Trade Policies Toward Services Evolved over Time in Practice? 188 9.4 How Is Part Three Organized? 190 Further Reading 191 Notes 192 10 Intellectual Property Rights 193 10.1 What Are Intellectual Property Rights, Their Types, and Purpose? 193 10.2 What Are the Effects of Intellectual Property Rights? 196 10.2.1 What are the domestic effects of intellectual property rights? 196 10.2.2 What are the effects of country differences in intellectual property rights? 197 10.2.3 What are the relative effects of intellectual property rights on trade, foreign direct investment,and licensing? 200 10.3 How Have Intellectual Property Rights Evolved over Time in Practice? 202 10.4 What Are the Intellectual Property Rights Issues on the Policy Frontier? 206 10.5 Summary Remarks 208 Applied Problems 211 Further Reading 212 Notes 214 11 Environmental Policies 215 11.1 What Are Trade-Related Environmental Policies, Their Types and Purpose? 215 11.2 What Are the Effects of Trade Policy on the Environment? 216 11.3 What Are the Effects of Environmental Policy on Trade? 219 11.4 What Are the Implications of Using Trade Policy to Address Environmental Externalities? 221 11.4.1 Case 1: Can trade policy correct a negative production externality in a small exporter? 223 11.4.2 Case 2: Can trade policy correct a negative consumption externality in a small importer? 228 11.5 Summary Remarks 232 Applied Problems 235 Further Reading 237 Notes 238 12 Labor Policies 239 12.1 What Are Trade-Related Labor Policies, Their Types, and Purpose? 239 12.2 What Are the Effects of Trade Policy on Labor? 241 12.2.1 What are the long-run effects of trade on wages? 242 12.2.2 What are the short-run effects of trade on wages? 254 12.3 How Can the Gains and Losses from Trade Be Redistributed within Countries? 264 12.4 What Are the Effects of Labor Policy on Trade? 265 12.5 Summary Remarks 267 Applied Problems 270 Further Reading 271 Notes 272 13 Growth and Development Policies 273 13.1 What Are Trade-Related Development and Growth Policies, Their Types, and Purpose? 273 13.2 What Are the Effects of Trade on Development and Growth? 275 13.2.1 What are the effects of trade on country welfare? 275 13.2.2 What are the effects of trade on growth? 282 13.2.3 What are the effects of trade on income distribution? 286 13.3 What Are the Effects of Growth on Development (or Welfare) in the Presence of Trade? 287 13.3.1 What are the effects of economic growth on relative outputs? 288 13.3.2 What are the effects of output changes on the terms of trade? 288 13.3.3 What are the effects of terms of trade changes on welfare? 292 13.4 Summary Remarks 295 Applied Problems 298 Further Reading 299 Notes 301 Part Four Trade Arrangements 303 14 Regional and Multilateral Arrangements 305 14.1 What Are the Institutional Arrangements for Trade Policy? 306 14.1.1 What are the prominent multilateral arrangements for trade policy in practice? 308 14.2 What Are the Effects of Alterative Arrangements for Trade Policy? 310 14.2.1 What are the effects of regional liberalization? 311 14.2.2 What are the effects of multilateral liberalization? 315 14.2.3 What are the effects of country exclusion from multilateral arrangements? 317 14.3 Are Regional Arrangements Stepping Stones or Stumbling Blocks to Multilateral Liberalization? 321 14.4 Summary Remarks 323 Applied Problems 327 Further Reading 329 Notes 331 References 333 Index 339

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Book SynopsisBritish Medical Association Book Award Winner - Young Authors Award of the Year 2018Pre-hospital Emergency Medicine at a Glance offers healthcare students and trainees the essential theoretical knowledge and practical skills relevant to the provision of immediate care outside of the hospital. This concise text provides information on the principles of managing acutely unwell patients with life-threatening injuries at the scene of their accident, all in highly-illustrated double-page spreads to help explain key messages. This brand new title: Looks at the ways in which pre-hospital care is organised and delivered in the United Kingdom Explores some of the most common incidents that pre-hospital care teams attend to, including major trauma as well as cardiac arrests Includes an illustrated introduction to some of the many practical procedures pre-hospital care teams must be able to perform including resuscitative thoracotTrade Review‘Pre-hospital Emergency Medicine at a Glance covers the essentials in an easy-to-digest formula. This volume continues the trend of good quality information, covering enough to give readers a firm and solid grounding in the subject of pre-hospital emergency medicine (PHEM). The book also acts as an aide‑memoire for the more experienced health professional. Each segment is illustrated with easily understandable and colourful diagrams, as well as tables with the most relevant information, which is great for quick reference … This volume is likely to be well-received as a concise, well-thought‑out reference that contains both up-to-date and emerging techniques used by ambulance personnel and specialist PHEM practitioners.’ – Journal of Paramedic Practice Table of ContentsPreface Contributors Abbreviations Principles of pre-hospital care 1 History of pre-hospital care 2 Pre-hospital care today 3 Major trauma pathways in the UK 4 Emerging pre-hospital medical care pathways 5 Kinematics and mechanism of Injury 6 Hazardous materials 7 Human factors 8 Pre-hospital transport 9 Scene safety Initial assessment and management of immediately life-threatening injuries 10 The primary survey 11 Control of major haemorrhage 12 Cervical spine injuries 13 Basic airway management 14 The difficult airway 15 Life-threatening chest trauma 16 Circulation I: haemodynamic instability 17 Circulation II: medical cardiac arrest 18 Circulation III: traumatic cardiac arrest 19 Pain relief and sedation 20 Head injury 21 Spinal injuries 22 Limb Injuries Special considerations in trauma management 23 Paediatric trauma 24 Trauma in the pregnant woman 25 Trauma in the elderly Practical skills in pre-hospital emergency medicine 26 Anaesthesia in the pre-hospital environment 27 The emergency surgical airway 28 Peripheral vascular access 29 Chest techniques 30 Resuscitative thoracotomy 31 Pre-hospital ultrasound 32 Packaging 33 Handover Management of complex problems 34 Major incidents 35 Expedition medicine 36 Event medicine 37 Military pre-hospital emergency care Careers in pre-hospital emergency medicine 38 Careers in pre-hospital emergency medicine – NHS England References Index

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Book SynopsisGeo-mathematical modelling: models from complexity science Sir Alan Wilson, Centre for Advanced Spatial Analysis, University College London Mathematical and computer models for a complexity science tool kit Geographical systems are characterised by locations, activities at locations, interactions between them and the infrastructures that carry these activities and flows. They can be described at a great variety of scales, from individuals and organisations to countries. Our understanding, often partial, of these entities, and in many cases this understanding is represented in theories and associated mathematical models. In this book, the main examples are models that represent elements of the global system covering such topics as trade, migration, security and development aid together with examples at finer scales. This provides an effective toolkit that can not only be applied to gTable of ContentsNotes on Contributors xv Acknowledgements xxi About the Companion Website xxiii Part I APPROACHES 1 The Toolkit 3Alan G. Wilson Part II ESTIMATING MISSING DATA: BI-PROPORTIONAL FITTING AND PRINCIPAL COMPONENTS ANALYSIS 2 The Effects of Economic and Labour Market Inequalities on Interregional Migration in Europe 9Adam Dennett 2.1 Introduction 9 2.2 The Approach 12 2.3 Data 12 2.4 Preliminary Analysis 13 2.5 Multinomial Logit Regression Analysis 15 2.6 Discussion 22 2.7 Conclusions 24 References 25 3 Test of Bi-Proportional Fitting Procedure Applied to International Trade 26Simone Caschili and Alan G. Wilson 3.1 Introduction 26 3.2 Model 27 3.3 Notes of Implementation 28 3.4 Results 30 References 32 4 Estimating Services Flows 33Robert G. Levy 4.1 Introduction 33 4.2 Estimation Via Iterative Proportional Fitting 34 4.3 Estimating Services Flows Using Commodities Flows 37 4.4 A Comparison of The Methods 40 4.5 Results 45 4.6 Conclusion 49 References 50 5 A Method for Estimating Unknown National Input–Output Tables Using Limited Data 51Thomas P. Oléron Evans and Robert G. Levy 5.1 Motivation and Aims 51 5.2 Obstacles to The Estimation of National Input–Output Tables 52 5.3 Vector Representation of Input–Output Tables 53 5.4 Method 54 5.5 In-Sample Assessment of The Estimates 58 5.6 Out-of-Sample Discussion of The Estimates 63 5.7 Conclusion 67 References 68 Part III DYNAMICS IN ACCOUNT-BASED MODELS 6 A Dynamic Global Trade Model With Four Sectors: Food, Natural Resources, Manufactured Goods and Labour 71Hannah M. Fry, Alan G. Wilson and Frank T. Smith 6.1 Introduction 71 6.2 Definition of Variables for System Description 73 6.3 The Pricing and Trade Flows Algorithm 73 6.4 Initial Setup 75 6.5 The Algorithm to Determine Farming Trade Flows 77 6.6 The Algorithm to Determine The Natural Resources Trade Flows 80 6.7 The Algorithm to Determine Manufacturing Trade Flows 81 6.8 The Dynamics 83 6.9 Experimental Results 84 References 90 7 Global Dynamical Input–Output Modelling 91Anthony P. Korte and Alan G. Wilson 7.1 Towards a Fully Dynamic Inter-country Input–Output Model 91 7.2 National Accounts 92 7.3 The Dynamical International Model 97 7.4 Investment: Modelling Production Capacity: The Capacity Planning Model 100 7.5 Modelling Production Capacity: The Investment Growth Approach 103 7.6 Conclusions 121 References 122 Appendix 123 A.1 Proof of Linearity of the Static Model and the Equivalence of Two Modelling Approaches 123 Part IV SPACE–TIME STATISTICAL ANALYSIS 8 Space–Time Analysis of Point Patterns in Crime and Security Events 127Toby P. Davies, Shane D. Johnson, Alex Braithwaite and Elio Marchione 8.1 Introduction 127 8.2 Application in Novel Areas 132 8.3 Motif Analysis 138 8.4 Discussion 147 References 148 Part V REAL-TIME RESPONSE MODELS 9 The London Riots –1: Epidemiology, Spatial Interaction and Probability of Arrest 153Toby P. Davies, Hannah M. Fry, Alan G. Wilson and Steven R. Bishop 9.1 Introduction 153 Contents ix 9.2 Characteristics of Disorder 156 9.3 The Model 158 9.4 Demonstration Case 162 9.5 Concluding Comments 166 References 166 Appendix 168 A.1 Note on Methods: Data 168 A.2 Numerical Simulations 169 10 The London Riots –2: A Discrete Choice Model 170Peter Baudains, Alex Braithwaite and Shane D. Johnson 10.1 Introduction 170 10.2 Model Setup 170 10.3 Modelling the Observed Utility 172 10.4 Results 176 10.5 Simulating the 2011 London Riots: Towards a Policy Tool 181 10.6 Modelling Optimal Police Deployment 187 References 190 Part VI THE MATHEMATICS OF WAR 11 Richardson Models with Space 195Peter Baudains 11.1 Introduction 195 11.2 The Richardson Model 196 11.3 Empirical Applications of Richardson’s Model 202 11.4 A Global Arms Race Model 204 11.5 Relationship to a Spatial Conflict Model 206 11.6 An Empirical Application 207 11.7 Conclusion 212 References 213 Part VII AGENT-BASED MODELS 12 Agent-based Models of Piracy 217Elio Marchione, Shane D. Johnson and Alan G. Wilson 12.1 Introduction 217 12.2 Data 219 12.3 An Agent-based Model 221 12.4 Model Calibration 232 12.5 Discussion 232 References 235 13 A Simple Approach for the Prediction of Extinction Events in Multi-agent Models 237Thomas P. Oléron Evans, Steven R. Bishop and Frank T. Smith 13.1 Introduction 237 13.2 Key Concepts 238 13.3 The NANIA Predator–prey Model 241 13.4 Computer Simulation 247 13.5 Period Detection 249 13.6 A Monte Carlo Approach to Prediction 252 13.7 Conclusions 263 References 264 Part VIII DIFFUSION MODELS 14 Urban Agglomeration Through the Diffusion of Investment Impacts 269Minette D’Lima, Francesca R. Medda and Alan G. Wilson 14.1 Introduction 269 14.2 The Model 270 14.3 Mathematical Analysis for Agglomeration Conditions 272 14.4 Simulation Results 275 14.5 Conclusions 279 References 279 Part IX GAME THEORY 15 From Colonel Blotto to Field Marshall Blotto 283Peter Baudains, Toby P. Davies, Hannah M. Fry and Alan G. Wilson 15.1 Introduction 283 15.2 The Colonel Blotto Game and its Extensions 285 15.3 Incorporating a Spatial Interaction Model of Threat 286 15.4 Two-front Battles 288 15.5 Comparing Even and Uneven Allocations in a Scenario with Five Fronts 289 15.6 Conclusion 292 References 292 16 Modelling Strategic Interactions in a Global Context 293Janina Beiser 16.1 Introduction 293 16.2 The Theoretical Model 294 16.3 Strategic Estimation 295 16.4 International Sources of Uncertainty in the Context of Repression and Rebellion 297 16.5 International Sources of Uncertainty Related to Outcomes 299 16.6 Empirical Analysis 301 16.7 Results 303 16.8 Additional Considerations Related to International Uncertainty 304 16.9 Conclusion 304 References 305 17 A General Framework for Static, Spatially Explicit Games of Search and Concealment 306Thomas P. Oléron Evans, Steven R. Bishop and Frank T. Smith 17.1 Introduction 306 17.2 Game Theoretic Concepts 307 17.3 Games of Search and Security: A Review 310 17.4 The Static Spatial Search Game (SSSG) 314 17.5 The Graph Search Game (GSG) 324 17.6 Summary and Conclusions 335 References 336 Part X NETWORKS 18 Network Evolution: A Transport Example 343Francesca Pagliara, Alan G. Wilson and Valerio de Martinis 18.1 Introduction 343 18.2 A Hierarchical Retail Structure Model as a Building Block 344 18.3 Extensions to Transport Networks 345 18.4 An Application in Transport Planning 347 18.5 A Case Study: Bagnoli in Naples 350 18.6 Conclusion 360 References 361 19 The Structure of Global Transportation Networks 363Sean Hanna, Joan Serras and Tasos Varoudis 19.1 Introduction 363 19.2 Method 364 19.3 Analysis of the European Map 366 19.4 Towards a Global Spatial Economic Map: Economic Analysis by Country 368 19.5 An East-west Divide and Natural Economic Behaviour 373 19.6 Conclusion 376 References 377 20 Trade Networks and Optimal Consumption 378Robert J. Downes and Robert G. Levy 20.1 Introduction 378 20.2 The Global Economic Model 379 20.3 Perturbing Final Demand Vectors 380 20.4 Analysis 384 20.5 Conclusions 393 Acknowledgements 394 References 394 Appendix 396 Part XI INTEGRATION 21 Research Priorities 399Alan G. Wilson Index 403

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Book SynopsisTable of ContentsPreface ix Chapter 1 Introduction to Economics 1 What Is Economics? 1 Economics and Scarcity 2 Scarcity and Choice 3 Efficiency and Equity 5 Application 1.1: To Work or Not to Work 6 Factors of Production 7 Factors and Income 8 Scarce Resources 8 Application 1.2: Does Money Buy Happiness? 9 Economic Theory and Policy 9 Economic Theory 10 Application 1.3: Ok, What Are They? 12 Economic Policy 13 Up for Debate: Should St. Louis County, Missouri, Impose Mandatory Trash Pickup and Recycling? 14 Tools of the Economist 15 Words, Graphs, and Mathematical Equations 15 Scarcity, Model Building, and Graphs 16 Modeling Scarcity 16 Interpreting the Model 17 Test Your Understanding: Production Possibilities 19 Macroeconomics and Microeconomics 19 Critical Thinking Case 1: Difficult Choices in the Extreme 24 Chapter 1 Appendix 25 Graphing 25 Constructing a Graph 25 Direct and Inverse Relationships 26 Chapter 2 Economic Decision Making and Economic Systems 29 Scarcity, the Basic Economic Decisions, and Economic Systems 29 Economic Systems and the Basic Economic Decisions 30 Traditional Economies 31 Market Economies 32 The Operation of a Market Economy 32 Economic Decisions in a Market Economy 33 Application 2.1: Saying No! 34 Evaluating Market Economies 36 Government Intervention in a Market Economy: A Mixed Economy 37 Planned Economies 37 Economic Decisions in a Planned Economy 38 Evaluating Planned Economies 38 Mixed Economies 39 Test Your Understanding: Economic Decision Making and the Circular Flow 40 Changing Economic Systems 41 The U.S. Economic System 41 The British Foundations of the U.S. Economy 41 Application 2.2: The People’s Republic of China 42 Application 2.3: The Factory Girl’s Last Day 43 Historical Highlights in the Development of the U.S. Economy 44 Up for Debate: Are U.S. and Western European Economic Institutions Appropriate for Other Nations? 46 Critical Thinking Case 2: Judging Economies 51 Chapter 3 Demand, Supply, and Price Determination 53 Demand and Supply 54 Demand: The Buyer’s Side 54 Supply: The Seller’s Side 55 Market Demand, Market Supply, and Price Setting 58 Market Demand and Market Supply 58 Markets and Price Setting 58 Application 3.1: The Laws of Demand and Supply 59 Equilibrium Price and Equilibrium Quantity 60 Changes in Quantity Demanded and Quantity Supplied 62 Changes in Demand and Supply 62 Changes in Demand 63 Changes in Supply 65 Changes in Quantity Demanded or Supplied and Changes in Demand or Supply: A Crucial Distinction 67 Application 3.2: Fads: Some In, Some Out 67 Changes in Equilibrium Price and Equilibrium Quantity 69 Effect of Increases and Decreases in Demand 69 Effect of Increases and Decreases in Supply 70 Effect of Changes in Both Demand and Supply 71 Test Your Understanding: Changes in Demand and Supply 72 Limiting Price Movements 73 Price Ceilings 73 Price Floors 73 Price Elasticity of Demand and Supply 75 Application 3.3: Is Rent Control a Good Thing or a Bad Thing? 76 Price Elasticity of Demand 76 Up for Debate: Is It a Mistake to Raise the Minimum Wage? 77 Application 3.4: Peanut Butter: A Yummy Staple 79 Price Elasticity of Supply 79 Critical Thinking Case 3: How Do Supply and Demand Work in Health Care? 84 Chapter 4 Goals and Problems of the Macroeconomy: Employment, Prices, and Production 85 Unemployment and Full Employment 86 Consequences of Unemployment 86 Types of Unemployment 86 Application 4.1: What’s at Stake When a Job is Lost? 87 Employment and Unemployment Measures and Statistics 88 Interpreting Unemployment Statistics 92 The Goal of Full Employment 93 Inflation and Stable Prices 94 Consequences of Inflation 94 Causes of Inflationary Pressure 96 Application 4.2: The $4 Summer of 2008 98 Measures of Inflation 99 Deflation and Disinflation 103 Production 103 Full Production and Economic Growth 103 Up for Debate: Will Policies to Protect the Environment Slow Economic Growth? 105 Measures of Production 106 Does GDP Tell the Whole Story? 108 Test Your Understanding: Calculating Price Indexes and GDP 109 Application 4.3: A Tale of Two Families 110 Productivity 110 A Possible Policy Problem 111 Critical Thinking Case 4: Statistics and Decision Making 117 Chapter 5 Foundations of the Macroeconomy 119 Changes in Macroeconomic Activity 119 Business Cycles 121 Causes of Economic Fluctuations 122 Total Spending and Macroeconomic Activity 123 Application 5.1: What’s Causing the Economy to Change? 124 The Household Sector 124 The Business Sector 127 Up for Debate: Is Saving a Healthy Habit? 128 Application 5.2: Interest Rates and Investment Spending 130 The Government Sector 132 The Foreign Sector 135 Summary of Aggregate Spending, Leakages, and Injections 136 The Multiplier Effect 138 Application 5.3: Ripples through the Economy 141 Inflation, Expectations, and Macroeconomic Policies 141 A Word about Inflation 141 A Word about Expectations 142 Macroeconomic Predictors and Policies 142 Test Your Understanding: Changes in Economic Activity 143 Application 5.4: Unconventional Indicators of Economic Health 144 Critical Thinking Case 5: Getting Smarter 149 Chapter 6 The Role of Government in the Macroeconomy 151 Government Expenditures and Revenues 152 Government Expenditures 152 Government Revenues 154 Taxes: Types and Reform 156 Progressive, Proportional, and Regressive Taxes 156 Tax Reform and Issues 156 Up for Debate: Should the Federal Income Tax Be Changed to a Flat Tax? 157 Application 6.1: A Chronology of Federal Income Tax Policies 158 Fiscal Policy 159 The Mechanics of Fiscal Policy 159 Discretionary and Automatic Fiscal Policy 160 Government Budgets 161 Types of Budgets 162 The Budget and Fiscal Policy: Tying Them Together 164 Application 6.2: How Much Do We Love Granny? 165 Test Your Understanding: Government’s Impact on the Macroeconomy 166 The Realities of Fiscal Policy and the Federal Budget 166 The National Debt 167 Financing and Assessing the National Debt 167 Application 6.3: U.S. Treasury Securities 168 Crowding Out 171 Critical Thinking Case 6: Nimby (Not in My Backyard) 175 Chapter 7 Money, Financial Institutions, and the Federal Reserve 177 Money 178 The Definition and Functions of Money 178 Application 7.1: Fixed Assets, Or: Why a Loan in Yap is Hard to Roll Over 180 The U.S. Money Supply 180 Monetary Standards 183 Financial Depository Institutions 184 Commercial Banks 185 Other Financial Depository Institutions 186 Application 7.2: What Do I Do? 187 The Federal Reserve System 187 Organization of the Federal Reserve System 188 Functions of the Federal Reserve Banks 189 Test Your Understanding: Changes in a Bank’s Reserve Account 192 Recent Trends in Financial Institutions 192 Legislative Changes 192 Structural Changes 193 The Financial Crisis of 2007–2009 195 Application 7.3: Ben Bernanke’s Reflections on the Financial Crisis 196 Up for Debate: Should Congress Enact More Stringent Regulations over the Banking System? 197 Critical Thinking Case 7: Cigarette Money 202 Chapter 8 Money Creation, Monetary Theory, and Monetary Policy 203 The Money Supply and the Level of Economic Activity 204 The Equation of Exchange 204 Money Creation 205 The Process of Money Creation 206 The Multiple Expansion of Money 207 Application 8.1: Questions and Answers about Reserves and Loans 208 Excess Reserves, Interest Rates, and the Level of Spending 210 Determining Interest Rates on Loans 212 Application 8.2: An Interest Rate Primer 215 The Federal Reserve and Monetary Policy 215 Monetary Policy Tools 216 Test Your Understanding: Financial Depository Institution Calculations 220 Application 8.3: Who Really Is the Most Powerful Person in the United States? 221 Assessing Monetary Policy 221 Government Deficits and Monetary Policy 221 Advantages and Disadvantages of Monetary Policy 223 Up for Debate: Should the Federal Reserve Be Placed Under the Direct Control of Congress? 225 Critical Thinking Case 8: The Fed and the Great Depression of the 1930s 230 Chapter 9 Macroeconomic Viewpoints and Models 233 Macroeconomic Model Building 234 A Warning 234 Application 9.1: Paying Close Attention to Models: It’s Worth the Effort 235 Classical Economics 236 Application 9.2: The Academic Scribblers 238 Keynesian Economics 239 Equilibrium in the Macroeconomy 239 Keynesian Policy Prescriptions 242 New Classical Economics 243 The New Classical Model 244 Test Your Understanding: Classical, Keynesian, and New Classical Models 247 Additional Macroeconomic Models 248 New Keynesian Economics 248 Monetarism 248 Supply‐Side Economics 248 Up for Debate: Should Government’s Role in Influencing Economic Activity Be Reduced? 249 A Final Word on Macroeconomic Viewpoints 249 Application 9.3: The World According to . . . 250 Critical Thinking Case 9: Does Anyone Care What Economists Think? 255 Chapter 10 Households and Businesses: An Overview 257 Overview of Households 258 Household Income and Expenditures 258 Goals and Decision Making by Individuals 260 Maximizing Economic Well‐Being 260 Application 10.1: Family Gossip 262 Application 10.2: You Decide 263 Overview of Business 264 Legal Forms of Business 265 Test Your Understanding: The Price of Stock Shares 267 Numbers and Sizes of Businesses 267 Business Ownership of Business 268 Goals and Decisions of Business Firms 269 Application 10.3: Two Profiles: Starbucks and Kraft Foods 270 Up for Debate: Should Profitable Businesses Be Expected to Actively Participate in Improving Their Communities? 271 Critical Thinking Case 10: Time to Maximize 275 Chapter 11 Benefits, Costs, and Maximization 277 Balancing Benefits and Costs: the Individual 278 Defining Benefits and Costs 278 Measuring Benefits and Costs 279 Maximizing Satisfaction 282 Application 11.1: Do It Yourself 285 Graphing Costs, Benefits, and Net Benefit 285 Balancing Benefits and Costs: The Business 287 Defining Benefits and Costs 287 Measuring Revenues and Costs 288 Application 11.2: You Need an Economist 289 Maximizing Profit 290 Graphing Costs, Revenues, and Profit 292 Social Benefits and Costs 292 Test Your Understanding: Maximizing Profit 294 Application 11.3: The Real Cost of Smoking 295 Maximizing Society’s Net Benefit 295 Public Choice 297 Up for Debate: Should Drivers Be Banned from Using Cell Phones While Operating a Vehicle? 298 Maximizing Behavior and the Voting Process 298 Critical Thinking Case 11: A Spoonful of Sugar 304 Chapter 12 Production and the Costs of Production 307 Production Basics 308 Sectors and Industries 308 Methods of Production 309 Economic Time, Production, and the Costs of Production 311 Application 12.1: Do You Know a Modern‐Day Luddite? 312 Up for Debate: Should the Same Cost Measures Used by Businesses Apply to Government and Nonprofits? 313 Short‐Run Costs 314 Total Costs 314 Unit Costs 315 The Pattern of Short‐Run Costs 316 The Law of Diminishing Returns 319 Test Your Understanding: Calculating Costs and Averages 320 Application 12.2: Are Wellness Programs Cost Effective? 322 Long‐Run Costs 322 Economies of Scale, Diseconomies of Scale, and Constant Returns to Scale 323 Application 12.3: Too Big to Help 325 Critical Thinking Case 12: The Human Factor 330 Chapter 13 Competition and Market Structures 331 Defining a Market 332 The Market Structures 333 Pure Competition 334 Characteristics of Pure Competition 334 Behavior of a Firm in Pure Competition 334 Application 13.1: The Farmers’ Almanac: It’s a Necessity 338 Is There Pure Competition? 340 Monopolistic Competition 342 Characteristics of Monopolistic Competition 342 Behavior of a Firm in Monopolistic Competition 342 Up for Debate: Does Nonprice Competition Waste Resources? 346 Oligopoly 347 Characteristics of Oligopoly 347 Behavior of a Firm in an Oligopolistic Market 347 Test Your Understanding: Purely Competitive and Monopolistically Competitive Markets 348 Monopoly 350 Characteristics of Monopoly 350 Behavior of a Monopolist 351 Application 13.2: Take Me Out to the Ball Game 353 Application 13.3: Patents Work—For a While 354 Market Structures, The Consumer, and Efficiency 354 Critical Thinking Case 13: The $800 Haircut 360 Chapter 14 Government and the Markets 361 Antitrust Enforcement 362 The Antitrust Laws 363 Application 14.1: Cases Involving the Sherman Act 366 Application 14.2: Cases Involving the Clayton Act and Its Amendments 369 Government Regulation 370 Application 14.3: Antitrust Enforcement Up Close and Personal 371 The Structure of Regulation 371 Industry Regulation 375 Social Regulation 377 Test Your Understanding: Government and Business 379 The Performance of Regulation 379 Up for Debate: Is Government Intervention Reaching Too Far? 380 Critical Thinking Case 14: Eminent Domain: In the Public Interest or Not? 383 Chapter 15 Labor Markets, Unions, and the Distribution of Income 385 Labor Markets: Demand 386 The Demand for Labor 387 Labor Markets: Supply 390 Test Your Understanding: A Small Business Determines Its Demand for Employees 392 Changes and Modifications in Labor Markets 392 Changes in Labor Demand and Supply 392 Application 15.1: Go Green 395 Modifications of the Labor Demand and Supply Model 396 Labor Unions 399 Types of Unions and Union Membership 399 Collective Bargaining 399 Collective Bargaining and the Law 400 The Distribution of Income 401 Differences in Income 402 Application 15.2: Making the Most of Intellectual Capital 404 Poverty 404 Application 15.3: Young and Homeless 407 Up for Debate: Should There Be a Work Requirement for Those Seeking Public Assistance? 407 Critical Thinking Case 15: Income Distribution: Are the Shares of the Pie Fair? 412 Chapter 16 International Trade 413 An Overview of U.S. International Trade 414 The Size and Composition of U.S. Trade 414 Application 16.1: A Sad Story 417 Comparative Advantage and International Trade 418 Scarcity and Specialization 418 The Principle of Comparative Advantage 418 Free Trade and Protectionism 420 Test Your Understanding: Comparative Advantage 421 Trade-Restricting Policies 421 Free Trade Arguments 423 Protectionist Arguments 423 The Real World of International Trade: Policies and Agreements 424 Application 16.2: Gloria Flunks the Professor 425 Up for Debate: Should Trade Be Restricted if It Results in Environmental Damage? 427 Critical Thinking Case 16: A Petition (by Frederic Bastiat, 1801–1850) 431 Chapter 17 International Finance 433 Exchanging Currencies 434 Exchange Rates 434 The Determination of Exchange Rates 434 Understanding Foreign Exchange Markets 437 Application 17.1: Foreign Exchange Markets 438 Application 17.2: Does a Lower‐Valued Dollar Help the Economy? 439 Test Your Understanding: Changes in Exchange Rates 441 International Financial Transactions and Balances 442 The Current Account 442 Application 17.3: A Prized Export 444 The Financial Account 445 Challenges to the International Financial System 445 External Debt Issues 445 Monetary Integration in Europe 446 Up for Debate: Euro‐Dreams 447 Critical Thinking Case 17: Helping Poor Countries 451 Glossary 453 Answers to “Test Your Understanding” 461 Index 469

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Book SynopsisA leading authority's answer to today's global economic challenges In Global Economy in Turbulent Times, Harvard economist Dr. See-Yan Lin offers his timely and incisive views on today's key economic issues.Table of ContentsRoyal Prelude xlvii Foreword xlix Preface li Introduction liii About the Book lv Acknowledgments lix PART I THAT WAS THE WORLD THAT WAS (TW3) 1 CHAPTER 1 TW3 2008: The Year Free Markets Ran Amok 3 CHAPTER 2 2009: “Oxpicious” Year Ahead 9 CHAPTER 3 Beware of PME in a Jobless 2009 Recovery 17 CHAPTER 4 G-20 Summit, Pittsburgh 2009: Has “It Worked”? 23 CHAPTER 5 TW3 2009: Growing Again, but Hold on Tight 29 CHAPTER 6 Summer 2010: In for a Bumpy Ride, Even a Double-Dip? 35 CHAPTER 7 G-20 Summit, Toronto 2010: Reflects a Fragile Unity 41 CHAPTER 8 IMF Meet, Fall 2010: A Cop-Out 47 CHAPTER 9 G-20 Summit, Seoul 2010: Much Ado about Nothing 53 CHAPTER 10 TW3 2010: The World Trichotomized 59 CHAPTER 11 Prospects 2011: As the World Turns 65 CHAPTER 12 A Check-up at Mid-Year, 2011 71 CHAPTER 13 Gloomy Outlook Takes Its Toll, 2011–2012 77 CHAPTER 14 G-20 Summit, Cannes 2011; APEC, Honolulu 2011: Without Gusto! 83 CHAPTER 15 TW3 2011: Annus Horribilis 89 CHAPTER 16 G-20 Summit, Los Cabos 2012 GJAP: More of the Same 95 CHAPTER 17 APEC, Vladivostok 2012: A New Perspective 101 CHAPTER 18 TW3 2012: A Tough Year with a Bleak Outlook 107 CHAPTER 19 2013: Breadth of Global Slowdown Disconcerting 113 CHAPTER 20 TW3 2013: Tension and Risks; a Peek at 2014 119 CHAPTER 21 Spring 2014 Stock Take: Complex Risks Ahead 127 PART II TROUBLE WITH THE GLOBAL ECONOMY 133 CHAPTER 22 The Paradox of Thrift 135 CHAPTER 23 Deflation Is Not an Option 141 CHAPTER 24 Reality Check on Economic Models 147 CHAPTER 25 Commodity and Asset Prices Are Up; Can Inflation Be Far Behind? 151 CHAPTER 26 A New Hazard: Double-Dip Deflation 157 CHAPTER 27 The “New Normal” 163 CHAPTER 28 Muddling Through the Inflation 169 CHAPTER 29 It’s a Dangerous World out There 175 CHAPTER 30 “Risk-Off” Episodes 181 CHAPTER 31 Now’s Not the Time for Austerity 187 CHAPTER 32 The World Economy: Growing Pains and Bubbly Worries 193 CHAPTER 33 What’s Up Is Down 199 PART III THE UNITED STATES: JOBLESS RECOVERY 205 CHAPTER 34 Jackson Hole “Gunfi ght” Shoots Blanks 207 CHAPTER 35 The United States Is No Longer AAA 213 CHAPTER 36 “Occupy Wall Street” Goes Global 219 CHAPTER 37 Lessons from Marx to Market 225 CHAPTER 38 Sachs and Krugman on the Global Crisis 231 CHAPTER 39 Life after Keynes with the Double-Dip 237 CHAPTER 40 Growth Dims after the “Cliff” 243 CHAPTER 41 An Inconvenient Truth: QE Withdrawal Syndrome 249 CHAPTER 42 An Unnecessary Disaster Spawns Market Fears 255 CHAPTER 43 US Growth Deficit: Too Loose, Too Long 261 PART IV THE EUROPEAN UNION AND EUROZONE: MORE AUSTERITY 267 CHAPTER 44 Dark Clouds over Europe and the United States 269 CHAPTER 45 ECB and Fed Clear Way to Act 275 CHAPTER 46 Eurozone Growth Can’t Move beyond First Gear but Needs to Keep Deflation at Bay 281 CHAPTER 47 PIIGS Can’t Fly: The Trouble with Greece 287 CHAPTER 48 Greece Is Bankrupt 293 CHAPTER 49 Greek Bailout Mark II: It’s a Default 299 CHAPTER 50 Greece and Eurozone: Austerity Fatigue 305 CHAPTER 51 Greece: More Aid Needed to Save the Austerity-Fatigued 311 CHAPTER 52 New Euro Deal: Not the Whole Bazooka 317 CHAPTER 53 European Union: Favoring Growth Against More Austerity 323 CHAPTER 54 European Union: A Summer of Discontent 329 CHAPTER 55 European Union: Draghi’s Bumblebee 335 CHAPTER 56 Cyprus’s Bailout Turns Bail-In 341 PART V JAPAN: DEAD ON BUT NOT DEADENED 347 CHAPTER 57 Japan in Deep Hibernation 349 CHAPTER 58 3-11: The Tohoku Disasters One Year On 355 CHAPTER 59 Japan Picks Up the Pieces 361 CHAPTER 60 Abenomics: Japan Comes Alive Again 367 CHAPTER 61 Abenomics Hitting Speed Bumps 373 PART VI THE INTERNATIONAL FINANCIAL SYSTEM 377 CHAPTER 62 So, the Gold Bug Still Bugs You 379 CHAPTER 63 Man’s Addiction to Gold 385 CHAPTER 64 In Search of Gold at Bretton Woods: Lust for Gold Not Paying Off 391 CHAPTER 65 What’s Wrong with the International Monetary System? 399 CHAPTER 66 US Dollar: Cracking at the Seams 405 CHAPTER 67 The Dollar Quagmire 411 CHAPTER 68 The “Trilemma” of Capital Controls 417 CHAPTER 69 Burgernomics and the Ringgit 423 CHAPTER 70 The Yuan Way to a New Monetary Order 429 CHAPTER 71 Why Tokyo Failed to Be Top-Tier IFC 435 CHAPTER 72 At Risk: Beggar-Thy-Neighbor 441 CHAPTER 73 Currency Wars at a Time of Defi cient Demand 447 CHAPTER 74 Tension over Exchange Rates 453 CHAPTER 75 RMB: What’s a Budding Currency to Do? 459 CHAPTER 76 The Kiss of Debt 465 CHAPTER 77 This Obsession with Debt 471 CHAPTER 78 The Tobin Tax Revisited 477 CHAPTER 79 Dubai: Or Is It Bye-Bye? 483 CHAPTER 80 Whatever Volcker Wants, Volcker Gets? 489 CHAPTER 81 “Too-Big-to-Fail” and the Volcker Rule Faces Fresh Challenges 495 CHAPTER 82 LIBOR Scandal Fuss 501 CHAPTER 83 Wall Street Stock Market Rigged: HFT “Cheetahs” Only Take 13,000ths of a Second to Turn a Profit 511 CHAPTER 84 Shadow Banking: The Global Bogeyman 517 PART VII GOING GREEN 521 CHAPTER 85 Blue Ocean That’s Also Green 523 CHAPTER 86 The Crimson Goes Green 527 CHAPTER 87 The Road to Copenhagen 533 CHAPTER 88 RIO+20: What a Huge Disappointment 539 PART VIII SOCIAL ISSUES OF CONCERN 545 CHAPTER 89 9.6 Billion 547 CHAPTER 90 The Seven]Billionth Baby Is Born 553 CHAPTER 91 The Ominous Demographic Dilemma 559 CHAPTER 92 The Quality of Life 565 CHAPTER 93 The Emerging Bourgeoisie 571 CHAPTER 94 Rising Income Inequality and the Piketty Blockbuster 577 CHAPTER 95 Has Undergraduate Education Lost Its Way? 581 CHAPTER 96 The MBA: Is It Still Relevant? 587 CHAPTER 97 375 Years and Still Number One 595 CHAPTER 98 Onward the Harvard Connection 601 CHAPTER 99 The Future of University Education: What It Takes to Be Educated 609 CHAPTER 100 Schumpeternomics: Gotta Keep on Learning 615 PART IX MALAYSIAN TRANSFORMATION AND INNOVATION 619 CHAPTER 101 Getting “Cangkul]Ready” 621 CHAPTER 102 Now the Real Pain Begins 625 CHAPTER 103 Mahathir’s Challenge 631 CHAPTER 104 Stimulating Times 637 CHAPTER 105 Price Fixing, Market Sharing, and Collusion Are Illegal 643 CHAPTER 106 Najib’s New Way Forward 649 CHAPTER 107 We Still Don’t Get It 653 CHAPTER 108 Creativity: The Key to NEM’s Success 659 CHAPTER 109 The Mystique of National Transformation 665 CHAPTER 110 Toward Quality Undergraduate Education 673 CHAPTER 111 Innovation: Catalyst for Recovery 679 CHAPTER 112 On Productivity and Talent Management 685 CHAPTER 113 Finance for Innovative Ventures: Broken Dreams? 691 CHAPTER 114 Venture Capital Initiatives to Boost Entrepreneurship 697 PART X EMERGING EAST ASIA, ASEAN, AND BRICS 703 CHAPTER 115 Export]Led Growth Model: Quo Vadis? 705 CHAPTER 116 “Go East, Young Man” 711 CHAPTER 117 Asia Feels the Heat 717 CHAPTER 118 QE3 Exit and Asia’s Trilemma 723 CHAPTER 119 Focus of Concern: Emerging Asia at Risk 729 CHAPTER 120 ASEAN Stimulus 735 CHAPTER 121 ASEAN+3 Stimuli 741 CHAPTER 122 AEC Is on the Way, but It’s No Big Deal 747 CHAPTER 123 South Korea Emerges More Competitive 755 CHAPTER 124 The Philippines: Its Turn Is Next 761 CHAPTER 125 Indonesia Losing Its Footing? 767 CHAPTER 126 Indonesia and India: Under New Management 773 CHAPTER 127 Vietnam Wakes Up: Ding Dong Dung 779 CHAPTER 128 Thailand on the Rebound 785 CHAPTER 129 Myanmar: Not the Burma I Used to Know 791 CHAPTER 130 Myanmar Spring: “Look, Listen, Learn, and Leave” 797 CHAPTER 131 The BRICS Are Coming . . . 805 CHAPTER 132 BRICS Can’t Run as a Herd 811 CHAPTER 133 Acronym Anxiety: BRICS Are Stumbling 817 CHAPTER 134 China: Realities about Its BOP Surpluses 823 CHAPTER 135 China: RMB Flexibility Not Enough 829 CHAPTER 136 China: Much Ado about Nothing 835 CHAPTER 137 The “China Dream” 841 CHAPTER 138 China: Economic Slowdown: A Cause for Concern? 847 CHAPTER 139 China: The Third Plenum Reforms Are Well Received, but the New Deal Flashes Danger Signals 853 CHAPTER 140 China: Multiple Policy Dilemmas 859 CHAPTER 141 China: Rebalancing Growth with Reform and Moving Up to the Next Level 867 CHAPTER 142 India: The Outlook Dims 873 CHAPTER 143 “A Passage to India”: The Outlook Remains Dire 879 PART XI CORPORATE GOVERNANCE AND MANAGEMENT 885 CHAPTER 144 On Corporate Governance and Doing It Right 887 CHAPTER 145 The CG Blueprint 2011: “Let a Hundred Flowers Bloom” 893 CHAPTER 146 Creative Destruction: “Kodak Moment” No More 899 CHAPTER 147 The F&N Saga 905 CHAPTER 148 On Global Gaming, Aussie$, the SGX–ASX Merger 913 CHAPTER 149 In Search of Growth 921 CHAPTER 150 The Goat Straggles into 2015 amid Rising Risks 931 CHAPTER 151 2015: A Dismal World Where Oil and Currencies Are Causing Havoc 937 Notes 941 About the Author 943 Index 945

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Book SynopsisReality-based modeling for today''s unique economic recovery Economic Modeling in the Post Great Recession Era presents a more realistic approach to modeling, using direct statistical applications to address the characteristics and trends central to current market behaviors. This book''s unique focus on the reality of today''s markets makes it an invaluable resource for students and practitioners seeking a comprehensive guide to more accurate forecasting. While most books treat the economy as if it were in a vacuum, building models around idealized or perception-biased behaviors, this book deals with the economy as it currently standsin a state of recovery, limited by financial constraints, imperfect information, and lags and disparities in price movements. The authors identify how these characteristics impact various markets'' behaviors, and quantify those behaviors using SAS as the primary statistical tool. Today''s economy bears a number of unique attrTable of ContentsPreface/Justification xiii Acknowledgments xxi Chapter 1 Setting the Context 1 The Problem with Uncritical Assumptions in a Less-Than-Perfect Economy 2 The Problem with Models in an Imperfect Economy 3 Four Characteristics of a Less-Than-Perfect Economy 4 Economic Policy Inconsistencies—The Parable of Strange Bedfellows 13 Chapter 2 Dynamic Adjustment in an Economy: Frictions Matter 15 Introduction 16 Quantifying Frictions: Is the Long-Run Average a Useful Guide for the Future? 32 Modeling Dynamic Adjustment due to Economic Frictions: Decision Making in an Evolving World 49 Dynamic Economic Adjustment: An Evolution unto Itself 67 Appendix 68 A Case for the Multiple Markets: 1983–2008 68 The Labor Market: 1983–2008 70 Chapter 3 Information: Past Imperfect, Present Incomplete, Future Uncertain 73 Story Behind the Numbers 76 Conclusion 103 Chapter 4 Price Adjustment and Search for Equilibrium 105 What Barriers Are There to Perfectly Flexible Prices? 107 Implications 112 Finding Dynamic Adjustment in the Data 116 Conclusion 121 Chapter 5 Business Investment: This Time Is Different 123 Drivers of Business Spending 125 Putting It All Together: Explaining Slow Recovery in Capital Investment 134 Chapter 6 Corporate Profits: Reward, Incentive, and That Standard of Living 135 Introduction: Profits as Essential Partner 136 The Role of Profits in the Economic Cycle: Five Drivers 137 The Role of Profits: Incentives and Rewards 140 Concluding Remarks: Modeling Profits 167 Chapter 7 Labor Market Evolution: Implications for Private-Sector and Public-Policy Decision Makers 169 Part I: Labor Market Imperfections 171 Part II: Heterogeneity in the Labor Market 182 Part III: How Do Secular Labor Market Trends Impact Economic Policy? 196 Chapter 8 Inflation: When What You Get Isn’t What You Expect 205 Introduction 206 What Is Inflation? 207 Why Does Inflation Matter? 208 What Determines Inflation? 212 Inflation after the Great Recession 219 Application: Predicting if Central Banks Can Achieve Price Stability 230 Chapter 9 Interest Rates and Credit: Capital Markets in the Post–Great Recession World 235 Imperfect Guidance in an Uncertain World 236 A Look at Actual History over the Long Run 247 Credit and Administered Rates 250 Imperfect Information and Credit 255 Conclusion: Shift from Historical Benchmarks 280 Chapter 10 Three-Dimensional Checkers: Open Economy, Capital Flows, and Exchange Rates 281 Newton’s Third Law 282 Introducing a New Price to the Analysis: The Role of Exchange Rates 289 Three-Dimensional Checkers on an International Playing Field 295 A Perfect Model in an Imperfect World 298 Concluding Remarks: Future Looks Different 330 Chapter 11 Assessing Economic Policy in an Imperfect Economy 331 Generalized Policy Model 333 Rules and Reputation: Beyond Economic Benchmarks 338 Confronting Our Three Market Imperfections 340 Economic Policy in the Context of an Imperfect Economy 359 About the Authors 361 Index 363

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Book SynopsisOffering a unique picture of recent developments in a range of non-conventional theoretical approaches in economics, this book introduces readers to the study of Analytical Political Economy and the changes within the subject. Includes a wide range of topics and theoretical approaches that are critically and thoroughly reviewedContributions within the book are written according to the highest standards of rigor and clarity that characterize academic workProvides comprehensive and well-organized surveys of cutting-edge empirical and theoretical work covering an exceptionally wide range of areas and fieldsTopics include macroeconomic theories of growth and distribution; agent-based and stock-flow consistent models; financialization and Marxian price and value theoryInvestigates exploitation theory; trade theory; the role of expectations and animal spirits' on macroeconomic performance as well as empirical research in Marxian economicsTable of Contents1. Analytical Political Economy 1Roberto Veneziani and Luca Zamparelli 2. Taking Stock: A Rigorous Modelling of Animal Spirits in Macroeconomics 5Reiner Franke and Frank Westerhoff 3. The Agent-Based Approach to Post Keynesian Macro-Modeling 39Corrado Di Guilmi 4. Stock-Flow Consistent Macroeconomic Models: A Survey 63Michalis Nikiforos and Gennaro Zezza 5. Heterodox Theories of Economic Growth and Income Distribution:A Partial Survey 103Amitava Krishna Dutt 6. Endogenous Technical Change in Alternative Theories of Growth and Distribution 139Daniele Tavani and Luca Zamparelli 7. Minsky Models: A Structured Survey 175Maria Nikolaidi and Engelbert Stockhammer 8. Financialization and Investment: A Survey of the Empirical Literature 207Leila E. Davis 9. Quantitative Empirical Research in Marxist Political Economy: A Selective Review 237Deepankar Basu 10. Value, Price, and Exploitation: The Logic of the Transformation Problem 269Simon Mohun and Roberto Veneziani 11. A Progress Report on Marxian Economic Theory: On the Controversies in Exploitation Theory Since Okishio (1963) 307Naoki Yoshihara 12. South–South and North–South Economic Exchanges: Does it Matter who is Exchanging What and with Whom? 339Omar S. Dahi and Firat Demir Index 381

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Book SynopsisTable of ContentsPart 1 Introduction to Microeconomics Chapter 1 Analyzing Economic Problems 1Microeconomics and Climate Change 1.1 Why Study Microeconomics? 4 1.2 Three Key Analytical Tools 5 Constrained Optimization 6 Equilibrium Analysis 12 Comparative Statics 14 1.3 Positive and Normative Analysis 18 Learning-By-Doing-Exercises 1.1 Constrained Optimization: The Farmer’s Fence 7 1.2 Constrained Optimization: Consumer Choice 8 1.3 Comparative Statics with Market Equilibrium in the U.S. Market for Corn 16 1.4 Comparative Statics with Constrained Optimization 18 Chapter 2 Demand and Supply Analysis 26What Gives with the Price of Corn? 2.1 Demand, Supply, and Market Equilibrium 30 Demand Curves 30 Supply Curves 32 Market Equilibrium 34 Shifts in Supply and Demand 35 2.2 Price Elasticity of Demand 44 Elasticities Along Specific Demand Curves 46 Price Elasticity of Demand and Total Revenue 49 Determinants of the Price Elasticity of Demand 49 Market-Level Versus Brand-Level Price Elasticities of Demand 51 2.3 Other Elasticities 53 Income Elasticity of Demand 53 Cross-Price Elasticity of Demand 54 Price Elasticity of Supply 56 2.4 Elasticity in the Long Run Versus the Short Run 56 Greater Elasticity in the Long Run than in the Short Run 56 Greater Elasticity In the Short Run than in the Long Run 57 2.5 Back-of-the-Envelope Calculations 59 Fitting Linear Demand Curves Using Quantity, Price, and Elasticity Information 60 Identifying Supply and Demand Curves on the Back of an Envelope 61 Identifying the Price Elasticity of Demand from Shifts in Supply 63 Appendix Price Elasticity of Demand along a Constant Elasticity Demand Curve 74 Learning-By-Doing-Exercises 2.1 Sketching a Demand Curve 31 2.2 Sketching a Supply Curve 33 2.3 Calculating Equilibrium Price and Quantity 34 2.4 Comparative Statics on the Market Equilibrium 37 2.5 Price Elasticity of Demand 47 2.6 Elasticities along Special Demand Curves 49 Part 2 Consumer Theory Chapter 3 Consumer Preferences and the Concept of Utility 75Why Do You Like What You Like? 3.1 Representations of Preferences 77 Assumptions About Consumer Preferences 77 Ordinal and Cardinal Ranking 80 3.2 Utility Functions 80 Preferences with a Single Good: The Concept of Marginal Utility 80 Preferences with Multiple Goods: Marginal Utility, Indifference Curves, and the Marginal Rate of Substitution 84 3.3 Special Preferences 95 Perfect Substitutes 95 Perfect Complements 96 The Cobb–Douglas Utility Function 97 Quasilinear Utility Functions 98 3.4 Behavioral Aspects of Choice 100 Learning-By-Doing-Exercises 3.1 Marginal Utility 86 3.2 Marginal Utility That is Not Diminishing 86 3.3 Indifference Curves with Diminishing MRSx,Y 93 3.4 Indifference Curves with Increasing MRSx,Y 94 Chapter 4 Consumer Choice 109How Much of What You Like Should You Buy? 4.1 The Budget Constraint 111 How Does a Change in Income Affect the Budget Line? 113 How Does a Change in Price Affect the Budget Line? 113 4.2 Optimal Choice 116 Using the Tangency Condition to Understand When a Basket is Not Optimal 120 Finding an Optimal Consumption Basket 121 Two Ways of Thinking About Optimality 122 Corner Points 124 4.3 Consumer Choice with Composite Goods 127 Application: Coupons and Cash Subsidies 127 Application: Joining a Club 131 Application: Borrowing and Lending 132 Application: Quantity Discounts 137 4.4 Revealed Preference 138 Are Observed Choices Consistent with Utility Maximization? 139 4.5 Maximizing Utility Using Lagrange Multipliers 144 Appendix The Time Value of Money 157 Learning-By-Doing-Exercises 4.1 Good News/Bad News and the Budget Line 116 4.2 Finding an Interior Optimum 121 4.3 Finding a Corner Point Solution 125 4.4 Corner Point Solution with Perfect Substitutes 126 4.5 Consumer Choice That Fails to Maximize Utility 140 4.6 Other Uses of Revealed Preference 142 4.7 Finding an Interior Optimum Using the Method of Lagrange 148 4.8 Finding a Corner Point Solution Using the Method of Lagrange 149 Chapter 5 The Theory of Demand 163Why Understanding the Demand for Cigarettes is Important for Public Policy 5.1 Optimal Choice and Demand 165 The Effects of a Change in Price 165 The Effects of a Change in Income 168 The Effects of a Change in Price or Income: An Algebraic Approach 173 5.2 Change in the Price of a Good: Substitution Effect and Income Effect 175 The Substitution Effect 176 The Income Effect 176 Income and Substitution Effects When Goods Are Not Normal 178 5.3 Change in the Price of a Good: The Concept of Consumer Surplus 186 Understanding Consumer Surplus from the Demand Curve 186 Understanding Consumer Surplus from the Optimal Choice Diagram: Compensating Variation and Equivalent Variation 188 5.4 Market Demand 195 Market Demand with Network Externalities 197 5.5 The Choice of Labor and Leisure 200 As Wages Rise, Leisure First Decreases, then Increases 200 The Backward-Bending Supply of Labor 202 5.6 Consumer Price Indices 206 Learning-By-Doing-Exercises 5.1 A Normal Good Has a Positive Income Elasticity of Demand 172 5.2 Finding a Demand Curve (No Corner Points) 173 5.3 Finding a Demand Curve (with a Corner Point Solution) 174 5.4 Finding Income and Substitution Effects Algebraically 181 5.5 Income and Substitution Effects with a Price Increase 183 5.6 Income and Substitution Effects with a Quasilinear Utility Function 184 5.7 Consumer Surplus: Looking at the Demand Curve 187 5.8 Compensating and Equivalent Variations with No Income Effect 191 5.9 Compensating and Equivalent Variations with an Income Effect 193 5.10 The Demand for Leisure and the Supply of Labor 204 Part 3 Production and Cost Theory Chapter 6 Inputs and Production Functions 216Can They Do It Better and Cheaper? 6.1 Introduction to Inputs and Production Functions 218 6.2 Production Functions with a Single Input 220 Total Product Functions 221 Marginal and Average Product 222 Relationship Between Marginal and Average Product 226 6.3 Production Functions with More Than One Input 227 Total Product and Marginal Product with Two Inputs 227 Isoquants 229 Economic and Uneconomic Regions of Production 233 Marginal Rate of Technical Substitution 233 6.4 Substitutability Among Inputs 236 Describing a Firm’s Input Substitution Opportunities Graphically 237 Elasticity of Substitution 239 Special Production Functions 242 6.5 Returns to Scale 248 Definitions 248 Returns to Scale Versus Diminishing Marginal Returns 251 6.6 Technological Progress 251 Appendix The Elasticity of Substitution for a Cobb–Douglas Production Function 261 Learning-By-Doing-Exercises 6.1 Deriving the Equation of an Isoquant 232 6.2 Relating the Marginal Rate of Technical Substitution to Marginal Products 236 6.3 Calculating the Elasticity of Substitution from a Production Function 240 6.4 Returns to Scale for a Cobb–Douglas Production Function 250 6.5 Technological Progress 253 Chapter 7 Costs and Cost Minimization 263What’s Behind the Self-Service Revolution? 7.1 Cost Concepts for Decision Making 265 Opportunity Cost 266 Economic versus Accounting Costs 269 Sunk (Unavoidable) versus Nonsunk (Avoidable) Costs 269 7.2 The Cost-Minimization Problem 272 Long Run versus Short Run 272 The Long-Run Cost-Minimization Problem 272 Isocost Lines 273 Graphical Characterization of the Solution to the Long-Run Cost-Minimization Problem 274 Corner Point Solutions 277 7.3 Comparative Statics Analysis of the Cost-Minimization Problem 278 Comparative Statics Analysis of Changes in Input Prices 278 Comparative Statics Analysis of Changes in Output 282 Summarizing the Comparative Statics Analysis: The Input Demand Curves 283 The Price Elasticity of Demand for Inputs 285 7.4 Short-Run Cost Minimization 289 Characterizing Costs in the Short Run 289 Cost Minimization in the Short Run 291 Comparative Statics: Short-Run Input Demand versus Long-Run Input Demand 292 More Than One Variable Input in the Short Run 293 7.5 Minimizing Long-Run Costs Using Lagrange Multipliers 295 Appendix Advanced Topics in Cost Minimization 307 Learning-By-Doing-Exercises 7.1 Using the Cost Concepts for a College Campus Business 270 7.2 Finding an Interior Cost-Minimization Optimum 276 7.3 Finding a Corner Point Solution with Perfect Substitutes 277 7.4 Deriving the Input Demand Curves from a Production Function 285 7.5 Short-Run Cost Minimization with One Fixed Input 293 7.6 Short-Run Cost Minimization with Two Variable Inputs 294 7.7 Finding an Interior Optimum Using the Method of Lagrange 299 7.8 Finding a Corner Point Solution Using the Method of Lagrange 300 Chapter 8 Cost Curves 310How Can Hisense Get a Handle on Costs? 8.1 Long-Run Cost Curves 312 Long-Run Total Cost Curve 312 How Does the Long-Run Total Cost Curve Shift When Input Prices Change? 314 Long-Run Average and Marginal Cost Curves 316 8.2 Short-Run Cost Curves 328 Short-Run Total Cost Curve 328 Relationship Between the Long-Run and the Short-Run Total Cost Curves 328 Short-Run Average and Marginal Cost Curves 331 Relationships Between the Long-Run and the Short-Run Average and Marginal Cost Curves 332 When Are Long-Run and Short-Run Average and Marginal Costs Equal, and When Are They Not? 333 8.3 Special Topics in Cost 336 Economies of Scope 336 Economies of Experience: The Experience Curve 340 8.4 Estimating Cost Functions 343 Constant Elasticity Cost Function 343 Translog Cost Function 343 Appendix Shephard’s Lemma and Duality 350 Learning-By-Doing-Exercises 8.1 Finding the Long-Run Total Cost Curve from a Production Function 314 8.2 Deriving Long-Run Average and Marginal Cost Curves from a Long-Run Total Cost Curve 319 8.3 Deriving a Short-Run Total Cost Curve 329 8.4 The Relationship between Short-Run and Long-Run Average Cost Curves 334 Part 4 Perfect Competition Chapter 9 Perfectly Competitive Markets 354A Rose is a Rose is a Rose 9.1 What is Perfect Competition? 357 9.2 Profit Maximization by a Price-Taking Firm 359 Economic Profit versus Accounting Profit 359 The Profit-Maximizing Output Choice for a Price-Taking Firm 361 9.3 How the Market Price is Determined: Short-Run Equilibrium 364 The Price-Taking Firm’s Short-Run Cost Structure 364 Short-Run Supply Curve for a Price-Taking Firm When All Fixed Costs Are Sunk 366 Short-Run Supply Curve for a Price-Taking Firm When Some Fixed Costs Are Sunk and Some Are Nonsunk 368 Short-Run Market Supply Curve 372 Short-Run Perfectly Competitive Equilibrium 375 Comparative Statics Analysis of the Short-Run Equilibrium 376 9.4 How the Market Price is Determined: Long-Run Equilibrium 382 Long-Run Output and Plant-Size Adjustments by Established Firms 382 The Firm’s Long-Run Supply Curve 383 Free Entry and Long-Run Perfectly Competitive Equilibrium 384 Long-Run Market Supply Curve 386 Constant-Cost, Increasing-Cost, and Decreasing-Cost Industries 387 What Does the Theory of Perfect Competition Teach Us? 395 9.5 Economic Rent and Producer Surplus 396 Economic Rent 396 Producer Surplus 399 Economic Profit, Producer Surplus, Economic Rent 405 Appendix Profit Maximization Implies Cost Minimization 413 Learning-By-Doing-Exercises 9.1 Deriving the Short-Run Supply Curve for a Price-Taking Firm 368 9.2 Deriving the Short-Run Supply Curve for a Price-Taking Firm with Some Nonsunk Fixed Costs 370 9.3 Short-Run Market Equilibrium 376 9.4 Calculating a Long-Run Equilibrium 385 9.5 Calculating Producer Surplus 404 Chapter 10 Competitive Markets: Applications 415Is Support a Good Thing? 10.1 The Invisible Hand, Excise Taxes, and Subsidies 417 The Invisible Hand 418 Excise Taxes 419 Incidence of a Tax 423 Subsidies 427 10.2 Price Ceilings and Floors 429 Price Ceilings 430 Price Floors 438 10.3 Production Quotas 443 10.4 Price Supports in the Agricultural Sector 447 Acreage Limitation Programs 447 Government Purchase Programs 449 10.5 Import Quotas and Tariffs 451 Quotas 451 Tariffs 455 Learning-By-Doing-Exercises 10.1 Impact of an Excise Tax 422 10.2 Impact of a Subsidy 429 10.3 Impact of a Price Ceiling 436 10.4 Impact of a Price Floor 441 10.5 Comparing the Impact of an Excise Tax, a Price Floor, and a Production Quota 446 10.6 Effects of an Import Tariff 458 Part 5 Market Power Chapter 11 Monopoly and Monopsony 468Why Do Firms Play Monopoly? 11.1 Profit Maximization by a Monopolist 470 The Profit-Maximization Condition 470 A Closer Look at Marginal Revenue: Marginal Units and Inframarginal Units 474 Average Revenue and Marginal Revenue 475 The Profit-Maximization Condition Shown Graphically 477 A Monopolist Does Not Have A Supply Curve 479 11.2 The Importance of Price Elasticity of Demand 480 Price Elasticity of Demand and the Profit-Maximizing Price 480 Marginal Revenue and Price Elasticity of Demand 481 Marginal Cost and Price Elasticity of Demand: The Inverse Elasticity Pricing Rule 483 The Monopolist Always Produces on the Elastic Region of the Market Demand Curve 484 The IEPR Applies not Only to Monopolists 486 Quantifying Market Power: The Lerner Index 487 11.3 Comparative Statics for Monopolists 488 Shifts in Market Demand 488 Shifts in Marginal Cost 491 11.4 Monopoly with Multiple Plants and Markets 493 Output Choice with two Plants 494 Output Choice with two Markets 495 Profit Maximization by a Cartel 496 11.5 The Welfare Economics of Monopoly 499 The Monopoly Equilibrium Differs from the Perfectly Competitive Equilibrium 499 Monopoly Deadweight Loss 501 Rent-Seeking Activities 501 11.6 Why Do Monopoly Markets Exist? 501 Natural Monopoly 502 Barriers to Entry 503 11.7 Monopsony 505 The Monopsonist’s Profit-Maximization Condition 505 An Inverse Elasticity Pricing Rule for Monopsony 507 Monopsony Deadweight Loss 508 Learning-By-Doing-Exercises 11.1 Marginal and Average Revenue for a Linear Demand Curve 477 11.2 Applying the Monopolist’s Profit-Maximization Condition 479 11.3 Computing the Optimal Monopoly Price for a Constant Elasticity Demand Curve 483 11.4 Computing the Optimal Monopoly Price for a Linear Demand Curve 484 11.5 Computing the Optimal Price Using the Monopoly Midpoint Rule 490 11.6 Determining the Optimal Output, Price, and Division of Production for a Multiplant Monopolist 495 11.7 Determining the Optimal Output and Price for a Monopolist Serving Two Markets 496 11.8 Applying the Monopsonist’s Profit-Maximization Condition 507 11.9 Applying the Inverse Elasticity Rule for a Monopsonist 508 Chapter 12 Capturing Surplus 515Why Did Your Carpet or Your Airline Ticket Cost So Much Less Than Mine? 12.1 Capturing Surplus 517 12.2 First-Degree Price Discrimination: Making the Most from Each Consumer 520 12.3 Second-Degree Price Discrimination: Quantity Discounts 525 Block Pricing 525 Subscription and Usage Charges 528 12.4 Third-Degree Price Discrimination: Different Prices for Different Market Segments 531 Two Different Segments, Two Different Prices 531 Screening 534 Third-Degree Price Discrimination with Capacity Constraints 536 Implementing the Scheme of Price Discrimination: Building “Fences” 538 12.5 Tying (Tie-In Sales) 543 Bundling 544 Mixed Bundling 546 12.6 Advertising 548 Learning-By-Doing-Exercises 12.1 Capturing Surplus: Uniform Pricing versus First-Degree Price Discrimination 522 12.2 Where is the Marginal Revenue Curve with First-Degree Price Discrimination? 523 12.3 Increasing Profits with a Block Tariff 527 12.4 Third-Degree Price Discrimination in Railroad Transport 533 12.5 Third-Degree Price Discrimination for Airline Tickets 535 12.6 Price Discrimination Subject to Capacity Constraints 537 12.7 Markup and Advertising-to-Sales Ratio 551 Part 6 Imperfect Competition and Strategic Behavior Chapter 13 Market Structure and Competition 558Is Competition Always the Same? If Not, Why Not? 13.1 Describing and Measuring Market Structure 560 13.2 Oligopoly with Homogeneous Products 563 The Cournot Model of Oligopoly 563 Cournot Equilibrium and the IEPR 571 The Bertrand Model of Oligopoly 571 Why are the Cournot and Bertrand Equilibria Different? 573 The Stackelberg Model of Oligopoly 574 13.3 Dominant Firm Markets 576 13.4 Oligopoly with Horizontally Differentiated Products 579 What is Product Differentiation? 579 Bertrand Price Competition with Horizontally Differentiated Products 582 13.5 Monopolistic Competition 588 Short-Run and Long-Run Equilibrium in Monopolistically Competitive Markets 588 Price Elasticity of Demand, Margins, and Number of Firms in the Market 590 Do Prices Fall When More Firms Enter? 590 Appendix The Cournot Equilibrium and the Inverse Elasticity Pricing Rule 600 Learning-By-Doing-Exercises 13.1 Computing a Cournot Equilibrium 566 13.2 Computing the Cournot Equilibrium for Two or More Firms with Linear Demand 570 13.3 Computing the Equilibrium in the Dominant Firm Model 578 13.4 Computing a Bertrand Equilibrium with Horizontally Differentiated Products 586 Chapter 14 Game Theory and Strategic Behavior 601What’s in a Game? 14.1 The Concept of Nash Equilibrium 603 A Simple Game 603 The Nash Equilibrium 604 The Prisoners’ Dilemma 604 Dominant and Dominated Strategies 605 Games with more Than One Nash Equilibrium 609 Mixed Strategies 615 Summary: How to Find All the Nash Equilibria in a Simultaneous-Move Game with Two Players 616 14.2 The Repeated Prisoners’ Dilemma 617 14.3 Sequential-Move Games and Strategic Moves 622 Analyzing Sequential-Move Games 623 The Strategic Value of Limiting One’s Options 624 Learning-By-Doing-Exercises 14.1 Finding the Nash Equilibrium: Coke versus Pepsi 608 14.2 Finding All of the Nash Equilibria in a Game 612 14.3 An Entry Game 625 Chapter 15 Risk and Information 637Risky Business? 15.1 Describing Risky Outcomes 639 Lotteries and Probabilities 639 Expected Value 641 Variance 641 15.2 Evaluating Risky Outcomes 644 Utility Functions and Risk Preferences 644 Risk-Neutral and Risk-Loving Preferences 647 15.3 Bearing and Eliminating Risk 650 Risk Premium 650 When Would a Risk-Averse Person Choose to Eliminate Risk? the Demand for Insurance 653 Asymmetric Information: Moral Hazard and Adverse Selection 656 Prospect Theory and Loss Aversion: An Alternative to Expected Utility Theory 662 15.4 Analyzing Risky Decisions 665 Decision Tree Basics 665 Decision Trees with a Sequence of Decisions 668 The Value of Information 670 15.5 Auctions 672 Types of Auctions and Bidding Environments 672 Auctions When Bidders Have Private Values 673 Auctions When Bidders Have Common Values: The Winner’s Curse 677 Learning-By-Doing-Exercises 15.1 Computing the Expected Utility for Two Lotteries for a Risk-Averse Decision Maker 647 15.2 Computing the Expected Utility for Two Lotteries: Risk-Neutral and Risk-Loving Decision Makers 649 15.3 Computing the Risk Premium from a Utility Function 653 15.4 The Willingness to Pay for Insurance 654 15.5 Verifying the Nash Equilibrium in a First-Price Sealed-Bid Auction with Private Values 675 Chapter 16 General Equilibrium Theory 686How Do Gasoline Taxes Affect the Economy? 16.1 General Equilibrium Analysis: Two Markets 688 16.2 General Equilibrium Analysis: Many Markets 692 The Origins of Supply and Demand in a Simple Economy 692 The General Equilibrium in Our Simple Economy 698 Walras’ Law 702 16.3 General Equilibrium Analysis: Comparative Statics 703 16.4 The Efficiency of Competitive Markets 707 What is Economic Efficiency? 707 Exchange Efficiency 708 Input Efficiency 714 Substitution Efficiency 716 Does the General Competitive Equilibrium Satisfy Substitution Efficiency? 717 Pulling the Analysis Together: The Fundamental Theorems of Welfare Economics 719 16.5 Gains From Free Trade 720 Free Trade is Mutually Beneficial 720 Comparative Advantage 724 Appendix Deriving the Demand and Supply Curves for the General Equilibrium in Figure 16.10 and Learning-By-Doing Exercises 16.2 730 Learning-By-Doing-Exercises 16.1 Finding the Prices at a General Equilibrium with Two Markets 692 16.2 Finding the Conditions for a General Equilibrium with Four Markets 701 16.3 Checking the Conditions for Exchange Efficiency 712 Chapter 17 Externalities and Public Goods 736When Does the Invisible Hand Fail? 17.1 Introduction 738 17.2 Externalities 740 Negative Externalities and Economic Efficiency 742 Positive Externalities and Economic Efficiency 756 Property Rights and the Coase Theorem 760 17.3 Public Goods 762 Efficient Provision of a Public Good 763 The Free-Rider Problem 766 Learning-By-Doing-Exercises 17.1 The Efficient Amount of Pollution 745 17.2 Emissions Fee 748 17.3 The Coase Theorem 761 17.4 Optimal Provision of a Public Good 765 Mathematical Appendix A-1 Solutions to Selected Problems S-1 Glossary G-1 Index I-1

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