Contents
Bibliography
- Acconcia, Antonio, Giancarlo Corsetti, and Saverio Simonelli. 2014. ‘Mafia and Public Spending: Evidence on the Fiscal Multiplier from a Quasi-Experiment’. American Economic Review 104 (7) (July): pp. 2185–2209.
- Acemoglu, Daron, and James A. Robinson. 2012. Why Nations Fail: The Origins of Power, Prosperity and Poverty, 1st ed. New York, NY: Crown Publishers.
- Acemoglu, Daron, and James A. Robinson. 2013. ‘Economics versus politics: Pitfalls of policy advice’. The Journal of Economic Perspectives 27 (2): pp. 173–192.
- Acemoglu, Daron, Simon Johnson, and James A. Robinson. 2005. ‘Institutions as a Fundamental Cause of Long-Run Growth’. In Handbook of Economic Growth, Volume 1A., eds. Philippe Aghion and Steven N. Durlauf. North Holland.
- Ackerman, Frank. 2007. ‘Debating climate economics: the Stern Review vs. its critics’. Report to Friends of the Earth, July 2007.
- Aesop. ‘Belling the Cat’. In Fables, retold by Joseph Jacobs. XVII, (1). The Harvard Classics. New York: P. F. Collier & Son, 1909–14; Bartleby.com, 2001.
- Akerlof, George A., and Robert J. Shiller. 2015. Phishing for Phools: The Economics of Manipulation and Deception. Princeton, NJ: Princeton University Press.
- Aleem, Irfan. 1990. ‘Imperfect information, screening, and the costs of informal lending: A study of a rural credit market in Pakistan’. The World Bank Economic Review 4 (3): pp. 329–349.
- Allen, Robert C. 2009. ‘The Industrial Revolution in Miniature: The Spinning Jenny in Britain, France, and India’. The Journal of Economic History 69 (04) (November): p. 901.
- Allen, Robert C. 2011. Global Economic History: A Very Short Introduction. New York, NY: Oxford University Press.
- Almunia, Miguel, Agustín Bénétrix, Barry Eichengreen, Kevin H. O’Rourke, and Gisela Rua. 2010. ‘From Great Depression to Great Credit Crisis: Similarities, Differences and Lessons’. Economic Policy 25 (62) (April): pp. 219–265.
- Alvaredo, Facundo, Anthony B. Atkinson, Thomas Piketty, Emmanuel Saez, and Gabriel Zucman. 2016. ‘The World Wealth and Income Database (WID)’.
- Andersen, Torben M., Bengt Holmström, Seppo Honkapohja, Sixten Korkman, Hans Tson Söderström, and Juhana Vartiainen. 2007. The Nordic Model: Embracing Globalization and Sharing Risks. Helsinki: Taloustierto Oy.
- Arnott, Richard. 1995. ‘Time for Revisionism on Rent Control?’. Journal of Economic Perspectives 9 (1) (February): pp. 99–120.
- Arrow, Kenneth. J. 1978. ‘A cautious case for socialism’. Dissent 25 (4): pp. 472–480.
- Arrow, Kenneth J., and F. H. Hahn. 1991. ‘General Competitive Analysis’, eds. C. J. Bliss and M. D. Intriligator. Advanced Textbooks in Economics Vol. 12. San Francisco: Holden-Day.
- Atkinson, Anthony B., and Thomas Piketty, eds. 2007. Top Incomes over the Twentieth Century: A Contrast between Continental European and English-Speaking Countries. Oxford: Oxford University Press.
- Auerbach, Alan, and Yuriy Gorodnichenko. 2015. ‘How Powerful Are Fiscal Multipliers in Recessions?’. NBER Reporter 2015 Research Summary.
- Augustine, Dolores. 2013. ‘Innovation and Ideology: Werner Hartmann and the Failure of the East German Electronics Industry’. In The East German Economy, 1945–2010: Falling behind or Catching Up? by German Historical Institute, eds. Hartmut Berghoff and Uta Andrea Balbier. Cambridge: Cambridge University Press.
- Ausubel, Lawrence M. 1991. ‘The Failure of Competition in the Credit Card Market’. American Economic Review 81 (1): pp. 50–81.
- Autor, David, and Gordon Hanson. NBER Reporter 2014 Number 2: Research Summary. Labor Market Adjustment to International Trade.
- Bakija, Jon, Lane Kenworthy, Peter Lindert, and Jeff Madrick. 2016. How Big Should Our Government Be? Berkeley: University of California Press.
- Ball, Philip. 2002. ‘Blackouts Inherent in Power Grid’. Nature News. Updated 8 November 2002.
- Ball, Philip. 2004. ‘Power Blackouts Likely’. Nature News. 20 January 2004.
- Banerjee, Abhijit V., Paul J. Gertler, and Maitreesh Ghatak. 2002. ‘Empowerment and Efficiency: Tenancy Reform in West Bengal’. Journal of Political Economy 110 (2): pp. 239–280.
- Barro, Robert J. 2009. ‘Government Spending Is No Free Lunch’. Wall Street Journal.
- Basker, Emek. 2007. ‘The Causes and Consequences of Wal-Mart’s Growth’. Journal of Economic Perspectives 21 (3): pp. 177–198.
- Bentolila, Samuel, Tito Boeri, and Pierre Cahuc. 2010. ‘Ending the Scourge of Dual Markets in Europe’. VoxEU.org. Updated 12 July 2010.
- Berger, Helge, and Mark Spoerer. 2001. ‘Economic Crises and the European Revolutions of 1848’. The Journal of Economic History 61 (2): pp. 293–326.
- Berghoff, Hartmut, and Uta Andrea Balbier. 2013. ‘From Centrally Planned Economy to Capitalist Avant-Garde? The Creation, Collapse, and Transformation of a Socialist Economy’. In The East German Economy, 1945–2010 Falling behind or Catching Up? by German Historical Institute, eds. Hartmut Berghoff and Uta Andrea Balbier. Cambridge: Cambridge University Press.
- Besley, Timothy, and Anne Case. 1995. ‘Does electoral accountability affect economic policy choices? Evidence from gubernatorial term limits’. The Quarterly Journal of Economics 110 (3): pp. 769–798.
- Besley, Timothy, and Torsten Persson. 2014. ‘Why do developing countries tax so little?’. The Journal of Economic Perspectives 28 (4): pp. 99–120.
- Bessen, James. 2015. Learning by Doing: The Real Connection between Innovation, Wages, and Wealth. New Haven, CT: Yale University Press.
- Bewley, T. 2007. ‘Fairness, Reciprocity and Wage Rigidity’. Behavioral Economics and its Applications, eds. Peter Diamond and Hannu Vartiainen, pp. 157–188. Princeton, NJ: Princeton University Press.
- Bewley, Truman F. 1999. Why Wages Don’t Fall during a Recession. Cambridge, MA: Harvard University Press.
- Blanchard, Olivier. 2012. ‘Lessons from Latvia’. IMFdirect – The IMF Blog. Updated 11 June 2012.
- Blanchard, Olivier, and Justin Wolfers. 2000. ‘The Role of Shocks and Institutions in the Rise of European Unemployment: The Aggregate Evidence’. The Economic Journal 110 (462): pp. 1–33.
- Blanchflower, David G., and Andrew J. Oswald. 1995. ‘An Introduction to the Wage Curve’. Journal of Economic Perspectives 9 (3): pp. 153–167.
- Boldrin, Michele, and David K. Levine. 2008. Against Intellectual Monopoly. New York, NY: Cambridge University Press.
- Bonica, Adam, Nolan McCarty, Keith T. Poole, and Howard Rosenthal. 2013. Why hasn’t democracy slowed rising inequality?. The Journal of Economic Perspectives 27 (3): pp. 103–123.
- Boseley, Sarah. 2016. ‘Big Pharma’s Worst Nightmare’. The Guardian, Updated 5 February 2016.
- Bosvieux, Jean, and Oliver Waine. 2012. ‘Rent Control: A Miracle Solution to the Housing Crisis?’. Metropolitics. Updated 21 November 2012.
- Bowles, Samuel. 2006. Microeconomics: Behavior, institutions, and evolution (the roundtable series in behavioral economics). Princeton, NJ: Princeton University Press.
- Bowles, Samuel. 2016. The Moral Economy: Why Good Incentives Are No Substitute for Good Citizens. New Haven, CT: Yale University Press.
- Bowles, Samuel, and Arjun Jayadev. 2014. ‘One Nation under Guard’. The New York Times. Updated 15 February 2014.
- Bowles, Samuel, and Herbert Gintis. 2002.‘The Inheritance of Inequality’. Journal of Economic Perspectives 16 (3): pp. 3–30.
- Braverman, Harry, and Paul M. Sweezy. 1975. Labor and Monopoly Capital: The Degradation of Work in the Twentieth Century, 2nd ed. New York, NY: Monthly Review Press.
- Brunnermeier, Markus. 2009. ‘Lucas Roundtable: Mind the frictions’. The Economist. Updated 6 August 2009.
- Burda, Michael, and Jennifer Hunt. 2011. ‘The German Labour-Market Miracle’. VoxEU.org. Updated 2 November 2011.
- Camerer, Colin, and Ernst Fehr. 2004. ‘Measuring Social Norms and Preferences Using Experimental Games: A Guide for Social Scientists’. In Foundations of Human Sociality: Economic Experiments and Ethnographic Evidence from Fifteen Small-Scale Societies, eds. Joseph Henrich, Robert Boyd, Samuel Bowles, Colin Camerer, and Herbert Gintis. Oxford: Oxford University Press.
- Campbell, C. M., and K. S. Kamlani. 1997. ‘The Reasons For Wage Rigidity: Evidence From a Survey of Firms’. The Quarterly Journal of Economics 112 (3) (August): pp. 759–789.
- Carlin, Wendy and David Soskice. 2015. Macroeconomics: Institutions, Instability, and the Financial System. Oxford: Oxford University Press.
- Cassidy, John. 2010. ‘Interview with Eugene Fama’. The New Yorker. Updated 13 January 2010.
- Clark, Andrew E., and Andrew J. Oswald. 2002. ‘A Simple Statistical Method for Measuring How Life Events Affect Happiness’. International Journal of Epidemiology 31 (6): pp. 1139–1144.
- Clark, Gregory. 2007. A Farewell to Alms: A Brief Economic History of the World. Princeton, NJ: Princeton University Press.
- Clark, Gregory. 2015. The Son Also Rises: Surnames and the History of Social Mobility. Princeton, NJ: Princeton University Press.
- Coase, Ronald H. 1937. ‘The Nature of the Firm’. Economica 4 (16): pp. 386–405.
- Coase, Ronald H. 1992. ‘The Institutional Structure of Production’. American Economic Review 82 (4): pp. 713–19.
- Collins, Daryl, Jonathan Morduch, Stuart Rutherford, and Orlanda Ruthven. 2009. Portfolios of the Poor. Princeton: Princeton University Press.
- Couch, Kenneth A., and Dana W. Placzek. 2010. ‘Earnings Losses of Displaced Workers Revisited’. American Economic Review 100 (1): pp. 572–589.
- Council of Economic Advisers Issue Brief. 2016. Labor Market Monopsony: Trends, Consequences, and Policy Responses.
- Cournot, Augustin, and Irving Fischer. 1971. Researches into the Mathematical Principles of the Theory of Wealth. New York, NY: A. M. Kelley.
- Coyle, Diane. 2014. GDP: A Brief but Affectionate History. Princeton, NJ: Princeton University Press.
- Crockett, Andrew. 2000. ‘Marrying the Micro- and Macro-Prudential Dimensions of Financial Stability’. Speech to International Conference of Banking Supervisors, Basel, 20–21 September.
- Daly, Mary C., and Leila Bengali. 2014. ‘Is It Still Worth Going to College?’. Federal Reserve Bank of San Francisco. Updated 5 May 2014.
- Dauth, Wolfgang, Sebastian Findeisen, and Jens Südekum. 2017. Sectoral employment trends in Germany: The effect of globalisation on their micro anatomy. VoxEU.org. Updated 26 January 2017.
- Davis, Mike. 2000. Late Victorian holocausts: El Niño famines and the Making of the Third World. London: Verso Books.
- Deaton, Angus. 2013. The Great Escape: Health, Wealth, and the Origins of Inequality. Princeton, NJ: Princeton University Press.
- DeLong, Bradford. 2015. ‘Draft for Rethinking Macroeconomics Conference Fiscal Policy Panel’. Washington Center for Equitable Growth. Updated 5 April 2015.
- Diamond, Jared. 1999. Guns, Germs, and Steel: The Fates of Human Societies. New York, NY: Norton, W. W. & Company.
- Diamond, Jared, and James Robinson. 2014. Natural Experiments of History. Cambridge, MA: Belknap Press of Harvard University Press.
- DiMasi, Joseph A., Ronald W. Hansen, and Henry G. Grabowski. 2003. ‘The Price of Innovation: New Estimates of Drug Development Costs’. Journal of Health Economics 22 (2): pp. 151–85.
- Dube, Arindrajit, T. William Lester, and Michael Reich. 2010. ‘Minimum Wage Effects across State Borders: Estimates Using Contiguous Counties’. Review of Economics and Statistics 92 (4): pp. 945–64.
- Durante, Ruben. 2010. ‘Risk, Cooperation and the Economic Origins of Social Trust: An Empirical Investigation’. Sciences Po Working Paper.
- Durlauf, Steven. 2017. ‘Kenneth Arrow and the golden age of economic theory’. VoxEU.org. Updated 8 April 2017.
- EconTalk. 2015. ‘Martin Weitzman on Climate Change’. Library of Economics and Liberty. Updated 1 June 2015.
- EconTalk. 2016. ‘David Autor on Trade, China, and U.S. Labor Markets’. Library of Economics and Liberty. Updated 26 December 2016.
- Edgeworth, Francis Ysidro. 2003. Mathematical Psychics and Further Papers on Political Economy. Oxford: Oxford University Press.
- Edsall, Thomas B. 2016. ‘Boom or Gloom?’. New York Times. Updated 27 January 2016.
- Ehrenreich, Barbara. 2011. Nickel and Dimed: On (Not) Getting By in America. New York, NY: St. Martin’s Press.
- Eichengreen, Barry, and Kevin O’Rourke. 2010. ‘What Do the New Data Tell Us?’. VoxEU.org. Updated 8 March 2010.
- Eisen, Michael. 2011. ‘Amazon’s $23,698,655.93 book about flies’. It is NOT junk. Updated 22 April 2011.
- Ellison, Glenn, and Sara Fisher Ellison. 2005. ‘Lessons About Markets from the Internet’. Journal of Economic Perspectives 19 (2) (June): p. 139.
- Engel, Jerome S. 2015. ‘Global Clusters of Innovation: Lessons from Silicon Valley.’ California Management Review 57 (2): pp. 36–65. University of California Press.
- Eurostat. 2015. ‘Quality of Life Indicators—Measuring Quality of Life’. Updated 5 November 2015.
- Fafchamps, Marcel, and Bart Minten. 1999. ‘Relationships and Traders in Madagascar’. Journal of Development Studies 35 (6) (August): pp. 1–35.
- Falk, Armin, and James J. Heckman. 2009. ‘Lab Experiments Are a Major Source of Knowledge in the Social Sciences’. Science 326 (5952): pp. 535–538.
- Fehr, Ernest and Andreas Leibbrandt. 2011. ‘A Field Study on Cooperativeness and Impatience in the Tragedy of the Commons’. Journal of Public Economics 95 (9–10): pp. 1144–55.
- Flannery, Kent, and Joyce Marcus. 2014. The Creation of Inequality: How Our Prehistoric Ancestors Set the Stage for Monarchy, Slavery, and Empire. Cambridge, MA: Harvard University Press.
- Fletcher, James. 2014. ‘Spurious Correlations: Margarine Linked to Divorce?’. BBC News.
- Fogel, Robert William. 2000. The Fourth Great Awakening and the Future of Egalitarianism. Chicago: University of Chicago Press.
- Freedom House. 2016. ‘Freedom in the World 2016. Anxious Dictators, Wavering Democracies: Global Freedom under Pressure’. Washington, DC.
- Freeman, Sunny. 2015. ‘What Canada can learn from Sweden’s unionized retail workers’. Huffington Post Canada Business. Updated 19 March 2015.
- Friedman, Milton. 1953. Essays in Positive Economics. Chicago: University of Chicago Press.
- Friedman, Milton. 1968. ‘The Role of Monetary Policy’. The American Economic Review 58 (1): pp. 1–17.
- Fujiwara, Thomas. 2015. ‘Voting technology, political responsiveness and infant health: Evidence from Brazil’. Econometrica 83 (2): pp. 423–464.
- Gilbert, Richard J., and Michael L. Katz. 2001. ‘An Economist’s Guide to US v. Microsoft’. Journal of Economic Perspectives 15 (2): pp. 25–44.
- Gilens, Martin, Benjamin I. Page. 2014. ‘Testing theories of American politics: Elites, interest groups, and average citizens’. Perspectives on politics 12 (03): pp. 564–581.
- Girardi, Daniele and Samuel Bowles. 2017. ‘Institutional Shocks and Economic Outcomes: Allende’s Election, Pinochet’s Coup and the Santiago Stock Market’. Santa Fe Institute working paper.
- Gordon, Robert J. 2016. The Rise and Fall of American Growth: The US Standard of Living since the Civil War. Princeton, NJ: Princeton University Press.
- Graddy, Kathryn. 1995. ‘Testing for Imperfect Competition at the Fulton Fish Market’. The RAND Journal of Economics 26 (1): pp. 75–92.
- Graddy, Kathryn. 2006. ‘Markets: The Fulton Fish Market’. Journal of Economic Perspectives 20 (2): pp. 207–220.
- Graeber, David. 2012. ‘The Myth of Barter’. In Debt: The First 5,000 years. Brooklyn, NY: Melville House Publishing.
- Gross, David, and Nicholas Souleles. 2002. ‘Do Liquidity Constraints and Interest Rates Matter for Consumer Behavior? Evidence from Credit Card Data’. The Quarterly Journal of Economics 117 (1) (February): pp. 149–185.
- Habakkuk, John. 1967. American and British Technology in the Nineteenth Century: The Search for Labour Saving Inventions. United Kingdom: Cambridge University Press.
- Hall, Peter A., and David Soskice. 2001. Varieties of Capitalism: The Institutional Foundations of Comparative Advantage. New York, NY: Oxford University Press.
- Hamilton, Alexander, James Madison, and John Jay. 1961. The Federalist. Middletown, Ct. Wesleyan University Press.
- Hansmann, Henry. 2000. The Ownership of Enterprise. Cambridge, MA: Belknap Press.
- Hardin, Garrett. 1968. ‘The Tragedy of the Commons’. Science 162 (3859): pp. 1243–1248.
- Harding, Matthew, and Michael Lovenheim. 2013. ‘The Effect of Prices on Nutrition: Comparing the Impact of Product- and Nutrient-Specific Taxes’. SIEPR Discussion Paper No. 13-023.
- Harford, Tim. 2010. ‘Stimulus Spending Might Not Be As Stimulating As We Think’. Undercover Economist Blog, The Financial Times.
- Harford, Tim. 2012. ‘Still Think You Can Beat the Market?’. The Undercover Economist. Updated 24 November 2012.
- Harford, Tim. 2015. ‘The rewards for working hard are too big for Keynes’s vision’. The Undercover Economist. First published by The Financial Times. Updated 3 August 2015.
- Hayek, Friedrich A. 1994. The Road to Serfdom. Chicago, Il: University of Chicago Press.
- Heckman, James. 2013. Giving Kids a Fair Chance: A Strategy That Works. Cambridge, MA: MIT Press.
- Helper, Susan, Morris Kleiner, and Yingchun Wang. 2010. ‘Analyzing Compensation Methods in Manufacturing: Piece Rates, Time Rates, or Gain-Sharing?’. NBER Working Papers No. 16540, National Bureau of Economic Research, Inc.
- Hemphill, C. Scott, and Bhaven N. Sampat. 2012. ‘Evergreening, Patent Challenges, and Effective Market Life in Pharmaceuticals’. Journal of Health Economics 31 (2): pp. 327–39.
- Henrich, Joseph, Richard McElreath, Abigail Barr, Jean Ensminger, Clark Barrett, Alexander Bolyanatz, Juan Camilo Cardenas, Michael Gurven, Edwins Gwako, Natalie Henrich, Carolyn Lesorogol, Frank Marlowe, David Tracer, and John Ziker. 2006. ‘Costly Punishment Across Human Societies’. Science 312 (5781): pp. 1767–1770.
- Henrich, Joseph, Robert Boyd, Samuel Bowles, Colin Camerer, and Herbert Gintis (editors). 2004. Foundations of Human Sociality: Economic Experiments and Ethnographic Evidence from Fifteen Small-Scale Societies. Oxford: Oxford University Press.
- Hirsch, Barry T. 2008. ‘Sluggish institutions in a dynamic world: Can unions and industrial competition coexist?’. Journal of Economic Perspectives 22 (1) (February): pp. 153–176.
- Hirschman, Albert O. 1970. Exit, voice, and loyalty: Responses to decline in firms, organizations, and states. Cambridge, Mass: Harvard University Press.
- Hobsbawm, Eric, and George Rudé. 1969. Captain Swing. London: Lawrence and Wishart.
- Hotelling, Harold. 1929. ‘Stability in Competition’. The Economic Journal 39: pp. 41–57.
- Howell, David R., Dean Baker, Andrew Glyn, and John Schmitt. 2007. ‘Are Protective Labor Market Institutions at the Root of Unemployment? A Critical Review of the Evidence’. Capitalism and Society 2 (1).
- International Monetary Fund. 2012. World Economic Outlook October: Coping with High Debt and Sluggish Growth.
- IPCC. 2014. ‘Climate Change 2014: Synthesis Report’. Contribution of Working Groups I, II and III to the Fifth Assessment Report of the Intergovernmental Panel on Climate Change. Geneva, Switzerland: IPCC.
- Jacobson, Louis, Robert J. Lalonde, and Daniel G. Sullivan. 1993. ‘Earnings Losses of Displaced Workers’. The American Economic Review 83 (4): pp. 685–709.
- Janeway, William H. 2012. Doing Capitalism in the Innovation Economy: Markets, Speculation and the State. Cambridge: Cambridge University Press.
- Jappelli, Tullio, and Luigi Pistaferri. 2010. ‘The Consumption Response to Income Changes’. VoxEU.org.
- Jayadev, Arjun, and Samuel Bowles. 2006. ‘Guard Labor’. Journal of Development Economics 79 (2): pp. 328–48.
- Jensen, Jørgen Dejgård, and Sinne Smed. 2013. ‘The Danish tax on saturated fat: Short run effects on consumption, substitution patterns and consumer prices of fats’. Food Policy 42: pp. 18–31.
- Jensen, Robert. 2007. ‘The Digital Provide: Information (Technology), Market Performance, and Welfare in the South Indian Fisheries Sector.’ The Quarterly Journal of Economics 122 (3): pp. 879–924.
- Kalla, Joshua L., and David E. Broockman. 2015. ‘Campaign contributions facilitate access to congressional officials: A randomized field experiment’. American Journal of Political Science 60 (3): pp. 1–14.
- Kaufmann, Daniel, Aart Kraay, and Massimo Mastruzzi. 2011. ‘The worldwide governance indicators: methodology and analytical issues’. Hague Journal on the Rule of Law 3 (2): pp. 220–246.
- Kay, John. ‘The Structure of Strategy’ (reprinted from Business Strategy Review 1993).
- Keynes, John Maynard. 1923. A Tract on Monetary Reform. London, Macmillan and Co.
- Keynes, John Maynard. 1936. The General Theory of Employment, Interest and Money. London: Palgrave Macmillan.
- Keynes, John Maynard. 1963. ‘Economic Possibilities for our Grandchildren’. In Essays in Persuasion, New York, NY: W. W. Norton & Co.
- Keynes, John Maynard. 2004. The End of Laissez-Faire. Amherst, NY: Prometheus Books.
- Keynes, John Maynard. 2005. The Economic Consequences of Peace. New York, NY: Cosimo Classics.
- Kindleberger, Charles P. 2005. Manias, Panics, and Crashes: A History of Financial Crises (Wiley Investment Classics). Hoboken, NJ: Wiley, John & Sons.
- Kletzer, Lori G. 1998. ‘Job Displacement’. Journal of Economic Perspectives 12 (1): pp. 115–136.
- Kornai, János. 2013. Dynamism, Rivalry, and the Surplus Economy: Two Essays on the Nature of Capitalism. Oxford: Oxford University Press.
- Koromvokis, Lee. 2016. ‘Are the Best Days of the US Economy Over?. PBS NewsHour. 28 January 2016.
- Koshal, Rajindar K., and Manjulika Koshal. 1999. ‘Economies of Scale and Scope in Higher Education: A Case of Comprehensive Universities’. Economics of Education Review 18 (2): pp. 269–277.
- Krajewski, Markus. 2014. ‘The Great Lightbulb Conspiracy’. IEEE Spectrum. Updated 24 September 2014.
- Kremer, Michael, and Rachel Glennerster. 2004. Strong Medicine: Creating Incentives for Pharmaceutical Research on Neglected Diseases. Princeton, NJ: Princeton University Press.
- Kroszner, Randall S., and Louis Putterman (editors). 2009. The Economic Nature of the Firm: A Reader, 3rd ed. Cambridge: Cambridge University Press.
- Krueger, Alan B., and Alexandre Mas. 2004. ‘Strikes, Scabs, and Tread Separations: Labor Strife and the Production of Defective Bridgestone/Firestone Tires’. Journal of Political Economy 112 (2): pp. 253–289.
- Krugman, Paul. 1987. ‘Is Free Trade Passé?’ Journal of Economic Perspectives 1 (2): pp. 131–44.
- Krugman, Paul. 2009. ‘The Increasing Returns Revolution in Trade and Geography’. In The Nobel Prizes 2008, ed. Karl Grandin. Stockholm: The Nobel Foundation.
- Krugman, Paul. 2009. ‘War and Non-Remembrance’.. Paul Krugman – New York Times Blog.
- Krugman, Paul. 2012. ‘A Tragic Vindication’. Paul Krugman – New York Times Blog.
- Landes, David S. 1990. ‘Why are We So Rich and They So Poor?’. American Economic Review 80 (May): pp. 1–13.
- Landes, David S. 2000. Revolution in Time. Cambridge, MA: Harvard University Press.
- Landes, David S. 2003. The Unbound Prometheus: Technological Change and Industrial Development in Western Europe from 1750 to the Present. Cambridge, UK: Cambridge University Press.
- Landes, David S. 2006. ‘Why Europe and the West? Why not China?’. Journal of Economic Perspectives 20 (2) (June): pp. 3–22.
- Lasswell, Harold D. 1936. Politics; who gets what, when and how. New York: Whittlesey House.
- Lazear, Edward P., Kathryn L. Shaw, and Christopher Stanton. 2016. ‘Making Do with Less: Working Harder during Recessions’. Journal of Labor Economics 34 (S1 Part 2): pp. 333–360.
- Leduc, Sylvain, and Daniel Wilson. 2015. ‘Are State Governments Roadblocks to Federal Stimulus? Evidence on the Flypaper Effect of Highway Grants in the 2009 Recovery Act’. Federal Reserve Bank of San Francisco Working Paper 2013–16 (September).
- Lee, James, and Wang Feng. 1999. ‘Malthusian models and Chinese realities: The Chinese demographic system 1700–2000’. Population and Development Review 25 (1) (March): pp. 33–65.
- Leeson, Peter T. 2007. ‘An–arrgh–chy: The Law and Economics of Pirate Organization’. Journal of Political Economy 115 (6): pp. 1049–94.
- Leibbrandt, Murray, Ingrid Woolard, Arden Finn, Jonathan Argent. 2010. ‘Trends in South African Income Distribution and Poverty since the Fall of Apartheid’. OECD Social, Employment and Migration Working Papers, No. 101. Paris: OECD Publishing.
- Levitt, Steven D., and John A. List. 2007. ‘What Do Laboratory Experiments Measuring Social Preferences Reveal About the Real World?’. Journal of Economic Perspectives 21 (2): pp. 153–174.
- Lindert, Peter. 2004. Growing Public: Social Spending and Economic Growth since the 18th Century. Cambridge: Cambridge University Press.
- Lorenz, Max O. 1905. ‘Methods of Measuring the Concentration of Wealth’. Publications of the American Statistical Association 9 (70).
- Lucas, Robert. 2009. ‘In defence of the dismal science’. The Economist. Updated 6 August 2009.
- Malkiel, Burton G. 2003. ‘The Efficient Market Hypothesis and Its Critics’. Journal of Economic Perspectives 17 (1) (March): pp. 59–82.
- Malthus, Thomas R. 1798. An Essay on the Principle of Population. London: J. Johnson, in St. Paul’s Church-yard. Library of Economics and Liberty.
- Malthus, Thomas R. 1830. A Summary View on the Principle of Population. London: J. Murray
- Marshall, Alfred. 1920. Principles of Economics, 8th ed. London: MacMillan & Co.
- Martin, Felix. 2013. Money: The Unauthorised Biography. London: The Bodley Head.
- Martinez-Bravo, Monica, Gerard Padró i Miquel, Nancy Qian, and Yang Yao. 2014. ‘Political reform in China: the effect of local elections’. NBER working paper, 18101.
- Marx, Karl. 1906. Capital: A Critique of Political Economy. New York, NY: Random House.
- Marx, Karl. 2010. The Communist Manifesto. London: Arcturus Publishing.
- Mazzucato, Mariana. 2013. ‘Government – investor, risk-taker, innovator’.
- McNeill, William Hardy H. 1976. Plagues and Peoples. Garden City, NY: Anchor Press.
- Mencken, H. L. 2006. A Little Book in C Major. New York, NY: Kessinger Publishing.
- Mian, Atif, Amir Sufi, and Francesco Trebbi. 2013. ‘The Political Economy of the Subprime Mortgage Credit Expansion’. Quarterly Journal of Political Science 8: pp. 373–408.
- Micklethwait, John, and Adrian Wooldridge. 2003. The Company: A Short History of a Revolutionary Idea. New York, NY: Modern Library.
- Milanovic, Branko. 2007. Worlds Apart: Measuring International and Global Inequality. Princeton, NJ: Princeton University Press.
- Milanovic, Branko. 2012. The Haves and the Have-Nots: A Brief and Idiosyncratic History of Global Inequality. New York, NY: Basic Books.
- Mill, John Stuart. 1994. Principles of Political Economy. New York: Oxford University Press.
- Mill, John Stuart. 2002. On Liberty. Mineola, NY: Dover Publications.
- Miller, Grant. 2008. ‘Women’s suffrage, political responsiveness, and child survival in American history’. The Quarterly Journal of Economics 123 (3): pp. 1287–1327.
- Miller, R. G., and S. R. Sorrell. 2013. ‘The Future of Oil Supply’. Philosophical Transactions of the Royal Society A: Mathematical, Physical and Engineering Sciences 372 (2006) (December).
- Minsky, Hyman P. 1975. John Maynard Keynes. New York, NY: McGraw-Hill.
- Minsky, Hyman P. 1982. Can ‘It’ Happen Again? Essays on Instability and Finance. Armonk, NY: M. E. Sharpe.
- Mokyr, Joel. 2004. The Gifts of Athena: Historical Origins of the Knowledge Economy, 5th ed. Princeton, NJ: Princeton University Press.
- Morduch, Jonathan. 1999. ‘The Microfinance Promise’. Journal of Economic Literature 37 (4) (December): pp. 1569–1614.
- Moser, Petra. 2013. ‘Patents and Innovation: Evidence from Economic History’. Journal of Economic Perspectives 27 (1): pp. 23–44.
- Moser, Petra. 2015. ‘Intellectual Property Rights and Artistic Creativity’. Voxeu.org. Updated 4 November 2015.
- Mowery, David C., and Timothy Simcoe. 2002. ‘Is the Internet a US Invention?—an Economic and Technological History of Computer Networking’. Research Policy 31 (8–9): pp. 1369–87.
- Murphy, Antoin E. 1978. ‘Money in an Economy Without Banks: The Case of Ireland’. The Manchester School 46 (1) (March): pp. 41–50.
- Naef, Michael, and Jürgen Schupp. 2009. ‘Measuring Trust: Experiments and Surveys in Contrast and Combination’. IZA discussion Paper No. 4087.
- Nasar, Sylvia. 2011. A Beautiful Mind: The Life of Mathematical Genius and Novel Laureate John Nash. New York, NY: Simon & Schuster.
- Nelson, Richard R., and Gavin Wright. 1992. ‘The Rise and Fall of American Technological Leadership: The Postwar Era in Historical Perspective’. Journal of Economic Literature 30 (4) (December): pp. 1931–1964.
- Nickell, Stephen, and Jan van Ours. 2000. ‘The Netherlands and the United Kingdom: A European Unemployment Miracle?’. Economic Policy 15 (30) (April): pp. 136–180.
- Nordhaus, William D. 2007. ‘A Review of the Stern Review on the Economics of Climate Change’. Journal of Economic Literature 45 (3): pp. 686–702.
- North, Douglass C. 1990. Institutions, Institutional Change and Economic Performance. Cambridge: Cambridge University Press.
- Norton, Michael I., and Daniel Ariely. 2011. ‘Building a Better America–One Wealth Quintile at a Time’. Perspectives on Psychological Science 6 (1): pp. 9–12.
- Nuffield Foundation, The. 2010. ‘Mirrlees Review of tax system recommends radical changes’. Updated 10 November 2010.
- O’Brien, Patrick K., and Philip A. Hunt. 1993. ‘The rise of a fiscal state in England, 1485–1815’. Historical Research 66 (160): pp.129–76.
- O’Reilly, Tim, and Eric S. Raymond. 2001. The Cathedral & the Bazaar: Musings on Linux and Open Source by an Accidental Revolutionary. Sebastopol, CA: O’Reilly.
- OECD. 2010. Employment Outlook 2010: Moving Beyond the Jobs Crisis.
- OECD. 2015. Programme for International Student Assessment.
- OpenSecrets.org. 2015. ‘Lobbying Spending Database Chemical & Related Manufacturing’.
- Ostrom, Elinor. 2000. ‘Collective Action and the Evolution of Social Norms’. Journal of Economic Perspectives 14 (3): pp. 137–58.
- Ostrom, Elinor. 2008. ‘The Challenge of Common-Pool Resources’. Environment: Science and Policy for Sustainable Development 50 (4): pp. 8–21.
- Ostrom, Elinor, James Walker, and Roy Gardner. 1992. ‘Covenants With and Without a Sword: Self-Governance is Possible’. The American Political Science Review 86 (2).
- Owen, Nick A., Oliver R. Inderwildi, and David A. King. 2010. ‘The Status of Conventional World Oil Reserves—Hype or Cause for Concern?’. Energy Policy 38 (8) (August): pp. 4743–4749.
- Pareto, Vilfredo. 2014. Manual of political economy: a variorum translation and critical edition. Oxford, New York, NY: Oxford University Press.
- Pencavel, John. 2002. Worker Participation: Lessons from the Worker Co-ops of the Pacific Northwest. New York, NY: Russell Sage Foundation Publications.
- Phillips, A W. 1958. ‘The Relation Between Unemployment and the Rate of Change of Money Wage Rates in the United Kingdom, 1861–1957’. Economica 25 (100): p. 283.
- Pigou, Arthur. 1912. Wealth and Welfare. London: Macmillan & Co.
- Pigou, Arthur. (1920) 1932. The Economics of Welfare. London: Macmillan & Co.
- Piketty, Thomas. 2014. Capital in the Twenty-First Century. Cambridge, MA: Harvard University Press.
- Plant, E. Ashby, K. Anders Ericsson, Len Hill, and Kia Asberg. 2005. ‘Why study time does not predict grade point average across college students: Implications of deliberate practice for academic performance’. Contemporary Educational Psychology 30 (1): pp. 96–116.
- Plummer, Alfred. 1971. Bronterre: A Political Biography of Bronterre O’Brien, 1804–1864. Toronto: University of Toronto Press.
- Pomeranz, Kenneth L. 2000. The Great Divergence: Europe, China, and the Making of the Modern World Economy. Princeton, NJ: Princeton University Press.
- Porter, Michael E., and Claas van der Linde. 1995. ‘Toward a New Conception of the Environment-Competitiveness Relationship’. Journal of Economic Perspectives 9 (4): pp. 97–118.
- Portes, Jonathan. 2012. ‘What Explains Poor Growth in the UK? The IMF Thinks It’s Fiscal Policy’. National Institute of Economic and Social Research Blog. Updated 9 October 2012.
- Przeworski, Adam, Fernando Limongi. 1993. ‘Political regimes and economic growth’. The Journal of Economic Perspectives 7 (3): pp. 51–69.
- Rasul, Imran, Daniel Rogger. 2016. ‘Management of bureaucrats and public service delivery: Evidence from the Nigerian civil service’. The Economic Journal.
- Rawls, John. (1971) 2009. A Theory of Justice. Cambridge, MA: Belknap Press of Harvard University Press.
- Raychaudhuri, Ajitava. 2004. Lessons from the Land Reform Movement in West Bengal, India. Washington, DC: World Bank.
- Reinhart, Carmen M., and Kenneth S. Rogoff. 2009. This Time Is Different: Eight Centuries of Financial Folly. Princeton, NJ: Princeton University Press.
- Reyes, Jose Daniel, and Julia Oliver. 2013. ‘Quinoa: The Little Cereal That Could’. The Trade Post. 22 November 2013.
- Ricardo, David. 1815. An Essay on Profits. London: John Murray.
- Ricardo, David. 1817. On The Principles of Political Economy and Taxation. London: John Murray.
- Rifkin, Jeremy. 1996. The End of Work: The Decline of the Global Labor Force and the Dawn of the Post-Market Era. New York, NY: G. P. Putnam’s Sons.
- Robbins, Lionel. 1984. An Essay on the Nature and Significance of Economic Science. New York: New York University Press.
- Robison, Jennifer. 2011. ‘Happiness Is Love – and $75,000’. Gallup Business Journal. Updated 17 November 2011.
- Rodrik, Dani. 2012. The Globalization Paradox: Democracy and the Future of the World Economy. United States: W. W. Norton & Company.
- Romer, Christina D. 1993. ‘The Nation in Depression’.. Journal of Economic Perspectives 7 (2) (May): pp. 19–39.
- Roth, Alvin. 1996. ‘Matching (Two-Sided Matching)’. Stanford University.
- Roth, Alvin E. 2007. ‘Chapter 1: Repugnance as a Constraint on Markets’. Journal of Economic Perspectives 21 (3): pp. 37–58.
- Rustagi, Devesh, Stefanie Engel, and Michael Kosfeld. 2010. ‘Conditional Cooperation and Costly Monitoring Explain Success in Forest Commons Management’. Science 330: pp. 961–65.
- Rysman, Marc. 2009. ‘The Economics of Two-Sided Markets’. Journal of Economic Perspectives 23 (3): pp. 125–43.
- Sandel, Michael. 2009. Justice. London: Penguin.
- Saxenian, AnnaLee. 1996. Regional Advantage: Culture and Competition in Silicon Valley and Route 128. Cambridge, MA: Harvard University Press.
- Scheve, Kenneth, and David Stasavage. 2010. ‘The conscription of wealth: mass warfare and the demand for progressive taxation’. International Organization 64 (04): pp. 529–561.
- Scheve, Kenneth, and David Stasavage. 2012. ‘Democracy, war, and wealth: lessons from two centuries of inheritance taxation’. American Political Science Review 106 (01): pp. 81–102.
- Scheve, Kenneth, and David Stasavage. 2016. Taxing the rich: A history of fiscal fairness in the United States and Europe. Princeton University Press.
- Schmalensee, Richard, and Robert N. Stavins. 2013. ‘The SO2 Allowance Trading System: The Ironic History of a Grand Policy Experiment’. Journal of Economic Perspectives 27 (1): pp. 103–22.
- Schor, Juliet B. 1992. The Overworked American: The Unexpected Decline Of Leisure. New York, NY: Basic Books.
- Schumacher, Ernst F. 1973. Small Is Beautiful: Economics as If People Mattered. New York, NY: HarperCollins.
- Schumpeter, Joseph A. 1949. ‘Science and Ideology’. The American Economic Review 39 (March): pp. 345–59.
- Schumpeter, Joseph A. 1962. Capitalism, Socialism, and Democracy. New York: Harper & Brothers.
- Schumpeter, Joseph A. 1997. Ten Great Economists. London: Routledge.
- Seabright, Paul. 2010. ‘Chapter 1: Who’s in Charge?’. In The Company of Strangers: A Natural History of Economic Life. Princeton, NJ, United States: Princeton University Press.
- Seabright, Paul. 2010. The Company of Strangers: A Natural History of Economic Life (Revised Edition). Princeton, NJ: Princeton University Press.
- Sethi, Rajiv. 2010. ‘The Astonishing Voice of Albert Hirschman’. Rajiv Sethi Blog. Updated 7 April 2010.
- Sethi, Rajiv. 2011. ‘The Self-Subversion of Albert Hirschman’. Rajiv Sethi Blog. Updated 7 April 2011.
- Sethi, Rajiv. 2013. ‘Albert Hirschman and the Happiness of Pursuit’. Rajiv Sethi Blog. Updated 24 March 2013.
- Shiller, Robert. 2009. ‘Animal Spirits’. VoxEU.org podcast. Updated 14 August 2009.
- Shiller, Robert. 2010. ‘Stimulus, Without More Debt’. The New York Times. Updated 25 December 2010.
- Shiller, Robert J. 2003. ‘From Efficient Markets Theory to Behavioral Finance’. Journal of Economic Perspectives 17 (1) (March): pp. 83–104.
- Shiller, Robert J. 2015. ‘The Stock Market in Historical Perspective’. In Irrational Exuberance. Princeton, NJ: Princeton University Press.
- Shin, Hyun Song. 2009. ‘Discussion of “The Leverage Cycle” by John Geanakoplos’. Discussion prepared for the 2009 NBER Macro Annual.
- Shleifer, Andrei. 1998. ‘State versus private ownership’. Journal of Economic Perspectives 12 (4): pp. 133–150.
- Shum, Matthew. 2004. ‘Does Advertising Overcome Brand Loyalty? Evidence from the Breakfast-Cereals Market’.. Journal of Economics & Management Strategy 13 (2): pp. 241–272.
- Silver-Greenberg, Jessica. 2014. ‘New York Prosecutors Charge Payday Loan Firms with Usury’. DealBook.
- Simon, Herbert A. 1951. ‘A Formal Theory of the Employment Relationship’. Econometrica 19 (3).
- Simon, Herbert A. 1991. ‘Organizations and Markets’. Journal of Economic Perspectives 5 (2): pp. 25–44.
- Singer, Natasha. 2014. ‘In the Sharing Economy, Workers Find Both Freedom and Uncertainty’. The New York Times. Updated 16 August 2014.
- Skidelsky, Robert. 2012. ‘Robert Skidelsky—portrait: Joseph Schumpeter’. Updated 1 December 2007.
- Smith, Adam. 1759. The Theory of Moral Sentiments. London: Printed for A. Millar, and A. Kincaid and J. Bell.
- Smith, Adam. (1776) 2003. An Inquiry into the Nature and Causes of the Wealth of Nations. New York, NY: Random House Publishing Group.
- Smith, Noah. 2013. ‘Why the Multiplier Doesn’t Matter’. Noahpinion. Updated 7 January 2013.
- Smith, Stephen. 2011. Environmental Economics: A Very Short Introduction. Oxford: Oxford University Press.
- Spaliara, Marina-Eliza. 2009. ‘Do Financial Factors Affect the Capital–labour Ratio? Evidence from UK Firm-level Data’. Journal of Banking & Finance 33 (10) (October): pp. 1932–1947.
- Statista. 2011. ‘Willingness to pay for a flight in space’. Updated 20 October 2011.
- Stavins, Robert N., Gabriel Chan, Robert Stowe, and Richard Sweeney. 2012. ‘The US Sulphur Dioxide Cap and Trade Programme and Lessons for Climate Policy’. VoxEU.org. Updated 12 August 2012.
- Sterk, Vincent. 2015. ‘Home Equity, Mobility, and Macroeconomic Fluctuations’. Journal of Monetary Economics 74 (September): pp. 16–32.
- Stern, Nicholas. 2007. The Economics of Climate Change: The Stern Review. Cambridge: Cambridge University Press.
- Stigler, George J. 1987. The Theory of Price. New York, NY: Collier Macmillan.
- Stucke, Maurice. 2013. ‘Is Competition Always Good?’. OUPblog. Updated 25 March 2013.
- Sutcliffe, Robert B. 2001. 100 Ways of Seeing an Unequal World. London: Zed Books.
- Swarns, Rachel L. 2001. ‘Drug Makers Drop South Africa Suit over AIDS Medicine’. New York Times. Updated 20 April 2001.
- Swedberg, Richard. 1991. Joseph A. Schumpeter, The Economics and Sociology of Capitalism. Princeton, NJ: Princeton University Press.
- The Economist. 1999. ‘The grabbing hand’. Updated 11 February 1999.
- The Economist. 2001. ‘Is Santa a Deadweight Loss?’. Updated 20 December 2001.
- The Economist. 2003. ‘Bush’s Push’. Updated 6 January 2003.
- The Economist. 2007. ‘To Do with the Price of Fish’. Updated 10 May 2007.
- The Economist. 2008. ‘Economies of Scale and Scope’. Updated 20 October 2008.
- The Economist. 2009. ‘A Load to Bear’. Updated 26 November 2009.
- The Economist. 2009. ‘Smooth Operators’. Updated 14 May 2009.
- The Economist. 2012. ‘New Cradles to Graves’. Updated 8 September 2012.
- The Economist. 2012. ‘The Fear Factor’. Updated 2 June 2012.
- The Economist. 2013. ‘Controlling Interest’. Updated 21 September 2013.
- The Economist. 2013. ‘In Dollars They Trust’. Updated 27 April 2013.
- The Economist. 2014. ‘Keynes and Hayek: Prophets for Today’. Updated 14 March 2014.
- Tirole, Jean. 2017. ‘Jean Tirole – Prize Lecture: Market Failures and Public Policy’. Nobel Media AB 2014, 11 May.
- Toynbee, Polly. 2003. Hard Work: Life in Low-pay Britain. London: Bloomsbury Publishing.
- Veblen, Thorstein. 2007. The Theory of the Leisure Class. Oxford: Oxford University Press.
- Vickers, John. 1996. ‘Market Power and Inefficiency: A Contracts Perspective’. Oxford Review of Economic Policy 12 (4): pp. 11–26.
- Wagner, Gernot, and Martin L. Weitzman. 2015. Climate Shock: The Economic Consequences of a Hotter Planet. Princeton, NJ: Princeton University Press.
- Waldfogel, Joel. 1993. ‘The Deadweight Loss of Christmas’. American Economic Review 83 (5).
- Walras, Leon. (1874) 2014. Elements of Theoretical Economics: Or the Theory of Social Wealth. Cambridge: Cambridge University Press.
- Walton, David. 2006. ‘Has Oil Lost the Capacity to Shock?’. Oxonomics 1 (1): pp. 9–12.
- Walzer, Michael. 1983. Spheres of Justice: A Defense of Pluralism and Equality. New York, NY: Basic Books.
- Webb, Baumslag, and Robert Read. 2017. How Should Regulators deal with Uncertainty? Insights from the Precautionary Principle. Bank Underground.
- Whaples, Robert. 2001. ‘Hours of work in U.S. History’. EH.Net Encyclopedia.
- Wiggins, Rosalind, Thomas Piontek, and Andrew Metrick. 2014. ‘The Lehman Brothers Bankruptcy A: Overview’. Yale Program on Financial Stability Case Study 2014-3A-V1.
- Wilkins, Barbara. 1974. ‘Lead Poisoning Threatens the Children of an Idaho Town’. People.com.
- Williamson, Oliver E. 1985. The Economic Institutions of Capitalism. New York, NY: Collier Macmillan.
- Witt, Stephen. 2015. How Music Got Free: The End of an Industry, the Turn of the Century, and the Patient Zero of Piracy. New York, NY: Viking.
- Wood, Elisabeth Jean. 2000. Forging Democracy from Below: Insurgent Transitions in South Africa and El Salvador. Cambridge: Cambridge University Press.
- Wooldridge, Adrian. 2013. Northern Lights. Updated 2 February 2013.
- World Bank, The. 1993. The East Asian miracle: Economic growth and public policy. New York, NY: Oxford University Press.
- World Bank, The. 2011. ‘The Changing Wealth of Nations’.
- World Bank, The. 2015. ‘Commodity Price Data’.
- World Bank, The. 2015. ‘World Development Indicators’.
- Wren-Lewis, Simon. 2012. ‘Multiplier theory: One is the Magic Number’. Mainly Macro. Updated 24 August 2014.
The Economy
- Home
-
Preface
-
A note to instructors
-
Producing The Economy
-
Table of contents
-
List of resources
-
Einsteins
-
Great economists
-
How economists learn from facts
-
When economists disagree
-
Videos
-
Figures
-
1—The capitalist revolution
-
Introduction
-
1.1 Income inequality
-
1.2 Measuring income and living standards
-
1.3 History’s hockey stick: Growth in income
-
1.4 The permanent technological revolution
-
1.5 The economy and the environment
-
1.6 Capitalism defined: Private property, markets, and firms
-
1.7 Capitalism as an economic system
-
1.8 The gains from specialization
-
1.9 Capitalism, causation and history’s hockey stick
-
1.10 Varieties of capitalism: Institutions, government, and the economy
-
1.11 Economics and the economy
-
1.12 Conclusion
-
1.13 References
-
2—Technology, population, and growth
-
Introduction
-
2.1 Economists, historians, and the Industrial Revolution
-
2.2 Economic models: How to see more by looking at less
-
2.3 Basic concepts: Prices, costs, and innovation rents
-
2.4 Modelling a dynamic economy: Technology and costs
-
2.5 Modelling a dynamic economy: Innovation and profit
-
2.6 The British Industrial Revolution and incentives for new technologies
-
2.7 Malthusian economics: Diminishing average product of labour
-
2.8 Malthusian economics: Population grows when living standards rise
-
2.9 The Malthusian trap and long-term economic stagnation
-
2.10 Escaping from Malthusian stagnation
-
2.11 Conclusion
-
2.12 References
-
3—Scarcity, work, and choice
-
Introduction
-
3.1 Labour and production
-
3.2 Preferences
-
3.3 Opportunity costs
-
3.4 The feasible set
-
3.5 Decision making and scarcity
-
3.6 Hours of work and economic growth
-
3.7 Income and substitution effects on hours of work and free time
-
3.8 Is this a good model?
-
3.9 Explaining our working hours: Changes over time
-
3.10 Explaining our working hours: Differences between countries
-
3.11 Conclusion
-
3.12 References
-
4—Social interactions
-
Introduction
-
4.1 Social interactions: Game theory
-
4.2 Equilibrium in the invisible hand game
-
4.3 The prisoners’ dilemma
-
4.4 Social preferences: Altruism
-
4.5 Altruistic preferences in the prisoners’ dilemma
-
4.6 Public goods, free riding, and repeated interaction
-
4.7 Public good contributions and peer punishment
-
4.8 Behavioural experiments in the lab and in the field
-
4.9 Cooperation, negotiation, conflicts of interest, and social norms
-
4.10 Dividing a pie (or leaving it on the table)
-
4.11 Fair farmers, self-interested students?
-
4.12 Competition in the ultimatum game
-
4.13 Social interactions: Conflicts in the choice among Nash equilibria
-
4.14 Conclusion
-
4.15 References
-
5—Property and power: Mutual gains and conflict
-
Introduction
-
5.1 Institutions and power
-
5.2 Evaluating institutions and outcomes: The Pareto criterion
-
5.3 Evaluating institutions and outcomes: Fairness
-
5.4 A model of choice and conflict
-
5.5 Technically feasible allocations
-
5.6 Allocations imposed by force
-
5.7 Economically feasible allocations and the surplus
-
5.8 The Pareto efficiency curve and the distribution of the surplus
-
5.9 Politics: Sharing the surplus
-
5.10 Bargaining to a Pareto-efficient sharing of the surplus
-
5.11 Angela and Bruno: The moral of the story
-
5.12 Measuring economic inequality
-
5.13 A policy to redistribute the surplus and raise efficiency
-
5.14 Conclusion
-
5.15 References
-
6—The firm: Owners, managers, and employees
-
Introduction
-
6.1 Firms, markets, and the division of labour
-
6.2 Other people’s money: The separation of ownership and control
-
6.3 Other people’s labour
-
6.4 Employment rents
-
6.5 Determinants of the employment rent
-
6.6 Work and wages: The labour discipline model
-
6.7 Wages, effort, and profits in the labour discipline model
-
6.8 Putting the model to work: Owners, employees, and the economy
-
6.9 Another kind of business organization
-
6.10 Principals and agents: Interactions under incomplete contracts
-
6.11 Conclusion
-
6.12 References
-
7—The firm and its customers
-
Introduction
-
7.1 Breakfast cereal: Choosing a price
-
7.2 Economies of scale and the cost advantages of large-scale production
-
7.3 Production: The cost function for Beautiful Cars
-
7.4 Demand and isoprofit curves: Beautiful Cars
-
7.5 Setting price and quantity to maximize profit
-
7.6 Look at profit maximization as marginal revenue and marginal cost
-
7.7 Gains from trade
-
7.8 The elasticity of demand
-
7.9 Using demand elasticities in government policy
-
7.10 Price-setting, competition, and market power
-
7.11 Product selection, innovation, and advertising
-
7.12 Prices, costs, and market failure
-
7.13 Conclusion
-
7.14 References
-
8—Supply and demand: Price-taking and competitive markets
-
Introduction
-
8.1 Buying and selling: Demand and supply
-
8.2 The market and the equilibrium price
-
8.3 Price-taking firms
-
8.4 Market supply and equilibrium
-
8.5 Competitive equilibrium: Gains from trade, allocation, and distribution
-
8.6 Changes in supply and demand
-
8.7 The effects of taxes
-
8.8 The model of perfect competition
-
8.9 Looking for competitive equilibria
-
8.10 Price-setting and price-taking firms
-
8.11 Conclusion
-
8.12 References
-
9—The labour market: Wages, profits, and unemployment
-
Introduction
-
9.1 The wage-setting curve, the price-setting curve, and the labour market
-
9.2 Measuring the economy: Employment and unemployment
-
9.3 The wage-setting curve: Employment and real wages
-
9.4. The firm’s hiring decision
-
9.5. The price-setting curve: Wages and profits in the whole economy
-
9.6 Wages, profits, and unemployment in the whole economy
-
9.7 How changes in demand for goods and services affect unemployment
-
9.8. Labour market equilibrium and the distribution of income
-
9.9. Labour supply, labour demand, and bargaining power
-
9.10. Labour unions: Bargained wages and the union voice effect
-
9.11 Labour market policies to address unemployment and inequality
-
9.12. Looking backward: Baristas and bread markets
-
9.13 Conclusion
-
9.14 References
-
10—Banks, money, and the credit market
-
Introduction
-
10.1 Money and wealth
-
10.2 Borrowing: Bringing consumption forward in time
-
10.3 Impatience and the diminishing marginal returns to consumption
-
10.4 Borrowing allows smoothing by bringing consumption to the present
-
10.5 Lending and storing: Smoothing and moving consumption to the future
-
10.6 Investing: Another way to move consumption to the future
-
10.7 Assets, liabilities, and net worth
-
10.8 Banks, money, and the central bank
-
10.9 The central bank, the money market, and interest rates
-
10.10 The business of banking and bank balance sheets
-
10.11 The central bank’s policy rate can affect spending
-
10.12 Credit market constraints: A principal-agent problem
-
10.13 Inequality: Lenders, borrowers, and those excluded from credit markets
-
10.14 Conclusion
-
10.15 References
-
11—Rent-seeking, price-setting, and market dynamics
-
Introduction
-
11.1 How people changing prices to gain rents can lead to a market equilibrium
-
11.2 How market organization can influence prices
-
11.3 Short-run and long-run equilibria
-
11.4 Prices, rent-seeking, and market dynamics at work: Oil prices
-
11.5 The value of an asset: Basics
-
11.6 Changing supply and demand for financial assets
-
11.7 Asset market bubbles
-
11.8 Modelling bubbles and crashes
-
11.9 Non-clearing markets: Rationing, queuing, and secondary markets
-
11.10 Markets with controlled prices
-
11.11 The role of economic rents
-
11.12 Conclusion
-
11.13 References
-
12—Markets, efficiency, and public policy
-
Introduction
-
12.1 Market failure: External effects of pollution
-
12.2 External effects and bargaining
-
12.3 External effects: Policies and income distribution
-
12.4 Property rights, contracts, and market failures
-
12.5 Public goods
-
12.6 Missing markets: Insurance and lemons
-
12.7 Incomplete contracts and external effects in credit markets
-
12.8 The limits of markets
-
12.9 Market failure and government policy
-
12.10 Conclusion
-
12.11 References
-
13—Economic fluctuations and unemployment
-
Introduction
-
13.1 Growth and fluctuations
-
13.2 Output growth and changes in unemployment
-
13.3 Measuring the aggregate economy
-
13.4 Measuring the aggregate economy: The components of GDP
-
13.5 How households cope with fluctuations
-
13.6 Why is consumption smooth?
-
13.7 Why is investment volatile?
-
13.8 Measuring the economy: Inflation
-
13.9 Conclusion
-
13.10 References
-
14—Unemployment and fiscal policy
-
Introduction
-
14.1 The transmission of shocks: The multiplier process
-
14.2 The multiplier model
-
14.3 Household target wealth, collateral, and consumption spending
-
14.4 Investment spending
-
14.5 The multiplier model: Including the government and net exports
-
14.6 Fiscal policy: How governments can dampen and amplify fluctuations
-
14.7 The multiplier and economic policymaking
-
14.8 The government’s finances
-
14.9 Fiscal policy and the rest of the world
-
14.10 Aggregate demand and unemployment
-
14.11 Conclusion
-
14.12 References
-
15—Inflation, unemployment, and monetary policy
-
Introduction
-
15.1 What’s wrong with inflation?
-
15.2 Inflation results from conflicting and inconsistent claims on output
-
15.3 Inflation, the business cycle, and the Phillips curve
-
15.4 Inflation and unemployment: Constraints and preferences
-
15.5 What happened to the Phillips curve?
-
15.6 Expected inflation and the Phillips curve
-
15.7 Supply shocks and inflation
-
15.8 Monetary policy
-
15.9 The exchange rate channel of monetary policy
-
15.10 Demand shocks and demand-side policies
-
15.11 Macroeconomic policy before the global financial crisis: Inflation-targeting policy
-
15.12 Another reason for rising inflation at low unemployment
-
15.13 Conclusion
-
15.14 References
-
16—Technological progress, employment, and living standards in the long run
-
Introduction
-
16.1 Technological progress and living standards
-
16.2 The job creation and destruction process
-
16.3 Job flows, worker flows, and the Beveridge curve
-
16.4 Investment, firm entry, and the price-setting curve in the long run
-
16.5 New technology, wages, and unemployment in the long run
-
16.6 Technological change and income inequality
-
16.7 How long does it take for labour markets to adjust to shocks?
-
16.8 Institutions and policies: Why do some countries do better than others?
-
16.9 Technological change, labour markets, and trade unions
-
16.10 Changes in institutions and policies
-
16.11 Slower productivity growth in services, and the changing nature of work
-
16.12 Wages and unemployment in the long run
-
16.13 Conclusion
-
16.14 References
-
17—Capstone: The Great Depression, golden age, and global financial crisis
-
Introduction
-
17.1 Three economic epochs
-
17.2 The Great Depression, positive feedbacks, and aggregate demand
-
17.3 Policymakers in the Great Depression
-
17.4 The golden age of high growth and low unemployment
-
17.5 Workers and employers in the golden age
-
17.6 The end of the golden age
-
17.7 After stagflation: The fruits of a new policy regime
-
17.8 Before the financial crisis: Households, banks, and the credit boom
-
17.9 Modelling housing bubbles
-
17.10 The financial crisis and the great recession
-
17.11 The role of banks in the crisis
-
17.12 The economy as teacher
-
17.13 Conclusion
-
17.14 References
-
18—Capstone: The nation and the world economy
-
Introduction
-
18.1 Globalization and deglobalization in the long run
-
18.2 Globalization and investment
-
18.3 Globalization and migration
-
18.4 Specialization and the gains from trade among nations
-
18.5 Specialization, factor endowments, and trade between countries
-
18.6 Winners and losers from trade and specialization
-
18.7 Winners and losers in the very long run and along the way
-
18.8 Migration: Globalization of labour
-
18.9 Globalization and anti-globalization
-
18.10 Trade and growth
-
18.11 Conclusion
-
18.12 References
-
19—Capstone: Economic inequality
-
Introduction
-
19.1 Inequality across the world and over time
-
19.2. Accidents of birth: Another lens to study inequality
-
19.3 What (if anything) is wrong with inequality?
-
19.4 How much inequality is too much (or too little)?
-
19.5 Endowments, technology, and institutions
-
19.6 Inequality, endowments, and principal-agent relationships
-
19.7 Putting the model to work: Explaining changes in inequality
-
19.8 Predistribution
-
19.9 Explaining recent trends in inequality in market income
-
19.10 Redistribution: Taxes and transfers
-
19.11 Equality and economic performance
-
19.12 Conclusion
-
19.13 References
-
20—Capstone: Economics of the environment
-
Introduction
-
20.1 Recap: External effects, incomplete contracts, and missing markets
-
20.2 Climate change
-
20.3 The abatement of environmental damages: Cost-benefit analysis
-
20.4 Conflicts of interest: Bargaining over wages, pollution, and jobs
-
20.5 Cap and trade environmental policies
-
20.6 The measurement challenges of environmental policy
-
20.7 Dynamic environmental policies: Future technologies and lifestyles
-
20.8 Environmental dynamics
-
20.9 Why is addressing climate change so difficult?
-
20.10 Policy choices matter
-
20.11 Conclusion
-
20.12 References
-
21—Capstone: Innovation, information, and the networked economy
-
Introduction
-
21.1 The innovation process: Invention and diffusion
-
21.2 Innovation systems
-
21.3 External effects: Complements, substitutes, and coordination
-
21.4 Economies of scale and winner-take-all competition
-
21.5 Matching (two-sided) markets
-
21.6 Intellectual property rights
-
21.7 Optimal patents: Balancing the objectives of invention and diffusion
-
21.8 Public funding of basic research, education, and information infrastructure
-
21.9 Conclusion
-
21.10 References
-
22—Capstone: Economics, politics, and public policy
-
Introduction
-
22.1 The government as an economic actor
-
22.2 Government acting as a monopolist
-
22.3 Political competition affects how the government will act
-
22.4 Why an erstwhile dictator might submit to political competition
-
22.5 Democracy as a political institution
-
22.6 Political preferences and electoral competition: The median voter model
-
22.7 A more realistic model of electoral competition
-
22.8 The advance of democracy
-
22.9 Varieties of democracy
-
22.10 Democracy makes a difference
-
22.11 A puzzle: The persistence of unfairness and market failures in democracies
-
22.12 Economic infeasibility
-
22.13 Administrative infeasibility
-
22.14 Special interests
-
22.15 Policy matters and economics works
-
22.16 Conclusion
-
22.17 References
-
Looking forward to economics after CORE
-
Glossary
-
Bibliography
-
Leibnizes
-
2.2.1 Introducing the Leibnizes
-
2.7.1 The production function
-
3.1.1 Average and marginal productivity
-
3.1.2 Diminishing marginal productivity
-
3.1.3 Concave and convex functions
-
3.2.1 Indifference curves and the marginal rate of substitution
-
3.4.1 Marginal rate of transformation
-
3.5.1 Optimal allocation of free time: MRT meets MRS
-
3.6.1 Modelling technological change
-
3.7.1 Mathematics of income and substitution effects
-
4.4.1 Altruistic preferences: Finding the optimal distribution
-
5.4.1 Quasi-linear preferences
-
5.4.2 Angela’s choice of working hours
-
5.7.1 Angela’s choice of working hours when she pays rent
-
5.8.1 The Pareto efficiency curve
-
6.6.1 The worker’s best response function
-
6.7.1 Profit, wages, and effort
-
7.3.1 Average and marginal cost functions
-
7.4.1 Isoprofit curves and their slopes
-
7.5.1 The profit-maximizing price
-
7.6.1 Marginal revenue and marginal cost
-
7.8.1 The elasticity of demand
-
8.4.1 The firm and market supply curves
-
8.4.2 Market equilibrium
-
8.5.1 Gains from trade
-
8.6.1 Shifts in demand and supply
-
11.8.1 Price bubbles
-
12.1.1 External effects of pollution
-
12.3.1 Pigouvian taxes
-
22.2.1 Expected duration of the dictator or governing elite
-
22.2.2 How the monopolist sets the rent-maximizing level of taxes
-
22.3.1 The income and substitution effect of an increase in political competition
-
Copyright acknowledgements