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Preface to Principles of Economics: Scarcity and Social Provisioning, Third Edition
1.1 - Introduction to Welcome to Economics
1.2 - What is Economics?
1.3 - Microeconomics and Macroeconomics
1.4 - Basic Features of Capitalism
1.5 - The Rise of Globalization
2.1 - Introduction to Choice in a World of Scarcity
2.2 - What is Orthodox Economics?
2.3 - How Individuals Make Choices Based on Their Budget Constraint
2.4 - The Production Possibilities Frontier and Social Choices
2.5 - Confronting Objections to the Orthodox Economic Approach
3.1 - Introduction to Defining Economics: A Pluralistic Approach
3.2 - A Brief Synopsis of Different Economic Perspectives
3.3 - Deconstructing the Orthodox Definition of Economics
3.4 - A Critical Examination of the Orthodox Definition of Economics and its Resultant Impacts
3.5 - An Alternative Approach to Defining Economics
4.1 - Introduction to Philosophy of Science
4.2 - An Introduction to Ontology
4.3 - An Introduction to Epistemology
4.4 - An Introduction to Axiology
5.1 - Introduction to the Macroeconomic Perspective
5.2 - Measuring the Size of the Economy: Gross Domestic Product
5.3 - Adjusting Nominal Values to Real Values
5.4 - Tracking Real GDP over Time
5.5 - Comparing GDP among Countries
5.6 - How Well GDP Measures the Well-Being of Society
6.1 - Introduction to Economic Growth
6.2 - The Relatively Recent Arrival of Economic Growth
6.3 - Labor Productivity and Economic Growth
6.4 - Components of Economic Growth
6.5 - Economic Convergence
7.1 - Introduction to Unemployment
7.2 - How Economists Define and Compute the Unemployment Rate
7.3 - Patterns of Unemployment
7.4 - Types of Unemployment
8.1 - Introduction to Inflation
8.2 - Tracking Inflation
8.3 - How to Measure Changes in the Cost of Living
8.4 - How the U.S. and Other Countries Experience Inflation
8.5 - The Confusion Over Inflation
8.6 - Indexing and Its Limitations
9.1 - Introduction to International Trade and Capital Flows
9.2 - Measuring Trade Balances
9.3 - Trade Balances in Historical and International Context
9.4 - Trade Balances and Flows of Financial Capital
9.5 - The National Saving and Investment Identity
9.6 - The Pros and Cons of Trade Deficits and Surpluses
9.7 - The Difference between Level of Trade and the Trade Balance
10.1 - Introduction to the Aggregate Demand–Aggregate Supply Model
10.2 - Building a Model of Aggregate Demand and Aggregate Supply
10.3 - Shifts in Aggregate Supply and Demand
10.4 - How the AD/AS Model Incorporates Unemployment and Inflation
10.5 - The Loanable Funds Market
11.1 - Introduction to Orthodox Macroeconomic Perspectives
11.2 - The Building Blocks of Neoclassical Analysis
11.3 - Orthodox Economics and The Neoclassical (New-Keynesian) Synthesis
11.4 - Orthodox Economics and Policy Implications
12.1 - Introduction to a Heterodox Macroeconomic Perspective
12.2 - A Review of the Orthodox Wage and Price Adjustment Story
12.3 - A Heterodox Macroeconomic Perspective
12.4 - Aggregate Demand in the Keynesian Cross Model
12.5 - Equilibrium with Unemployment
12.6 - The Multiplier Effect and the Recessionary and Inflationary Gaps
13.1 - Introduction to Macroeconomic Viability and the Corn Model
13.2 - A Brief History of the Surplus Approach to Value and Distribution
13.3 - The Corn Model: Simple Reproduction
13.4 - The Corn Model: Production with a Surplus
13.5 - A Corn Model Example
14.1 - Introduction to The Surplus and the Price Level
14.2 - The Size of the Surplus
14.3 - Intersectoral Struggles over the Surplus
14.4 - Class Struggles over the Surplus
14.5 - Trends in the Distribution of the Surplus
14.6 - Price Cyclicality, WW II to 1983
14.7 - Price Cyclicality, Post-1983
15.1 - Introduction to Government Budgets and Fiscal Policy
15.2 - Government Spending
15.3 - Taxation
15.4 - Federal Deficits and the National Debt
15.5 - Using Fiscal Policy to Fight Recession, Unemployment, and Inflation
15.6 - Automatic Stabilizers
16.1 - Introduction to Financial Markets
16.2 - How Businesses Raise Financial Capital
16.3 - How Households Supply Financial Capital
16.4 - How to Accumulate Personal Wealth
17.1 - Introduction to Money and Banking
17.2 - Defining Money by Its Functions
17.3 - Measuring Money: Currency, M1, and M2
17.4 - How Banks Expand the Money Supply
17.5 - How Banks Create Money
17.6 - The Role of Banks
18.1 - Introduction to Monetary Policy and Bank Regulation
18.2 - The Federal Reserve Banking System and Central Banks
18.3 - Bank Regulation
18.4 - How a Central Bank Executes Monetary Policy
18.5 - Monetary Policy and Economic Outcomes
18.6 - Pitfalls for Monetary Policy
19.1 - Introduction to the Metallist Approach to Government Finance
19.2 - Practical Problems with Discretionary Fiscal Policy
19.3 - How Government Borrowing Affects Investment and the Trade Balance
19.4 - Fiscal Policy, Investment, and Economic Growth
19.5 - How Government Borrowing Affects Private Saving
19.6 - Fiscal Policy and the Trade Balance
19.7 - The Question of a Balanced Budget
20.1 - Introduction to Money and the Theory of the Firm
20.2 - Money’s Origin Stories
20.3 - Money and the Macroeconomy
20.4 - Micro Monetary Systems: A Comparison of Design Features
21.1 - Introduction to Demand and Supply
21.2 - Demand, Supply, and Equilibrium in Markets for Goods and Services
21.3 - Shifts in Demand and Supply for Goods and Services
21.4 - Changes in Equilibrium Price and Quantity: The Four-Step Process
21.5 - Price Ceilings and Price Floors
21.6 - Demand, Supply, and Efficiency
22.1 - Introduction to Labor and Financial Markets
22.2 - Demand and Supply at Work in Labor Markets
22.3 - Demand and Supply in Financial Markets
22.4 - The Market System as an Efficient Mechanism for Information
23.1 - Introduction to Elasticity
23.2 - Price Elasticity of Demand and Supply
23.3 - Polar Cases of Elasticity and Constant Elasticity
23.4 - Elasticity and Pricing
23.5 - Elasticity in Areas Other Than Price
24.1 - Introduction to Consumer Choices
24.2 - Consumption Choices
24.3 - How Changes in Income and Prices Affect Consumption Choices
24.4 - Labor-Leisure Choices
24.5 - Intertemporal Choices in Financial Capital Markets
25.1 - Introduction to Challenging the Role of Utilitarianism
25.2 - Economics and Value
25.3 - Utilitarianism: The Philosophy Behind Orthodox Economics
25.4 - Utility and Pareto Optimality: The Orthodox Economic View of Social Welfare
25.5 - Abandoning the Normative Constraints of Utilitarianism
25.6 - Conclusion
26.1 - Introduction to An Institutional Analysis of Modern Consumption
26.2 - Institutional Analysis
26.3 - Conspicuous Consumption
26.4 - The Complex World of Modern Consumption
26.5 - Conclusion
27.1 - Introduction to Cost Assumptions for Profit Maximizing Firms
27.2 - Explicit and Implicit Costs, and Accounting and Economic Profit
27.3 - The Structure of Costs in the Short Run
27.4 - The Structure of Costs in the Long Run
27.5 - Costs, Profits, and Market Structures
28.1 - Introduction to Perfect Competition
28.2 - Perfect Competition and Why It Matters
28.3 - How Perfectly Competitive Firms Make Output Decisions
28.4 - Entry and Exit Decisions in the Long Run
28.5 - Efficiency in Perfectly Competitive Markets
29.1 - Introduction to a Monopoly
29.2 - How Monopolies Form: Barriers to Entry
29.3 - How a Profit-Maximizing Monopoly Chooses Output and Price
30.1 - Introduction to Monopolistic Competition and Oligopoly
30.2 - Monopolistic Competition
30.3 - Oligopoly
31.1 - Introduction to the Rise of Big Business
31.2 - Big Business in American History
31.3 - Industrialization and the Factory
31.4 - Big Business and Organized Labor
31.5 - Regulation of Big Business
31.6 - Conclusion
32.1 - Introduction to Costing and Pricing in Going Concerns
32.2 - Testing the Orthodox Theory of the Firm
32.3 - Costing and Going Concerns
32.4 - Prices from Pricing
32.5 - Comparing Orthodox and Heterodox Theories
33.1 - Introduction to the Megacorp
33.2 - The Imperatives of Technology
33.3 - Business Models, Plural: Aims and Methods of the Megacorp
33.4 - Stabilizing Unstable Markets
33.5 - The High Price of College Textbooks
34.1 - Introduction to Monopoly and Antitrust Policy
34.2 - Corporate Mergers
34.3 - Regulating Anticompetitive Behavior
34.4 - Regulating Natural Monopolies
34.5 - The Great Deregulation Experiment
35.1 - Introduction to Sustainability, Social Provisioning, and Social Costs
35.2 - Human needs, Satisfiers, and Democratic Decision-Making
35.3 - The Social Costing of Social Provisioning
35.4 - Cost Shifting in Capitalism
35.5 - The Social Waste of Capitalism
35.6 - Cost shifting and Social Waste: The End of Capitalism?
35.7 - Double Movement: Protective Responses against Cost Shifting
36.1 - Introduction to Environmental Protection and Negative Externalities
36.2 - Orthodox Economics on Pollution
36.3 - Command-and-Control Regulation
36.4 - Market-Oriented Environmental Tools
36.5 - The Benefits and Costs of U.S. Environmental Laws
36.6 - International Environmental Issues
36.7 - The Tradeoff between Economic Output and Environmental Protection
37.1 - Introduction to Positive Externalities and Public Goods
37.2 - Why the Private Sector Under-Invests in Innovation
37.3 - How Governments Can Encourage Innovation
37.4 - Public Goods
38.1 - Introduction to Poverty and Economic Inequality
38.2 - Drawing the Poverty Line
38.3 - The Poverty Trap
38.4 - The Safety Net
38.5 - Income Inequality: Measurement and Causes
38.6 - Government Policies to Reduce Income Inequality
39.1 - Introduction to the Orthodox Theory of Labor Markets
39.2 - Labor markets
39.3 - Wages and Employment in an Imperfectly Competitive Labor Market
39.4 - Unions
39.5 - Bilateral Monopoly
39.6 - Employment Discrimination
39.7 - Immigration
40.1 - Introduction to Heterodox Perspectives on Work and Income
40.2 - Labor Productivity and Income, Post-WWII
40.3 - Class
40.4 - Understanding Class Distinctions Today
41.1 - Introduction to Information, Risk, and Insurance
41.2 - The Problem of Imperfect Information and Asymmetric Information
41.3 - Insurance and Imperfect Information
42.1 - Introduction to Macroeconomic Policy around the World
Steven A. Greenlaw and David Shapiro
42.2 - The Diversity of Countries and Economies across the World
42.3 - Improving Countries’ Standards of Living
42.4 - Causes of Unemployment around the World
42.4 - Causes of Inflation in Various Countries and Regions
42.5 - Balance of Trade Concerns
43.1 - Introduction to International Trade
43.2 - Absolute and Comparative Advantage
43.3 - What Happens When a Country Has an Absolute Advantage in All Goods
43.4 - Intra-industry Trade between Similar Economies
43.5 - The Benefits of Reducing Barriers to International Trade
44.1 - Introduction to Exchange Rates and International Capital Flows
44.2 - How the Foreign Exchange Market Works
David Shapiro and Steven A. Greenlaw
44.3 - Demand and Supply Shifts in Foreign Exchange Markets
44.4 - Macroeconomic Effects of Exchange Rates
44.5 - Exchange Rate Policies
45.1 - Introduction to Globalization and Protectionism
45.2 - Protectionism: An Indirect Subsidy from Consumers to Producers
45.3 - International Trade and Its Effects on Jobs, Wages, and Working Conditions
45.4 - Arguments in Support of Restricting Imports
45.5 - How Trade Policy Is Enacted: Globally, Regionally, and Nationally
45.6 - The Tradeoffs of Trade Policy
46.1 - Introduction to Globalization and Trade from a Pluralistic Perspective
46.2 - The Orthodox Story of Trade: A Synopsis
46.3 - A Critical Examination of the Orthodox Depiction of Free Trade
46.4 - Challenging Functionality: A More Penetrating Critique
46.5 - An Alternative Presentation of International Trade: Path Dependency
Appendix A: The Use of Mathematics in Principles of Economics
Appendix B: Present Discounted Value
Appendix C: Indifference Curves
Glossary
7.1 – Introduction to Unemployment
7.2 – How Economists Define and Compute the Unemployment Rate
7.3 – Patterns of Unemployment
7.4 – Types of Unemployment
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Principles of Economics: Scarcity and Social Provisioning (3rd Ed.) Copyright © by Erik Dean; Justin Elardo; Mitch Green; Benjamin Wilson; Sebastian Berger; Richard Dadzie; and Adapted from OpenStax Principles of Economics is licensed under a Creative Commons Attribution 4.0 International License, except where otherwise noted.