Economics: Private & Public Choice,9780324205640

Economics: Private & Public Choice

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Edition: 11th
ISBN13: 9780324205640
ISBN10: 0324205643
Format: Hardcover
Pub. Date: 2005-03-23
Publisher(s): South-Western College Pub
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Summary

Authors James D. Gwartney, Richard L. Stroup, Russell S. Sobel, and David Macpherson, believe that a course on principles of economics should focus on the power and relevance of the economic way of thinking. It is this belief and corresponding writing approach that has made ECONOMICS: PRIVATE AND PUBLIC CHOICE one of South-Western's most solid and enduring texts. Throughout this text, the authors integrate applications and real-world data in an effort to make the basic concepts of economics come alive for the reader.

Table of Contents

Part 1 The Economic Way of Thinking
1(53)
The Economic Approach
4(25)
What Is Economics About?
5(1)
Outstanding Economist
The Importance of Adam Smith, the Father of Economic Science
6(1)
Economics at the Movies
Ferris Bueller's Day Off (1986)
6(4)
The Economic Way of Thinking
10(7)
Positive and Normative Economics
17(1)
Pitfalls to Avoid in Economic Thinking
17(3)
Economics as a Career
20(1)
Key Points
20(1)
Critical Analysis Questions
21(2)
Addendum
Understanding Graphs
23(6)
Some Tools of the Economist
29(25)
What Shall We Give Up?
30(2)
Trade Creates Value
32(1)
Outstanding Economist
Thomas Sowell
32(1)
Economics at the Movies
Wall Street (1987)
33(2)
The Importance of Property Rights
35(1)
Key to Prosperity
Private Ownership
35(4)
Applications in Economics
Protecting Endangered Species and the Environment with Private-Property Rights
39(1)
Production Possibilities Curve
40(5)
Trade, Output, and Living Standards
45(1)
Key to Prosperity
Gains from Trade
45(2)
Human Ingenuity and the Creation of Wealth
47(1)
Key to Prosperity
Human Ingenuity
47(1)
Economic Organization
48(2)
Key Points
50(1)
Critical Analysis Questions
51(1)
Addendum
Comparative Advantage, Specialization, and Gains from Trade
52(2)
Part 2 Markets and Government
54(92)
Supply, Demand, and the Market Process
56(27)
Consumer Choice and the Law of Demand
58(3)
Changes in Demand Versus Changes in Quantity Demanded
61(4)
Thumbnail Sketch
Factors That Cause Changes in Demand and Quantity Demanded
65(1)
Producer Choice and the Law of Supply
65(1)
Key to Prosperity
Profits and Losses
66(2)
Outstanding Economist
Alfred Marshall
68(1)
Changes in Supply Versus Changes in Quantity Supplied
69(1)
Thumbnail Sketch
Factors That Cause Changes in Supply and Quantity Supplied
69(2)
How Market Prices are Determined: Supply and Demand Interact
71(3)
Economics at the Movies
Pretty Woman (1990)
74(1)
How Markets Respond to Changes in Demand and Supply
75(2)
Thumbnail Sketch
How Changes in Demand and Supply Affect Market Price and Quantity
77(1)
Invisible Hand Principle
78(1)
Key to Prosperity
Invisible Hand Principle
78(3)
Key Points
81(1)
Critical Analysis Questions
81(2)
Supply and Demand: Applications and Extensions
83(24)
The Link between Resource and Product Markets
84(2)
The Economics of Price Controls
86(1)
Applications in Economics
The Imposition of Price Ceilings During Hurricane Hugo
87(5)
Black Markets and the Importance of the Legal Structure
92(2)
The Impact of a Tax
94(5)
Tax Rates, Tax Revenues, and the Laffer Curve
99(3)
Applications in Economics
The Laffer Curve and Mountain-Climbing Deaths
102(1)
The Impact of a Subsidy
102(3)
Key Points
105(1)
Critical Analysis Questions
105(2)
Difficult Cases for the Market, and the Role of Government
107(17)
A Closer Look at Economic Efficiency
108(1)
If It's Worth Doing, It's Worth Doing Imperfectly
109(1)
Economics at the Movies
Along Came Polly (2004)
110(1)
Thinking about the Economic Role of Government
110(2)
Potential Shortcomings of the Market
112(5)
Applications in Economics
Capturing External Benefits: The Case of Walt Disney World
117(4)
Pulling Things Together
121(1)
Key Points
122(1)
Critical Analysis Questions
122(2)
The Economics of Collective Decision Making
124(22)
The Size and Growth of the U.S. Government
125(2)
The Differences and Similarities between Governments and Markets
127(1)
Applications in Economics
Perspectives on the Cost of Political Competition: What Does It Cost to Get Elected?
127(2)
Political Decision Making: An Overview
129(1)
Outstanding Economist
James Buchanan
130(2)
When the Political Process Works Well
132(2)
When the Political Process Works Poorly
134(1)
Applications in Economics
Sweet Subsides to Sugar Growers: A Case Study of Special-Interest Effect
135(5)
Economic Organization: Who Produces: Who Pays, and Why It Matters
140(2)
The Economic Way of Thinking about Government
142(1)
Could Constitutional Changes Help Promote Prosperity?
142(1)
Thumbnail Sketch
What Weakens the Case for Market-Sector Allocation Versus Public-Sector Intervention, and Vice Versa
142(1)
Key Points
143(1)
Critical Analysis Questions
144(2)
Part 3 Core Macroeconomics
146(220)
Taking the Nation's Economic Pulse
148(21)
GDP---A Measure of Output
149(1)
Outstanding Economist
Simon Kuznets
149(2)
GDP as a Measure of Both Output and Income
151(5)
Adjusting for Price Changes and Deriving Real GDP
156(4)
Problems with GDP as a Measuring Rod
160
Applications in Economics
Converting Prior Data to Current Dollars: The Case of Gasoline
159(3)
Differences in GDP Over Time
162(1)
Applications in Economics
The Time Cost of Goods: Today and Yesterday
163(2)
The Great Contribution of GDP
165(1)
Key Points
165(1)
Critical Analysis Questions
166(2)
Addendum
The Construction of a Price Index
168(1)
Economic Fluctuations, Unemployment, and Inflation
169(20)
Swings in the Economic Pendulum
170(2)
Measures of Economic Activity
Expansions and Recessions
172(1)
Economic Fluctuations and the Labor Market
172(2)
Measures of Economic Activity
Deriving the Unemployment Rate
174(1)
Thumbnail Sketch
Formulas for Key Labor Market Indicators
175(1)
Three Types of Unemployment
176(1)
Myths in Economics
Unemployment Would Not Exist If the Economy Were Operating Efficiently
177(2)
Employment Fluctuations---The Historical Record
179(1)
Measures of Economic Activity
Would Personal Savings Accounts Reduce the Rate of Unemployment?
180(1)
Actual and Potential GDP
181(1)
The Effects of Inflation
182(4)
Key Points
186(1)
Critical Analysis Questions
186(3)
An Introduction to Basic Macroeconomic Markets
189(25)
Understanding Macroeconomics: Our Game Plan
190(1)
Four Key Markets: Resources, Goods and Services, Loanable Funds, and Foreign Exchange
190(3)
Aggregate Demand for Goods and Services
193(2)
Thumbnail Sketch
Why Is the Aggregate Quantity Demanded Inversely Related to the Price Level?
195(1)
Aggregate Supply of Goods and Services
195(3)
Thumbnail Sketch
Why Is the Short-Run Aggregate Quantity Supplied Directly Related to the Price Level?
198(1)
Equilibrium in the Goods and Services Market
198(4)
Resource Market
202(1)
Loanable Funds Market
203(3)
Foreign Exchange Market
206(1)
Applications in Economics
Bonds, Interest Rates, and Bond Prices
207(2)
Leakages and Injections from the Circular Flow of Income
209(2)
Key Points
211(1)
Critical Analysis Questions
212(2)
Working with Our Basic Aggregate Demand and Aggregate Supply Model
214(22)
Anticipated and Unanticipated Changes
215(1)
Factors That Shift Aggregate Demand
215(3)
Thumbnail Sketch
What Factors Affect Aggregate Demand?
218(1)
Shifts in Aggregate Supply
218(3)
Thumbnail Sketch
What Factors Affect Long-Run and Short-Run Aggregate Supply?
221(1)
Steady Economic Growth and Anticipated Changes in Long-Run Aggregate Supply
221(1)
Unanticipated Changes and Market Adjustments
222(6)
The Business Cycle Revisited
228(2)
Does a Market Economy Have a Self-Correcting Mechanism?
230(4)
Key Points
234(1)
Critical Analysis Questions
234(2)
Keynes and the Evolution of Macroeconomics
236(20)
The Great Depression and Macroeconomics
237(1)
Outstanding Economist
John Maynard Keynes
238(3)
Keynesian Equilibrium
241(5)
The Keynesian Model Within the AD-AS Framework
246(1)
The Multiplier
247(3)
Applications in Economics
Sports Stadiums, Development Subsidies, and the Multiplier
250(1)
Keynesian View of the Business Cycle
251(1)
Evolution of Modern Macroeconomics
252(2)
Key Points
254(1)
Critical Analysis Questions
254(2)
Fiscal Policy
256(21)
Budget Deficits and Surpluses
257(1)
Keynesian View of Fiscal Policy
258(2)
The Outstanding Economist
Paul Samuelson
260(1)
Fiscal Policy and the Crowding-Out Effect
260(2)
New Classical View of Fiscal Policy
262(2)
Fiscal Policy Changes and Problems of Timing
264(2)
How Politics Hampers the Effectiveness of Fiscal Policy
266(1)
Fiscal Policy as a Stabilization Tool: A Modern Synthesis
267(1)
The Supply-Side Effects of Fiscal Policy
268(2)
Applications in Economics
Have Supply-Side Economists Found a Way to Soak the Rich?
270(2)
The Fiscal Policy of the United States
272(1)
Thumbnail Sketch
The Impact of Expansionary Fiscal Policy---A Summary of Four Views
272(3)
Key Points
275(1)
Critical Analysis Questions
275(2)
Money and the Banking System
277(25)
What Is Money?
278(1)
How the Supply of Money Affects Its Value
279(1)
How Is the Money Supply Measured?
280(2)
The Business of Banking
282(3)
Economics at the Movies
It's a Wonderful Life (1946)
285(1)
How Banks Create Money by Extending Loans
285(2)
The Federal Reserve System
287(2)
Outstanding Economist
Alan Greenspan
289(5)
Thumbnail Sketch
What Are the Differences between the U.S. Treasury and the Federal Reserve Banking System?
294(1)
Ambiguities in the Meaning and Measurement of the Money Supply
295(2)
Applications in Economics
Will Money Be Electronic in the Future?
297(1)
The Changing Nature of Money around the World
297(2)
Key Points
299(1)
Critical Analysis Questions
299(3)
Modern Macroeconomics and Monetary Policy
302(25)
The Impact of Monetary Policy on Output and Inflation
303(1)
Outstanding Economist
Milton Friedman
304(4)
Thumbnail Sketch
The Transmission of Monetary Policy---A Summary
308(3)
Monetary Policy in the Long Run
311(4)
Monetary Policy When the Effects Are Anticipated
315(1)
Interest Rates and Monetary Policy
315(3)
Effects of Monetary Policy---A Summary
318(1)
Thumbnail Sketch
What Are the Effects of Monetary Policy?
318(1)
Testing the Major Implications of Monetary Theory
319(5)
Key Points
324(1)
Critical Analysis Questions
325(2)
Stabilization Policy, Output, and Employment
327(19)
Economic Fluctuations---The Historical Record
328(1)
Can Discretionary Policy Promote Economic Stability?
329(2)
Measures of Economic Activity
Index of Leading Indicators
331(1)
How Are Expectations Formed?
332(2)
Outstanding Economist
Robert Lucas
334(1)
Macro Policy Implications of Adaptive and Rational Expectations
334(2)
The Phillips Curve: The View of the 1960s Versus Today
336(4)
Applications in Economics
Perverse Macroeconomic Policy and the Great Depression
340(1)
Economics at the Movies
Seabiscuit (2003)
341(1)
The Modern Consensus View of Stabilization Policy
342(1)
Key to Prosperity
Price Stability
342(2)
Key Points
344(1)
Critical Analysis Questions
344(2)
Economic Growth and the Wealth of Nations
346(20)
Importance of Economic Growth
347(2)
Best and Worst Growth Records
349(1)
What Determines Whether a Country Will Grow or Stagnate?
350(1)
Applications in Economics
China: Is It a Special Case?
351(3)
Outstanding Economist
Douglass C. North
354(1)
What Institutions and Policies Will Promote Growth?
354(1)
Thumbnail Sketch
Sources of Economic Growth
355(2)
Role of Government and Economic Progress
357(1)
Key to Prosperity
Government and the Environment for Prosperity
357(4)
Economic Freedom and Growth
361(3)
Key Points
364(1)
Critical Analysis Questions
364(2)
Part 4 International Economics
366(51)
Gaining from International Trade
369(24)
The Trade Sector of the United States
370(1)
Gains from Specialization and Trade
371(1)
Economics at the Movies
Cast Away (2000)
372(4)
Key to Prosperity
International Trade
376(1)
Supply, Demand, and International Trade
377(2)
The Economics of Trade Restrictions
379(3)
Why Do Nations Adopt Trade Restrictions?
382(1)
Applications in Economics
Do More Open Economies Perform Better?
383(2)
Trade Barriers and Popular Trade Fallacies
385(2)
The Changing Nature of Global Trade
387(2)
Key Points
389(1)
Critical Analysis Questions
390(3)
International Finance and the Foreign Exchange Market
393(24)
The Foreign Exchange Market
394(2)
Determinants of the Exchange Rate
396(1)
Why Do Exchange Rates Change?
397(4)
Thumbnail Sketch
What Factors Cause a Nation's Currency to Appreciate or Depreciate?
401(1)
International Finance and Alternative Exchange Rate Regimes
401(2)
Balance of Payments
403(5)
Myths in Economics
408(1)
Are Trade Deficits Bad and Trade Surpluses Good?
408(2)
Key Points
410(1)
Critical Analysis Questions
411(2)
Addendum
Selected Economic Indicators: An International Comparison
413(4)
Part 5 Core Microeconomics
417(184)
Consumer Choice and Elasticity
420(22)
The Fundamentals of Consumer Choice
421(1)
Marginal Utility, Consumer Choice, and the Demand Curve of an Individual
422(4)
Market Demand Reflects the Demand of Individual Consumers
426(1)
Elasticity of Demand
426(6)
How Demand Elasticity and Price Changes Affect Total Expenditures (or Revenues) on a Product
432(1)
Income Elasticity
433(1)
Price Elasticity of Supply
434(1)
Key Points
435(1)
Critical Analysis Questions
435(1)
Addendum
Consumer Choice and Indifference Curves
436(6)
Costs and the Supply of Goods
442(25)
The Organization of the Business Firm
443(3)
Costs, Competition, and the Corporation
446(2)
Applications in Economics
Cooking the Books: How the Market Responds to Criminal Behavior
448(1)
The Economic Role of Costs
449(1)
Short-Run and Long-Run Time Periods
450(1)
Applications in Economics
Economic and Accounting Costs: A Hypothetical Example
451(1)
Categories of Costs
451(1)
Output and Costs in the Short Run
452(1)
Thumbnail Sketch
Compact Glossary on Cost
453(4)
Output and Cost in the Long Run
457(4)
What Factors Cause Cost Curves to Shift?
461(1)
The Economic Way of Thinking about Costs
462(2)
Myths of Economics
A Good Business Decision Maker Will Never Sell a Product for Less than Its Production Costs
464(1)
Key Points
465(1)
Critical Analysis Questions
465(2)
Price Takers and the Competitive Process
467(21)
Price Takers and Price Searchers
468(1)
Applications in Economics
The Aalsmeer Flower Auction: An Illustration of a Competitive Market
468(1)
What Are the Characteristics of Price-Taker Markets?
469(1)
How Does the Price Taker Maximize Profit?
470(2)
Applications in Economics
Experimental Economics: The Significance of Competition
472(3)
The Firm's Short-Run Supply Curve
475(1)
The Short-Run Market Supply Curve
476(1)
Price and Output in Price-Taker Markets
476(4)
Applications in Economics
Coffee Production In a Price Takers' Market
480(2)
The Role of Profits and Losses
482(1)
Competition Promotes Prosperity
483(1)
Key to Prosperity
Competition
483(1)
Outstanding Economist
Friedrich A. von Hayek
484(1)
Key Points
485(1)
Critical Analysis Questions
485(3)
Price-Searcher Markets with Low Entry Barriers
488(19)
Competitive Price-Searcher Markets
488(4)
Economics at the Movies
You've Got Mail (1998)
492(1)
Dynamic Competition, Innovation, and Business Failures
493(1)
Contestable Markets and the Competitive Process
493(2)
Complex Decision Making and the Entrepreneur
495(1)
Applications in Economics
Entrepreneurs at the Helm of Some Bizarre Occupations
496(1)
Applications in Economics
Five Entrepreneurs Who Have Changed Our Lives
497(2)
Entrepreneurship and Economic Progress
499(1)
Key to Prosperity
Entrepreneurship
499(1)
Evaluating Competitive Price-Searcher Markets
500(2)
A Special Case: Price Discrimination
502(2)
Key Points
504(1)
Critical Analysis Questions
505(2)
Price-Searcher Markets with High Entry Barriers
507(23)
Why Are Entry Barriers Sometimes High?
508(1)
The Characteristics of a Monopoly
509(4)
The Characteristics of an Oligopoly
513(1)
Price and Output under Oligopoly
514(4)
Market Power and Profit---The Early Bird Catches the Worm
518(1)
Applications in Economics
Oligopolistic Decision Making, Game Theory, and the Prisoner's Dilemma
519(1)
Defects of Markets with High Entry Barriers
520(1)
Economics at the movies
A Beautiful Mind (2001)
520(1)
Policy Alternatives When Entry Barriers Are High
521(5)
The Competitive Process in the Real World
526(1)
Key Points
527(1)
Critical Analysis Questions
528(2)
The Supply of and Demand for Productive Resources
530(20)
Human and Nonhuman Resources
531(2)
Outstanding Economist
Gary Becker
533(1)
The Demand for Resources
533(4)
Marginal Productivity and the Firm's Hiring Decision
537(4)
The Supply of Resources
541(3)
Supply, Demand, and Resource Prices
544(2)
The Coordinating Function of Resource Prices
546(1)
Key Points
547(1)
Critical Analysis Questions
548(2)
Earnings, Productivity, and the Job Market
550(16)
Why Do Earnings Differ?
551(2)
Applications in Economics
A College Degree as a Job Market Signal: Why You Should Take More Math
553(3)
Thumbnail Sketch
What Are the Sources of Earnings Differentials?
556(1)
Applications in Economics
America's Millionaires
557(1)
The Economics of Employment Discrimination
557(3)
The Link between Productivity and Earnings
560(1)
Key to Economic Progress
Link between Productivity and Earnings
560(2)
Myths of Economics
Automation Is the Major Cause of Unemployment
562(1)
Applications in Economics
Are Lifetime Jobs Disappering?
563(1)
Key Points
564(1)
Critical Analysis Questions
564(2)
Investment, the Capital Market, and the Wealth of Nations
566(18)
Why People Invest
567(1)
Economics at the Movies
A Knight's Tale (2001)
568(1)
Interest Rates
568(3)
The Present Value of Future Income and Costs
571(2)
Present Value, Profitability, and Investment
573(1)
Applications in Economics
Would You Like to Become a Millionaire?
574(1)
Investing in Human Capital
575(1)
Uncertainty, Entrepreneurship, and Profit
576(1)
Outstanding Economist
Joseph Schumpeter
577(2)
The Capital Market and the Wealth of Nations
579(1)
Key to Economic Progress
Innovation and the Capital Market
579(2)
Key Points
581(1)
Critical Analysis Questions
582(2)
Income Inequality and Poverty
584(17)
How Much Income Inequality Exists in the United States?
585(4)
Income Mobility and Inequality in Economic Status
589(2)
Poverty in the United States
591(1)
Measures of Economic Activity
How Is the Poverty Rate Calculated?
592(3)
Applications in Economics
Competition for Transfers and the Net Gain of Recipients
595(1)
Income Inequality: Some Concluding Thoughts
596(2)
Key Points
598(1)
Critical Analysis Questions
598(3)
Part 6 Applying the Basics: Special Topics
601(138)
Government Spending and Taxation
604(11)
Government Expenditures
605(2)
Taxes and the Finance of Government
607(1)
Taxes and the Cost of Government
608(4)
Size of Government: The U.S. Versus Other Countries
612(1)
Key Points
613(1)
Critical Analysis Questions
614(1)
The Internet: How Is It Changing the Economy?
615(8)
Use of the Internet
616(1)
Economic Gains from the Internet
616(2)
Key Sectors of Internet Growth
618(1)
More Efficient Consumer Markets
619(1)
More Efficient Input Markets and Production Process
620(1)
Labor Markets and the Internet: Faster and Better Employee-Employer watches
620(1)
Concluding Thought
621(1)
Key Points
622(1)
Critical Analysis Questions
622(1)
The Economics of Social Security
623(11)
Why Is Social Security Headed for Problems?
625(1)
Will the Trust Fund Lighten the Future Tax Burden?
626(1)
The Real Problem of the Current System
627(1)
Who Is Helped and Who Is Hurt by Social Security?
628(2)
Personal Retirement Accounts and Social Security Reform
630(2)
Key Points
632(1)
Critical Analysis Questions
633(1)
The Stock Market: Its Function, Performance, and Potential as an Investment Opportunity
634(10)
The Economic Functions of the Stock Market
635(1)
Stock Market Performance: The Historical Record
636(1)
The Interest Rate, the Value of Future Income, and Stock Prices
637(1)
The Random Walk Theory of the Stock Market
638(1)
How the Ordinary Investor Can Beat the Experts
639(3)
Key Points
642(1)
Critical Analysis Questions
643(1)
The Federal Budget and the National Debt
644(10)
Deficits, Surpluses, and the National Debt
645(1)
Who Owns the National Debt?
645(2)
How Does Debt, Financing Influence Future Generations?
647(3)
Government Debt: A Cross-Country Comparison
650(1)
Social Security, Budget Deficits, and National Debt
651(1)
The Political Economy, Demographics, and Debt Financing
651(1)
Demographic Changes and Budget Deficits
652(1)
Key Points
652(1)
Critical Analysis Questions
653(1)
Labor Market Policies and Unemployment: A Cross-Country Analysis
654(11)
Cross-Country Variations in Unemployment Rates
655(1)
The Structure of Labor Markets
656(7)
Key Points
663(1)
Critical Analysis Questions
664(1)
Institutions, Policies, and the Irish Miracle
665(8)
Ireland's U-Turn
666(2)
The Impact of the Policy U-Turn
668(3)
Key Points
671(1)
Critical Analysis Questions
671(2)
The Economics of Health Care
673(10)
The Structure of the Health-Care Industry
674(2)
Third-Party Payments and Health-Care Inflation
676(2)
Is the U.S. Headed for a Health-Care Crisis?
678(1)
Applications in Economics
Could Imports from Canada Reduce the Drug Prices of Americans?
679(1)
Averting the Crisis: How to Move Toward a Consumer-Driven System
679(3)
Key Points
682(1)
Critical Analysis Questions
682(1)
School Choice: Can It Improve the Quality of Education in America?
683(8)
Educational Spending and Student Performance
684(1)
Economics and the Structure of the Educational System
685(2)
Alternative Ways of Increasing Competition and Expanding the Options of Consumers
687(2)
The Impact of Structural Change
689(1)
Conclusion
690(1)
Key Points
690(1)
Critical Analysis Questions
690(1)
Is Discrimination Responsible for the Earnings Difference between Men and Women?
691(6)
Employment Discrimination and the Earnings of Women
692(1)
Marital Status and the Earnings of Women
693(1)
The Changing Career Objectives of Women
693(3)
Implications for the Future
696(1)
Key Points
696(1)
Critical Analysis Questions
696(1)
Do Labor Unions Increase the Wages of Workers?
697(11)
Union Membership as a Share of the Workforce
698(2)
How Do Unions Influence Wages?
700(3)
What Gives a Union Strength?
703(2)
The Wages of Union and Nonunion Employees
705(1)
The Impact of Unions on the Wages of All Workers
706(1)
Key Points
707(1)
Critical Analysis Questions
707(1)
How Does Government Regulation Affect Your Life?
708(11)
Regulation of Business
709(1)
The Political Economy of Regulation
710(2)
Applications in Economics
Limousines and Restraints on Entry
712(1)
The Costs of Regulation
713(1)
Applications in Economics
Superfund: a Highly Inefficient Cleanup Program
714(3)
Future Directions for Regulatory Policy
717(1)
Key Points
718(1)
Critical Analysis Questions
718(1)
Resource Management: How Property Rights and Markets Replace Conflict with Cooperation
719(10)
Property Rights: The Key to Environmental Quality
720(4)
Applications in Economics
Looking Ahead at the Flying D Ranch
724(1)
How Property Rights Affect Environmental Quality and Life Expectancy
724(1)
Markets, Economizing, and Resource Conservation
724(2)
Applications in Economics
Managing Forests for Nature, Too
726(2)
Key Points
728(1)
Critical Analysis Questions
728(1)
Difficult Environmental Cases and the Role of Government
729(10)
Government Regulation and the Environment
730(1)
Climate Change and the Uncertainty Problem
730(2)
Market-like Schemes: Reducing the Cost of Specific Regulations
732(1)
Applications in Economics
Fighting the Risks of Global Warming: Mitigation or Adaptation?
733(1)
Property Rights as a Tool for Government Policy
734(1)
Weakening Property Rights: The Endangered Species Act
735(2)
Government Ownership of Resources and Provision of Services
737(1)
Conclusion
738(1)
Key Points
738(1)
Critical Analysis Questions
738(1)
Appendix A General Business and Economic Indicators for the United States 739(8)
Appendix B Answers to Selected Critical Analysis Questions 747(25)
Glossary 772(11)
Index 783

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