Economics of Social Issues,9780072984354

Economics of Social Issues

by ; ;
Edition: 17th
ISBN13: 9780072984354
ISBN10: 007298435X
Format: Paperback
Pub. Date: 2005-05-03
Publisher(s): McGraw-Hill/Irwin
List Price: $154.35

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Summary

Designed as an introduction to general economics for non-majors, Sharp/Register/Grimes' Economics of Social Issues presents economic concepts as useful tools to analyze contemporary social issues. Each chapter presents economic concepts then places them within the context of very current issues facing society. The book may also be used to supplement principles courses with lively social issues to add relevance to the economic principles being taught.

Table of Contents

Preface v
1 Alleviating Human Misery: The Role of Economic Reasoning
1(25)
World Poverty and Economics
3(14)
Our Insatiable Wants
4(1)
Our Limited Means
4(1)
The Capacity of the Economy to Produce
5(5)
Assessing Well-Being Using GDP
10(7)
Causes of Poverty and Requisites of Economic Growth
17(2)
Can Governments Help?
19(2)
Governments of LDCs
19(2)
Governments of DCs
21(1)
Summary
21(5)
2 Economic Systems, Resource Allocation, and Social Well-Being: Lessons from China's Transition
26(36)
Economic Systems
28(2)
Pure Market Economy
29(1)
Pure Command Economy
29(1)
Mixed Systems
29(1)
Resource Allocation in a Market Economy
30(14)
Market Structure
31(1)
Market Forces
32(9)
Competitive Market Equilibrium and Social Well-Being
41(3)
Resource Allocation in a Command Economy
44(6)
Centralized Planning
44(2)
Problems with Centralized Planning
46(4)
The New Chinese Economy
50(7)
China's Transition to a Market-Oriented Economy
50(2)
China's Transition to Markets: What Are the Facts?
52(3)
Problems of Transition in China
55(2)
Summary
57(5)
3 Government Control of Prices in Mixed Systems: What Are the Actual Outcomes?
62(27)
Price Ceilings and Floors
66(1)
Rent Controls
66(6)
Demand
67(1)
Supply
68(1)
Price
69(1)
The Effects of Rent Control
69(3)
Minimum Wages
72(12)
Market Demand for Labor
72(1)
The Demand for Labor by One Employer
73(3)
Market Supply of Labor
76(2)
The Labor Market
78(1)
The Effects of Minimum Wage
79(5)
Summary
84(5)
4 Pollution Problems: Must We Foul Our Own Nests?
89(26)
What Is Pollution?
91(4)
The Environment and Its Services
92(1)
Recycling of Wastes and the Concept of Pollution
92(1)
Common Forms of Pollution
93(2)
Markets, Resource Allocation, and Social Well-Being: A Recap and Extension
95(5)
Demand, Marginal Private Benefit, and Marginal Social Benefit
96(2)
Supply, Marginal Private Cost, and Marginal Social Cost
98(1)
The Market and Social Well-Being
99(1)
Economics of Pollution
100(7)
Why Polluters Pollute
100(1)
Pollution and Resource Allocation
100(4)
The Appropriate Level of Pollution Control
104(3)
What Can Be Done about Pollution?
107(4)
Direct Controls
107(1)
Indirect Controls
108(2)
Creation of Pollution Rights Markets
110(1)
Summary
111(4)
5 Economics of Crime and Its Prevention: How Much Is Too Much?
115(22)
What Is Crime?
117(1)
Immorality?
117(1)
Illegality?
117(1)
Classification of Criminal Acts
118(1)
The Costs of Crime
118(2)
Individually and Collectively Consumed Goods
120(3)
Individually Consumed Goods
121(1)
Semicollectively Consumed Goods
121(1)
Collectively Consumed Goods
122(1)
The Free-Rider Problem
122(1)
Government Production of Collectively Consumed Items
123(1)
The Economics of Crime Prevention Activities
123(10)
The "Optimal" Level
123(3)
Allocation of the Crime Prevention Budget
126(1)
Changing the Legal Status of Goods and Services
127(3)
Causes of Criminal Activity
130(3)
Summary
133(4)
6 The Economics of Education: Crisis and Reform
137(31)
The Crisis in K-12
139(2)
K-12 as a Purely Private Market
141(5)
Potential Shortcomings of a Purely Private Market for K-12
146(7)
Positive Externalities in Consumption
146(5)
Lost Social and Cultural Cohesion through Segregation
151(2)
What of Equal Opportunity?
153(1)
Proposals for Reform in the Current K-12 System
153(10)
School Choice and Vouchers
153(7)
Class-Size Reductions and Other School Resource Issues
160(3)
Reform Proposals: A Postscript
163(1)
Summary
163(5)
7 Poverty Problems and Discrimination: Why Are So Many Still Poor?
168(35)
Poverty in Terms of Absolute Income Levels
171(4)
What Is Poverty?
171(1)
Who Are the Poor?
172(3)
Poverty in Terms of Income Distribution
175(2)
Income Equality
175(1)
Income Inequality
175(2)
The Economic Causes of Poverty
177(5)
Determinants of Resource Prices and Employment
177(2)
Determination of Individual or Family Income
179(1)
Determinants of Income Distribution
180(1)
The Effects of Discrimination on Income
181(1)
The Evidence for Discrimination in Our Economy
182(3)
Wage Discrimination
183(1)
Employment Discrimination
184(1)
Occupational Discrimination
184(1)
Government Attempts to Alleviate Poverty
185(6)
The Old Federal Welfare System
185(3)
Problems with the Old Welfare System
188(1)
Welfare Reform and the New System
189(2)
Using Tax Policy to Fight Poverty
191(4)
The Earned Income Tax Credit
192(2)
The Negative Income Tax Proposal
194(1)
What Can Be Done about Discrimination?
195(3)
Reduce Tastes for Discrimination
195(1)
Reduce Market Imperfections
196(1)
Reduce Discrimination in Development of Human Capital
197(1)
Reduce Occupational Segregation
197(1)
Summary
198(5)
8 The Economics of Big Business: Who Does What to Whom?
203(31)
The Economics of Monopoly Power
206(15)
What Is Monopoly Power?
207(1)
Outputs and Prices
208(9)
Entry Restrictions
217(3)
Non price Competition
220(1)
Should We Fear Bigness?
221(3)
Bigness and Monopoly Power
221(1)
Outputs and Prices
221(1)
Entry Restrictions and Resource Allocation
222(1)
Non price Competition
223(1)
The Peculiar Case of Natural Monopoly
224(6)
When Should Government Regulate Business?
226(3)
Regulation and Corporate Responsibility
229(1)
Summary
230(4)
9 The Economics of Professional Sports: What Is the Real Score?
234(29)
The Professional Sports Business
235(3)
Organizational Structure
236(1)
Teams and Players
237(1)
Economic Analysis and Professional Sports
238(1)
The Product Market
238(9)
Cooperation among Teams
238(1)
Cartels
239(1)
Coordinated Behavior
240(1)
Pricing and Output for Broadcast Rights
241(3)
The Number and Location of Teams
244(1)
The Stadium Controversy
245(2)
The Resource Market
247(11)
The Employment of Players
247(1)
Monopsony
248(1)
Wages and Employment in a Monopsony
249(2)
Free Agency
251(1)
Labor Disputes
252(2)
Do Professional Athletes Earn Their Pay?
254(1)
Illicit Drugs and Professional Sports
255(1)
The Case of Major League Soccer
256(2)
Summary
258(5)
10 Protectionism versus Free Trade: Can We Restrict Ourselves into Prosperity? 263(33)
The Controversy over International Trade
265(1)
The Protectionist Viewpoint
265(1)
The Free Trade Viewpoint
266(1)
The Economics of International Trade
266(14)
How Trade Takes Place
267(1)
Production and Consumption Possibilities
267(3)
The Principle of Comparative Advantage
270(1)
How International Trade Is Financed
271(4)
International Trade Restrictions
275(5)
Analysis of the Controversy
280(6)
Protection from Cheap Foreign Goods
280(1)
Outsourcing of Service Jobs
281(1)
Payments Problems
282(1)
Protection of Key and Infant Industries
283(1)
Protection of the Environment and Human Rights
284(2)
Today's International Trade Environment
286(5)
The World Trade Organization
286(1)
Common Markets
287(4)
Summary
291(5)
11 Unemployment Issues: Why Do We Waste Our Labor Resources? 296(25)
Costs of Unemployment
297(1)
Economic Costs
297(1)
Noneconomic Costs
298(1)
What Is Unemployment?
298(2)
The Labor Force
298(1)
Unemployment in a Market Economy
299(1)
Analysis of the Unemployment Problem
300(3)
Types of Unemployment
300(1)
Further Dimensions of the Unemployment Problem
301(2)
What Causes People to Lose Their Jobs?
303(10)
Circular Flow of Economic Activity
304(1)
Aggregate Demand
305(4)
Aggregate Supply
309(1)
Aggregate Demand and Supply
310(1)
Reasons for Deficient Aggregate Demand
311(1)
Reasons for Weak Aggregate Supply
312(1)
Combating Unemployment
313(4)
Aggregate Demand Policies
314(1)
Aggregate Supply Policies and the Economy in the 1980's
314(1)
The Recession, Recovery, and Record-Breaking Expansion of the 1990's
315(1)
The 2001 Recession
316(1)
Summary
317(4)
12 Inflation: How to Gain and Lose at the Same Time 321(26)
Meaning and Measurement of Inflation
323(3)
What is Inflation?
323(1)
How Is Inflation Measured?
323(2)
Rate of Inflation
325(1)
Economic Effects of Inflation
326(2)
Equity Effects
326(1)
Efficiency Effects
327(1)
Output Effects
327(1)
What Is Money?
328(2)
Functions of Money
328(1)
The Money Supply (M1 and M2) in the United States
329(1)
The Process of Creating Money
330(3)
Commercial Banks and Other Depository Institutions
331(1)
Banking Regulation
331(1)
Balance Sheet of a Bank
331(1)
The Fractional Reserve Banking System
332(1)
Demand Deposit Creation
332(1)
The Issue of Control
333(4)
The Federal Reserve System
334(1)
Federal Reserve Controls
335(1)
Federal Reserve Targets
336(1)
Inflationary Causes and Cures
337(6)
Quantity Theory of Money
337(2)
Demand-Pull Inflation
339(1)
Cures for Demand-Pull Inflation
339(1)
Cost-Push Inflation
340(1)
Demand-Pull and Then Cost-Push Inflation
341(1)
Is There a Cure for Cost-Push Inflation?
342(1)
Summary
343(4)
13 Economic Growth: Are We Living in a "New Economy"? 347(29)
The Concept of Economic Growth
349(3)
What Is Economic Growth?
349(2)
The Rate of Growth
351(1)
Short-Run Fluctuations in Economic Growth
352(6)
What Are Business Cycles?
354(1)
Theories of the Business Cycle
355(3)
The Determinants of Economic Growth
358(5)
Availability of Economic Resources
359(3)
Productivity Factors
362(1)
The New Economy
363(2)
The Recent Slowdown in Growth
365(7)
Contributing Factors
365(3)
The 2001 Recession
368(1)
Where Do We Go from Here?
369(3)
Summary
372(4)
14 Government Spending, Taxing, and the National Debt: Who Wins and Who Loses? 376(24)
What Are People Afraid Of?
377(1)
Size of Government
377(1)
Tax Inequities
378(1)
The Problem of Size
378(3)
Government Expenditures
379(2)
Government Receipts
381(1)
Economic Analysis of the Problem of Size
381(4)
An Efficient Level of Government Expenditures
382(1)
Pure Public Goods
382(1)
External Benefits and Costs
383(2)
Income Distribution
385(1)
Summary
385(1)
Tax Principles and Analysis
385(6)
Tax Equity
385(1)
Tax Efficiency
386(1)
Principles of Shifting and Incidence
387(4)
The American Tax System
391(3)
Federal Tax System
392(1)
The Personal Income Tax
393(1)
The Beginning of a New Century
394(2)
Economic Effects of Government Borrowing
395(1)
Economic Effects of Federal Debt Retirement
396(1)
Recent Tax Reforms
396(1)
Summary
396(4)
15 Social Security and Medicare: How Secure Is Our Safety Net for the Elderly? 400(30)
Social Insurance
402(2)
Social Security
404(4)
A Brief History of Social Security
404(1)
The Current Status of Social Security
405(3)
The Economic Effects of Social Security
408(5)
Income
408(2)
Labor Supply
410(1)
Saving and Investment
411(2)
The Future of Social Security
413(3)
The Financial Dilemma
413(1)
Possible Solutions
413(3)
The Market for Health Care: A Brief Overview
416(3)
The Nation's Health Dollar: Where It Came From and Where It Went
417(1)
Health Expenditure Growth
418(1)
Government Role in Health Care Financing
418(1)
The Decline in Importance of Private Health Insurance
419(1)
The Medicare Program
419(3)
Coverage
420(1)
Financing
421(1)
Provider Payments
421(1)
The Economic Effects of Medicare
422(1)
The Future of Medicare
423(3)
The Financial Dilemma
423(1)
Possible Solutions
424(1)
The Medicare Modernization Act
425(1)
Summary
426(4)
Glossary 430(9)
Index 439

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