Lessons for the Young Economists by Murphy, Robert P. -- Read -- Imperial Library of Trantor

Index

Cover Title Page Copyright Contents Acknowledgments Part I: Foundations

1. Thinking Like an Economist

Thinking Like an Economist Is Economics a Science? The Scope and Boundaries of Economic Science Why Study Economics?

2. How We Develop Economic Principles

Purposeful Action versus Mindless Behavior The Social versus the Natural Sciences The Success of the Natural Sciences versus the Social Sciences How We Develop Basic Economics

3. Economic Concepts Implied By Action

Introduction Only Individuals Act Individuals Have Preferences Preferences Are Subjective Preferences Are a Ranking, Not a Measurement Using Numbers Different Individuals' Preferences Can't Be Combined

4. "Robinson Crusoe" Economics

Introduction Crusoe Creates Goods With His Mind Powers Consumer Goods versus Producer Goods Land, Labor, and Capital Goods Income, Saving, and Investment Goods Are Valued Unit by Unit Pulling It All Together: What Should Crusoe Do With Himself?

Part II: Capitalism: The Market Economy

5. The Institution of Private Property

Society Requires Rules Capitalism: This Is Private Property The Market Economy and Free Enterprise

6. Direct Exchange and Barter Prices

Why Do People Trade With Each Other? Direct Exchange / Barter Prices How Prices Are Formed in Barter

7. Indirect Exchange and the Appearance of Money

The Limitations of Direct Exchange The Advantages of Indirect Exchange The Advantages of Money Who Invented Money?

8. The Division of Labor and Specialization

The Division of Labor and Specialization Why Specialization Makes Labor More Productive Enriching Everyone By Focusing on Comparative Advantage

9. Entrepreneurship and Competition

Entrepreneurship Competition Protects Customers Competition Protects Workers

10. Income, Saving, and Investment

Income, Saving, and Investment Investment Increases Future Income How Saving and Investment Increase An Economy's Future Output

11. Supply and Demand

Supply and Demand: The Purpose Demand: Its Definition and Its Law Supply: Its Definition and Its Law Using Supply and Demand to Explain the Market Price Using Supply and Demand to Understand Price Changes

12. Interest, Credit, and Debt

Interest: It's About Time Savings, Investment, and Economic Growth Common Credit Transactions The Pros and Cons of Debt

13. Profit and Loss Accounting

Profit and Loss Guide Entrepreneurs Interest Versus Profit The Social Function of Profit and Loss Accounting The Limits of Profit and Loss Accounting

14. The Stock Market

The Stock Market Why Issue Stock? (Debt versus Equity) The Social Function of Stock Speculation

Part III: Socialism: The Command Economy

15. The Failures of Socialism--Theory

The Vision of Pure Socialism Socialism's Incentive Problem Socialism's Calculation Problem

16. The Failures of Socialism--History

Economic Theory and History Communism vs. Fascism Socialism's Body Count

Part IV: Interventionism: The Mixed Economy

17. Price Controls

The Vision of Interventionism Price Ceilings Price Floors

18. Sales and Income Taxes

Government Spending How Government Finances Its Spending Sales Taxes Income Taxes

19. Tariffs and Quotas

Mercantilism The General Case for Free Trade Tariffs Import Quotas

20. The Economics of Drug Prohibition

Drug Prohibition Drug Prohibition Corrupts Government Officials Drug Prohibition Fosters Violence Drug Prohibition Reduces Product Safety Money Inflation vs. Price Inflation

21. Inflation

How Governments Make Prices Rise The Danger of Government Price Inflation

22. Government Debt

Government Deficits and Debt Government Debt and Inflation Government Debt and Future Generations

23. The Business Cycle

The Business Cycle How Governments Cause the Business Cycle The Inevitable Bust Following an Artificial Boom The Causes of Mass Unemployment

Glossary Notes

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