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| macroeconomics private and public choice: Economics Private and Public Choice James D Gwartney, 2013-09-11 Economics: Private and Public Choice is an aid for students and general readers to develop a sound economic reasoning. The book discusses several ways to economic thinking including six guideposts as follows: (i) scarce goods have costs; (ii) Decision-makers economize in their choices; (iii) Incentives are important; (iv) Decision-makers are dependent on information scarcity; (v) Economic actions can have secondary effects; and (vi) Economic thinking is scientific. The book explains the Keynesian view of money, employment, and inflation, as well as the monetarist view on the proper macropolicy, business cycle, and inflation. The book also discusses consumer decision making, the elasticity of demand, and how income influences demand. The text analyzes costs and producer decisions, the firm under pure competition, and how a competitive model functions. The book explains monopoly, and also considers the high barriers that prevent entry such as legal barriers, economies of scale, and control over important resources. The author also presents comparative economic systems such as capitalism and socialism. This book can prove useful for students and professors in economics, as well as general readers whose works are related to public service and planning in the area of economic development. |
| macroeconomics private and public choice: Law and Public Choice Daniel A. Farber, Philip P. Frickey, 2010-07-15 In Law and Public Choice, Daniel Farber and Philip Frickey present a remarkably rich and accessible introduction to the driving principles of public choice. In this, the first systematic look at the implications of social choice for legal doctrine, Farber and Frickey carefully review both the empirical and theoretical literature about interest group influence and provide a nonmathematical introduction to formal models of legislative action. Ideal for course use, this volume offers a balanced and perceptive analysis and critique of an approach which, within limits, can illuminate the dynamics of government decision-making. “Law and Public Choice is a most valuable contribution to the burgeoning literature. It should be of great interest to lawyers, political scientists, and all others interested in issues at the intersection of government and law.”—Cass R. Sunstein, University of Chicago Law School |
| macroeconomics private and public choice: Policy and Choice William J. Congdon, Jeffrey R. Kling, Sendhil Mullainathan, 2011 Argues that public finance--the study of the government's role in economics--should incorporate principles from behavior economics and other branches of psychology. |
| macroeconomics private and public choice: Essentials of Economics James D Gwartney, Richard Stroup, J. R. Clark, 2014-05-10 Essentials of Economics, Second Edition is a text intended for a one-term course in economics for college students. It attempts to teach students of the analytic way of studying economics and provides the basics of the concept of political economy and uses this knowledge to explain the choice process in the public sector. The book presents a comprehensive survey of economics. It contains chapters that highlight the importance of the microincentive structure of macroeconomic markets; identifies the determinants of supply, as well as the impact of public policy on those determinants; and presents both adaptive and rational expectations theory. The linkage between production theory and the cost curves faced by the firm; examination of the market structure; and the role of regulation and deregulation are covered as well. Economics students will find the book very useful. |
| macroeconomics private and public choice: Macroeconomics James D. Gwartney, Richard Stroup, A. H. Studenmund, 1980 |
| macroeconomics private and public choice: Economics: Private and Public Choice James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson, 2016-12-05 Readers learn how to apply economic concepts to the world around them as ECONOMICS: PRIVATE AND PUBLIC CHOICE, 16E reflects current economic conditions. This highly readable, up-to-date book analyzes and explains measures of economic activity in today’s market. It also highlights the recession of 2008-2009 and takes an in-depth look at the lives and contributions of notable economists. This engaging book dispels common economic myths. The book also uses the invisible hand metaphor to explain economic theory, demonstrating how it works to stimulate the economy. Important Notice: Media content referenced within the product description or the product text may not be available in the ebook version. |
| macroeconomics private and public choice: Political Economy in Macroeconomics Allan Drazen, 2002-01-15 Allan Drazen focuses on the implications of political and economic outcomes rather than polictical and public choice per se limiting his coverage to macroeconomics. |
| macroeconomics private and public choice: Managerial Economics and Business Strategy Michael Baye, 2002-06 Blends tools from intermediate microeconomics, game theory, and industrial organization for a managerial economics text. This fourth edition offers a balanced coverage of traditional and modern topics. |
| macroeconomics private and public choice: The American Political Economy Douglas A. HIBBS, Douglas A Hibbs, 2009-06-30 Here is the most comprehensive and authoritative work to date on relationships between the economy and politics in the years from Eisenhower through Reagan. Extending and deepening his earlier work, which had major impact in both political science and economics, Douglas Hibbs traces the patterns in and sources of postwar growth, unemployment, and inflation. He identifies which groups win and lose from inflations and recessions. He also shows how voters' perceptions and reactions to economic events affect the electoral fortunes of political parties and presidents. Hibbs's analyses demonstrate that political officials in a democratic society ignore the economic interests and demands of their constituents at their peril, because episodes of prosperity and austerity frequently have critical influence on voters' behavior at the polls. The consequences of Eisenhower's last recession, of Ford's unwillingness to stimulate the economy, of Carter's stalled recovery were electorally fatal, whereas Johnson's, Nixon's, and Reagan's successes in presiding over rising employment and real incomes helped win elections. The book develops a major theory of macroeconomic policy action that explains why priority is given to growth, unemployment, inflation, and income distribution shifts with changes in partisan control of the White House. The analysis shows how such policy priorities conform to the underlying economic interests and preferences of the governing party's core political supporters. Throughout the study Hibbs is careful to take account of domestic institutional arrangements and international economic events that constrain domestic policy effectiveness and influence domestic economic outcomes. Hibbs's interdisciplinary approach yields more rigorous and more persuasive characterizations of the American political economy than either purely economic, apolitical analyses or purely partisan, politicized accounts. His book provides a useful benchmark for the advocacy of new policies for the 1990s--a handy volume for politicians and their staffs, as well as for students and teachers of politics and economics. |
| macroeconomics private and public choice: Theory of Public Choice , 1984 |
| macroeconomics private and public choice: Public Debt Giuseppe Eusepi, Richard E. Wagner, 2017-06-30 Over the past decades, economists have witnessed with growing uneasiness their failure to explain the ballooning of public debt in most countries. This book provides an alternative orientation that explains why concepts of public debt that are relevant for authoritarian regimes are not relevant for democratic regimes. Using methodological individualism and micro-economics, this book overcomes flaws inherent in the standard macro approach, according to which governments manipulate public debt to promote systemic stability. This unique analysis is grounded in the writings of Antonio de Viti de Marco, injecting current analytical contributions and formulations into the framework to offer a forthright insight into public debt and political economy. |
| macroeconomics private and public choice: The Oxford Handbook of Public Choice Roger D. Congleton, Stefan Voigt, Bernard Grofman, 2019 The two volume Oxford Handbook of Public Choice provides a comprehensive overview of the Public Choice literature. Volume 2 covers constitutional political economy and applications of public-choice models to various policy areas. Part V has chapters on the architecture of governance, the theory of dictatorship, and the effects of the institutions of governance. Part VI discusses the politics of public policy, international public choice, public choice and history, and measurement issues. The volume touches on topics such as taxation, redistribution, federalism, and monetary policy. It ends with discussions of various methodological approaches, including extensions of the core models to account for altruism and trust, and overviews of measurement and estimation issues, and the use of experiments in public-choice research. |
| macroeconomics private and public choice: Beyond Mechanical Markets Roman Frydman, Michael D. Goldberg, 2011-02-07 A powerful challenge to contemporary economics and a new agenda for global finance In the wake of the global financial crisis that began in 2007, faith in the rationality of markets has lost ground to a new faith in their irrationality. The problem, Roman Frydman and Michael Goldberg argue, is that both the rational and behavioral theories of the market rest on the same fatal assumption—that markets act mechanically and economic change is fully predictable. In Beyond Mechanical Markets, Frydman and Goldberg show how the failure to abandon this assumption hinders our understanding of how markets work, why price swings help allocate capital to worthy companies, and what role government can and can't play. The financial crisis, Frydman and Goldberg argue, was made more likely, if not inevitable, by contemporary economic theory, yet its core tenets remain unchanged today. In response, the authors show how imperfect knowledge economics, an approach they pioneered, provides a better understanding of markets and the financial crisis. Frydman and Goldberg deliver a withering critique of the widely accepted view that the boom in equity prices that ended in 2007 was a bubble fueled by herd psychology. They argue, instead, that price swings are driven by individuals' ever-imperfect interpretations of the significance of economic fundamentals for future prices and risk. Because swings are at the heart of a dynamic economy, reforms should aim only to curb their excesses. Showing why we are being dangerously led astray by thinking of markets as predictably rational or irrational, Beyond Mechanical Markets presents a powerful challenge to conventional economic wisdom that we can't afford to ignore. |
| macroeconomics private and public choice: Development Macroeconomics Pierre-Richard Agénor, Peter Montiel, Peter J. Montiel, 1999 Addressing an audience of policy-oriented economists and theorists, graduate students, and advanced undergraduates, Pierre-Richard Agenor and Peter Montiel review and assess the burgeoning research done in the past two decades, paying special attention in this new edition to issues that have recently gained in importance among developing countries, such as the interaction between macroeconomic policies and long-term growth, the political economy of macroeconomic reform, the management of capital inflows, and currency crises.--BOOK JACKET. |
| macroeconomics private and public choice: Principles of Economics Alfred Marshall, 1890 |
| macroeconomics private and public choice: Economics in One Lesson Henry Hazlitt, 2010-08-11 Over a million copies sold! A fundamental influence on modern libertarianism, this classic guide to the basics of economic theory defends capitalism and the free market from economic myths that persist to this day. “A magnificent job of theoretical exposition.”—Ayn Rand Considered among the leading economic thinkers of the “Austrian School,” which includes Carl Menger, Ludwig von Mises, Friedrich (F.A.) Hayek, and others, Henry Hazlitt wrote Economics in One Lesson in 1946. Concise and instructive, it is also deceptively prescient and far-reaching in its efforts to dissemble economic fallacies that are so prevalent they have almost become a new orthodoxy. Economic commentators across the political spectrum have credited Hazlitt with foreseeing the collapse of the global economy which occurred more than fifty years after the initial publication of Economics in One Lesson. Hazlitt’s focus on non-governmental solutions, strong—and strongly reasoned—anti-deficit position, and general emphasis on free markets, economic liberty of individuals, and the dangers of government intervention make Economics in One Lesson every bit as relevant and valuable today as it has been since publication. |
| macroeconomics private and public choice: The Oxford Handbook of Political Economy Barry R. Weingast, Donald Wittman, 2008-06-19 Over its lifetime, 'political economy' has had different meanings. This handbook views political economy as a synthesis of the various strands of social science, treating it as the methodology of economics applied to the analysis of political behaviour and institutions. |
| macroeconomics private and public choice: The Economy Today Bradley R. Schiller, 2003-01-01 |
| macroeconomics private and public choice: Macroeconomics James D. Gwartney, David Macpherson, Russell S. Sobel, Richard L. Stroup, 2003 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 Macroeconomics: Private and Public Choice one of South Western Thomson Learning'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. |
| macroeconomics private and public choice: Macroeconomic Dimensions of Public-Private Partnerships Mr.Edward F. Buffie, Michele Andreolli, Bin Grace Li, Luis-Felipe Zanna, 2016-03-24 The voluminous literature comparing public-private partnerships (P3s) and own-investment (OI) by the public sector is dominated by contributions from microeconomic theory. This paper gives macroeconomics a voice in the debate by investigating the repercussions of P3 vs. OI in a dynamic general equilibrium model featuring private capital accumulation and involuntary unemployment with efficiency wages. Typically P3s cost more but produce higher-quality infrastructure and boast a better on-time completion record than OI; consequently, they are comparatively more effective in reducing underinvestment in private capital, underinvestment in infrastructure, unemployment and poverty. The asymmetric impact on macro externalities raises the social return in the P3 2 - 9 percentage points relative to the social return to OI, depending on whether the externalities operate singly or in combination and on whether P3 enjoys an advantage in speed of construction. |
| macroeconomics private and public choice: Macroeconomics Richard L. Stroup, James D. Gwartney, Russell S. Sobel, David Macpherson, 2005 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 MACROECONOMICS: 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. South-Western is a part of Cengage Learning. |
| macroeconomics private and public choice: The Theory of Externalities, Public Goods, and Club Goods Richard Cornes, Todd Sandler, 1996-06-28 This book presents an updated and expanded discussion of theoretical treatment of externalities (i.e. uncompensated interdependencies), public goods, and club goods. |
| macroeconomics private and public choice: Money and Government Robert Skidelsky, 2018-11-13 A critical examination of economics' past and future, and how it needs to change, by one of the most eminent political economists of our time The dominant view in economics is that money and government should play only minor roles in economic life. Economic outcomes, it is claimed, are best left to the invisible hand of the market. Yet these claims remain staunchly unsettled. The view taken in this important new book is that the omnipresence of uncertainty makes money and government essential features of any market economy. Since Adam Smith, classical economics has espoused non-intervention in markets. The Great Depression brought Keynesian economics to the fore; but stagflation in the 1970s brought a return to small-state orthodoxy. The 2008 global financial crash should have brought a reevaluation of that stance; instead the response has been punishing austerity and anemic recovery. This book aims to reintroduce Keynes’s central insights to a new generation of economists, and embolden them to return money and government to the starring roles in the economic drama that they deserve. |
| macroeconomics private and public choice: The Entrepreneurial State Mariana Mazzucato, 2015-10-06 Companies like Google and Apple heralded the information revolution, and opened the doors for Silicon Valley to grow into an engine of dazzling technological development, that today champions the free market that engendered it against the supposedly stifling encroachment of government regulation. But is that really the case? In this sharp and controversial expose, The Entrepreneurial State, Mariana Mazzucato debunks the pervasive myth that the state is a laggard, bureaucratic apparatus at odds with a dynamic private sector. Instead she reveals in case study after case study that, in fact, the opposite is true: the state is our boldest and most valuable innovator. The technology revolution would never have happened without support from the US Government. The breakthroughs--GPS, touch-screen displays, the Internet, and voice-activated AI--that enabled legendary Apple products to be smart successes were, in fact, all developed with support from the state. Mazzucato reveals that many successful entrepreneurs like Steve Jobs integrated state-funded technological developments into their products and then reaped the rewards themselves. The algorithm behind Google’s search engine was initially sponsored by NASA. And 75% of NMEs--new, often-ground-breaking drugs not derivative of existing substances--trace their research to National Institutes of Health (NIH) labs. The American government, it turns out, has been enormously successfully at stimulating scientific and technological advancement. But by 2009, just some months following the Great Recession--the US government, constrained by austerity measures, started disinvesting from its holdings in research fields like health, energy, electronics. The trend is likely to continue, and the repercussions of these policies could wreak havoc on our technology and science sectors. But Mazzucato remains optimistic. If managed correctly, state-sponsored development of Green technology, for instance, could be as efficacious as suburbanization & post-war reconstruction in the mid-twentieth century, and unleash a wide-spread golden age in the global economy. The limitations of natural resources and the threat of global warming could become the most powerful driver of growth, employment, and innovation within just one generation--but to be successful, the Green Revolution will depend on the initiatives of proactive governments. By not admitting the State’s role in economic and technological progress, we are socializing only the risks of investing in innovation, while privatizing the rewards in the hands of only a few businesses. This, Mazzucato argues, hurts both future of innovation and equity in modern-day capitalism. For policy-makers, Silicon Valley start-up founders, venture-capitalists, and economists alike, The Entrepreneurial State stirs up much needed debate and offers up a brilliant corrective to spurious beliefs: to thrive, American businesses have always and will need to depend on the support of our country’s most audacious entrepreneur, the state. |
| macroeconomics private and public choice: "Are Economists Basically Immoral?" Paul T. Heyne, 2008 A well-trained theologian, a gifted and dedicated teacher of economics for over forty years, and the author of a highly regarded and widely used textbook, The Economic Way of Thinking, Paul Heyne influenced generations of students of economics. Many of the essays in this volume are published here for the first time. The editors, Geoffrey Brennan and A M C Waterman, have divided Heyne's essays thematically to cover three general areas: the ethical foundations of free markets, the connection between those ethical foundations and Christian thought, and the teaching of economics -- both method and substance. Heyne's writings are unique in that he takes the critics of the free market order seriously and addresses their arguments directly, showing how they are defective in their understanding of economics and in their ethical and theological underpinnings. The engaging style of Heyne's essays makes them accessible to students as well as to scholars. Even in discussions of topics well beyond the fundamental level, Heyne still succeeds in providing students with an appreciation of basic economic principles. |
| macroeconomics private and public choice: Macroeconomics James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson, 2021 Learn to apply macroeconomic concepts to the real world as MACROECONOMICS: PRIVATE AND PUBLIC CHOICE, 17E highlights current economic conditions. Reader-friendly coverage analyzes and explains the latest economic activity, the recession of 2008-2009 and the economy's shutdown from the COVID-19 pandemic of 2020. This edition dispels common economic myths with insights that clarify today's economic issues and controversies. You examine the importance of entrepreneurship while an emphasis on public choice provides a unique economic perspective on the political process and why government actions sometimes fail to deliver desired outcomes. You also learn how to apply economic concepts to topics, such as student loans, and how events, such as the Great Suppression of 2020, affect opportunities. You study the importance of international trade as a source of economic growth and higher living standards. Most importantly, you learn how to use economics to make better decisions in your career, stronger investments and effectively handle risk in your personal life. |
| macroeconomics private and public choice: Public Finance and Public Choice John G. Cullis, Philip R. Jones, 1998 Are the way in which governments tax and spend efficient, and are they equitable? These questions are central to public sector economics and this second edition of Public Finance and Public Choice illustrates the controversies which surround them. This new edition continues to focus on both the social optimality and public choice approaches but also includes alternative perspectives. This successful text has been extensively rewritten, offering further microeconomic insight and additional examples of the application of theory. New sections include: The private provision of public goods Privatization The quasi market The EC budget QALYs (Quality Adjusted Life Years) Public debt The impact of the public sector on economic growth. This clearly written, rigorous text offers a complete course in the economics of the public sector. It will be an indispensable text for students studying public economics, and also for students taking technical public policy or public administration courses. |
| macroeconomics private and public choice: Modern Principles of Economics (Loose Leaf) Tyler Cowen, 2011-12-05 In a world full of economics blogs, Cowen and Tabarrok's Marginal Revolution (marginalrevolution.com) ranks is one of the Web's most popular and most respected. The same qualities that make the blog so distinctive are also behind the success Modern Principles of Economics--engaging authors, unbiased presentations of essential ideas, and a knack for revealing the invisible hand of economics at work. The thoroughly updated new edition of Modern Principles again draws on a wealth of captivating applications to show readers how economics shed light on business, politics, world affairs, and everyday life. |
| macroeconomics private and public choice: Macroeconomics James D. Gwartney, 1997 |
| macroeconomics private and public choice: Study Guide for Modern Principles of Macroeconomics Tyler Cowen, Alexander Tabarrok, 2012-02-16 This thoroughly updated new edition of this title draws on a wealth of captivating applications to show readers how economics shed light on business, politics, world affairs, and everyday life. |
| macroeconomics private and public choice: Economics James D. Gwartney, Richard Stroup, A. H. Studenmund, 1982 |
| macroeconomics private and public choice: Forestlands Robert T. Deacon, M. Bruce Johnson, 1985 |
| macroeconomics private and public choice: The Economy The Core Team, 2022-07 A complete introduction to economics and the economy taught in undergraduate economics and masters courses in public policy. CORE's approach to teaching economics is student-centred and motivated by real-world problems and real-world data. The only introductory economics text to equip students to address today's pressing problems by mastering the conceptual and quantitative tools of contemporary economics. THE ECONOMY: is a new approach that integrates recent developments in economics including contract theory, strategic interaction, behavioural economics, and financial instability; challenges students to address inequality, climate change, economic instability, wealth creation and innovation, and other problems; provides a unified treatment of micro- and macroeconomics; motivates all models and concepts by evidence and real-world applications. |
| macroeconomics private and public choice: The Economy Today BRADLEY. GEBHARDT SCHILLER (KAREN.), Bradley R. Schiller, Karen Gebhardt, 2018-04-09 |
| macroeconomics private and public choice: Microeconomics Thomas Carl Rustici, Carrie Milton, Nathanael Snow, 2009-09-01 This book provides the instructor with a comprehensive collection of supplemental essays to assign alongside normal textbook work. The readings are arranged according to the normal introduction of concepts in the principles of microeconomics curriculum. Each section includes simple essays which may excite the student's imagination and prompt them into the economic way of thinking, as well as more challenging articles for the advanced student wanting more. Each contribution has been carefully selected for its clarity, applicability, accessibility, and good use of theory. The careful reader will be prompted to: - Observe economics in action in their daily lives - Apply the lessons to personal decisions - Direct their analysis of public policy Carrie Milton and Nathanael Snow are graduate students in Economics at George Mason University. Dr. Thomas C. Rustici is the Freedom Professor of Economics at the Fund for American Studies located at Georgetown University and Assistant Professor of Economics and Undergraduate Coordinator for the Department of Economics at George Mason University. He has taught in eight colleges and universities around the world. In his 17 1/2 years of teaching, he has instructed over 30,000 student |
| macroeconomics private and public choice: Public Economics Peter Abelson, 2003 Public economics: principles and practice. |
| macroeconomics private and public choice: Macroeconomics Olivier Blanchard, Alessia Amighini, Francesco Giavazzi, 2021-04-23 Develop a unified view of the latest global macroeconomic events, connecting the short, medium, and long-run markets. Macroeconomics: A European Perspective, 4th edition by Blanchard, Amighini & Giavazzi, offers the European perspective based on the best-selling US text by leading author Olivier Blanchard, presenting an integrated, global view of macroeconomics, and showing the connections between goods markets, financial markets, and labour markets worldwide. An essential textbook for students studying Macroeconomics at an intermediate level, this is a book rooted in the real world: from the major economic crisis of the late 2000s to the profound economic effects caused by the COVID-19 pandemic, from monetary policy in the US to Brexit, the problems of the Euro area, and growth in China, this edition will help you make sense not only of current macroeconomic events but also those that may unfold in the future. Key features include: A new chapter 'The COVID economic crisis' examines the economic impact of the COVID-19 pandemic. A new appendix, 'What do macroeconomists do?', explores career options for those thinking about taking their Macroeconomics study further. Organised into two distinct parts: a core section focuses on short, medium, and long-run markets, and two extensions offer more in-depth coverage of the issues. Margin notes help re-create a student-teacher dialogue, further explaining more challenging concepts. Focus boxes discuss real macroeconomic events and facts from Europe, the United States, and around the world. With a series of features and digital resources to help you cement your learning, this is a must-have textbook on the European perspective reflecting all major contemporary changes in the field. Also available with MyLab® Economics MyLabis the teaching and learning platform that empowers you to reach every student. By combining trusted author content with digital tools and a flexible platform, MyLabEconomics personalises the learning experience and improves results for each student. If you would like to purchase both the physical text and MyLab® Economics, search for: 9781292360966 Macroeconomics: A European Perspective Paperback, 4th Edition plus MyLab Economics with Pearson eText. Package consists of: 9781292360898 Macroeconomics: A European Perspective Paperback, 4th Edition 9781292360935 Macroeconomics: A European Perspective Paperback, 4th Edition MyLab® Economics 9781292360973 Macroeconomics: A European Perspective Paperback, 4th Edition Pearson eText MyLab® Economics is not included. Students, if MyLab is a recommended/mandatory component of the course, please ask your instructor for the correct ISBN. MyLab should only be purchased when required by an instructor. Instructors, contact your Pearson representative for more information. |
| macroeconomics private and public choice: Principles of Economics John B. Taylor, Akila Weerapana, 2024 |
| macroeconomics private and public choice: Introduction to Business Lawrence J. Gitman, Carl Mcdaniel, Amit Shah, 2023-05-19 |
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