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The Economics Book (DK) - 9-10

This document provides a summary of key economic ideas from 1820-1929, post-war economics from 1945-1970, and contemporary economics from 1970 to the present. Some of the major topics covered include industrialization and economic revolutions from 1820-1929, depressions and unemployment, supply and demand, theories of value, monopolies, Marxist economics, collective bargaining, opportunity cost, and economies of scale. Post-war economics discusses international trade, development economics, economic growth theories, inflation, rational expectations, and market integration. Contemporary economics focuses on ideas like behavioral economics, tax incentives, market uncertainty, central banks, rational choice paradoxes, and entitlement theory.

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47 views2 pages

The Economics Book (DK) - 9-10

This document provides a summary of key economic ideas from 1820-1929, post-war economics from 1945-1970, and contemporary economics from 1970 to the present. Some of the major topics covered include industrialization and economic revolutions from 1820-1929, depressions and unemployment, supply and demand, theories of value, monopolies, Marxist economics, collective bargaining, opportunity cost, and economies of scale. Post-war economics discusses international trade, development economics, economic growth theories, inflation, rational expectations, and market integration. Contemporary economics focuses on ideas like behavioral economics, tax incentives, market uncertainty, central banks, rational choice paradoxes, and entitlement theory.

Uploaded by

manolocolombia
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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INDUSTRIAL AND WAR AND

ECONOMIC DEPRESSIONS
REVOULTIONS 1929–1945
1820–1929 154 Unemployment is not
a choice Depressions and
90 How much should I unemployment
produce, given the
competition? 126 Companies are price 162 Some people love risk,
Effects of limited competition takers not price makers others avoid it
The competitive market Risk and uncertainty
92 Phone calls cost
more without 130 Make one person better off 164 Government spending
competition without hurting the others boosts the economy by
Monopolies Efficiency and fairness more than what is spent
The Keynesian multiplier
98 Crowds breed collective 132 The bigger the factory,
insanity the lower the cost 166 Economies are embedded
Economic bubbles Economies of scale in culture
Economics and tradition
100 Let the ruling classes 133 The cost of going to the
tremble at a communist movies is the fun you’d 168 Managers go for perks,
revolution have had at an ice rink not their company’s profits
Marxist economics Opportunity cost Corporate governance

106 The value of a product 134 Workers must improve 170 The economy is a
comes from the effort their lot together predictable machine
needed to make it Collective bargaining Testing economic theories
The labor theory of value
136 People consume to 171 Economics is the science
108 Prices come from supply be noticed of scarce resources
and demand Conspicuous consumption Definitions of economics
Supply and demand
137 Make the polluter pay 172 We wish to preserve
114 You enjoy the last External costs a free society
chocolate less than Economic liberalism
the first 138 Protestantism has made
Utility and satisfaction us rich 178 Industrialization creates
Religion and the economy sustained growth
116 When the price goes up, The emergence of modern
some people buy more 140 The poor are unlucky, economies
Spending paradoxes not bad The poverty problem
180 Different prices to different
118 A system of free markets 142 Socialism is the abolition people Price discrimination
is stable of rational economy
Economic equilibrium Central planning

124 If you get a pay raise, 148 Capitalism destroys the


buy caviar not bread old and creates the new
Elasticity of demand Creative destruction
POST-WAR CONTEMPORARY
ECONOMICS ECONOMICS
1945–1970 1970–PRESENT
186 In the wake of war 262 It is possible to invest
and depression, nations without risk
must cooperate Financial engineering
International trade and
Bretton Woods 266 People are not
220 Policies to correct markets 100 percent rational
188 All poor countries need can make things worse Behavioral economics
is a big push The theory of the second best
Development economics 270 Tax cuts can increase
222 Make markets fair the tax take
194 People are influenced by The social market economy Taxation and
irrelevant alternatives economic incentives
Irrational decision making 224 Over time, all countries
will be rich 272 Prices tell you everything
196 Governments should do Economic growth theories Efficient markets
nothing but control the
money supply 226 Globalization is not 273 Over time, even the
Monetarist policy inevitable Market integration selfish cooperate with
others Competition
202 The more people at work, 232 Socialism leads to and cooperation
the higher their bills empty shops Shortages in
Inflation and unemployment planned economies 274 Most cars traded will
be lemons
204 People smooth 234 What does the other man Market uncertainty
consumption over their think I am going to do?
life spans Saving to spend Game theory 276 The government’s
promises are incredible
206 Institutions matter 242 Rich countries impoverish Independent central banks
Institutions in economics the poor Dependency theory

208 People will avoid work if 244 You can’t fool the people
they can Market information Rational expectations
and incentives
248 People don’t care
210 Theories about market about probability
efficiency require many when they choose
assumptions Paradoxes in decision making
Markets and social outcomes
250 Similar economies can
214 There is no perfect voting benefit from a single
system Social choice theory currency Exchange rates
and currencies
216 The aim is to maximize
happiness, not income 256 Famine can happen
The economics of in good harvests
happiness Entitlement theory

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