BASIC
ECONOMICS |
| Chapter 1: | What is Economics? |
PART I: PRICES |
| Chapter 2: | The Role of Prices | |
A. Prices versus non-price Allocation |
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| 1. rationing by prices 2. “real” value |
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| Chapter 3: | Price Controls | |
| A. Price
ceilings and shortages |
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| 1. demand under rent control 2. supply under rent control 3. the politics of rent control 4. scarcity versus shortage 5. black markets |
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| B. Price floors and surpluses C. Quality deterioration D. The politics of price controls |
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| Chapter 4: | An Overview | |
| A. Cause and effect | ||
| 1. systemic causation 2. complexity and causation 3. individual versus systemic rationality |
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| B. Incentives versus goals | ||
| C. Scarcity and competition | ||
| 1. economic institutions 2. incremental substitution 3. subsidies and taxes 2. the meaning of “costs” |
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| D. Politics versus economics | ||
| PART II: INDUSTRY
AND COMMERCE |
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| Chapter 5: | The Rise and Fall of Businesses | |
| A. Adjusting to changes | ||
| 1. social changes 2. economic changes 3. technological changes |
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| B. The Coordination of Knowledge | ||
| Chapter 6: | The Role of Profits— and Losses | |
| A. Profits | ||
| 1. profits as incentives 2. profit rates |
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| B. Costs of production | ||
| 1. economies of scale 2. diseconomies of scale 3. costs and capacity 4. “passing on” costs and savings |
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| C. Specialization and distribution | ||
| 1. middle men 2. socialist economies |
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| Chapter 7: | Big Business and Government | |
| A. Monopolies and cartels | ||
| 1. monopoly prices vs. competitive prices 2. governmental and market responses |
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| B. Regulatory commissions C. Anti-Trust laws |
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| Chapter 8: | An Overview | |
| A. Changing conditions B. Leadership C. Knowledge and decisions |
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| 1. agents 2. franchises |
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| D. Market versus non-market economies E. Winners and losers |
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PART III: WORK
AND PAY |
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| Chapter 9: | Productivity and Pay | |
| A. Productivity B. Pay differences |
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| 1. income “distribution” 2. differences in skills 3. job discrimination |
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| C. Capital, labor, and efficiency | ||
| Chapter 10: | Controlled Labor Markets | |
| A. Job security B. Minimum wage laws |
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| 1. unemployment 2. informal minimum wages 3. differential impact |
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| C. Collective bargaining | ||
| 1. employer organizations 2. labor unions |
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| D. Working conditions | ||
| 1. child labor laws 2. hours of work 3. third world countries |
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| Chapter 11: | An Overview | |
| A. Allocation and inequalities | ||
| 1. occupational pay differentials 2. promotions ladders 3. “income distribution” 4. employment and unemployment |
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| B. The mystique of “labor” | ||
PART IV: TIME AND
RISK |
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| Chapter 12: | Investment and Speculation | |
| A. Speculation C. Inventories D. Return on investment |
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| 1. “unearned income” 2. investment and allocation 3. prices and present values 4. natural resources |
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| Chapter 13: | Risks and Insurance | |
| A. Bonds B. Variable Returns versus Fixed Returns |
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| 1. stocks versus bonds 2. risk and time 3. risk and diversification 4. investment in human capital |
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| C. Insurance | ||
| 1. “moral hazard” and “adverse selection” 2. government regulation |
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| Chapter 14: | An Overview | |
| A. Financial institutions B. Speculation C. Time and money D. Economics adjustments |
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| 1. time and politics 2. time and foresight |
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PART V: THE
NATIONAL ECONOMY |
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| Chapter 15: | National Output | |
| A. The fallacy of composition B. Output and demand C. Measuring national output |
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| 1. the composition of output 2. comparisons over time 3. international comparisons 4. statistical trends |
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| Chapter 16: | Money and the Banking System | |
| A. The Role of Money | ||
| 1. inflation 2. deflation |
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| D. The banking system | ||
| 1. fractional reserve banking 2. requirements for a banking system |
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| Chapter 17: | Government Functions | |
| A. Law and order | ||
| 1. the framework of laws 2. property rights 3. social order |
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| B. External costs and benefits D. Incentives and constraints |
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| Chapter 18: | Government Finance | |
| A. Taxation | ||
| 1. the incidence of taxation 2. local taxation |
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| B. Government bonds C . Government expenditures |
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| 1. costs vs. expenditures 2. benefits vs. net benefits |
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| D. Government obligations | ||
| Chapter 19: | An Overview | |
| A. Zero-sum thinking B. The fallacy of composition C. The Role of government |
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PART VI: THE
INTERNATIONAL ECONOMY |
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| Chapter 20: | International Trade | |
| A. The basis for international trade | ||
| 1. absolute advantage 2. comparative advantage 3. economies of scale |
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| B. International trade restrictions | ||
| 1. the high-wage fallacy 2. “infant industries” 3. national defense 4. “dumping” 5. kinds of restrictions |
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| C. Changing conditions | ||
| Chapter 21: | International Transfers of Wealth | |
| A. International investments B. Other transfers |
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| 1. remittances 2. emigrants and immigrants 3. imperialism 4. foreign aid |
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| C. The International Monetary System D. Zero-sum thinking |
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| Chapter 22: | An Overview | |
| A. The role of trade B. The role of international investment |
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PART VII: SPECIAL
ECONOMIC ISSUES |
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| Chapter 23: | Myths About Markets | |
| A. Prices | ||
| 1. the role of prices 2. different prices for the “same” thing 3. “reasonable” or “affordable” prices 4. “predatory” pricing |
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| B. Brand names C. The role of profits |
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| 1. business and the market 2. non-profit organizations |
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| Chapter 24: | “Non-Economic” Values | |
| A. Markets and Values | ||
| 1. Moral behavior 2. Markets and greed 3. Exploitation 4. Fairness |
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| B. Saving Lives C. “Unmet Needs” |
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| Chapter 25: | Parting Thoughts | |