ParkinMacroIM01Word格式文档下载.docx
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ParkinMacroIM01Word格式文档下载.docx
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Outline
I.DefinitionofEconomics
A.Economicquestionsarisebecausewefacescarcity—weallwantmorethanwecanget.
1.Becauseweareunabletosatisfyallofourwants,wemustmakechoices.
2.Incentivesaretherewardsthatencourageus,orthepenaltiesthatdiscourageus,fromtakinganaction.Theincentivesthatwefacewillinfluencethechoicesthatwemakewhendealingwithscarcity.
B.Economicsisthesocialsciencethatstudiesthechoicesthatindividuals,businesses,governments,andsocietiesmakeastheycopewithscarcityandtheincentivesthatinfluenceandreconcilethesechoices.Itcanbedividedintotwoareasofstudy:
1.Microeconomicsisthestudyofthechoicesindividualsandbusinessesmake,thewaythosechoicesinteractinthemarkets,andtheinfluenceofgovernments.
2.Macroeconomicsisthestudyoftheperformanceofthenationaleconomyandtheglobaleconomy.
II.TwoBigEconomicsQuestions
A.Thefirstbigquestionis“Howdochoicesendupdeterminingwhat,howandforwhomaregoodsandservicesproduced?
1.Whatgoodsandservicesareproducedinoureconomy?
a)Goodsandservicesaretheobjectsthatpeoplevalueandproducetosatisfyhumanwants.
b)Figure1.1showsthetrendsinwhattheU.S.economyhasproducedoverthepast60years.Itshowsthedeclineofagriculture,mining,construction,andmanufacturinggoods,andtheexpansionofservices.
2.Howaregoodsandservicesproduced?
a)Factorsofproductionaretheproductiveresourcesusedtoproducegoodsandservices.Theseincludeland(naturalresources),labor(theworktimeandworkeffortofpeople),capital(tools,instruments,andmachinesthatareusedtoproducegoodsandservices),andentrepreneurship(thehumanresourcethatorganizesland,labor,andcapital).
b)Thequalityoflabordependsonhumancapital,whichistheknowledgeandskillthatpeopleobtainfromeducation,workexperience,andon-the-jobtraining.Figure1.2showshowthelevelofhumancapital(measuredbyeducationalattainment)intheUnitedStateshasincreasedoverthepastcentury.
3.Forwhomaregoodsandservicesproduced?
a)Whogetstoconsumethegoodsandservicesthatareproduceddependsontheincomesthatpeopleearn.
b)Ownersofthefactorsofproductionearnincome,whichisamonetaryreturnforusingtheresourcesforproduction:
Landearnsrent,laborearnswages,capitalearnsinterest,andentrepreneurshipearnsprofit.
c)IntheUnitedStates,laborearnsthelargestshareofallincome(70percent),butthisincomeisnotdistributedequallyacrossthepopulation.
B.Thesecondbigquestionis“Whenisthepursuitofself-interestalsointhesocialinterest?
”
1.Peoplemakechoicesintheirownself-interest—theymakechoicestheythinkarebestfortheirownwell-being.
a)Theincentivessurroundinganindividual’schoiceamongstavailablealternativesinfluencethetradeoffsinvolvedinmakingthatchoice.
b)Thechoicemadebyoneindividualchangestheincentivessurroundingthetradeoffsfacingotherindividuals,whichinfluencestheirchoices.
c)Inthisway,manyself-interestedindividualsmakingchoicesinsocietywillbringaboutchangetotheincentivesurroundingalldecisionstobemadebyindividualsintheeconomy.
2.Whenpeoplemakeself-interestedchoicesthatarethebestforsociety,theymakechoicesthatareconsideredinthesocialinterest.
a)In1776AdamSmithpublishedTheWealthofNationsdescribinghowamarketbasedsystemcantheoreticallymotivateself-interestedindividualstomakechoicesthatpromotethesocialinterest.
b)Economiststrytoidentifythosecharacteristicsofamarketsystemthatsuccessfullypromoteself-interestedindividualstomakechoicesthatcoincidewiththesocialinterest.
3.Wecanexamineanumberofcurrenteventstodeterminewhetherself-interestedindividualsmadechoicesinthesocialinterest:
a)Privatization:
ThefallofsocialismandtheriseofcapitalisminEurope
b)Globalization:
Thelocalimpactofgrowinginternationaltrade
c)The“New”Economy:
Workersadjustingtochangingtechnologies
d)Theeconomicresponseto9-11:
Terrorchangesvacationhabits
e)Corporatescandals:
Preventingstealingbycorporateofficialsthroughlying
f)HIV/AIDs:
Poorestcountrieshithardestbutlackmedicines
g)Disappearingtropicalrainforests:
Lackofpropertyrightscreateswaste
h)Watershortages:
Consumersfailtopaytheopportunitycostofconsumption
i)Unemployment:
Persistenceinminorityteenageunemployment
j)DeficitsandDebt:
Havingfuturegenerationspayfortoday’sservices
III.TheEconomicWayofThinking
A.Becauseweallfacescarcity,weallmustmakechoicesbetweenavailablealternatives—whichcreatesatradeoff.
1.Atradeoffisanexchange—givinguponethingtogetsomethingelse.
2.“GunsversusButter”isaclassictradeoffthateverycountryfaceswhendecidinghowmuchofitsfactorsofproductionshouldgotowardsproducingnationalsecurityversusgoodsandserviceslikefoodandshelter.
B.What,How,andForWhomTradeoffs
1.“What?
”Tradeoffsarisewhenpeoplechoosehowtospendtheirincomes,whengovernmentschoosehowtospendtheirtaxrevenues,andwhenbusinesseschoosewhattoproducewiththeirfactorsofproduction.
2.“How?
”Tradeoffsarisewhenbusinessesandgovernmentschooseamongalternativeproductiontechnologies.Forexample:
businessesmightswitchtousingroboticsratherthanlaborinassemblylines,therebyeffectivelytradingofflaborforcapital.
3.“ForWhom?
”Tradeoffsarisewhenchoiceschangethedistributionofgoodsandservicesproducedacrossindividuals.Governmentredistributionofincomefromtherichtothepoorchangestheincentivesfacingownersofproductiveresources,creatingthebigtradeoff:
thetradeoffbetweenefficiencyandequity.
C.Theresultsarisingfromallthechoicesmadeinsocietywillinfluencetheincentivessurroundingthefuturechoicesbyotherpeople,businesses,andgovernments.Forexample:
1.Consumers’decisionstoconsumelessandsavemoreincreasesthefundsthatareavailableforbusinessestoborrowandinvest,increasingfutureoutput.
2.Workers’decisiontodecreaseleisuretimetoacquirehumancapitalincreasestheirincomeaswellasgovernmentincometaxrevenues,increasinghowmuchpublicservicesthegovernmentchoosestooffer.
3.Businesses’decisionstoincreaseresearchanddevelopmentforinnovativeproductsratherthantoincreasecurrentproductionimprovesinvestor’sexpectations,increasingthelevelofincomepeopleinvest(save).
D.Thinkingaboutachoiceasatradeoffemphasizeshowcostisanopportunityforgone.
1.Opportunitycostisthehighest-valuedalternativethatwegiveuptogetsomething.
2.Theopportunitycostofattendingcollegeincludesnotonlythemoneycostofbooks,tuitionand(perhaps)roomandboard,butalsothemoneyincomeforgonefromnotbeingabletoworkfulltime,aswellastheleisuretimelostfromstudyingnightsandweekends.
E.Peoplemakechoicesatthemargin.Makingchoicesatthemarginmeanspeoplelookattradeoffsthatarisefrommakingsmallchangesinanactivity.
1.Thebenefitthatarisesfromanincreaseinanactivityisitsmarginalbenefit.
2.Theopportunitycostofanincreaseinanactivityisitsmarginalcost.
3.Marginalbenefitandmarginalcostactasincentivesinfluencingpeople’schoices.
a)Ifthemarginalbenefitofanalternativeexceedsthemarginalcost,peoplehaveanincentivetodomoreofthatactivity.
b)Ifthemarginalcostofanalternativeexceedsthemarginalbenefit,peoplehaveanincentivetodolessofthatactivity.
F.Achangeintheincentivespeoplefacechangesthechoicestheymake.
1.Economistscanpredicthowpeoplewillchoosebasedonunderstandingtheincentivestheyface.
1.Whentheincentivesfacingtheindividualareinthesocialinterest,theirchoiceswillpromotethesocialinterest.
2.Whenpeoplemakechoicesthatarenotinthesocialinterest,theydosobecausetheyfacethewrongincentives.
IV.Economics:
ASocialScience
A.Economistsdistinguishbetweentwotypesofstatementsabouttheworld:
1.Positivestatementsmakeaclaimabout“whatis”andcanbetestedtodeterminewhethertheyarevalid.
2.Normativestatementsmakeaclaimof“whatoughttobe.”Suchastatementisanopinionandcannotbetestedforvalidity.
B.Economistsbuildmodels
1.Economistsobserveandmeasureeconomicactivity,buildeconomicmodels,andtesttheirmodels.
2.Aneconomicmodelisadescriptionofsomeaspectoftheeconomicworldthatincludesonlythosefeaturesoftheworldthatareneededforthepurposeathand.
C.Economiststesttheirmodels
1.Aneconomictheoryisageneralizationthatsummarizeswhatwethinkweunderstandabouttheeconomicchoicesthatpeoplemakeandtheperformanceofindustriesandentireeconomies.
D.ObstaclesandPitfallsinEconomics
1.CeterisParibusmeans“otherthingsbeingequal.”Economiststrytoisolatecause
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