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Table Of Contents

The Scope and Boundaries of Economic Science
Why Study Economics?
How We Develop Economic Principles
Purposeful Action versus Mindless Behavior
The Social versus the Natural Sciences
How We Develop Basic Economics
Economic Concepts Implied By Action
Introduction
Individuals Have Preferences
Preferences Are Subjective
Different Individuals’ Preferences Can’t Be Combined
“Robinson Crusoe” Economics
Crusoe Creates Goods With His Mind Powers
Consumer Goods versus Producer Goods
Goods Are Valued Unit by Unit
The Institution of Private Property
Society Requires Rules
Capitalism: This Is Private Property
The Market Economy and Free Enterprise
• Why people trade with each other
Direct Exchange and Barter Prices
Why Do People Trade With Each Other?
Direct Exchange / Barter
How Prices Are Formed in Barter
Who Invented Money?
The Division of Labor and Specialization
The Division of Labor and Specialization
Why Specialization Makes Labor More Productive
Entrepreneurship and Competition
Entrepreneurship
Competition Protects Customers
Competition Protects Workers
Income, Saving, and Investment
Investment Increases Future Income
How Saving and Investment Increase An Economy’s Future Output
Supply and Demand: The Purpose
Demand: Its Defnition and Its Law
Supply: Its Defnition and Its Law
Using Supply and Demand to Explain the Market Price
Using Supply and Demand to Understand Price Changes
Interest: It’s About Time
Common Credit Transactions
The Pros and Cons of Debt
Proft and Loss Guide Entrepreneurs
Interest versus Proft
The Social Function of Proft and Loss Accounting
The Limits of Proft and Loss Accounting
The Stock Market
Why Issue Stock? (Debt versus Equity)
The Social Function of Stock Speculation
The Failures of Socialism—Theory
The Vision of Pure Socialism
Socialism’s Incentive Problem
Socialism’s Calculation Problem
The Failures of Socialism—History
Economic Theory and History
Socialism’s Body Count
The Vision of Interventionism
Price Ceilings
How Government Finances Its Spending
Mercantilism
The General Case for Free Trade
The Economics of Drug Prohibition
Drug Prohibition
Drug Prohibition Corrupts Government Offcials
Drug Prohibition Fosters Violence
Drug Prohibition Reduces Product Safety
How Governments Make Prices Rise
The Danger of Government Price Infation
Government Defcits and Debt
Government Debt and Infation
Government Debt and Future Generations
The Business Cycle
How Governments Cause the Business Cycle
The Inevitable Bust Following an Artifcial Boom
The Causes of Mass Unemployment
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lessons_for_the_young_economist_murphy

lessons_for_the_young_economist_murphy

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Published by: Samar01 on Feb 02, 2011
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11/14/2011

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