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Naked Economics Undressing the Dismal Science ( PDFDrive )
Capitalism and Freedom (M. Friedman), 91
carbon dioxide emissions, 37, 57, 60, 299 carbon tax, 299 casinos, zero-sum games of, 165 catastrophe bonds, 160–63 cell phones, 60, 202–3 Center for Business and Economic Research, 280 Central America, low coffee prices and, 208–9 central banks, 238, 244, 246, 251, 259, 261, 264, 267, 269 Central Intelligence Agency (CIA), 87 central planning, 5 resource allocation and, xvii, 88–89 CEOs (chief executive officers), 41–43 certificates of deposit, 240 Chad, 6, 318 chance, 28 checkout lines, 170 Cheney, Dick, 99 Cheney, Dick, 99 Chester’s pizza, 15 Chicago, Ill., 14–15, 17, 38, 61, 65, 165, 217, 300, 312 house hunting in, 166–68 lakefront of, 77 poverty in, 6, 326–27 racial profiling in, 129 Rostenkowski’s federally funded projects in, 184, 188 Chicago Board of Trade, 155, 160 Chicago Coalition for the Homeless, 6 Chicago Mercantile Exchange, 155 “Chicago school,” of economics, 190 Chicago Sun-Times, 125 Chicago Transit Authority (CTA), 194 chief executive officers (CEOs), 41–43 children: airline safety and, 39 cost of, 12, 146 in North Korean famine, 36 poverty and, 6, 106, 131–32, 218, 303 see also infant mortality Children’s Memorial Hospital, 196 China, Imperial, 193 China, People’s Republic of, 90, 187, 193, 199–200, 201, 254, 279, 280, 304, 305, 333–34 economic growth of, 291–92 famine in, 318 pollution in, 204, 299 U.S. interdependence with, 183, 272, 273–74, 332 chronometer, 313 cigarettes, as medium of exchange, 235–36 cigarette taxes, 62 Civil Action, A, 58 Civil War, U.S., 243, 287 civil wars, 319–20 Clashing Over Commerce (Irwin), 281 class warfare, 150 Clean Air Act, 67 Clear Channel Communications, 16 Clemens, Roger, 133 Clijsters, Kim, 159–60 climate, income distribution and, 311 Clinton, Bill, xx, xxi, 108–9, 122, 129, 244 Clinton, Hillary, xix, xx, 121, 244 Clinton administration, 39, 103, 192, 289 coal, 299 Coase, Ronald, 65–67 Coast Guard, U.S., 21–22 Coca-Cola, 3–4, 125, 283, 308 cocaine, cost, trafficking and consumption of, 12, 21–22 coffee prices, 160, 208–9 cognitive neuroscience, 173 Cold War, 332 Cold War, 332 collective farms, 144 Collier, Paul, 319 colonial era, 305 “commodity hell,” 125 communal resources and property, 32, 72, 144 communism, 29 collapse of, 333 incentives ignored in, 36 see also central planning comparative advantage, 282, 296–97 competition, 124–25, 148, 283 in automobile industry, 16 in bidding processes, 86 consumer benefits from, 20 losers and, 48–49 by means other than prices, 24 policy trade-offs and, 51 complexity, human capital and, 153 compound interest, 176 confidence, economic effects of loss of, 209 Congo, 33, 305 Congress, U.S., 51, 64, 101, 105, 116–17, 194, 244, 276, 328 fiscal policy directed by, 214, 234 special interest groups and, 183–88 see also Senate, U.S. Congressional Budget Office, 101, 146 conservatives, 80 consumer price index, 234, 238 Consumer Reports, 125 consumption: investment compared with, 98–99 U.S. production vs., 271, 272 Continental Congress, 243 cooperation, international, 276 copyright law, 70 corn, 185, 186, 281 corporate mergers, 42 corporations: branding and, 124–25 executive incentives and, 41–45 government bailouts of, 51 quality signaled by, 126 taxes and, 52 trust and, 123–24 corruption, 33, 74, 96, 292, 305, 308, 321 cost: demand and, 40 government means of lowering of, 72 lowered by trade, 288–89 opportunity, 151 private vs. social, 58, 65 private vs. social, 58, 65 of public goods, 75 of registering businesses, 95 of regulations, 90–91, 106–7 trade-offs and, 10–13, 64 see also price Costa Rica, 33 Council of Economic Advisers, 101, 103, 209, 215, 224, 247 crab, aggregate vs. individual quotas on, 93 Crain’s Chicago Business, 167, 168 creative destruction, 49–51, 139, 191–92, 283–84 credit, 156–57, 165 credit card debt, 10 credit default swaps, 155, 163–65, 211 in financial crisis, 163–65 “crony capitalism,” 90 Cuba, 5, 83 cultural homogenization, 293–94 currencies: crises of, 266–68 devalued, 263, 265, 274 manipulation of, 259 overvalued, 256–57, 259 “pegged,” 261 soft, 265–66 standardization of, 269 supply and demand in, 251, 259 undervalued, 256–57, 258–59 currency bands, 263 currency board, 264 currency crises, three-part pattern in, 266–68 currency exchange, 250, 253–65 current account balance, 220–21, 270–73 Curry, Stephen, 132–33 “customary” land, 307 customer service, 84–85 Czech Republic, smoking in, 62 Daewoo Corporation, 290–91 Dale, Stacy, 127 Davos, 289 day trading, 181 DDT, 92 “dead capital,” 306 deadweight loss, 54, 97–98, 106 debt, maximizing utility and, 10 Déby, Idriss, 318 decision making: biology in, 173 emotions in, 173 inertia in, 81 inertia in, 81 intuition in, 26 rational vs. irrational, 25–29, 80–82 utility and, 8–12, 26 deductibles, 119–20 default, 315 sovereign, 265 deflation, 227, 245–49 Delhi, 91 demand, 34–35 cost and, 40 see also supply and demand demand curves, 11 democracy, 29, 318–19 capitalism and, 333–34 Democratic Party, 122, 291 Democratic Republic of Congo (DRC), 68 demographics, as economic indicator, 222–23 Denison University, 127 Denver, Colo., heroin dealers in, 129 depreciation, 253, 257 Depression, Great, 199, 219, 224, 247, 249, 261 deregulation, of airline industry, 24 De Soto, Hernando, 306, 308 diet fads, 154 Dimon, Jamie, 89 discount rate, 230–31, 233 “discouraged workers,” 217 discrimination, information and, 110–13 disease, 5, 202, 312, 322, 328–29, 332 “dissaving,” 222, 271 diversification, 28, 162–63, 171, 178–80 dog waste, pooper-scooper decision on, 59 Doha, 289 dollar, U.S., 256–59, 264–65 vs. Chinese renminbi, 254, 256, 273 domain names, 82 domestic servants, 151 down payments, 210 “drive-by deliveries,” xxi drones, home delivery using, 72 drug trafficking, 21–22, 129 Duflo, Esther, 321 “Dutch disease,” 317 earmarks, 196 earned income tax credit (EITC), 55 East Africa, civil wars in, 33 East Asia, economic success in, 324, 331 Easterly, William, 290, 291, 303, 310, 316, 322–23, 324 “easy money,” 228 Ebert, Roger, 10, 125, 127 Ebert, Roger, 10, 125, 127 Ebola virus, 161–62 economic growth: impediments to, 275–76 limits to, 227–28, 234 policies for promotion of, 304–24 poverty and, 134–35 seven questions on the future of, 325–35 Economic Growth in the 1990s (World Bank), 324 economic indicators, 216–23 budget deficit/surplus, 219–20 current account surplus/deficit, 220–21 demographics, 222–23 income inequality, 218 national savings, 221–22 poverty, 217–18 size of government, 218–19 unemployment, 216–17 see also gross domestic product economics, xvii–xxvi, 78 behavioral, xxiv–xxv “Chicago school” of, 190 college courses in, xvii–xviii, 335 definition of, 6 illiteracy in, xviii importance of, xviii, xxiii initial basic assumption made in, 6 international, 250–76 Nobel laureates in, see Nobel laureates in economics psychology and, 26–29 of regulation, 187 role of intuition in, xviii, xx, xxvi second basic assumption in, 13 social costs and, xxii trade-offs and, 10–13 economic sanctions, 287 Economics of Discrimination, The (Becker), 111 Economist, The, 9, 59, 71, 92, 120–21, 159, 166, 173, 206, 212, 237, 256, 268, 269, 275, 287, 295, 302, 306–7, 310, 319–20, 321, 326 economists, $100 bill joke about, 172 economy, underground, 52, 95 see also black markets economy, U.S.: current account deficits of, 270–73 future challenges to, 332–33 inequality in, 146–47 interdependence in, 331 international debt and, 273–74 limits to growth of, 227–28, 234 Download 1.74 Mb. 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