Naked Economics: Undressing the Dismal Science pdfdrive com

1990s boom in, 103, 131, 199, 234

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see also gross domestic product, of U.S.; recessions eco-tourism, 33
education, 321, 328
in China, 299
economic growth and, 309
as government monopoly, 86
income and, 147
in India, 96, 299
as investment in human capital, 133–34, 138, 139, 144
later success and, 126–28
making improvements in, 105
teacher certification and, 188–90
teachers’ pay and, 37–38
of women, 139, 144–45, 146, 310, 321
efficient markets theory, 169–75
Egypt, 95
Einstein, Albert, 176, 189
EITC (earned income tax credit), 55
elderly, poverty and, 218
elections, U.S.:
of 1972, 244
of 1992, xviii, 244
of 2000, 19, 186
of 2008, 121, 186
of 2016, 50, 186, 193
Elusive Quest for Growth, The (Easterly), 290, 303
Emanuel, Rahm, 89, 184, 195
emissions tests, 40, 62
Endangered Wildlife Trust, 92
endowments, 177–78
engineering, 134
Enron, 171
entitlement programs, 53
entrepreneurial flair, 135–36
entry barriers, 16–17
Environmental Defense Fund, 92
environmental issues, xix, 33, 57, 204, 328–29
gasoline tax and, 53, 54
globalization and, 292, 297–99
as luxury good, 7, 297–99
trade-offs and, 64, 91
unintended consequences and, 39–40
Erin Brockovich, 58
ethanol, 185, 186–87, 195
euro, 250, 269
Europe, 106, 203, 289, 305, 322, 327–28
European Central Bank, 269
European Exchange Rate Mechanism (ERM), 250, 252, 263
European Union, 96, 201
exchange rates, 250, 253–65
fixed (“pegged”), 263

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mechanisms of, 261–66
nominal vs. real, 254n
“export-led growth,” 273
exports, 258–59, 272
externalities:
cost and, 68
definition of, 58
globalization and, 294
government and, 60–65, 83, 105
as market failure, 58, 60
positive, 61–62
private agreements and, 65–68
taxing of, 62–65
“extractive states,” 305
extraterrestrial life, search for, 105
Facebook, 17
Fallows, James, 273–74
Fama, Eugene, 169, 172–73
famines, 36, 318
farm bill of 2008, 183
farming, farmers, 49, 183–84, 187, 188, 312
as analogy for U.S.-China current accounts, 271–72
fast-food restaurants, 134, 228, 294
“fast-track authority,” presidential, 194
fear, economic confidence and, 209
Federal Aviation Administration (FAA), 39
federal funds rates, 231, 233
Federal Reserve, U.S., 43, 163, 191, 211, 217, 225–49, 259
commercial banks’ money supply controlled by, 230–33
description of, 226
economic power of, 225–26
Federal Open Market Committee of, 230–31, 233
in financial crisis, 225–26, 247–49, 330
in Great Depression, 224
interest rates set by, 208, 215, 216, 225–33
mandate of, 233
political independence of, 244
September 11 terrorist attacks and, 225
Federal Reserve Act, Article 13(3) of, 248
Federal Reserve Banks:
of Cleveland, 73, 106
of Dallas, 201–2
of New York, 211, 230
FedEx, 86
“fee for service” health care system, 114
Ferguson, Roger, Jr., 191
FICA deductions, 98, 223
Fidelity, 85, 124, 169
Field, Erica, 307
Fila, 159

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Fila, 159
financial crisis of 2007–2008, 28, 43–44, 103, 156, 164–66, 180, 185, 199–200, 330–31
causes of, 209–13
“financial illiteracy,” 28
financial liberalization, 268
financial markets, 154–81
complexity of, 155–56
efficient markets theory of, 169–75
excess capital in, 157–58
four basic needs in, 156–65
long-term view in, 180–81
raising capital in, 156–57
risk insurance and, 158–63
risk vs. reward in, 176–78
saving and investing and, 175–76
speculation in, 163–65, 171–72
“fiscal drag,” 97
fiscal policy, 234, 315–16
as antidote to recession, 214, 216
description of, 213–14
in Great Depression, 224
fishing industry, 14, 47–48
fixed (“pegged”) exchange rates, 263
Flier, Marvin, 185–86
floating, of currencies, 262–63
Florida, age distribution in, 222
Fogel, Robert, 149