A Tribute
Preface
1 The Economic Way of Thinking 1
2 Efficiency, Exchange, and Comparative Advantage 18
3 Substitutes Everywhere: The Concept of Demand 43
4 Cost and Choice: The Concept of Supply 73
5 Supply and Demand: A Process of Coordination 96
An Appendix: The Coordinating Roles of Money and Interest 109
6 Unintended Consequences: More Applications of Supply and Demand 120
An Appendix: Framing Economic Questions Correctly 141
7 Profit and Loss 153
An Appendix: Profiteering in Futures Markets 167
8 Price Searching 181
9 Competition and Government Policy 204
10 Externalities and Conflicting Rights 227
11 Markets and Government 253
12 The Distribution of Income 280
13 Measuring the Overall Performance of Economic Systems 304
An Appendix: Limitations of National Income Accounting 325
14 Money 335
An Appendix: What About Gold? 352
15 Economic Performance and Real-World Politics 358
16 The Wealth of Nations: Globalization and Economic Growth 393
Postscript: What Economists Know 420
Glossary 423
Index 429
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