How Economies and Institutions Evolve from Island Villages to Modern Macroeconomies: Thinking about Macroeconomics and Society's Decisions
Outline and Chapters
Table of Contents
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Chapter 0 - Preface
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Chapter 1 - Introduction
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The Island Setup
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Fundamental Decisions of Who Does What and Who Gets What
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Historical Solutions: monarchies, communism, and freedom
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Chapter 2 - Allocating Resources and the Distribution of Income
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The fundamental constraint is time
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Allocating our labor
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Marginal Productivity, Wages, and Productivity
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Chapter 3 - Economic Growth 1 - The Division and Specialization of Labor
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Chapter 4 - Growing Pains 1: The Role of Transaction Costs
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Transaction Costs - Coase, Williams, North and how to think our social institutions are shaped
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Transaction Costs and a Minimal Umpire State
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Transaction Costs and The Birth of Money
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Chapter 6 - Markets, Prices and the Distribution of Income
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Chapter 7 - Intertemporal Choices 1: Investment, Savings, and Basic Financial Markets
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Savings and the Desire to Smooth Consumption
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Investment Decisions
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The Fundamental Role of Financial Markets
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Chapter 8 - Economic Growth 2 - The Solow Model and New Growth Theories
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Chapter 9 - Growing Pains 2: Bigger Government
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Transaction Costs, Government and Money
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How much money should the government print? An Introduction to the Quantity of Money
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Banks and Government Money Management
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Taxes, Budgets and Paying for Government
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Chapter 10 - Aggregate Shocks: Can All Our Islanders Smooth Consumption and Weather Storms at Once?
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Savings, Investment and Aggregate Constraints
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Aggregate Shocks and Government Efforts
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Social Insurance and Automatic Fiscal Stabilizers
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Fiscal Stimulus and Multipliers
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Monetary Policy
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In the Long Run We're All Dead and Money is Neutral
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Concepts of the natural rate of unemployment, potential GDP and money neutrality
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Chapter 11 - The Open Economy and Easing our Closed Economy Constraints
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Savings and Investment again
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Smoothing Aggregate (Domestic) Consumption and Weathering Aggregate Shocks
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Standard Macro Topics
Aggregate Demand - Aggregate Supply Analysis
Money Markets, Interest Rates and Monetary Policy