[Joseph_E._Stiglitz,_Carl_E._Walsh]_Economics(Bookos.org) (1)

relative elasticity, 79
relative elasticity of demand, 79–80
relative inelasticity, 80
relative price, 38, 103
rent control, 92–93, 218–19, 226
rents, economic, 168–69
monopoly, 265, 292
rent seeking, 292
repeated games, 319–20
replacement, threat of, 361
repurchases (RPs), 716–17
reputations, 321
reputation solutions, to incentive problem,
339
research and development (R & D), 291–92
capital markets and, 462
competition and, 463–64
defense, 429
as fixed cost, 460–61
government support for, 464–67
patents and, 455–57
as public good, 464–65
social benefits of, 464
as source of technological progress,
593–94, 595
reservation wages, 180
reserve requirements, 628–30, 715–21
reserves, 621–26
borrowed, 629, 718–19
excess, 718–19
fractional, 622
nonborrowed, 719
residential investment, 672, 866, 877
resource interactions, comparative advantage
and, 431
resources:
allocation of, 592–93
choices and, 26–29
restricted output, 289–92
restricted property rights, 32
restrictions, on trade, 432–34
restrictive practices, in imperfect competition,
275
consequences of, 279–80
curbing of, 304–5
retained earnings, 868
retirement plans, 872–74
returns, increasing, 134
Reuther, Walter, 356
revenue curves, 156–58
revenues, 132
marginal, 156, 244
output and, 155–56
production decision and, 155–56
Ricardian equivalence, 841–42
Ricardo, David, 427, 430, 842
right-to-work laws, 357
risk, risks:
budget, 562
investments and, 673, 674, 676, 874–76,
886
market, 673, 674
technological, 674
uncertainty and, 646, 647–48
rivalrous goods, 457
Robinson-Patman Act of 1936, 267, 300, 304
Rockefeller Foundation, 796
Roosevelt, Franklin D., 614
royalties, 457
Russia:
economic transition and, 810–13
failure of communism in, 793
future of, 813
market economy and, 810–11
see also centrally planned economy;
Soviet Union
sales tax, 383
S & L’s (savings and loan associations), 613,
614
savings, savings decision, 536–39, 842
aggregate, 199
aging population and, 199
capital markets and, 536–39
consumption and, 192–93, 195–96
demographics and, 199
disposable income and, 536
vs. dissavings, 199
foreign, 571
forms of, 199–200
government deficits and, 548–61, 842
households and, 192–93
income effect and, 209–11
indifference curves and, 209–11
inflation and, 510, 511
interest rates and, 194–96, 200–201,
209–11, 536–39
investment and, 536–39, 570–71, 575,
590–91, 839–40
in LDCs, 798, 799, 800
life-cycle theory of, 193
motivations for, 192–99
personal rate of, 199
Social Security and, 197
substitution effect and, 209–11
survey on, 198
in U.S., 198–99, 570–71
savings deposits, 619, 866
savings-investment identity, for open economy,
580–82
savings rate, aggregate, 199
scarcity:
choices and, 26
trade-offs and, 7, 38
schools, see education
Schumpeter, Joseph, 463
Schumpeterian competition, 463
search:
imperfect competition and, 345–46
information intermediaries and, 346–47
labor market and, 346
use of term, 344
search problem, 342–47
seasonal unemployment, 502, 503, 527
Securities and Exchange Commission, 13,
250
Selden, George Baldwin, 459
selection, adverse, 333–36, 340
sensitivity to price changes, 77–78
September 11, 2001 terrorist attack,
743–45, 807, 839
sequential moves, 324–25
services, measurement of changes in, 496
Shapiro, Carl, 4
sharecropping, 797
Sherman Antitrust Act of 1890, 300–301
shock therapy vs. gradualism, 811–12, 813
shortages, surpluses and, 88–90
short run, 646–47, 649, 651, 654, 655, 656,
820–32
short-run cost curves, 141–45
short-run inflation adjustment curve
(SRIA), 823–27, 830–31, 844
short-run production function, 533
short-run supply curves, 164–66
signaling, 335–36
Silicon Valley, 806–7
simple interest, 211
Singapore, 796, 800, 801
single ownership of an essential input, 282
sin taxes, 383
skilled vs. unskilled labor, 231, 381
slope, 48–49
of budget constraints, 103
elasticity and, 98–99
negative, 48
positive, 48
of production function, 133–34
“smart cards,” 623
Smith, Adam, 4, 70, 216, 239, 474
smoothed consumption, 193
social insurance, 378
burden of, 389
socialism, see centrally planned economy
social justice, 378
social marginal costs, 407
Social Security, 12, 383, 474
age eligibility proposals for, 398
as fully funded program, 396–97
funding for, 396–98
future of, 481
indexed benefits in, 510, 516, 517
individual retirement accounts and, 397
low savings and, 197
INDEX ∂ A-29