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

Social Security (continued)
as pay-as-you-go program, 396
reduction in benefits proposed for, 398
as share of expenditures, 375, 376, 377
as support program, 389
tax increases proposed for, 398
social spending on elderly, 562
software:
economic characteristics of, 491
price and quantity of, 518
South Africa, 268, 456
Soviet-style socialist economies:
failure of, 793
see also centrally planned economy
Soviet Union, 7, 296, 327, 408, 808–10
see also Russia
specialization:
comparative advantage and, 428–30
limits of, 430
productivity increased by, 428–29
speculation, 763–65
spending shocks, 730–31
spending stream, 535, 539
spotted owls, 410–11
stagflation, 477–78, 824
standard of living:
in LDCs, 793–99
measurement of, 497, 797
productivity growth and, 585–90
rising, 586–89
Standard Oil, 300–301
static efficiency, 457
statistical discrimination, 363
status quo bias, 121
steel industry:
price-fixing in, 275
unions and, 148
sticky prices, 646–48, 649–51, 652, 656
costs and, 647, 648
demand curves and, 646–47
risk and uncertainty, 647–48
sources of, 647–48
sticky wages, 645–46, 649, 652, 655
stock and GDP measurement, 505
stock markets, 13, 770–71, 868–69, 882–84
stock of capital, 505
stock options, expensing of, 6
stockpiles, agricultural, 94
stock shares, 868–69, 874–76, 882–84
store of value, 617
strategic behavior, 311–28
commitment and, 327–28
dominant strategies in, 313, 316–18
in games without dominant strategies,
318
game trees and, 325
institutions in, 322
Nash equilibrium and, 313–14, 318, 323
oligopolies and, 312
prisoner’s dilemma and, 277–79, 312–16,
321, 326
in repeated games, 319–20
sequential moves in, 324–25
time inconsistency and, 326–27
strategic trade theory, 445
strikes, 355
structural unemployment, 502, 503, 527,
822
sub-Saharan Africa, 796, 797
see also LDCs
subsidies, 93–95, 385–86
for agriculture, 93–94
of housing, 388
for technological change, 465–66
substitutes:
demand curves and, 57–58, 77–78, 110
elasticity and, 110
price elasticity and, 81
substitution:
and global warming, 148–49
import, 802
marginal rate of, 126–27
principle of, 147–48
substitution effect, 110–13
indifference curves and, 130
labor supply decision and, 178
savings decision and, 209–11
sunk costs, 42–43, 161–62, 269
superior knowledge, 430–31
supply, 61, 63–69, 77–95
aggregate, 533–35
competitive, 158–60
elasticity of, 82, 84–85
excess, 68
market, 64–67, 71
of money, see money supply
pressures, 820–23
price and, 61, 63, 71; see also price elasticity
of supply
production decision and, 160, 163–64
rent control and, 218–19
use of term, 61, 63
vs. demand, 857–59
supply and demand, law of, 67–71, 77–95,
606–7, 652
interfering with, 90–95
shortages and surpluses and, 88–90
tax policy and, 87–88, 220, 221
supply curves, 63–67
aggregate, see aggregate supply curve
and demand curves, 86
environment and, 67
of firms, 163–64
for labor, 178
long-run vs. short-run adjustments to, 87,
164–66
market, 64–69, 163–64
movements along, 67
rent control and, 92
shifts in, 65–67, 644–46
sources of shifts in, 65–67
supply decision, see output
supply shocks, 705, 708
Supreme Court, U.S., 9, 10, 305–6
surpluses:
budget, 396
consumer, 117–18, 217–18, 220, 224, 435
deficits and, 557–58, 561–62
federal, consequences of, 839–40
price floors and, 93–94, 118
producer, 217–18, 220, 224
shortages and, 88–90
taxes and, 549–54, 555
surplus labor, 799
sustainable development, 601
Sweden, 377
tacit collusion, 275
Taft-Hartley Act of 1947, 356–57
Taiwan, 796, 800, 801
see also LDCs
TANF (Temporary Assistance to Needy
Families), 387, 388
tariffs, 317, 435–36, 437
losses from, 435–36
tastes, change in, demand curves and, 58
tax and subsidy response, 412–13
tax credits, earned-income, 385
taxes:
aggregate expenditures schedule and,
669–71
assessed, 90
benefit, 383
on capital gains, 385
on cigarettes, 220–21, 234
on corporate income, 383
deficits and, 549–54, 555, 557, 558, 561,
842
distribution and, 226
effects of changes in, 552–54
efficiency and, 220–21
excise, 383
fiscal policy and, 731–36
on gifts and estates, 383
government revenues and, 548–54, 555
importance of, 383
on individual income, 383
inefficiencies and, 111
investments and, 876–77
on luxuries, 383
negative externalities and, 412
as passed along to consumers, 87–88, 90
on payrolls, 383, 389
on property, 383
A-30 ∂ INDEX