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

real returns and, 684
as redistribution of income, see income
redistribution
revenue calculations, 108
sales, 383
sin, 383
and supply and demand, 87–88, 220, 221
U.S. budget and, 562, 838–39
window, 90
tax expenditures, 386
taxpayers, inflation and, 510
tax policy, and law of supply and demand,
87–88, 220, 221
tax rate:
average, 384
federal deficits and, 477, 479, 480–81
indexing and, 510
marginal, 380, 384
Tax Reform Act of 1986, 385
tax subsidies, 385–86
tax system:
administrative simplicity of, 386
characteristics of, 381–86
efficiency of, 382, 385–86
fairness of, 382, 383–86
flexibility of, 382, 386
progressive, 380
regressive, 380
scope of, 383
transparency of, 382, 386
in U.S., evaluation of, 381–86
Taylor, John, 729
technological change, 453–68, 479–80,
540–42
competition and, 463–64
and demand for capital, 201
direct expenditures and, 595
in full-employment model, 542
ideas and, 593–96
imperfect competition and, 454–55
labor demand and, 530–31
patents and, 457–59
productivity growth and, 589, 593–96,
708–9
subsidies for, 465–66
technological risks, 674
technology:
computer, aggregate supply and, 540–42
imports and exports of, 576–77
information, 708–9, 786, 858
in LDCs, 799–801
sources of progress in, 593–96
telecommunications industry, 270, 272
Temporary Assistance to Needy Families
(TANF), 387, 388
terrorism, 480, 555, 561, 562, 743–45, 807,
839
theorems, 226
theory, 18
thin or incomplete markets, 335
“thrifts,” see S & L’s
tie-ins, product, 280
time constraints, 34–35
time inconsistency, 326–27
time value of money, 193
tit for tat, 321
total costs, 135–36
total factor productivity analysis, 596–99
trade, 423
balance of, 677
bilateral, 425
free, 804, 807
globalization and, 803–7
interstate sales, 304–5
multilateral, 425–26
mutually beneficial, 423
restriction of, 432–34
surplus in, 572
see also international trade
trade creation, 448
trade deficit, 479, 572–82
dollar and, 577–80
exchange rate and, 577–80
as problem, 580–82
reversal of, 581–82
savings-investment identity and,
580–82
trade diversion, 448
trade-offs:
budget constraints and, 103
choices and, 34–39, 103, 843–44, 845
costs as, 38–44
definition of, 6–7
education and, 206
employment and, 643
environment and, 410–11
equity and efficiency, 380–81
growth vs. freedom, 809
guns and butter, 33, 49
incentives and equality, 31
labor supply and, 179
leisure and consumption, 176–78
opportunity sets and, 38–44
output stability-inflation stability, 729
policy, 849–59
predation and, 283
real change and, 742
scarcity and, 7, 38
unemployment and inflation, 728–29,
825–27, 843–44, 845
wage increases and job security, 361
wheat and corn, 37
trade policies, 423–49
changing of exchange rate, 577–80
preferential treatment and, 805
trade secrets, 459
tragedy of the commons, property rights
and, 31
transfer payments, 730, 734
transfer programs, 379, 386–89
traveler’s checks, 619
treasury bills, 869
Treasury Department, U.S., 716, 812
trough of recession, 640–42
trusts, 300–301
Turing, Alan, 459
turnover of labor, 646
two-period budget constraints, 192
UAW (United Auto Workers), 356, 361
unemployment, 481–82, 485, 498–505
aggregate labor market and, 528–29
baby boomers and, 829–30
business fluctuations and, 637–38
cyclical, 502–3, 638, 641–43, 646, 648,
656, 821–22, 831
distributional effects and, 826
forms of, 501–3
frictional, 502, 503, 527, 822, 829
full employment and, 533
Great Depression and, 441, 473–77, 644
and inflation trade-off, 477–78, 653, 656,
689–90, 819–35, 843–44, 845
international interdependence and,
432–34
international trade and, 440
“jobless recovery” and, 475, 480
macroeconomic policies and, 728–29
money wages and, 821
natural rate of, 502, 503, 643, 822–23,
829–30, 843, 851
natural-rate proposition and, 822–23,
829–30
Okun’s law and, 503–4
problems with statistics on, 501
rate of, 485, 499–501, 505, 638–40, 643,
700–704, 708–9
real wages and, 644–45
seasonal, 502, 503, 527
statistics on, 499–501
structural, 502, 503, 527, 822
threat of, 361
unions, 355–62
decline of, 356–58
economic effects of, 359–60
and effect on nonunion workers, 359–60
history of, 356–58
innovation and, 360
Internet resources on, 358
job security and, 360, 361
limits on power of, 360–61
politics and, 360
rise of, 356
short-run gains vs. long-run losses of, 359
INDEX ∂ A-31