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

unions (continued)
strikes by, 355
substitution principle and, 148
union shops, 357
unitary elasticity, 79
United Auto Workers (UAW), 356, 361
United Kingdom, 377
United Nations (UN), 795
United States:
comparative advantage of, 429
as debtor nation, 581–82; see also trade
deficit
dollar, strength of, 788–89
education in, 592
equity in, 378
expenditures in other countries vs., 377
growth in, 485–98
job loss and outsourcing, 805–7
as mixed economy, 12
1990s economy of, 707–10
as open economy, 549, 570–71
tax system of, 383–86
unit of account, 616
urbanization, in LDCs, 798
Uruguay Round, 804
U-shaped cost curves, 138–39
U.S. Steel Company, 275
utility, 113–18
marginal, 114–16
price and, 117–18
value:
of the marginal product of labor, 182–84
of output, 489–93
present discounted, 193–94, 211–12
price and, 70–71
store of, 617
value-added approach to GDP, 492
variable costs, 135
average, 138, 161–62
variable inputs, 132
variables, 18–19
Varian, Hal, 4
velocity of money, 608–9
venture capital, 205, 462
VERs (voluntary export restraints), 436
vertical equity, 382
vertical mergers, 301
vertical restrictions on competition, 279
Volcker, Paul, victory over inflation by, 478,
700–701, 703
voluntary exchange, 117, 432
voluntary export restraints (VERs), 436
voting paradox, 394
wage changes:
job security vs., 361
labor supply decision and, 179
wage differentials, 362–64
imperfect labor mobility, 362
wage-employment puzzle, 643–48
wage gap, 230–31
wages:
contracts and, 645–46
efficiency, 366, 646
equilibrium, 184–85
high, 367–68
indexed, 510
inflation and, 510, 511, 652–53, 820–21
international trade and, 442
labor demand and, 644–45
labor supply decision and, 180
minimum, 231–32
money, 821
nominal, 178, 527–28, 645–46
as price, 70
real, 178, 527–29, 531–32, 540–41, 542,
644–45, 646
real product, 182, 184
reservation, 180
risk and uncertainty, 646
sticky, 645–46, 649, 652, 655
unemployment and, 644–45, 821
see also compensation; income; wage
changes
Wagner Act of 1935, 356
Washington consensus, 803
water rights, 32
wealth:
consumption and, 671–72
distribution of, 879
wealth distribution, 7, 14
interest rates and, 197
taxes and, 226
Wealth of Nations, The (Smith), 4, 70, 216
welfare, as share of expenditures, 376, 377
Westinghouse, 275
wheat-corn trade-off, 37
Wheeler-Lea Act of 1938, 250
Whitney, Eli, 460
Wilson, Woodrow, 304
window tax, 90
wineries, 304–5
women, in labor force, 181, 541–42
workers:
discouraged, 501
displaced, 440
monitoring of, 366
motivation of, 364–70
Silicon Valley and, 806–7
see also labor markets; labor supply;
labor supply decision; unions
World Bank, 789, 795, 803
World Trade Organization (WTO), 317, 322,
445–49, 456, 803
World War II, 475–76
federal debt and, 840
World Wide Web, 454, 593, 786
Wright, Gavin, 232, 368
Wright Brothers, 453, 454
WTO (World Trade Organization), 317, 322,
445–49, 456
Yahoo, 744
zero elasticity, 80
zero sum games, 319
zoning laws, 410
A-32 ∂ INDEX