Part I The Equilibrium Principle: A Natural Dynamic State
Chapter 1 What Happens There Matters Here
Chapter 2 It’s the Global Economy
Chapter 3 Politics and the Economy
Chapter 4 GDP: The Perfectly Imperfect Measurement
Chapter 5 Consumers and Consumption: Follow the Money
Chapter 6 Shifting Sands: Consumers Prefer Services
Chapter 8 Saving and Investing: Equilibrium at Work
Chapter 9 Real Estate: Is It Still Location, Location, Location?
Chapter 10 Lighten Up: Capital Expenditure and Intellectual Property
Chapter 11 Inventories: The Buffer Between Production and Consumption
Chapter 12 State and Local Governments: Where Spending Gets Done
Chapter 13 Stabilization and Procyclicality: How Governments Balance Spending With Taxes
Chapter 14 Federal Spending: Budgets and Deficit Spending
Chapter 15 Jimmy Stewart, Oz, and the Road to a Federal Reserve
Chapter 16 The Stop Sign (or Toll Booth) at the Border: Trade and Tariffs
Chapter 17 The Compensation Principle: Should We Pay the Losers?
Chapter 18 Domestic Imbalance: A Role for Trade Balances
Chapter 20 COVID-19: How the Pandemic Changed Business
Chapter 21 Climate Change: “Is It Hot in Here or Is It Me?” (Joan of Arc)
Chapter 22 Health Care Costs: A Steady Climb
Chapter 23 First Fridays: Monthly Job Reports
Chapter 24 A Shrinking Workforce: Jobs and Work in the Twenty-First Century
Chapter 25 Wages: Minimum and More
Chapter 26 Measuring Prices: How Much Is a Dollar?
Chapter 27 Productivity and Wages: What We Make for What We Earn
Chapter 28 Money Illusion: The Distinction Between Income and Buying Power
Chapter 29 Baumol Cost Disease: The Relationship Between Wages and Productivity
Chapter 30 Exchange Rates and Purchasing Power
Chapter 31 The Fed’s Job: A Stable Economy
Chapter 32 What the Financial Markets Reveal
Chapter 33 The Yield Curve: What Is It Saying?
Chapter 34 The Dollar Versus Everything Else
Chapter 35 Buy Low, Sell High: Efficient Markets
Chapter 36 An Expert Wife’s Advice