Mankiw 6e. Experience it.
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Chapter 15: Monopoly

Recent Posts
(Note: Page numbers referenced in posts prior to June 1, 2011 refer to 5th edition)

 

January 19

On SOPA

The Stop Online Piracy Act is an attempt to stop the theft of intellectual property. The details about how the Act would work are worth worrying about, but it is important that property rights be protected.

Textbook References:

Pages 201-202 “Technology Spillovers, Industrial Policy, and Patent Protection”
Page 229 “Conclusion: The Importance of Property Rights”
Pages 301-302 “Government-Created Monopolies”

December 16

The Economics of Seinfeld

Clips from the TV show "Seinfeld" are used to illustrate a variety of economic concepts.

Textbook References:

Pages 4-5 “Principle 1: People Face Trade-offs”
Pages 5-6 “Principle 2: The Cost of Something is What You Give Up to Get It”
Page 6 “Principle 3: Rational People Think at the Margin”
Pages 7-8 “Principle 4: People Respond to Incentives”
Pages 10-12 “Principle 7: Governments Can Sometimes Improve Market Outcomes”
Chapter 3 “Interdependence and the Gains from Trade”
Pages 67-72 “Demand”
Pages 73-76 “Supply”
Pages 144-153 “Controls on Prices”
Chapter 10 “Externalities”
Pages 226-227 “The Different Kinds of Goods”
Pages 227-232 “Public Goods”
Pages 230-232 “The Difficult Job of Cost-Benefit Analysis”
Pages 232-237 “Common Resources”
Pages 274-275 “Fixed and Variable Costs”
Page 281 “Economies and Diseconomies of Scale”
Pages 312-315 “Why Monopolies Arise”
Chapter 16 “Monopolistic Competition”
Pages 370-378 “The Economics of Cooperation”
Pages 399-400 “The Supply of Labor”
Page 414 “Compensating Differentials”
Page 442 “Utility”
Page 465 “Utility: An Alternative Way to Describe Preferences and Optimization”
Pages 484-489 “Asymmetric Information”
Pages 556-558 “Technological Knowledge”
Pages 578-580 “Financial Intermediaries”
Pages 598-600 “Present Value: Measuring the Time Value of Money”
Pages 603-604 “Diversification of Firm-Specific Risk”
Pages 606-609 “The Efficient Market Hypothesis”
Pages 630-631 “The Economics of Unions”
Pages 703-705 “The Prices for International Transactions: Real and Nominal Exchange Rates”
Pages 707-708 “The Basic Logic of Purchasing Power Parity”
Page 833 “Time Inconsistency”

October 26

John Cochrane on Tim Geithner

John Cochrane discusses Tim Geithner's plan to reduce "external imbalances." Cochrane suggests that Geithner and the IMF intend to engage in a type of global central planning that is bound to fail.

Textbook References:

Page 8 “Principle 5: Trade Can Make Everyone Better Off”
Pages 8-10 “Principle 6: Markets Are Usually A Good Way To Organize Economic Activity”
Pages 10-12 “Principle 7: Governments Can Sometimes Improve Market Outcomes”
Pages 692-702 “The International Flows of Goods and Capital”
Pages 707-711 “A First Theory of Exchange-Rate Determination: Purchasing Power Parity”
Chapter 32 “A Macroeconomic Theory of the Open Economy”

January 21

Bob Solow on John Cassidy

Robert Solow reviews John Cassidy's book "How Markets Fail: The Logic of Economic Calamities." He discusses the enormous value of markets, but warns against over-stating the case.

Textbook References:

Pages 4-5 “Principle 1: People Face Trade-offs”
Page 6 “Principle 3: Rational People Think at the Margin”
Pages 8-10 “Principle 6: Markets Are Usually A Good Way To Organize Economic Activity”
Pages 10-12 “Principle 7: Governments Can Sometimes Improve Market Outcomes”
Chapter 10 “Externalities”
Chapter 15 “Monopoly”

December 18

Reinhardt on Drug Reimportation

Uwe Reinhardt argues that American politicians are unwilling to fix prices for prescription drugs, so they want foreign governments to do it for them.

Textbook References:

Chapter 3 “Interdependence and the Gains from Trade”
Pages 208-209 “Technology Spillovers, Industrial Policy, and Patent Protection”
Pages 326-331 “Price Discrimination”


November 8

Take Out Your Pencils

Mankiw presents an exam question wherein a monopolist in a closed economy reacts to the opening of its market.

Textbook References:

Page 179 “The World Price and Comparative Advantage”
Pages 186-188 “Other Benefits of International Trade”
Pages 315-322 “How Monopolies Make Production and Pricing Decisions”
Pages 322-326 “The Welfare Cost of Monopolies”

Chapter 15: Monopoly
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