By David R. Henderson
An authoritative reference paintings on economics positive aspects easy-to-understand essays detailing such complicated concerns as economics strategies, varied colleges of financial idea, monetary markets, and international economies. 20,000 first printing.
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Example text
Perform important work. The total utdlty of their work IS than the total utdity of the work performed by workers who So why do air-conditioning repairmen earn more than child- 34 BASIC CONCEPTS care workers? Margmahsm has the answer. Suppose that there are fewer children and more air conditioners than there used to be Suppose also that for the same wage there is a surplus of child-care workers and a shortage of people who repair air condmoners. Then the wage cannot be the same. If it were, the only way to get enough alr-condmomng repairmen would be to conscript them.
How to provide health insurance for the significant portion of Americans not now covered is a central political issue Various states, attempting to hold back the t_des of higher costs, have placed severe limits on auto insurance rates and have even sought refunds from insurers. TheBasics An understanding of insurance must begin w_th the concept of risk, or the variation in possible outcomes of a sRuation. A's shipment of goods to Europe might arrive safely or might be lost in transit. C may incur zero medical expenses in a good year, but if she is struck by a car, they could be upward of $100,000.
But th_s in turn has strongly adverse effects on producIng firms, particularly as the economy goes into a recession. Firms" cash flows are reduced To maintain their production and investment levels, given their reluctance to issue equity, they turn to banks for credit And it is precisely when they need the credit the most that banks may be cutting back their cre&t rather than expanding it. Thus, the recesslona_ pressures are exacerbated As one might expect, these effects are part_cularly important for small and mediumsize firms, for which the issuing of commercml paper is not a viable alternative.