By Roger LeRoy Miller
Miller, Economics Today: The Macro View 16e continues to be devoted to delivering scholars with dialogue and assurance of the most up-tp-date concerns and events. this article appeals to state-of-the-art varied pupil inhabitants by way of featuring principles in actual fact, at an obtainable point, and within the context of newsworthy applications.
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Considers the way the eu Union has affected autonomy in macroeconomic policy-making of the member states. It starts with an advent to financial rules, and explores present subject matters surrounding financial and monetary coverage and ecu integration, together with fiscal coverage co-ordination, ambitions in nationwide policy-making and motivations for engaging within the ecu financial procedure.
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Extra info for Economics Today: The Macro View
Evidence is used to test the usefulness of a model. This is why we call economics CHAPTER 1 ■ The Nature of Economics Why Not . . 9 try to increase blood donations by offering small payments to donors? To try to encourage more people to give blood, some governments now provide small financial payments to blood donors. Empirical studies by economists, however, suggest that many people make fewer charitable contributions when others know that the donors are rewarded for their contributions. When some people who previously had regularly donated blood learn that they will receive small financial payments for their blood, they presume that others seeing them offer their blood will assume that they are “greedily” selling it.
After all, how can someone’s values enter into a theory of molecular behavior? But economists face a different problem. They deal with the behavior of individuals, not molecules. That makes it more difficult to stick to what we consider to be value-free or positive economics without reference to our feelings. When our values are interjected into the analysis, we enter the realm of normative economics, involving normative analysis. ” If we add to that analysis the statement “so we should not allow the price to go up,” we have entered the realm of normative economics—we have expressed a value judgment.
Government and a number of state governments offer tax credits to people who buy electric vehicles, including road-ready golf carts. Many people have discovered that these tax credits are sufficient to fund more than two-thirds of the purchase price of a qualifying golf cart. Dealers of golf carts have been quick to use the tax credits as a key selling point. One Florida dealer offers to lease back a road-worthy golf cart from a buyer at $100 per month—so that the dealer can rent the cart at a higher rate to people who will actually use it—and then buy the cart back after 27 months at a price of $2,000.
Economics Today: The Macro View by Roger LeRoy Miller