CONTENTS PREFACE ... xi 1 THE ECONOMIC WAY OF THINKING ... 1 Questions for Discussion ... 14 2 SUBSTITUTES EVERYWHERE : THE CONCEPT OF DEMAND ... 17 Questions for Discussion ... 38 3 OPPORTUNITY COST AND THE SUPPLY OF GOODS ... 47 Questions for Discussion ... 63 4 SUPPLY AND DEMAND : A PROCESS OF COORDINATION ... 71 Questions for Discussion ... 95 5 MARGINAL VALUES AND ECONOMIC DECISIONS ... 105 Questions for Discussion ... 121 6 EFFICIENCY, EXCHANGE, AND COMPARATIVE ADVANTAGE ... 133 Questions for Discussion ... 150 7 INFORMATION, MIDDLEMEN, AND SPECULATORS ... 159 Questions for Discussion ... 177 8 PRICE SETTING AND THE QUESTION OF MONOPOLY ... 187 Questions for Discussion ... 196 9 PRICE SEARCHING ... 203 Questions for Discussion ... 218 10 COMPETITION AND GOVERNMENT POLICY ... 229 Questions for Discussion ... 244 11 PROFIT ... 255 Questions for Discussion ... 287 12 THE DISTRIBUTION OF INCOME ... 299 Questions for Discussion ... 318 13 EXTERNALITIES AND CONFLICTING RIGHTS ... 331 Questions for Discussion ... 347 14 MARKETS AND GOVERNMENT ... 359 Questions for Discussion ... 380 15 INFLATION, RECESSION, UNEMPLOYMENT : AN INTRODUCTION ... 395 Questions for Discussion ... 413 16 PRODUCTION, PRICES, AND AGGREGATE FLUCTUATIONS ... 419 Questions for Discussion ... 428 17 THE SUPPLY OF MONEY ... 431 Questions for Discussion ... 446 18 DEMAND-SIDE ECONOMICS ... 451 Questions for Discussion ... 468 19 FISCAL AND MONETARY POLICY ... 473 Questions for Discussion ... 492 20 SUPPLY-SIDE PERSPECTIVES ... 497 Questions for Discussion ... 514 21 NATIONAL POLICIES AND INTERNATIONAL EXCHANGE ... 521 Questions for Discussion ... 541 22 INFLATION, RECESSION, AND POLITICAL ECONOMY ... 547 Questions for Discussion ... 557 23 THE LIMITATIONS OF ECONOMICS ... 561 GLOSSARY ... 565 INDEX ... 567