By Paul Krugman
Necessities of Economics brings the fascinating writing and leading edge gains of Krugman/Wells to the one-term micro/macro module. it truly is perfect for educating easy monetary rules in a real-world context.
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The study of such decisions is known as marginal analysis. An incentive is anything that offers rewards to people who change their behavior. Decisions of this type—whether to do a bit more or a bit less of an activity, like what to do with your next hour, your next dollar, and so on—are marginal decisions. This brings us to our third principle of individual choice: “How much” decisions require making trade-offs at the margin: comparing the costs and benefits of doing a little bit more of an activity versus doing a little bit less.
My Benefit, Your Cost One thing that our time-traveler would not admire about modern life is the traffic. In fact, although most things have gotten better in America over time, traffic congestion has gotten a lot worse. When traffic is congested, each driver is imposing a cost on all the other drivers on the road—he is literally getting in their way (and they are getting in his way). This cost can be substantial: in major metropolitan areas, each time someone drives to work, instead of taking public transportation or working at home, he can easily impose $15 or more in hidden costs on other drivers.
Alonso, Florida International University Clive Belfield, Queens College, CUNY Norman R. Cloutier, University of Wisconsin–Parkside Jose L. Esteban, Palomar College Devra Golbe, Hunter College, CUNY Frances F. Lea, Germanna Community College Noreen E. Lephardt, Marquette University Chris N. McGrew, Purdue University Abdulhamid Sukar, Cameron University Jose J. Vazquez-Cognet, University of Illinois at UrbanaChampaign We must also thank the many people at Worth Publishers for their contributions.