Table of Contents
Preface vii
Part I The Economic System
1 Capitalism: What Gets Made, and Who Gets What? 3
2 The Changing Economy: Why Are Some People Losing Faith in Our Economic System? 14
3 Money: What Do Gold, Dollars, and Cryptocurrencies Have in Common? 28
Part II People
4 Spending, Production, and Income: How Big Is Our Economy, and Why Does It Matter? 49
5 Work Income, Investment Income, and Wealth: How Is Income Divided between Labor and Capital? 62
6 The (Mostly) Open Economy: What Are the Consequences of International Trade? 70
Part III Business
7 The Private Sector and the Stock Market: How Is Business Organized, Owned, and Valued? 87
8 Corporate Behavior: What Drives Corporations, and How Can They Be influenced? 100
9 Business Consolidation and Reduced Competition: Why Are More Industries Being Dominated by Fewer Companies? 119
Part IV The Economic Cycle
10 Boom and Bust: Must What Goes Up Come Down? 129
11 The Federal Reserve System and Banking: What Is the Fed's Role, and How Is New Money Created? 138
12 Monetary Policy: How Does the Fed Fight Economic Downturns? 152
13 Fiscal Policy: How Can Government Spending and Tax Policies Fight Downturns? 160
Part V The Government
14 The National Debt: What Is the Cost of the Government's Unbalanced Budget? 181
15 Government Policy and Earnings: How Can Our Economy Become More Equitable and Productive? 195
16 Taxes, Spending, and Income Distribution: What Is the Government's Role in the Distribution of Income? 205
Epilogue 227
Notes 231
Acknowledgments 245
Index 247