Universal Economics

Universal Economics shows the critical importance of property rights to the existence and success of market economies. The authors explain the interconnection between goods prices and productive-asset prices and how market-determined interest rates bring about the allocation of resources toward the satisfaction of consumption demands versus saving/investment priorities. They show how the crucial role of prices in a market economy cannot be well understood without a firm grasp of the role of money in the modern world. The Alchian and Allen application of information and search-cost analysis to the subject of money, price determination, and inflation is unique in the teaching of economic principles.
Universal Economics. Edited by Jerry L. Jordan. Foreword by William R. Allen (Indianapolis: Liberty Fund, 2018).
Copyright:
Published by permission.
People:
- Author: Armen A. Alchian
- Author: William R. Allen
- Editor: Jerry L. Jordan
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Format | Description | Size |
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HTML | This version has been converted from the original text. Every effort has been taken to translate the unique features of the printed book into the HTML medium. | 2.14 MB |
LF Printer PDF | This text-based PDF was prepared by the typesetters of the LF book. | 19.3 MB |
Table of Contents
- FOREWORD
- PART ONE: DEMAND, EXCHANGE, AND PROPERTY RIGHTS
- CHAPTER 1: WELCOME TO ECONOMICS
- CHAPTER 2: YOUR ECONOMIC SOCIETY
- CHAPTER 3: CHOICE AND COST
- CHAPTER 4: GAINS FROM EXCHANGE
- CHAPTER 5: DEMANDS AND THE LAWS OF DEMAND
- CHAPTER 6: THE EXTENT OF EXCHANGE
- CHAPTER 7: KEEP YOUR EYE ON THE MARGINALS
- CHAPTER 8: MORE FEATURES OF DEMAND
- CHAPTER 9: SOME IMPLICATIONS OF LAWS OF DEMAND
- CHAPTER 10: MARKETS AND PRICES AS SOCIAL COORDINATORS
- CHAPTER 11: ILLUSTRATIVE APPLICATIONS OF DEMAND PRINCIPLES
- CHAPTER 12: SHORTAGES, SURPLUSES, AND PRICES
- CHAPTER 13: MARKETS AND PROPERTY RIGHTS
- PART TWO: SPECIALIZATION, PRODUCTION, TEAMS, AND FIRMS
- CHAPTER 14: PRODUCTIVITY AND COSTS OF PRODUCTION
- CHAPTER 15: SPECIALIZATION AND EXCHANGE
- CHAPTER 16: MARKET SUPPLY AND PRICE WITH PRICE-TAKERS
- CHAPTER 17: TIMING OF ADJUSTMENTS
- CHAPTER 18: FACTS OF LIFE
- CHAPTER 19: PRICE-SEARCHERS
- CHAPTER 20: PRICE-SEARCHER PRICING
- CHAPTER 21: PRICING AND MARKETING TACTICS
- CHAPTER 22: TEAMWORK AND FIRMS
- CHAPTER 23: THE FIRM’S CONTROL AND REWARD STRUCTURE
- CHAPTER 24: PROTECTING YOUR DEPENDENCIES
- CHAPTER 25: DEPENDENCY ASSURANCE BY REPUTATION AND PREDICTABLE PRICE
- CHAPTER 26: PROHIBITED MARKETING TACTICS
- CHAPTER 27: THE CORPORATE FIRM
- CHAPTER 28: COMPETITION FOR CONTROL OF THE CORPORATION
- CHAPTER 29: THE DEMAND FOR PRODUCTIVE RESOURCES
- PART THREE: WEALTH, RATES OF RETURN, AND RISK
- CHAPTER 30: ARITHMETIC OF CAPITAL VALUES
- CHAPTER 31: SERIES OF FUTURE VALUES AND ANNUITIES
- CHAPTER 32: WEALTH, INCOME, AND INTEREST
- CHAPTER 33: A PACKAGE CALLED THE RATE OF INTEREST
- CHAPTER 34: RISK AND INSURANCE
- CHAPTER 35: THE FULL EQUILIBRIUM: EQUALIZED RATES OF RETURN WITH INTERMEDIARIES
- CHAPTER 36: DETERMINANTS OF THE INTEREST RATE
- CHAPTER 37: FUTURES MARKETS
- PART FOUR: EMPLOYMENT AND INFLATION
- CHAPTER 38: UNEMPLOYMENT: WHAT AND WHY
- CHAPTER 39: YOUR EARNINGS: HOW AND WHEN
- CHAPTER 40: LABOR-MARKET COALITIONS
- CHAPTER 42: MONEY, PRICES, AND INFLATION
- GLOSSARY