joson ten eco principles
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9 P rices rise when the government
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Copyright 2004 South-Western/Thomson Learning
9. P rices rise when the governmentprints too much money.
P rinciple #9: P rices R ise When the
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P rinciple #9: P rices R ise When theGovernment P rints T oo M uch M oney.
Inflation is an increase in t h e overall level of prices in t h e economy.One cause of inflation is t h e growt h in t h e
quantity of money.Wh en t h e government creates large quantitiesof money, t h e value of t h e money falls.
P rinciple #10: S ociety Faces a S hort run
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P rinciple #10: S ociety Faces a S hort-runT radeoff Between Inflation and U nemployment.
Sh ort-run effects of monetaryinjections:
Stimulates - overall level of spendingHig h er demand for goods and services
Firms raise prices; h ire more workers;
produce more goods and services Lower unemployment
P rinciple #10: S ociety Faces a S hort-run
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P rinciple #10: S ociety Faces a S hort-runT radeoff Between Inflation and U nemployment.
Th e Ph illips Curve illustrates t h e tradeoff between inflation and unemployment:
Inflation U nemployment
Its a s h ort-run tradeoff!
10 S ociety faces a short-run tradeoff
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10. S ociety faces a short run tradeoff between inflation and unemployment.
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S ummary
Wh en individuals make decisions, t h ey facetradeoffs among alternative goals.
Th e cost of any action is measured in terms of
foregone opportunities. R ational people make decisions by comparingmarginal costs and marginal benefits.
People c h ange t h eir be h avior in response to t h eincentives t h ey face.
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S ummary
Trade can be mutually beneficial.M arkets are usually a good way of coordinatingtrade among people.
Government can potentially improve marketoutcomes if t h ere is some market failure or if th e market outcome is inequitable.
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S ummary
Productivity is t h e ultimate source of livingstandards.M oney growt h is th e ultimate source of
inflation.Society faces a s h ort-run tradeoff betweeninflation and unemployment.