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Ebook Economics principles and policy (11th edition): Part 2

(BQ) Part 2 book "Economics principles and policy" has contents: Pricing the factors of production; poverty, inequality, and discrimination; an introduction to macroeconomics; aggregate demand and the powerful consumer; money and the banking system; budget deficits in the short and long run,.and other contents. | Find more at www.downloadslide.com Part The Distribution of Income I n Part 5, we examine how a market economy distributes its income, using the price mechanism, with the prices of the inputs to the production process determined by supply and demand; that is, we investigate what determines the share of total output that goes to workers, to landowners, to investors, etc. We will see that the market assigns a central role to the marginal productivity of each of these recipients—how much of a marginal contribution each makes to the economy’s total output. In Chapter 19, we will study the payments made for the use of capital (interest), land (rent), and the reward to entrepreneurs (profits). Because most people earn their incomes primarily from wages and salaries, and because these payments constitute nearly threequarters of U.S. national income, our analysis of the payments to labor (wages) merits a separate chapter (Chapter 20). In Chapter 21, we turn to some important problems in the distribution of income—poverty, inequality, and discrimination. C H A P T E R S 19 | Pricing the Factors of Production 21 | Poverty, Inequality, and Discrimination 20 | Labor and Entrepreneurship: The Human Inputs Copyright 2011 Cengage Learning, Inc. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Find more at www.downloadslide.com Pricing the Factors of Production Rent is that portion of the produce of the earth which is paid to the landlord for use of the original and indestructible powers of the soil. DAVI D RI CARD O ( 1772– 1823) I n Chapter 15, we noted that the market mechanism cannot be counted on to distribute income in accord with ethical notions of fairness, and we listed this as one of the market’s shortcomings. But there is much more to say about how income is distributed in a market economy. The market mechanism distributes income through its payments to the factors of production. Everyone owns some potentially usable .