The Economy: Economics for a changing world

Unit 1 The capitalist revolution
	1.1 Income inequality
		Exercise 1.1 Inequality in the fourteenth century
		Exercise 1.2 Working with income data
	1.2 Measuring income and living standards
		Disposable income
		Is our disposable income a good measure of our wellbeing?
		Average disposable income and average wellbeing
		Valuing government goods and services
		Exercise 1.3 What should we measure?
		Question 1.1 Choose the correct answer(s)
		Einstein Comparing income at different times, and across different countries
			The starting point: Nominal GDP
			Taking account of price changes over time: Real GDP
			Taking account of price differences among countries: International prices and purchasing power
	1.3 History’s hockey stick: Growth in income
		Great economists Adam Smith
		Exercise 1.4 The advantages of ratio scales
		Question 1.2 Choose the correct answer(s)
		Question 1.3 Choose the correct answer(s)
	1.4 The permanent technological revolution
		Technological change in lighting
		A connected world
	1.5 The economy and the environment
		Exercise 1.5 How much difference does a couple of degrees warmer or colder make?
		Question 1.4 Choose the correct answer(s)
	1.6 Capitalism defined: Private property, markets, and firms
		Private property
		Question 1.5 Choose the correct answer(s)
		Markets
		Exercise 1.6 The poorest man’s cottage
		Exercise 1.7 Markets and social networks
		Question 1.6 Choose the correct answer(s)
		Firm
		Defining capitalism precisely
		Exercise 1.8 Capitalism
	1.7 Capitalism as an economic system
		How could capitalism lead to growth in living standards?
			Technology
			Specialization
		Exercise 1.9 Firm or not?
	1.8 The gains from specialization
		Capitalism and specialization
		The division of labour in firms
		Markets, specialization, and comparative advantage
		Exercise 1.10 Apples and wheat
	1.9 Capitalism, causation and history’s hockey stick
		How economists learn from facts Do institutions matter for growth in income?
	1.10 Varieties of capitalism: Institutions, government, and the economy
		When is capitalism dynamic?
			Economic conditions
			Political conditions
		Political systems
		Question 1.7 Choose the correct answer(s)
		Question 1.8 Choose the correct answer(s)
	1.11 Economics and the economy
		Exercise 1.11 Where and when would you choose to have been born?
	1.12 Conclusion
		Concepts introduced in Unit 1
	1.13 References
Unit 2 Technology, population, and growth
	Index of real wages
	Question 2.1 Choose the correct answer(s)
	2.1 Economists, historians, and the Industrial Revolution
	2.2 Economic models: How to see more by looking at less
		How models are used in economics
		Economic models
		Exercise 2.1 Designing a model
	2.3 Basic concepts: Prices, costs, and innovation rents
		Ceteris paribus and simplification
		Exercise 2.2 Using ceteris paribus
		Incentives matter
		Relative prices
		Reservation positions and rents
		Question 2.2 Choose the correct answer(s)
	2.4 Modelling a dynamic economy: Technology and costs
		What is a technology?
		How does a firm evaluate the cost of production using different technologies?
		Exercise 2.3 Isocost lines
	2.5 Modelling a dynamic economy: Innovation and profit
		How does a cost-reducing innovation raise the profits of the firm?
		Question 2.3 Choose the correct answer(s)
		Question 2.4 Choose the correct answer(s)
		Great economists Joseph Schumpeter
	2.6 The British Industrial Revolution and incentives for new technologies
		Exercise 2.4 Britain but not France
		Question 2.5 Choose the correct answer(s)
		Exercise 2.5 Why did the Industrial Revolution not happen in Asia?
	2.7 Malthusian economics: Diminishing average product of labour
		Diminishing average product of labour
		Production function
		Exercise 2.6 The farmers’ production function
		Question 2.6 Choose the correct answer(s)
	2.8 Malthusian economics: Population grows when living standards rise
		Exercise 2.7 Are people really like other animals?
		Malthusian economics: The effect of technological improvement
		Einstein Modelling Malthus
		Exercise 2.8 Living standards in the Malthusian world
	2.9 The Malthusian trap and long-term economic stagnation
		Exercise 2.9 What would you add?
		Question 2.7 Choose the correct answer(s)
		Exercise 2.10 Defining economic progress
	2.10 Escaping from Malthusian stagnation
		Question 2.8 Choose the correct answer(s)
		Exercise 2.11 The basic institutions of capitalism
	2.11 Conclusion
		Concepts introduced in Unit 2
	2.12 References
Unit 3 Scarcity, work, and choice
	Question 3.1 Choose the correct answer(s)
	Question 3.2 Choose the correct answer(s)
	3.1 Labour and production
		Exercise 3.1 Ceteris paribus assumptions
		Exercise 3.2 Production functions
		Marginal product
		Question 3.3 Choose the correct answer(s)
	3.2 Preferences
		Exercise 3.3 Why indifference curves never cross
		Exercise 3.4 Your marginal rate of substitution
		Question 3.4 Choose the correct answer(s)
		Question 3.5 Choose the correct answer(s)
	3.3 Opportunity costs
		Question 3.6 Choose the correct answer(s)
		Exercise 3.5 Opportunity costs
	3.4 The feasible set
		Question 3.7 Choose the correct answer(s)
	3.5 Decision making and scarcity
		Exercise 3.6 Exploring scarcity
		Question 3.8 Choose the correct answer(s)
	3.6 Hours of work and economic growth
		Question 3.9 Choose the correct answer(s)
		Exercise 3.7 Your production function
	3.7 Income and substitution effects on hours of work and free time
		Income and substitution effects
		Technological progress
		Question 3.10 Choose the correct answer(s)
	3.8 Is this a good model?
		Trial and error replaces calculations
		The influence of culture and politics
		Exercise 3.8 Another definition of economics
	3.9 Explaining our working hours: Changes over time
		Question 3.11 Choose the correct answer(s)
		Exercise 3.9 Scarcity and choice
	3.10 Explaining our working hours: Differences between countries
		Exercise 3.10 Preferences and culture
		Exercise 3.11 Working hours across countries and time
	3.11 Conclusion
		Concepts introduced in Unit 3
	3.12 References
Unit 4 Social interactions
	The Tragedy of the Commons
	Resolving social dilemmas
	Exercise 4.1 Social dilemmas
	4.1 Social interactions: Game theory
		Social and strategic interactions
		Game
		Question 4.1 Choose the correct answer(s)
	4.2 Equilibrium in the invisible hand game
		Question 4.2 Choose the correct answer(s)
		When economists disagree Homo economicus in question: Are people entirely selfish?
	4.3 The prisoners’ dilemma
		The prisoners’ dilemma
		Question 4.3 Choose the correct answer(s)
		Exercise 4.2 Political advertising
	4.4 Social preferences: Altruism
		Altruistic preferences as indifference curves
		Exercise 4.3 Altruism and selflessness
		Question 4.4 Choose the correct answer(s)
	4.5 Altruistic preferences in the prisoners’ dilemma
		Question 4.5 Choose the correct answer(s)
		Exercise 4.4 Amoral self-interest
	4.6 Public goods, free riding, and repeated interaction
		Great economists Elinor Ostrom
		Repeated games
		Question 4.6 Choose the correct answer(s)
	4.7 Public good contributions and peer punishment
	4.8 Behavioural experiments in the lab and in the field
		How economists learn from facts Laboratory experiments
		Question 4.7 Choose the correct answer(s)
		Exercise 4.5 Are lab experiments always valid?
		Question 4.8 Choose the correct answer(s)
		Exercise 4.6 Crowding out
	4.9 Cooperation, negotiation, conflicts of interest, and social norms
		Negotiation: Sharing mutual gains
		Question 4.9 Choose the correct answer(s)
	4.10 Dividing a pie (or leaving it on the table)
		Einstein When will an offer in the ultimatum game be accepted?
		Exercise 4.7 Acceptable offers
	4.11 Fair farmers, self-interested students?
		Exercise 4.8 Social preferences
		Exercise 4.9 Offers in the ultimatum game
		Question 4.10 Choose the correct answer(s)
		Question 4.11 Choose the correct answer(s)
		Exercise 4.10 Strikes and the ultimatum game
	4.12 Competition in the ultimatum game
		Exercise 4.11 A sequential prisoners’ dilemma
	4.13 Social interactions: Conflicts in the choice among Nash equilibria
		Great economists John Nash
		Resolving conflict
		Exercise 4.12 Conflict between Astrid and Bettina
		Exercise 4.13 Conflict in business
		Question 4.12 Choose the correct answer(s)
		Exercise 4.14 Nash equilibria and climate change
	4.14 Conclusion
		Concepts introduced in Unit 4
	4.15 References
Unit 5 Property and power: Mutual gains and conflict
	5.1 Institutions and power
		Institutions
		Power
		The power to say no
	5.2 Evaluating institutions and outcomes: The Pareto criterion
		The Pareto criterion
		Great economists Vilfredo Pareto
		Pareto efficiency
		Question 5.1 Choose the correct answer(s)
	5.3 Evaluating institutions and outcomes: Fairness
		Substantive and procedural judgements
			Substantive judgements
		Exercise 5.1 Substantive fairness
			Procedural judgements
		Exercise 5.2 Procedural fairness
		Evaluating fairness
		Exercise 5.3 Splitting the profits in a partnership
	5.4 A model of choice and conflict
		Angela works the land on her own
		A new character appears
		Exercise 5.4 Using indifference curves
		Question 5.2 Choose the correct answer(s)
	5.5 Technically feasible allocations
		Exercise 5.5 Changing conditions for production
		Question 5.3 Choose the correct answer(s)
	5.6 Allocations imposed by force
		Question 5.4 Choose the correct answer(s)
		New institutions: Law and private property
	5.7 Economically feasible allocations and the surplus
		Exercise 5.6 Biological and economic feasibility
		Exercise 5.7 Why Angela works for 8 hours
		Exercise 5.8 Take it or leave it?
		Question 5.5 Choose the correct answer(s)
		Question 5.6 Choose the correct answer(s)
	5.8 The Pareto efficiency curve and the distribution of the surplus
		Pareto efficiency and the Pareto efficiency curve
		Question 5.7 Choose the correct answer(s)
	5.9 Politics: Sharing the surplus
		Question 5.8 Choose the correct answer(s)
	5.10 Bargaining to a Pareto-efficient sharing of the surplus
		Question 5.9 Choose the correct answer(s)
	5.11 Angela and Bruno: The moral of the story
	5.12 Measuring economic inequality
		The Gini coefficient
		Comparing income distributions and inequality across the world
		Question 5.10 Choose the correct answer(s)
		Exercise 5.9 Comparing distributions of wealth
		Einstein Inequality as differences among people
		Approximating the Gini using the Lorenz curve
	5.13 A policy to redistribute the surplus and raise efficiency
		Efficiency and fairness
		Einstein The Lorenz curve and the Gini coefficient in a class-divided economy with a large population
	5.14 Conclusion
		Concepts introduced in Unit 5
	5.15 References
Unit 6 The firm: Owners, managers, and employees
	6.1 Firms, markets, and the division of labour
		Great economists Herbert Simon
		The coordination of work
		Contracts and relationships
		Exercise 6.1 The structure of an organization
		Question 6.1 Choose the correct answer(s)
	6.2 Other people’s money: The separation of ownership and control
		Question 6.2 Choose the correct answer(s)
	6.3 Other people’s labour
		Exercise 6.2 Incomplete contracts
		Great economists Karl Marx
		Question 6.3 Choose the correct answer(s)
	6.4 Employment rents
		How economists learn from facts Managers exert power
		When economists agree Coase and Marx on the firm and its employees
		Counting the cost of job loss
		How economists learn from facts How large are employment rents?
		Question 6.4 Choose the correct answer(s)
	6.5 Determinants of the employment rent
		Exercise 6.3 Assumptions of the model
		Question 6.5 Choose the correct answer(s)
	6.6 Work and wages: The labour discipline model
		The employee’s best response
		Question 6.6 Choose the correct answer(s)
	6.7 Wages, effort, and profits in the labour discipline model
		Involuntary unemployment
		Exercise 6.4 The employer sets the wage
		Question 6.7 Choose the correct answer(s)
	6.8 Putting the model to work: Owners, employees, and the economy
		Exercise 6.5 Effort and wages
		How economists learn from facts Workers speed up when the economy slows down
		Exercise 6.6 Lazear’s results
		Exercise 6.7 Outsourcing comes home
		Question 6.8 Choose the correct answer(s)
	6.9 Another kind of business organization
		Exercise 6.8 A worker-owned cooperative
		Great economists John Stuart Mill
		Exercise 6.9 Was Mill wrong?
	6.10 Principals and agents: Interactions under incomplete contracts
		Why are contracts incomplete?
		Principal–agent models
		Verifiable information, asymmetric information
		Exercise 6.10 Principal–agent relationships
	6.11 Conclusion
		Concepts introduced in Unit 6
	6.12 References
Unit 7 The firm and its customers
	7.1 Breakfast cereal: Choosing a price
		How economists learn from facts Estimating demand curves using surveys
		Question 7.1 Choose the correct answer(s)
		Question 7.2 Choose the correct answer(s)
		Question 7.3 Choose the correct answer(s)
		Exercise 7.1 Changes in the market
	7.2 Economies of scale and the cost advantages of large-scale production
		Economies and diseconomies of scale
		Cost advantages
		Demand advantages
		Question 7.4 Choose the correct answer(s)
		Einstein The size and cost of a pipe
			Diseconomies of scale: CORE’s Dilbert law of firm hierarchy
	7.3 Production: The cost function for Beautiful Cars
		Marginal cost
		Question 7.5 Choose the correct answer(s)
		Question 7.6 Choose the correct answer(s)
		Exercise 7.2 The cost function for Apple-Cinnamon Cheerios
		Exercise 7.3 Cost functions for university education
	7.4 Demand and isoprofit curves: Beautiful Cars
		The demand curve
		Question 7.7 Choose the correct answer(s)
		The isoprofit curves
		Question 7.8 Choose the correct answer(s)
		Exercise 7.4 Looking at isoprofit curves
	7.5 Setting price and quantity to maximize profit
		Constrained optimization
		Constrained optimization
		Question 7.9 Choose the correct answer(s)
		Question 7.10 Choose the correct answer(s)
		Question 7.11 Choose the correct answer(s)
	7.6 Looking at profit maximization as marginal revenue and marginal cost
		Question 7.12 Choose the correct answer(s)
	7.7 Gains from trade
		Consumer surplus, producer surplus, profit
		Pareto efficiency
		Exercise 7.5 Changing the rules of the game
		Question 7.13 Choose the correct answer(s)
	7.8 The elasticity of demand
		Question 7.14 Choose the correct answer(s)
		Question 7.15 Choose the correct answer(s)
		Einstein The elasticity of demand and the marginal revenue
			The size of the markup chosen by the firm
	7.9 Using demand elasticities in government policy
		Exercise 7.6 Elasticity and expenditure
		Exercise 7.7 Food taxes and health
	7.10 Price-setting, competition, and market power
		Great economists Augustin Cournot
		Market failure
		Competition policy
		Exercise 7.8 Multinationals or independent retailers?
		Question 7.16 Choose the correct answer(s)
	7.11 Product selection, innovation, and advertising
	7.12 Prices, costs, and market failure
	7.13 Conclusion
		Concepts introduced in Unit 7
	7.14 References
Unit 8 Supply and demand: Price-taking and competitive markets
	8.1 Buying and selling: Demand and supply
		Question 8.1 Choose the correct answer(s)
		Exercise 8.1 Selling strategies and reservation prices
	8.2 The market and the equilibrium price
		Great economists Alfred Marshall
		Price-taking
		Exercise 8.2 Price-takers
		Question 8.2 Choose the correct answer(s)
	8.3 Price-taking firms
		Price-taking firm
		Question 8.3 Choose the correct answer(s)
	8.4 Market supply and equilibrium
		Question 8.4 Choose the correct answer(s)
	8.5 Competitive equilibrium: Gains from trade, allocation, and distribution
		Pareto efficiency
			Price-taking
			A complete contract
			No effects on others
		Fairness
		Exercise 8.3 Maximizing the surplus
		Exercise 8.4 Surplus and deadweight loss
		Question 8.5 Choose the correct answer(s)
		Question 8.6 Choose the correct answer(s)
		Einstein Total surplus and WTP
	8.6 Changes in supply and demand
		An increase in demand
		An increase in supply due to improved productivity
		An increase in supply: More bakeries enter the market
		Exercise 8.5 The market for quinoa
		Exercise 8.6 Prices, shocks, and revolutions
		Question 8.7 Choose the correct answer(s)
		Question 8.8 Choose the correct answer(s)
	8.7 The effects of taxes
		Using taxes to raise revenue
		Using taxes to change behaviour
		Exercise 8.7 The deadweight loss of the butter tax
		Question 8.9 Choose the correct answer(s)
		Question 8.10 Choose the correct answer(s)
	8.8 The model of perfect competition
		Perfect competition
		Great economists Léon Walras
		Exercise 8.8 Price-fixing
		Question 8.11 Choose the correct answer(s)
	8.9 Looking for competitive equilibria
		Exercise 8.9 Price dispersion
		Exercise 8.10 The Fulton Fish Market
	8.10 Price-setting and price-taking firms
	8.11 Conclusion
		Concepts introduced in Unit 8
	8.12 References
Unit 9 The labour market: Wages, profits, and unemployment
	9.1 The wage-setting curve, the price-setting curve, and the labour market
		The labour market
			Firms and employees
			Firms and customers
		Wages and employment
		Question 9.1 Choose the correct answer(s)
	9.2 Measuring the economy: Employment and unemployment
		Exercise 9.1 Employment, unemployment, and participation
		Question 9.2 Choose the correct answer(s)
	9.3 The wage-setting curve: Employment and real wages
		Simplifying the model
		Exercise 9.2 Shifts in the wage-setting curve
		Question 9.3 Choose the correct answer(s)
	9.4 The firm’s hiring decision
		Question 9.4 Choose the correct answer(s)
	9.5 The price-setting curve: Wages and profits in the whole economy
		Exercise 9.3 The price-setting curve
		Question 9.5 Choose the correct answer(s)
		Einstein The price-setting curve
			Step 1: The firm sets its price
			Step 2: The price level in the economy as a whole and the real wage
			Step 3: Profits, wages, and the price-setting curve
	9.6 Wages, profits, and unemployment in the whole economy
		Unemployment as a characteristic of labour market equilibrium
		Exercise 9.4 Is this really a Nash equilibrium?
		Question 9.6 Choose the correct answer(s)
		Question 9.7 Choose the correct answer(s)
	9.7 How changes in demand for goods and services affect unemployment
		What could go wrong?
			Worker resistance to a reduction in the nominal wage
			Wage and price reductions might not lead to higher sales and employment
		The role of government policy
		Exercise 9.5 Wages and aggregate demand
		Question 9.8 Choose the correct answer(s)
	9.8 Labour market equilibrium and the distribution of income
		Factors that affect labour market equilibrium: Unemployment and inequality
		Question 9.9 Choose the correct answer(s)
		Einstein The Lorenz curve and the Gini coefficient in an economy with unemployed, employed, and employers (owners)
	9.9 Labour supply, labour demand, and bargaining power
		Changes in labour supply: The effects of immigration
		Exercise 9.6 Immigration of entrepreneurs
		Question 9.10 Choose the correct answer(s)
	9.10 Labour unions: Bargained wages and the union voice effect
		Labour unions and the bargained wage-setting curve
		The union voice effect
		Question 9.11 Choose the correct answer(s)
	9.11 Labour market policies to address unemployment and inequality
		The effect of policies that shift the price-setting curve
			Education and training
			A wage subsidy
		The effect of policies that shift the wage-setting curve
	9.12 Looking backward: Baristas and bread markets
		Taking a price, setting a price
		Complete and incomplete contracts
		Pareto efficiency and unexploited opportunities for mutual gains
		The politics and sociology of markets
		Question 9.12 Choose the correct answer(s)
	9.13 Conclusion
		Concepts introduced in Unit 9
	9.14 References
Unit 10 Banks, money, and the credit market
	10.1 Money and wealth
		Money
		Wealth
		Income
		Expenditure
		Question 10.1 Choose the correct answer(s)
		Question 10.2 Choose the correct answer(s)
	10.2 Borrowing: Bringing consumption forward in time
	10.3 Impatience and the diminishing marginal returns to consumption
		Smoothing
		Pure impatience, or how impatient you are as a person
		Impatience
		Exercise 10.1 The consequences of pure impatience
		Question 10.3 Choose the correct answer(s)
	10.4 Borrowing allows smoothing by bringing consumption to the present
		A person’s discount rate
		Exercise 10.2 Income and substitution effects
		Question 10.4 Choose the correct answer(s)
	10.5 Lending and storing: Smoothing and moving consumption to the future
	10.6 Investing: Another way to move consumption to the future
		Exercise 10.3 An increase in the interest rate
		Exercise 10.4 Lifetime income
		Question 10.5 Choose the correct answer(s)
		Question 10.6 Choose the correct answer(s)
	10.7 Assets, liabilities, and net worth
		Question 10.7 Choose the correct answer(s)
	10.8 Banks, money, and the central bank
		Types of money
		Question 10.8 Choose the correct answer(s)
	10.9 The central bank, the money market, and interest rates
		Exercise 10.5 Interest rate markups
		Einstein Present value (PV)
			Net present value (NPV)
			Bond prices and yields
	10.10 The business of banking and bank balance sheets
		Leverage for non-banks
		Question 10.9 Choose the correct answer(s)
	10.11 The central bank’s policy rate can affect spending
		Question 10.10 Choose the correct answer(s)
		Exercise 10.6 Interest rates and consumption spending
	10.12 Credit market constraints: A principal–agent problem
		Question 10.11 Choose the correct answer(s)
		Exercise 10.7 Microfinance and lending to the poor
	10.13 Inequality: Lenders, borrowers, and those excluded from credit markets
		Question 10.12 Choose the correct answer(s)
		Exercise 10.8 Unpopular banks
		Exercise 10.9 Limits on lending
	10.14 Conclusion
		Concepts introduced in Unit 10
	10.15 References
Unit 11 Rent-seeking, price-setting, and market dynamics
	Great economists Friedrich Hayek
	Question 11.1 Choose the correct answer(s)
	11.1 How people changing prices to gain rents can lead to a market equilibrium
		Market equilibration through rent-seeking
		Einstein Equilibration through rent-seeking in an experimental market
		Exercise 11.1 A supply shock and adjustment to a new market
		Exercise 11.2 Cotton prices and the American Civil War
		Question 11.2 Choose the correct answer(s)
	11.2 How market organization can influence prices
	11.3 Short-run and long-run equilibria
		Short-run and long-run elasticities
		Question 11.3 Choose the correct answer(s)
	11.4 Prices, rent-seeking, and market dynamics at work: Oil prices
		Short-run supply and demand
		The 1970s oil price shocks
		The 2000–2008 oil price shock
		Exercise 11.3 The world market for oil
		Exercise 11.4 The shale oil revolution
	11.5 The value of an asset: Basics
		Bonds
		Stocks
		Risk
		Trading strategies
		How economists learn from facts The wisdom of crowds: The weight of stock (oxen) and the value of stocks
		Question 11.4 Choose the correct answer(s)
	11.6 Changing supply and demand for financial assets
		Exercise 11.5 Supply and demand curves
		Question 11.5 Choose the correct answer(s)
	11.7 Asset market bubbles
		Information, uncertainty, and beliefs
		When economists disagree Do bubbles exist?
		Exercise 11.6 Markets for gems
		Question 11.6 Choose the correct answer(s)
	11.8 Modelling bubbles and crashes
		How do bubbles come to an end?
		Exercise 11.7 What is the fundamental value of a Bitcoin?
		Exercise 11.8 The big ten asset price bubbles of the last 400 years
		Question 11.7 Choose the correct answer(s)
		Question 11.8 Choose the correct answer(s)
	11.9 Non-clearing markets: Rationing, queuing, and secondary markets
		Exercise 11.9 IOC policy
		Exercise 11.10 The price of a ticket
		Question 11.9 Choose the correct answer(s)
	11.10 Markets with controlled prices
		Exercise 11.11 Why not raise the price?
		Question 11.10 Choose the correct answer(s)
	11.11 The role of economic rents
		Question 11.11 Choose the correct answer(s)
	11.12 Conclusion
		Concepts introduced in Unit 11
	11.13 References
Unit 12 Markets, efficiency, and public policy
	Exercise 12.1 Property rights and contracts in Madagascar
	12.1 Market failure: External effects of pollution
		Question 12.1 Choose the correct answer(s)
	12.2 External effects and bargaining
		Great economists Ronald Coase
		Exercise 12.2 Bargaining power
		Exercise 12.3 A positive externality
		Question 12.2 Choose the correct answer(s)
		Question 12.3 Choose the correct answer(s)
	12.3 External effects: Policies and income distribution
		Regulation
		Taxation
		Enforcing compensation
		Diagnosis and treatment in the case of chlordecone
		Great economists Arthur Pigou
		Exercise 12.4 Pigouvian subsidy
		Exercise 12.5 Comparing policies
		Question 12.4 Choose the correct answer(s)
	12.4 Property rights, contracts, and market failures
		Exercise 12.6 Incomplete contracts
	12.5 Public goods
		Exercise 12.7 Rivalry and excludability
		Question 12.5 Choose the correct answer(s)
	12.6 Missing markets: Insurance and lemons
		Hidden actions and moral hazard
		Hidden attributes and adverse selection
		Hidden attributes and adverse selection
		Adverse selection in the insurance market
		Moral hazard in the insurance market
		Exercise 12.8 Hidden attributes
		Question 12.6 Choose the correct answer(s)
		Question 12.7 Choose the correct answer(s)
	12.7 Incomplete contracts and external effects in credit markets
		Question 12.8 Choose the correct answer(s)
	12.8 The limits of markets
		What determines the balance between firms and markets?
		Repugnant markets
		Merit goods
		Exercise 12.9 Capitalism among consenting adults
	12.9 Market failure and government policy
		Looking ahead: A broader role for governments
		Exercise 12.10 Market failure
	12.10 Conclusion
		Concepts introduced in Unit 12
	12.11 References
Unit 13 Economic fluctuations and unemployment
	Correlation may not be causation
	Exercise 13.1 The OECD Better Life Index
	13.1 Growth and fluctuations
		Exercise 13.2 Defining recessions
		Question 13.1 Choose the correct answer(s)
		Einstein Ratio scales and logarithms
	13.2 Output growth and changes in unemployment
		Exercise 13.3 Okun’s Law
		Question 13.2 Choose the correct answer(s)
		Einstein Okun’s law
	13.3 Measuring the aggregate economy
	13.4 Measuring the aggregate economy: The components of GDP
		Consumption (C)
		Investment (I)
		Government spending on goods and services (G)
		Exports (X)
		Imports (M)
		Net exports (X − M)
		GDP (Y)
		Shortcomings of GDP as a measure
		Exercise 13.4 How to use FRED
		Question 13.3 Choose the correct answer(s)
		Question 13.4 Choose the correct answer(s)
	13.5 How households cope with fluctuations
		Household shocks
		Economy-wide shocks
		Exercise 13.5 Health insurance
		Question 13.5 Choose the correct answer(s)
	13.6 Why is consumption smooth?
		Credit constraints
		Weakness of will
		How economists learn from facts My diet starts tomorrow
		Limited co-insurance
		Exercise 13.6 Changes in income, changes in consumption
		Question 13.6 Choose the correct answer(s)
		Question 13.7 Choose the correct answer(s)
	13.7 Why is investment volatile?
		Coordination game
		Exercise 13.7 Consulting FRED
		Question 13.8 Choose the correct answer(s)
	13.8 Measuring the economy: Inflation
		What is inflation?
		Exercise 13.8 Measuring inflation
		Exercise 13.9 The CPI and the GDP deflator
	13.9 Conclusion
		Concepts introduced in Unit 13
	13.10 References
Unit 14 Unemployment and fiscal policy
	14.1 The transmission of shocks: The multiplier process
	14.2 The multiplier model
		Question 14.1 Choose the correct answer(s)
		Question 14.2 Choose the correct answer(s)
		Einstein Calculating the multiplier
	14.3 Household target wealth, collateral, and consumption spending
		Exercise 14.1 A household’s balance sheet
		Exercise 14.2 Housing in France and Germany
		Question 14.3 Choose the correct answer(s)
	14.4 Investment spending
		Question 14.4 Choose the correct answer(s)
		Question 14.5 Choose the correct answer(s)
	14.5 The multiplier model: Including the government and net exports
		Consumption
		Investment
		Government spending
		Net exports
		Exercise 14.3 The multiplier model
		Question 14.6 Choose the correct answer(s)
		Einstein The multiplier in an economy with a government and foreign trade
	14.6 Fiscal policy: How governments can dampen and amplify fluctuations
		The paradox of thrift and the fallacy of composition
		Great economists John Maynard Keynes
		How governments can amplify fluctuations
		Exercise 14.4 Spending cuts in a recession
		Question 14.7 Choose the correct answer(s)
	14.7 The multiplier and economic policymaking
		Crowding out
		How economists learn from facts The Mafia and the multiplier
		When economists disagree How responsive is the economy to government spending?
		Exercise 14.5 Methods to estimate the multiplier
		Exercise 14.6 Contributions to change in real gross domestic product over the business cycle
		Exercise 14.7 The fall of France
		Exercise 14.8 Stimulus without more debt
		Question 14.8 Choose the correct answer(s)
	14.8 The government’s finances
		Revenue
		Expenditure
		Government primary deficit
		Exercise 14.9 Efficiency and fairness
	14.9 Fiscal policy and the rest of the world
		Foreign markets matter
		Imports dampen domestic fluctuations
		Trade constrains the use of fiscal stimulus
		Exercise 14.10 Coordinating a stimulus
		Question 14.9 Choose the correct answer(s)
	14.10 Aggregate demand and unemployment
		Question 14.10 Choose the correct answer(s)
	14.11 Conclusion
		Concepts introduced in Unit 14
	14.12 References
Unit 15 Inflation, unemployment, and monetary policy
	15.1 What’s wrong with inflation?
		Describing a change in price level
		Question 15.1 Choose the correct answer(s)
		Question 15.2 Choose the correct answer(s)
	15.2 Inflation results from conflicting and inconsistent claims on output
		Great economists Bill Phillips
		Question 15.3 Choose the correct answer(s)
		Question 15.4 Choose the correct answer(s)
	15.3 Inflation, the business cycle, and the Phillips curve
		The bargaining gap and the Phillips curve
		Bargaining gap
		Exercise 15.1 The bargaining gap in a recession
		Exercise 15.2 Positive and negative shocks
		Question 15.5 Choose the correct answer(s)
	15.4 Inflation and unemployment: Constraints and preferences
		Exercise 15.3 The Phillips curve and the policymaker’s preferences
	15.5 What happened to the Phillips curve?
	15.6 Expected inflation and the Phillips curve
		Introducing expected inflation
		The shifting Phillips curve
		Exercise 15.4 A negative aggregate demand shock with high unemployment
		Exercise 15.5 Inflation, expected inflation, and the bargaining gap
		Question 15.6 Choose the correct answer(s)
		Question 15.7 Choose the correct answer(s)
	15.7 Supply shocks and inflation
		Exercise 15.6 An oil shock
		Einstein The price-setting curve with imported materials
			The markup price-setting equation for the firm
	15.8 Monetary policy
		The transmission of monetary policy
			Market interest rates
			Asset prices
			Profit expectations and confidence
			Exchange rate
		A warning
		The zero lower bound
		How is QE supposed to work?
		No national monetary policy
		Exercise 15.7 Fiscal or monetary policy?
		Question 15.8 Choose the correct answer(s)
		Einstein The real interest rate and the Fisher equation
	15.9 The exchange rate channel of monetary policy
		Exercise 15.8 Why bonds?
		Question 15.9 Choose the correct answer(s)
	15.10 Demand shocks and demand-side policies
		The recession and the policy response
		The recession and the model
		Exercise 15.9 A construction boom
	15.11 Macroeconomic policy before the global financial crisis: Inflation-targeting policy
		Question 15.10 Choose the correct answer(s)
	15.12 Another reason for rising inflation at low unemployment
	15.13 Conclusion
		Concepts introduced in Unit 15
	15.14 References
Unit 16 Technological progress, employment, and living standards in the long run
	Exercise 16.1 Wealth and life satisfaction
	Question 16.1 Choose the correct answer(s)
	16.1 Technological progress and living standards
		Question 16.2 Choose the correct answer(s)
	16.2 The job creation and destruction process
		Exercise 16.2 Schumpeter revisited
	16.3 Job flows, worker flows, and the Beveridge curve
		The Beveridge curve
		Exercise 16.3 Beveridge curves and the German labour market
		Question 16.3 Choose the correct answer(s)
	16.4 Investment, firm entry, and the price-setting curve in the long run
		Determinants of economic performance in the long run
		From the equilibrium markup to the price-setting curve in the long run
		The long-run price-setting curve
		Exercise 16.4 Measuring the conditions for investment
		Question 16.4 Choose the correct answer(s)
		Question 16.5 Choose the correct answer(s)
	16.5 New technology, wages, and unemployment in the long run
		New knowledge and new technology: The innovation diffusion gap
		Adjustment to technological change: The employment and wage adjustment gap
		Lessons from creative destruction and consumption smoothing
		Question 16.6 Choose the correct answer(s)
		Question 16.7 Choose the correct answer(s)
	16.6 Technological change and income inequality
		Exercise 16.5 Technological progress and inequality
		Question 16.8 Choose the correct answer(s)
	16.7 How long does it take for labour markets to adjust to shocks?
	16.8 Institutions and policies: Why do some countries do better than others?
		Exercise 16.6 You are the policymaker
		Question 16.9 Choose the correct answer(s)
	16.9 Technological change, labour markets, and trade unions
		The Nordic case: Inclusive unions and employers’ associations
		The Japanese case: Inclusive employers’ associations
		The Spanish case: Non-inclusive unions
		Unemployment benefits and unemployment
		Exercise 16.7 Unemployment rates and labour market institutions
		Question 16.10 Choose the correct answer(s)
	16.10 Changes in institutions and policies
		Exercise 16.8 The labour market model
	16.11 Slower productivity growth in services, and the changing nature of work
		The rise and fall of manufacturing employment
		The economics of slower productivity growth in services
		Einstein How faster productivity growth in goods production may shift employment from goods to services
		Question 16.11 Choose the correct answer(s)
	16.12 Wages and unemployment in the long run
	16.13 Conclusion
		Concepts introduced in Unit 16
	16.14 References
Unit 17 The Great Depression, golden age, and global financial crisis
	How economists learn from facts ‘I made a mistake’
	17.1 Three economic epochs
		Question 17.1 Choose the correct answer(s)
		Question 17.2 Choose the correct answer(s)
	17.2 The Great Depression, positive feedbacks, and aggregate demand
		Exercise 17.1 Farmers in the Great Depression
	17.3 Policymakers in the Great Depression
		Fiscal policy in the Great Depression
		Monetary policy in the Great Depression
		The gold standard
		A change in expectations
		The Great Depression
		Exercise 17.2 Advantages and disadvantages of fixed exchange rates
		Question 17.3 Choose the correct answer(s)
	17.4 The golden age of high growth and low unemployment
		The golden age of capitalism
	17.5 Workers and employers in the golden age
		Question 17.4 Choose the correct answer(s)
	17.6 The end of the golden age
		Question 17.5 Choose the correct answer(s)
		Question 17.6 Choose the correct answer(s)
		Question 17.7 Choose the correct answer(s)
	17.7 After stagflation: The fruits of a new policy regime
		Exercise 17.3 Workers’ bargaining power
	17.8 Before the financial crisis: Households, banks, and the credit boom
		The great moderation and the global financial crisis
		Housing booms and the financial accelerator
		Financial deregulation and subprime borrowers
		Financial deregulation and bank leverage
		The subprime housing crisis of 2007
		Great economists Hyman Minsky
		Exercise 17.4 Household wealth as a balance sheet
		Question 17.8 Choose the correct answer(s)
		Question 17.9 Choose the correct answer(s)
	17.9 Modelling housing bubbles
		Tipping point
		Exercise 17.5 Differences between equilibrium and stability
		Question 17.10 Choose the correct answer(s)
	17.10 The financial crisis and the great recession
		Exercise 17.6 The crisis and the multiplier
		Question 17.11 Choose the correct answer(s)
	17.11 The role of banks in the crisis
		House prices and bank solvency
		Bank liquidity and the credit crunch
		Fire sales: A positive feedback process
		Governments rescue banks
		Exercise 17.7 How conventional wisdom on financial markets contributed to the global financial crisis
		Exercise 17.8 Behaviour in the financial crisis
		Question 17.12 Choose the correct answer(s)
	17.12 The economy as teacher
		Exercise 17.9 Banking regulations can help bring on financial crises
		Exercise 17.10 Hoover’s balanced budget
		Exercise 17.11 Austerity policy
	17.13 Conclusion
		Concepts introduced in Unit 17
	17.14 References
Unit 18 The nation and the world economy
	18.1 Globalization and deglobalization in the long run
		Exercise 18.1 Price gaps that did and didn’t fall
		Exercise 18.2 Learning more about tariffs
		Question 18.1 Choose the correct answer(s)
		Question 18.2 Choose the correct answer(s)
	18.2 Globalization and investment
		Balance of payments account (BP)
		Current account (CA)
		Exercise 18.3 International capital flows: Does capital flow from richer to poorer countries?
		Question 18.3 Choose the correct answer(s)
	18.3 Globalization and migration
		Question 18.4 Choose the correct answer(s)
	18.4 Specialization and the gains from trade among nations
		Economies of agglom­eration
		Exercise 18.4 Assess some country production specialization patterns
	18.5 Specialization, factor endowments, and trade between countries
		Diversification in the absence of trade
		Trade and specialization
		Gains from trade
		Great economists David Ricardo
		Exercise 18.5 Comparative advantage
		Exercise 18.6 Power and bargaining
		Question 18.5 Choose the correct answer(s)
		Question 18.6 Choose the correct answer(s)
		Question 18.7 Choose the correct answer(s)
	18.6 Winners and losers from trade and specialization
		Exercise 18.7 Winners and losers from specialization due to economies of scale
		Question 18.8 Choose the correct answer(s)
		Exercise 18.8 The collapse of the Soviet Union
	18.7 Winners and losers in the very long run and along the way
		Question 18.9 Choose the correct answer(s)
	18.8 Migration: Globalization of labour
		Exercise 18.9 The economic effects of immigration
	18.9 Globalization and anti-globalization
		Exercise 18.10 Rodrik’s Trilemma
		Exercise 18.11 Examine the respective strengths and costs of economic independence, and interdependency
	18.10 Trade and growth
		Exercise 18.12 The effect of trade on growth
		When economists disagree Heckscher–Ohlin, the Leontief paradox, and the new trade theory
	18.11 Conclusion
		Concepts introduced in Unit 18
	18.12 References
Unit 19 Economic inequality
	Exercise 19.1 Income variation across and within countries
	19.1 Inequality across the world and over time
		Wealth, earnings, market income and disposable income
		Income inequalities over time and among countries
		Inequalities between and within nations
		A glimpse into the future of the rich economies: The missing middle?
		Exercise 19.2 Inequalities among your classmates
		Question 19.1 Choose the correct answer(s)
		Question 19.2 Choose the correct answer(s)
		Question 19.3 Choose the correct answer(s)
		Einstein The Gini coefficient and worldwide income differences
		Exercise 19.3 Another way to interpret Gini coefficients
	19.2. Accidents of birth: Another lens to study inequality
		Gender and other forms of categorical inequality
		Intergenerational inequality
		Exercise 19.4 How inequalities of birth persist between generations
		Question 19.4 Choose the correct answer(s)
	19.3 What (if anything) is wrong with inequality?
		Perceived, ideal and actual inequalities
		When is inequality unfair?
		Exercise 19.5 Estimated, ideal, and actual distributions of wealth
		Exercise 19.6 A level playing field
	19.4 How much inequality is too much (or too little)?
		A lens for looking at unfairness: The veil of ignorance.
		Feasible inequality
		A preference for fairness
		Question 19.5 Choose the correct answer(s)
	19.5 Endowments, technology, and institutions
		Income and endowments
		Using the model to review inequality from previous units
		How endowments, technology, institutions, and inequality interact over time
		Exercise 19.7 Yichen, Renfu, Mark, and Stephanie
	19.6 Inequality, endowments, and principal–agent relationships
		Question 19.6 Choose the correct answer(s)
	19.7 Putting the model to work: Explaining changes in inequality
		A more educated and more productive workforce
		A reduction in labour market segmentation
		Automation
		Exercise 19.8 How automation affects employment
		Question 19.7 Choose the correct answer(s)
	19.8 Predistribution
		Exercise 19.9 Non-compete contracts in the labour market model
		Question 19.8 Choose the correct answer(s)
		Question 19.9 Choose the correct answer(s)
	19.9 Explaining recent trends in inequality in market income
	19.10 Redistribution: Taxes and transfers
		Differences among economies in the extent and nature of redistribution
		The welfare state
		Progressive and regressive redistribution
		How economists learn from facts What is the best way to give money to the poor? Randomize and find out.
		Exercise 19.10 Regressive and progressive taxes
	19.11 Equality and economic performance
		Exercise 19.11 The U-turn countries
		Exercise 19.12 High and low performers
		Question 19.10 Choose the correct answer(s)
	19.12 Conclusion
		Concepts introduced in Unit 19
	19.13 References
Unit 20 Economics of the environment
	Question 20.1 Choose the correct answer(s)
	20.1 Recap: External effects, incomplete contracts, and missing markets
		Question 20.2 Choose the correct answer(s)
	20.2 Climate change
		Climate change and economic activity
		Exercise 20.1 Assessing the economic impacts of global warming
		Exercise 20.2 Climate change causes and evidence
		Question 20.3 Choose the correct answer(s)
	20.3 The abatement of environmental damages: Cost-benefit analysis
		Abatement costs and the feasible set
		Environment-consumption indifference curves
		Cost-benefit analysis: The ideal policymaker chooses an abatement level
		Exercise 20.3 Choosing abatement strategies
		Exercise 20.4 Optimistic and pessimistic policies
		Question 20.4 Choose the correct answer(s)
		Question 20.5 Choose the correct answer(s)
		Einstein Marginal abatement costs and the total productivity of abatement expenditures
	20.4 Conflicts of interest: Bargaining over wages, pollution, and jobs
		The firm has all the bargaining power
		Citizens have all the bargaining power
		Dividing the mutual gains
		Question 20.6 Choose the correct answer(s)
	20.5 Cap and trade environmental policies
		Cap and trade: Examples of emissions trading
		How high should the price of carbon emissions be?
		Exercise 20.5 Assessing cap and trade policies
		Exercise 20.6 A successful tradable emissions permit program
		Exercise 20.7 Would a carbon tax reduce emissions more than regulation?
	20.6 The measurement challenges of environmental policy
		Contingent valuation
		Hedonic pricing
		How economists learn from facts Natural capital and green growth
		When economists disagree Willingness to pay versus the right to a livable environment
		Exercise 20.8 Wealth and natural capital
		Question 20.7 Choose the correct answer(s)
	20.7 Dynamic environmental policies: Future technologies and lifestyles
		Prices, quantities and green innovation
		Environmental policy and long-term changes in lifestyles
		How economists learn from facts Social preferences and environmental sustainability
		Exercise 20.9 Improvements in technology
		Exercise 20.10 The price elasticity of demand
		Question 20.8 Choose the correct answer(s)
		Question 20.9 Choose the correct answer(s)
	20.8 Environmental dynamics
		Multiple equilibria and tipping points
		Environ­men­tal tipping point
		Climate change and environmental collapse
		Prudential policies to address tipping points
		Exercise 20.11 Representing regime shifts
		Exercise 20.12 Self-reinforcing processes
	20.9 Why is addressing climate change so difficult?
		International cooperation
		Unrepresented generations
		When economists disagree The discounting dilemma: How should we account for future costs and benefits?
		Exercise 20.13 Simulating different discount rates
		Question 20.10 Choose the correct answer(s)
	20.10 Policy choices matter
		Differences between countries
		Lessons from the existence of win-win policies
		Is ‘make the polluter pay’ fair?
		Exercise 20.14 High and low performers
		Question 20.11 Choose the correct answer(s)
	20.11 Conclusion
		Concepts introduced in Unit 20
	20.12 References
Unit 21 Innovation, information, and the networked economy
	Exercise 21.1 Patents and innovation in the pharmaceutical industry
	21.1 The innovation process: Invention and diffusion
		Invention and innovation
			Radical innovation
			Incremental innovation
		Diffusion
		When economists disagree The end of the permanent technological revolution?
		Exercise 21.2 The permanent technological revolution
		Question 21.1 Choose the correct answer(s)
	21.2 Innovation systems
		The Silicon Valley innovation system
		The German innovation system
		The economics of innovation systems
		Exercise 21.3 Comparing innovation systems
		Question 21.2 Choose the correct answer(s)
	21.3 External effects: Complements, substitutes, and coordination
		Innovations that are complements
		Innovations that are substitutes
		The role of public policy
			Complements
			Substitutes and standards
		Exercise 21.4 Complements
		Exercise 21.5 Substitutes and complements
		Question 21.3 Choose the correct answer(s)
	21.4 Economies of scale and winner-take-all competition
		The supply side: First copy costs and economies of scale in production
		The demand side: Economies of scale through network effects
		Question 21.4 Choose the correct answer(s)
	21.5 Matching (two-sided) markets
		Matching (two-sided) markets
		A model of a two-sided matching market
		Market failures in matching markets
		A catalogue of policies
		Exercise 21.6 Understanding matching markets
		Exercise 21.7 Why do curves in the matching markets model slope upwards?
		Exercise 21.8 Mismatched posters and seekers in a matching market model
		Exercise 21.9 Chicken-and-egg
		Question 21.5 Choose the correct answer(s)
	21.6 Intellectual property rights
		Intellectual property rights
			Patents
			Trademarks
			Copyright
		How intellectual property rights affect innovation
		Creative commons licensing
		When economists disagree Intellectual property rights: Dynamo or drag?
		Exercise 21.10 Thomas Jefferson
		Exercise 21.11 How copyright improved Italian opera, and how such protection should be limited
		Exercise 21.12 Intellectual property rights
		Question 21.6 Choose the correct answer(s)
	21.7 Optimal patents: Balancing the objectives of invention and diffusion
		The trade-off between the benefits of diffusion and of invention
		Feasible invention and diffusion
		Optimal patent duration
		Exercise 21.13 Optimal patents
		Question 21.7 Choose the correct answer(s)
		Question 21.8 Choose the correct answer(s)
	21.8 Public funding of basic research, education, and information infrastructure
		Government-funded research
		Competitions and prizes
		Exercise 21.14 Government-funded research
		Question 21.9 Choose the correct answer(s)
		Question 21.10 Choose the correct answer(s)
	21.9 Conclusion
		Concepts introduced in Unit 21
	21.10 References
Unit 22 Economics, politics, and public policy
	22.1 The government as an economic actor
		Coercion and providing public services
		Part of the solution
		Part of the problem
		Exercise 22.1 Building self-control into government
		Exercise 22.2 The relationship between economic development and size of government
	22.2 Government acting as a monopolist
		Preferences and feasible sets
		A rent-seeking dictator
		Even a dictator faces constraints on what he can do
		The dictator chooses a tax to maximize his total rents
		Question 22.1 Choose the correct answer(s)
	22.3 Political competition affects how the government will act
		How economists learn from facts Does electoral competition affect policy?
		Political competition as a constraint
		Exercise 22.3 Comparing duration curves for governments and monopolistic firms
		Exercise 22.4 Income and substitution effects
	22.4 Why an erstwhile dictator might submit to political competition
		Exercise 22.5 Effects of cost-saving improvements to public services
		Question 22.2 Choose the correct answer(s)
	22.5 Democracy as a political institution
		Great economists Kenneth Arrow
	22.6 Political preferences and electoral competition: The median voter model
		The median voter and party platforms in an ideal democracy
		Exercise 22.6 Rock-paper-scissors politics
	22.7 A more realistic model of electoral competition
		Accountability through political and economic competition: Summing up
		Great economists Albert O. Hirschman
		Exercise 22.7 Nash equilibria in the median voter model
		Question 22.3 Choose the correct answer(s)
	22.8 The advance of democracy
		Social unrest and universal suffrage
		Spending priorities in a democracy
		Exercise 22.8 Past influences on current government spending patterns
		Exercise 22.9 Comparing government expenditures
	22.9 Varieties of democracy
		Accountability and transfers of power
		Exercise 22.10 How democracy helps protect the governed
	22.10 Democracy makes a difference
		How economists learn from facts Women’s suffrage and the reduction in child mortality in the US
		Exercise 22.11 Work times and inequality in less democratic democracies
	22.11 A puzzle: The persistence of unfairness and market failures in democracies
		Government failure
			Economic infeasibility
			Administrative infeasibility
			Special interests
	22.12 Economic infeasibility
		How policies work by shifting the Nash equilibrium
		Unintended consequences
		Economic feasibility: An example from Chile
		Exercise 22.12 Economies succeed when national policies align with individual impulses
		Question 22.4 Choose the correct answer(s)
	22.13 Administrative infeasibility
		Limited information
		Limited capacities
		Administrative infeasibility: An application from Nigeria
	22.14 Special interests
		Democratic accountability of elected officials
		‘All animals are equal. But some are more equal than others.’
		How economists (and political scientists) learn from facts Does money talk?
		Special interests: The story of Chile continued
	22.15 Policy matters and economics works
	22.16 Conclusion
		Concepts introduced in Unit 22
	22.17 References