Casey B. Mulligan – författare

An authoritative textbook based on the legendary economics course taught at the University of Chicago—now fully updated and expandedPrice theory is a powerful analytical tool kit for measuring, explaining, and predicting market outcomes. This expanded second edition of Chicago Price Theory offers a unique approach to the subject, emphasizing hands-on, practical applications that can help students adeptly integrate economic theory with real-world forces. A key distinction is its focus on market equilibrium and gains from trade. Unlike many microeconomics texts, this book emphasizes how, through markets, households and businesses adapt to conditions like price controls and externalities. It modernizes the Marshallian idea of forward-falling supply, especially for analyzing human capital, and makes use of the cost function and Hicks-Marshall laws to analyze a variety of economic phenomena. Rooted in Chicago’s price theory tradition, this textbook enables students to understand human behavior through the lens of price theory, showing how a small set of well-mastered tools makes it possible to analyze a remarkably wide range of economic questions.Now includes a full chapter closely integrating economic reasoning with the treatment-control paradigmCovers topics such as occupational choice, the evolution of inequality, the value of a statistical life, prohibition, and competitionUses the economics of “nudges” to understand business contracts and the organization of civil societyFeatures analysis of business-to-business transactionsDiscusses the future implications of artificial intelligenceComes with lesson plans for minicourses in industrial organization, health economics, macroeconomics, labor, public finance, and urban economicsAccompanied by video lectures taught by Kevin M. Murphy, Gary Becker, Casey B. Mulligan, and Robert Minton

Since 2007, many fundamental aspects of the economy and the labor market have changed dramatically. With the exception of Medicaid, subsidies flowing to the unemployed and financially distressed households in the forms of loan forgiveness and government transfers almost tripled. The generosity of mean-tested subsidies like food stamps, and employment-tested subsidies like unemployment insurance have steadily increased. Congress considered legislation that would raise marginal income tax rates, and would present Americans with new health benefits that would be phased out as a function of income. Also, a large number of homeowners owed more on their mortgages than their houses were worth, and many in both the private and public sectors renegotiated their mortgage contracts. And many others renegotiated business debts, consumer loans, student loans, and tax debts. Labor economist Casey B. Mulligan argues that because the way these trends have affected the labor market, they deepened, if not caused, the recession. He explains how progressive tax rates and binding minimum-wage laws reduce labor usage, consumption, and investment, and how they increase labor productivity. This means that while a small part of the population actually works more, overall hours worked in the whole economy are less. He explains and examines the pratical ways that for many people during a recession it costs more to earn more, and how people are working less because of it. One newly discovered aspect of the costs on earning is the large portion of the labor force renegotiating debt. Mulligan quantifies how borrowers can expect their earnings to affect the amount that lenders will forgive in debt renegotiation, and how this has acted as a massive implicit tax on earning. He also measures the changes in market tax rates that resulted directly from "social safety net" programs, and quantifies these changes' effects on the labor market and the economy. Mulligan argues that much of the decline in labor usage since 2007 was a reaction to the combination of higher marginal tax rates and a higher federal minimum wage, and that it is important to understand why labor market distortions like these suddenly increased, and to what degree those increases were caused by the various measures enacted to boost the labor market. The Redistribution Recession is a controversial, clear-cut, and thoroughly researched analysis of the effects of various government policies on the labor market during the recent recession.

The Affordable Care Act will have a dangerous effect on the American economy. That may sound like a political stance, but it's actually a simple financial fact borne out by economic forecasts. In Side Effects and Complications, preeminent labor economist Casey B. Mulligan brings to light the dire economic realities that have been lost in the ideological debate over the ACA, and he offers an eye-opening and accessible look at the costs that American citizens will pay because of it. Looking specifically at the labor market, Mulligan reveals how the costs of health care under the ACA actually create implicit taxes on individuals, as the increased costs to employers will be passed on to their employees. Mulligan shows how, as a result, millions of workers will find themselves in a situation in which full-time work, adjusted for the expense of health care, will actually pay less than part-time work or even not working at all. Analyzing the incentives-or lack thereof-for people to earn more by working more, Mulligan offers projections on how many hours people will work and how productively they will work, as well as how much they will spend in general.Using the powerful tools of economic forecasting, he then illustrates the detrimental consequences this will have on overall unemployment in the next several years. Drawing on extensive knowledge of the labor market and the economic theories at its foundation, Side Effects and Complications offers a crucial wake-up call about the risks posed by the ACA for the economy. Plainly laying out the true costs of the ACA, Mulligan's grounded and thorough predictions are something that workers and policy makers cannot afford to ignore.

Arguing that parental actions are important sources of wealth inequality, this book investigates the transmission of economic status from one generation to the next by constructing a model of parental preferences. It offers evidence on the intergenerational transmission of consumption, earnings and wealth. In the model, parents determine the degree of their altruistic concern for their children and spend time and resources on them accordingly, just as they might make choices about how they spend money. Mulligan tests his model against both old and new evidence, including models which emphasize "financial constraints". One major prediction of Mulligan's model confirmed by the evidence is that children of wealthy parents typically spend more than they earn. Other important behaviour can also be explained using this approach, such as charitable giving and "corporate loyalty". The study should appeal to a wide range of quantitatively-oriented social scientists and sociobiologists.

Arguing that parental actions are important sources of wealth inequality, this book investigates the transmission of economic status from one generation to the next by constructing a model of parental preferences. It offers evidence on the intergenerational transmission of consumption, earnings and wealth. In the model, parents determine the degree of their altruistic concern for their children and spend time and resources on them accordingly, just as they might make choices about how they spend money. Mulligan tests his model against both old and new evidence, including models which emphasize "financial constraints". One major prediction of Mulligan's model confirmed by the evidence is that children of wealthy parents typically spend more than they earn. Other important behaviour can also be explained using this approach, such as charitable giving and "corporate loyalty". The study should appeal to a wide range of quantitatively-oriented social scientists and sociobiologists.

Now in paperback, a revealing collection from the intellectual titan whose work shaped the modern world.As an economist and public intellectual, Gary S. Becker was a giant. The recipient of a Nobel Prize, a John Bates Clark Medal, and a Presidential Medal of Freedom, Becker is widely regarded as the greatest microeconomist in history. After forty years at the University of Chicago, Becker left a slew of unpublished writings that used an economic approach to human behavior, analyzing such topics as preference formation, rational indoctrination, income inequality, drugs and addiction, and the economics of family. These papers unveil the process and personality—direct, critical, curious—that made him a beloved figure in his field and beyond. The Economic Approach examines these extant works as a capstone to the Becker oeuvre—not because the works are perfect, but because they offer an illuminating, instructive glimpse into the machinations of an economist who wasn’t motivated by publications. Here, and throughout his works, an inquisitive spirit remains remarkable and forever resonant.

Now in paperback, a revealing collection from the intellectual titan whose work shaped the modern world.As an economist and public intellectual, Gary S. Becker was a giant. The recipient of a Nobel Prize, a John Bates Clark Medal, and a Presidential Medal of Freedom, Becker is widely regarded as the greatest microeconomist in history. After forty years at the University of Chicago, Becker left a slew of unpublished writings that used an economic approach to human behavior, analyzing such topics as preference formation, rational indoctrination, income inequality, drugs and addiction, and the economics of family. These papers unveil the process and personality—direct, critical, curious—that made him a beloved figure in his field and beyond. The Economic Approach examines these extant works as a capstone to the Becker oeuvre—not because the works are perfect, but because they offer an illuminating, instructive glimpse into the machinations of an economist who wasn’t motivated by publications. Here, and throughout his works, an inquisitive spirit remains remarkable and forever resonant.

An authoritative textbook based on the legendary economics course taught at the University of ChicagoPrice theory is a powerful analytical toolkit for measuring, explaining, and predicting human behavior in the marketplace. This incisive textbook provides an essential introduction to the subject, offering a diverse array of practical methods that empower students to learn by doing. Based on Economics 301, the legendary PhD course taught at the University of Chicago, the book emphasizes the importance of applying price theory in order to master its concepts.Chicago Price Theory features immersive chapter-length examples such as addictive goods, urban-property pricing, the consequences of prohibition, the value of a statistical life, and occupational choice. It looks at human behavior in the aggregate of an industry, region, or demographic group, but also provides models of individuals when they offer insights about the aggregate. The book explains the surprising answers that price theory can provide to practical questions about taxation, education, the housing market, government subsidies, and much more.Emphasizes the application of price theory, enabling students to learn by doingFeatures chapter-length examples such as addictive goods, urban-property pricing, the consequences of prohibition, and the value of a statistical lifeSupported by video lectures taught by Kevin M. Murphy and Gary BeckerThe video course enables students to learn the theory at home and practice the applications in the classroom