Download ECONOMIC KNOWLEDGE IN ONE SENTENCE: TANSTAAFL

O’.YA.OSTONOV
Iqtisodiyot yo’nalishlari I-II kurs
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(Uslubiy qo’llanma)
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ECONOMIC KNOWLEDGE IN ONE SENTENCE: TANSTAAFL
Once upon a time, Tanstaafl was made king of all the lands. His
first act was to call his economic advisors and tell them to write up all
the economic knowledge the society possessed. After years of work,
they presented their monumental effort: 25 volumes, each about 400
pages long. But in ‘he interim, King Tanstaafl had become a very busy
man, what with running a kingdom of all the lands and everything.
Looking at the lengthy volumes, he told his advisors to summarize their
findings into one volume. Despondently, the economists returned to
their desks, wondering how they could summarize what they’d been so
careful to spell out. After many more years of rewriting, they were
finally satisfied with their one-volume effort, and tried to make an
appointment to see the king. Unfortunately, affairs of state had become
even more pressing than before, and the king couldn’t take the time to
see them. Instead he sent word to them through an advisor that he
couldn’t be bothered with a whole volume, and ordered them, under
threat of death (for fee had become a tyrant), to reduce the work to one
sentence.
The economists returned to their desks, shivering in their sandals
and pondering their impossible task. Thinking about their fate if they
were not successful, they decided to send out for one last meal.
Unfortunately, when they were collecting money to pay for the meal,
they discovered they were broke. The disgusted delivery man took the
last meal back to the cook, and the economists started down the path to
the beheading station. On the way, the delivery man’s parting words
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echoed in their ears. They looked at each other and suddenly they
realized the truth. "We’re saved!" they screamed. "That’s it! That’s
economic knowledge in one sentence!" They wrote the sentence down
and presented it to the king, who thereafter fully understood all
economic problems. (He also gave them a good meal.) The sentence?
Vocabulary
effort – усилие, напряжение, попытка – куч, ҳаракат қилиш,
уриниш, ютуқлар.
interim – тем временам – ўша вақтда.
to summarize – суммировать, резюмировать – якунламоқ,
жамламоқ, қисқача маълумот бермоқ.
a tyrant – тиран, деспот – жуда қаттиққўл.
pondering – размышлять, взвешивать – фикрламоқ, ўлчаб кўрмоқ.
shivering – дрожать, трепетать – қалтирамоқ, зирилламоқ.
disgusted – отвращение, внушать – нафрат, нафрат уйғотмоқ.
path – тропа, тропинка – йўлак, йўл, ҳаракат чизиғи.
beheading – обезглавливать – бошини олмоқ.
to realize – понимать, осознавать, осуществлять – тушунмоқ,
амалга оширмоқ.
despondently – унылый, подавленный – чарчаган, эзилган,
толиккан.
thereafter – после того, в пред – дан сўнг, кейин.
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Questions
1. Who was Tanstaafl?
2. What was his first act?
3.
What did he tell his advisors?
4.
How had the affairs of state become even more pressing then
before?
5. In what position the economists returned to their desks?
RESOURCES, INPUTS, TECNOLOGY, AND OUTPUT
Production involves transforming inputs into outputs. For example,
seeds, dirt, and labor (inputs) combine to produce wheat (output). Many
introductory economics texts call inputs resources and divide those
inputs into three resources: land, labor, and capital. Economists in the
1800s, often called Classical economists, discussed production as a
means of transforming land, labor, and capital into outputs. Classical
economists divided all inputs into those three categories because they
were interested in answering the question: How is income divided
among landowners, workers, and capitalists? The three divisions helped
them focus on that question: landowners’ income was rent^ workers’
income was wages and capitalists’ income was profit.
Modern advanced analysis of production doesn’t follow this
threefold division. Instead, the modern analysis is more abstract and
tells how inputs in general are transformed into outputs in general.
Modern economic theory has moved away from the traditional division
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because the division of income among these three groups isn’t central to
the questions economists are now asking.
But that leaves open the problem: What division of resources
makes the most sense? The answer depends on what question you’re
asking. For example, in the grade example in this chapter, your time was
the input, while in the guns-and-butter example the inputs were
machines, natural resources, and labor. In the most abstract categorization the ultimate resources are space (represented by land), time
(represented by labor), and matter (represented by capital). Thus, in one
way of looking at it, the traditional distinction is still relevant. But in
another way, it isn’t. It directs our focus of analysis away from some
important inputs. For example, one of the inputs that economists now
focus on is entrepreneurship, the ability to organize and get something
done. Entrepreneurship is an important input that’s distinct from labor.
Most listings of general resources today include entrepreneurship.
Here’s another important point about resources. The term resource
is often used with the qualifier natural, as in the phrase natural
resources. Coal, oil, and iron are all called natural resources. Be careful
about that qualifier natural. Whether something is or isn’t a natural
resource depends on the available technology. And technology is
unnatural. For example, at one time a certain black gooey stuff was not a
resource—it was something that made land unusable. When people
learned that the black gooey stuff could be burned as a fuel, oil became
a resource. What’s considered a resource depends on technology. If
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solar technology is ever perfected, oil will go back to being black gooey
stuff.
Vocabulary
to involve – окутывать, вовлекать, запутывать – қамрамок, жалб
этмок, ўз ичига олмоқ.
input – ввод, подача – киритилган маълумот, узатиш, кўрсатиш.
output – продукция, выпуск – маҳсулот, ишлаб чиқиш.
dirt – грязь, почва, грунт, брань – лой, тупроқ, ҳақорат, жанг.
threefold – утроенный, тройной – уч баравар ортиқ, уч хисса кўп.
to transform – преобразовывать, трансформировать – тубдан
ўзгартирмоқ, янгидан қурмок.
grade – степень, звание, класс, качество, сорт – даража, унвон,
синф, сифат, нав.
division – деление, отделение, отдел – бўлиниш, бўлим.
leaves – разрешение, отпуск – рухсатнома, таътил.
guns-and-butter – оружие и масло – қурол ва мой.
categorization – распределение по категориям – категория бўйича
тақсимлаш.
ultimate – последный, максимальный, основной – охирги, юкори,
асосий.
distinction – различение, оригинальность, высокие качества –
тафовут, асллик, юкори сифат.
relevant – уместный – боғлик бўлмоқ.
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entrepreneurship – предприниматель – корхона эгаси.
gooey stuff – клейкий, липкий – ёпишқоқ нарса.
fuel – топливо – ёқилғи.
solar – солнечный – қуёшга оид, қуёш…
Questions
1. What does the production involve?
2. What is the input include in?
3. What is the output include in?
4. How is income decided among landowners, workers and
capitalists?
5.
What division of resources makes most sense?
THE INVISIBLE FORCES
Ideas are encapsulated in metaphors, and Adam Smith’s "invisible
hand" metaphor has been a central one in economics since 1776. It’s a
neat metaphor, but it sometimes makes economic forces seem to be the
only forces guiding the direction of society. And that just ain’t so.
In the 1970s and 1980s a number of modern-day economists
attempted to broaden the dimensions of economic analysis. To explain
what they were doing, they introduced metaphors for two other invisible
forces. The term invisible handshake was coined by Arthur Okun,
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former chairman of the president’s Council of Economic Advisers and
an economist at the Brookings Institution, an economic think tank. Okun
argued that social and historical forces—the invisible handshake—often
prevented the invisible hand from working.
The term invisible foot was coined by Stephen Magee, chairman of
the Department of Finance at the University of Texas. Magee
summarized the argument of a large number of economists that
individuals often use politics to get what they want, expressing this
phenomenon with the invisible foot metaphor. Government action to
benefit particular pressure groups is the invisible foot. By the late 1980s
these two additional terms were commonly used by the group of
economists who were struggling to integrate economic insights with
social and political insights.
Vocabulary
to encapsulated – заключатся – хулосаламоқ, якунламоқ, хотима
килмоқ.
guiding – направлять – йўл бошламоқ\кўрсатмок, таъсир этиш.
to attempt – пытаться, покушаться- уриниб\ҳаракат қилиб кўрмок,
қасд қилмоқ, пайига тушмоқ.
dimension – размер, объём, измерение – ўлчам, хажм, ўлчаб кўриш.
handshake – рукопожатие – қўл бериш, кўл бериб кўришиш.
to coin – подкинуть монету, чеканить, создать выражение – тангани
ирғитмок, зарб қилмок; янги сўз ёки ибора кашф қилмок.
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to argue – обсуждать, доказывать, выступать – мунозара қилмоқ,
исботламоқ, сабаб кўрсатмоқ.
to prevent – предотвращать, мешать – олдини олмоқ, тўсқинлик
қилмоқ.
to
summarize
–
суммировать,
резюмировать,
подводить
–
жамламоқ, хулосаламоқ, асос\далил кўрсатмоқ.
phenomenon – феномен, явление, чудо – ходиса, вокеа, мўжиза.
to integrate – объединять, завершать – бирор гуруҳга қўшмоқ,
бирлаштирмоқ.
insights – проницательность, понимание – назар, тушуниш.
Questions
1. What kind ideas are encapsulated in metaphors?
2. What do you mean about economic forces?
3.
What is invisible handshake?
4. What in invisible foot?
5. What did Magee summarize argument about these two actions?
DEMAND
Poets and songwriters use literary license. Take the classic song by
the Rolling Stones entitled "You Can’t Always Get What You Want."
Whether the statement is or isn’t true depends on how you define want.
If you define want as "being sufficiently desirous of something so that
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you do what’s necessary to buy the good." then in a market in which
prices are flexible, you can always get what, you want. The reason: what
you want depends on what the price is. If, however, you define want as
simply "being desirous of something." then there are many unfulfilled
"wants," such as my wanting an expensive sports car. I want to own a
Maserati. But, I must admit, I’m not willing to do what’s necessary to
own one. If I really wanted to own one, I’d mortgage everything I own,
increase my income by doubling the number of hours I work, not buy
anything else, and get that car. But I don’t do any of those things, so
there’s a question of whether I really want the car. Sure, I’d want one if
it cost $10,000, but from my actions it’s clear that at 5190,000 I don’t
really want it. If want is defined as "being sufficiently desirous of
something that you will do what’s necessary to buy the good," you can
always get what you want, because your willingness to pay the going
price for something is the only way to tell whether you really want it.
What you want at a low price differs from what you want at a high
price.
Prices are the tool by which the invisible hand—the market—
coordinates individuals’ desires and limits how much people are willing
to buy—how much they really want. When goods are scarce, the market
reduces people’s desires for those scarce goods; as their prices go up,
people buy fewer of them. As goods become abundant, their prices go
down, and people want more of them. The invisible hand sees to it that
what people want (do what’s necessary to get) matches what’s available.
In doing so, the invisible hand coordinates individuals’ wants. While
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you can’t always get what you want at a low price, at some price—
maybe a super-high price—you can. It isn’t surprising that the Stones
chose the other definition of want; it’s unlikely that their song would
have become a hit had ihey put in the appropriate qualifier. You can’t
dance to "You Can’t Always Get What You Want at the Price You
Want."
Vocabulary
to entitle – озаглавливать – номламоқ, сарлавҳа қўймок.
sufficiently – достаточно – етарли, етарлича.
desirous – желающий, жаждущий – хоҳловчи, қўмсайдиган.
flexible – эластичный, губкий – эгилувчан, қайишқоқ.
mortgage – заклад, ипотека, получать заём под закладную – уй
сотиб олиш учун олинган қарз, гаровга қўйиб қарз олмоқ.
willingness – готовность – тайёргарлиги.
scarce – редкий, ударить, испариться – нодир, ноёб, йўқолмоқ.
abundant – обильный, изобилующий, богатый – мўл-кўл, тўқлик,
бой.
a hit – удар, толчок, попадание, успех, удача – туртки, тушиш,
муваффақият.
Questions
1. What do poets and songwriters use?
2. What is demand?
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3. How can you define the demand?
4. What do you do if the price is flexible in a market?
5.
How do you understand the invisible hand?
SUPPLY
In one sense, supply is the mirror image of demand. Individuals
control the inputs, or resources, necessary to produce goods. Such
resources are often called factors of production. Individuals’ supply of
these factors to market mirrors other individuals’ demand for those
factors. For example, say you decide you want to rest rather than weed
your garden. You hire someone to do the weeding; you demand labor.
Someone else decides she would prefer more income instead of more
rest; she supplies labor to you. You trade money for labor; she trades
labor for money. Here supply is the mirror image of demand.
For a large number of goods, however, the supply process is more
complicated than demand. As Exhibit 6 shows, for a large number of
goods, there’s an intermediate step in supply. Individuals supply factors
of production to firms. Firms are organizations of individuals that
transform factors of production into consumable goods. Let’s consider
an example. Say you’re a taco technician. You supply your labor to the
factor market. The taco company demands your labor (hires you). The
taco company combines your labor with other inputs like meat, cheese,
beans, and tables and produces many tacos (production) which it
supplies to customers in the goods market. For produced goods, supply
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depends not only on individuals’ decisions to supply factors of
production; it also depends on firms’ ability to produce—to transform
those factors of production into consumable goods.
The supply of nonproduced goods is more direct. Individuals
supply their labor in the form of services directly to the goods market.
For example, an independent contractor may repair your washing
machine. That contractor supplies his labor directly to you.
Thus, the analysis of the supply of produced goods has two parts:
an analysis of the supply of factors of production to households and to
firms, and an analysis of why firms transform those factors of
production into consumable goods.
In talking about supply, the same convention exists that we used
for demand. Supply refers to the various quantities offered for sale at
various prices. Quantity supplied refers to a specific quantity offered
for sale at a specific price.
Vocabulary
individuals – отдельное лицо, личность – алоҳида шахс, шахсият.
weed – сорная трава, кляча – ёввойи ўт.
to hire – нанимать – ёлламоқ.
to complicate – усложнять, осложнять – мураккаблаштирмоқ.
intermediate – промежуточный, быть посредником – оралиқ, ўрта,
ўртага тушмоқ.
consumable – годный к потреблению – истеъмолбоп.
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taco technician – техник мясовой лепёшки – гўштли нон қилувчи
техник.
ability – способность, умение, платёжеспособность – қобилият,
лаёқат, тўлов қобилияти.
inputs – ввод – киритиш, олиб киритилган нарсалар.
households – семья, домочадцы, домашнее хозяйство – оила, оила
аъзолари, уй хўжалиги.
Questions
1. What is supply?
2. What are called factors of production?
3. What kind of step is there in supply?
4. What does taco company demand?
5. What can you say about the supply of non produced goods?
SUPPLY, PRODUCTION, AND PROFIT
Many goods must be produced—that is, inputs must be physically
transformed before they become desirable goods. Production is
complicated and requires a separate analysis before it can be integrated
into our analysis. In what’s called Walrasian economics (named after
famous Swiss economist Leon Walras), the problem of production is
assumed away; his is an analysis of a trading economy. This is
important to recognize since it’s Walrasian economics that provides the
logical underpinnings for supply/demand analysis. In Walrasian
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economics individuals have certain goods they trade; at some prices
they sell, at some (lower) prices they buy. It is in this sense that supply
is simply the mirror image of demand.
An easy way to see that supply is a mirror image of demand is to
think about your supply of hours of work. When we talk of work, we
say you’re supplying hours of work at $6 per hour. But that same supply
of work can be thought of as demand for leisure time. If, at $6 an hour,
you choose to work 8 hours a day, you’re simultaneously choosing to
keep 16 hours for yourself (24 hours a day minus the 8 hours spent
working). If we talk in terms of leisure, we speak of demand for leisure;
if we talk of work, we speak of supply of labor. One is simply the mirror
image of the other.
Another approach to economics is Marshallian economics (named
after Alfred Marshall, a famous English economist). Marshallian
economics does include an analysis of production. It relates costs of
production with what firms are willing to sell. The reason production is
difficult to integrate with an analysis of supply is that with many production processes, per-unit costs fall as production increases. For
example, in the 1920s Henry Ford produced a lot more model T cars
than either he or any of his competitors had produced before. As he
produced more, costs per unit fell and the price of cars fell. Even today
many businesses will tell you that if they can increase demand for their
good, their per-unit costs and their price will go down. Such examples
don’t violate the law of supply. Costs per unit fall because of the nature
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of production. As the nature of production changes, the upward-sloping
supply curve shifts outward.
There’s another point we should mention about supply. Sometimes
students get the impression from textbooks that supply and demand
simply exist—that firms can’t go out, find demand curves, and start
supplying. That’s not a realistic picture of how the economy works.
Demand curves aren’t there for students or firms to see. Producing
goods and supplying them inevitably involves risk and uncertainty. A
company like General Motors may spend $1 billion designing a certain
type of car, only to find that consumers don’t like its style, or that
another company has produced a car consumers like better. In that case,
GM suffers a large loss.
To compensate for the potential for losses, suppliers also have the
potential to make a profit on goods they sell. When the price of a good
is high compared to costs of the resources used in production, expected
profits are high, so more producers are encouraged to take the risk.
When the price of a good is low compared to the costs, fewer firms take
the risk because expected profits are low. Thus, profit is a motivating
force of supply in a market economy.
Vocabulary
to assume – присваивать, принимать, допускать – ўзлаштирмоқ,
эгаллаб олмоқ.
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underpin – подвести фундамент под.., поддерживать – пойдевор
қурмоқ, қўллаб-қувватламоқ.
simultaneously – одновременно – бир вақтда.
leisure – досуг, свободный, незанятый – бўш вақтда, банд бўлмаган.
to relate – связывать, относиться – боғламок, алоқада\муносабатда
бўлмоқ.
to integrate – составлять целое, соединять – бир бутун қилмок,
қўшмоқ.
competitors – конкурент, соперник – рақобатдош.
violate – насиловать, вторгаться, нарушать – мажбур қилмоқ,
бостириб кирмоқ, бузмоқ (қоида).
upward – вверх – юқори.
slope – склон, скат, опускаться, подниматься – турланиш, тушмоқ,
пасаймоқ, кўтарилмоқ, ошмоқ.
outward – наружу, вне, за предели – сиртга, ташқари, меъёрдан
ташқари.
curves – кривая линия, изгиб, график – эгри чизиқ, график.
inevitably – неизбежно, неминуемо – холи бўлмасдан, четга
чиқмасдан.
to encourage – помогать, поддерживать – кўмак бермоқ, кўллабқувватламоқ.
to motivate – побуждать, мотивировать – сабаб бўлмоқ, ҳаракатга
келтирмоқ.
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Questions
1. What is Walrasian economics?
2. How is the problem of production assumed away?
3. What is Marshallian economics?
4. What did Henry Ford produce in the 1920s?
5. What is occurred if the price of a good is high?
PUBLIC CHOICE AND RENT-SEEKING ECONOMIC MODELS
Economics is a developing discipline, so the models used in one
time period aren’t necessarily the models used in one time period aren’t
necessarily the models used in another. In their research, economists
debate which models are best and how to integrate more insights into
their existing models.
Two groups of economists who’ve recently pushed back the
frontiers of economics are the public choice economists and the neoclassical political economists. Public choice economists, led by Gordon
Tullock and James Buchanan, argue that the political dimension must be
part of economists’ models. To integrate the political dimension, they
apply economic analysis to politics and consider now economics forces
affect the laws that are enacted and how, in turn, those laws affect
economics. Their work was instrumental in leading to the invisible foot
metaphor discussed in Chapter 1, and won James Buchanan a Nobel
prize in 1986.
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Neo-classical political economists share with public choice
economists the view that the political dimension must be part of
economists’ models, and have developed a variety of formal models that
significantly modify earlier models’ predictions. Many of their models
focus on rent seeking, (how suppliers can restrict supply and thereby
create rents for themselves). Rent is defined as an income earned when
supply is restricted. For example, say a carpenter’s union limits the
number of people who can do carpentry. The supply of carpenters will
decrease and existing carpenters will earn a higher wage that includes a
rent component. Rents can be created either by using politics (the
invisible foot) or by special agreements (the invisible handshake).
Hence, neo-classical political political economists are at the forefront of
the movement to broaden economic analysis.
Although the formal analyses of both these groups haven’t been
adopted by the majority of economists, other economists often use
their informal results and insights. Throughout this book I’ll discuss
these and other groups’ views, but I’ll focus on the mainstream model
that the majority of economists use.
Vocabulary
insights – понимание, интуиция – тушуниш.
to argue – спорить, доказывать, утверждать, обсуждать –
баҳслашмоқ, исботламоқ, тасдиқламоқ, муҳокама қилмоқ.
22
dimension – измерение, размеры, величина – ўлчаш, ўлчам, ҳажм,
меъёр.
to apply – обращаться, применять, прилагать, касаться – мурожаат
этмоқ, қўлламоқ, ишга солмоқ, боғлик бўлмоқ.
to be enacted – предписываться, постановить – олдиндан ёзилмоқ,
карор қилмоқ.
to share – делить, распределять, принимать участие – бўлмоқ,
тасдиқламоқ, иштирок этмоқ.
to modify – изменять, смягчать, модифицировать – кўринишини
ўзгартирмоқ, юмшатмоқ, такомиллаштирмоқ.
predictions – предсказание – олдиндан айтиш, башоратлар.
rent – арендная плата, разрыв, прореха – ижара ҳақи, узилиш, ёриб
ўтиш.
to seek – искать, разыскивать, пытаться, стараться – изламоқ,
уриниб кўрмоқ, ҳаракат қилмоқ.
restrict – ограничивать – чегараламоқ.
forefront – перед, передняя часть, центр деятельности – олдин,
олдинги қисм, фаолият маркази.
hence – отсюда, с этих пор, следовательно – шу сабабдан, шундан
бери, бинобарин.
majority – большинство, совершеннолетие – аксарияти, ёшига
етиш (балоғат).
23
Questions
1. How do the economists debate the economic models in their
research?
2. Who are public choice economists?
3. Who are neo-classical political economists?
4.
How do economic forces affect the laws?
5. How is rent defined as an income?
THE RISE OF MARKETS IN PERSPECTIVE
Back in the Middle Ages, markets developed spontaneously. "You
have something I want; I have something you want. Let’s trade" is a
basic human attitude we see in all aspects of life. Even children quickly
get into trading: chocolate ice cream for vanilla, two GI Joe dolls for a
ride on a motor scooter. Markets institutionalize such trading by
providing a place where people know they can go to trade. New markets
are continually coming into existence. Today there are markets for
baseball cards, pork bellies (which become bacon and pork chops), rare
coins, and so on.
Throughout history societies have tried to prevent some markets
from operating because they feel those markets are ethically wrong or
have undesirable side effects. Societies have the power to prevent
markets. They make some kinds of markets illegal. In the United States
the addictive drug market, the baby market, and the sex market, to name
a few, are illegal. In socialist countries, markets in a much wider range
24
of goods (such as clothes, cars, and soft drinks) and activities (such as
private business for individual profit) have been illegal.
But, even if a society prevents the market from operating, it cannot
escape the dynamic laws of supply and demand. If there’s excess
supply, there will be downward pressure on prices; if there’s excess
demand, there will be upward pressure on prices. To maintain an
equilibrium in which the quantity supplied does not equal the quantity
demanded, a society needs a force to prevent the invisible hand from
working. In the Middle Ages that strong force was religion. The Church
told people that if they got too far into the market mentality—if they
followed their self-interest—they’d go to Hell.
Until recently in socialist society, the state has provided the
preventive force—and in their educational system socialist countries
would emphasize a more communal set of values. They taught students
that a member of socialist society does not try to take advantage of other
human beings but, rather, lives by the philosophy "From each according
to his ability; to each according to his need."
For whatever reason—some say because true socialism wasn’t
really tried; others say because people’s self-interest is too strong—the
"from each according to his ability; to each according to his need"
approach didn’t work in socialist countries. They have switched (some
say succumbed) to greater reliance on the market.
25
Vocabulary
spontaneously – самопроизвольно, добровольно – ўз-ўзидан, ўз
хоҳиши билан.
scooter – детский самокат, парусная лодка – болалар самокати,
елканли қайиқ.
doll – кукла – кўғирчоқ.
existence – существование, жизнь, наличие – борлиқ, хаёт,
мавжудлик.
pork-bellies – желудок свиньи – чўчқа корин.
to prevent – предотвращать, предупреждать, мешать – ғов бўлмоқ,
огоҳлантирмоқ, халақит бермоқ.
ethically – этичный, моральный – аҳлоқий, маънавий, руҳий.
addictive – психотропные, лекарство – наркотик, дори.
to escape – избежать, спастись – қочмоқ, қутилмоқ.
excess – избыток, выходка, лишний – ортиқ, чиқинди, ортиқча.
to maintain – поддерживать, утверждать – қўллаб қувватламоқ,
тасдиқламоқ.
equilibrium – равновесие – тенг вазнли, мувозанат.
mentality – способность мышления – фикрлаш қобилияти.
to emphasize – подчеркивать, придавать особое значение –
таъкидламоқ, алоҳида маъно бермоқ.
to succumb – уступить, прекратить, сопротивление – баҳридан
ўтмоқ, қаршиликни тўхтатмоқ.
reliance – доверие, надежда, использование – ишонч, умид қуллаш.
26
Questions
1. How did markets develop back in the middle ages?
2. What has tried to prevent some markets?
3. What was strong force in the market in the middle ages?
4. What has provided the preventive force?
5. What have they switched?
THE ROLE OF ECONOMISTS IN ECONOMIC TRANSITIONS
For economics to be relevant, it must have something to say about
social policy. Good economists try to be objective and recommend
policies that they believe would be good for society in general rather
than for any particular group in society.
Deciding what is in society’s interest isn’t always easy. For
economists, it requires interpreting what society wants and comparing
different policies, using what economists believe is society’s preference.
That often means proposing policies that will help some people but hurt
others.
Adam Smith’s "invisible hand" argument for the free working of
the market and against government intervention is a good example.
Smith favored a laissez-faire policy, meaning the government should not
interfere with the operation of the economy. In this argument Smith and
other Classical economists found themselves aligned with the industrialists or manufacturers, who wanted the right to enter into markets
as they saw fit, and against the guilds and independent artisans, who
27
wanted government to control who did what. These two groups each had
different reasons
for supporting laissez-faire
policy, however.
Industrialists supported the policy because they believed it benefited
them. Sometimes they claimed policies that helped themselves actually
benefited society, but they only made this argument because it helped
make their case more persuasive. Economists supported the laissez-faire
policy because they believed it benefited society.
It’s not easy to decide which policies will benefit society when the
policies you’re looking at will help some people and hurt other people.
It’s hard to weigh a policy and decide whether the good that it will
probably do outweighs the harm that it may cause. Modern economists
have spent a long time struggling with this problem. Some have avoided
the problem. They have refused to advocate any policy that might hurt
anyone, which pretty much eliminates advocating any policy at all.
Good policy-oriented economists make working judgments of what they
believe is in society’s interest; these working judgments determine
which policies they advocate.
In reality, economists’ (or anyone’s) arguments for the general
good of society are unlikely to have much effect on the policies of any
government unless their arguments coincide with the interest of one
group or another. A policy of less government involvement favored
manufacturers over craftspeople. That the policy favored manufacturers
or industrialists isn’t the reason economists favored it (they argued that
less government involvement would be good for society as a whole), but
it is the reason industrialists supported laissez-faire, and the
28
industrialists’ support of laissez-faire was critical in getting the policy
adopted in Britain in the late 1700s.
Once markets were established, the terms of the debate changed.
Many economists stopped advocating laissez-faire policies. Good
economists recognize the advantages of markets, but they also recognize
the problems of markets.
Vocabulary
to be relevant – уместный, относящийся к делу – мувофиқ, ишга
тааллуқли.
to interpret – толковать, переводить – изоҳламоқ, таржима қилмоқ.
preference – предпочтение, преимущественное право – афзаллик.
intervention – вмешательство – аралашиш, тўсқинлик қилиш.
to favor – относиться благосклонно – ижобий, муносабатда бўлмоқ.
a laissez-faire – политика невмешательства правительства в
экономику – ҳукуматни иқтисодиётга аралашмаслик сиёсати.
to interfere – мешать, сталкиваться - тўсқинлик қилмоқ,
тўқнашмоқ.
to align – ставить, выравнивать, қўймок, текисламоқ.
guilds – цех (ремесленников), цех (ҳунармандлар).
persuasive – побуждение, убедительный – уйғониш, ишончли.
to eliminate – выбрасывать, исключать – чиқариб ташламоқ.
to coincide – совпадать – тўғри келмоқ.
29
Questions
1. What do good economists say about social policy?
2. Who favored a laissez faire policy?
3. Why did industrialists support the policy?
4. Who has refuse to advocate any policy?
5. Who favored the manufacturers over crafts people?
IS THE UNITED STATES A POSTINDUSTRIAL SOCIETY?
Producing physical goods is only one of a society’s economic
tasks. Another task is to provide services (activities done for others).
Services do not involve producing a physical good. When you get your
hair cut, you buy a service, not a good. Much of the cost of the physical
goods we buy actually is not a cost of producing the good, but is a cost
of one of the most important services: distribution (getting the good to
where the consumer is). After a good is produced, it has to get to the
individuals who are going to consume it at the time they need it. If the
distribution system gets botched up, it’s as if the good had never been
produced.
Let’s consider a couple of examples. Take Christmas trees. Say
you’re sitting on 60,000 cut spruce trees in the Vermont mountains but
an ice storm prevents you from shipping them until December 26. Guess
what? You’re now stuck with 60,000 spruce trees and the problem of
somehow getting rid of them. Or take hot dogs. How many of us have
been irked that a hot dog that cost 250 to fix at home costs $2 at a
30
football game? But a hot dog at home isn’t the same as a hot dog at a
game. Distribution of the good is as important as production and is what
you’re paying the extra $1.75 for.
Vocabulary
to botch up – делать грубые заплаты –тўловда қўполлик қилмоқ.
spruce trees – канадская ель – канад дарахти.
to guess – отгадывать, предполагать – ўйлаб топмоқ, тахмин
қилмоқ.
to stick – втыкать, колоть, клеить – суқмоқ, ботирмоқ, ёпиштирмоқ.
to get rid – избавляться – озод қилмоқ, қутқарилмоқ.
to irk – надоедать, раздражать – безор қилмоқ, ғашига тегмоқ.
Questions
1. What is only one of a society economic tasks?
2. When is the goods produced to the individuals (consumers)?
3.
What will be occurred if the distribution system gets botched up?
4. Where do spruce trees grow?
5. Why is distribution of good so important as production?
BLACK AND GRAY MARKETS IN CURRENCY
Foreign exchange markets are a good example of supply and
demand forces at work. Whenever there’s excess supply or demand for
31
something, there’s incentive for suppliers and demanders to get together
to eliminate the excess.
Let’s consider the issue in relation to the former Soviet Union. In
1989 at the official price of 0.64 rubles per dollar, die quantity of dollars
demanded far exceeded the quantity of dollars supplied. In the former
Soviet Union adventurous individuals (who weren’t worried about the
wrath of the invisible foot—that is, about being prosecuted for violating
foreign exchange laws) traded in a black market at a higher price, which
in the early 1990s reached 30 rubles per dollar. A black market, which
involves trades of a good that can’t legally be traded, is a natural result
of government price restrictions. Often the government knows that such
trading goes on and chooses, for political reasons, not to enforce its own
laws strictly. (There are situations like this in the United States. Here the
speed limit is 55 miles per hour on many roads, but almost everyone
drives at 65 miles per hour, which police tend to accept as a fact of life.)
When a black market is unofficially condoned, trading on it becomes
more open and it’s often called a gray market. Since risk of prosecution
is less, upward pressure on price from the invisible foot is less; so gray
market prices are usually closer to the supply/demand equilibrium than
are black market prices.
The Soviet foreign exchange market became a gray market in late
1989. (The gray market price of a dollar was between 5 and 15 rubles
rather than the 1.6 rubles you’d get at the official rate.) If you went to
the former Soviet Union at that time, individuals would come up to you
on the street and offer to trade rubles for dollars at something near the
32
gray market price. In 1991 the Soviet Union broke apart and Russia
began to let the ruble be freely tradable. Because of political and
economic problems, however, the ruble’s value fell enormously to well
over 100 rubles to a dollar in 1992.
Vocabulary
excess – избыток, лишний – ортиқча.
incentive – побудительная причина – рағбатлантирувчи омил.
adventurous – смелый, рискованный – қўрқмас, таваккалчи.
wrath – гнев, ярость – кучли қахр, ғазаб, нафрат.
to prosecute – вести, проводить, преследовать судебным порядком
– олиб бормоқ, ўтказмоқ, суд тартиби бўйича ўтказмоқ, суд
тартиби бўйича изламоқ.
restrictions – ограничение – чегаралаш, чеклаш.
to violate – нарушать, вторгаться – бузмоқ, оёқ ости қилмоқ.
to enforce – принуждать, усиливать – жорий қилмоқ, кучайтирмоқ.
strictly – точно, строго – аниқ, кучли.
condone – забывать, прощать – унутмоқ, кечирмоқ.
to break apart – распадаться –парчаламоқ.
enormously – огромно, ужасно – жуда, дахшатли.
Questions
1. What are a good example of supply and demand forces at work?
2. What does a black market express?
3. What does government know about?
33
4.
How can you explain about gray market?
5. When did Russia begin to let the ruble be freely tradable?
ECONOMIES THAT DON’T WORK SO WELL
For every economy that works well, there are many more
economies that aren’t achieving their goals. Considering one of them
helps us keep our perspective. Take Pakistan, a country of about
120,000,000 people. Pakistan is poor; the average per capita income is
about $400. Its political structure is, in theory, democratic, but the army
plays a major role in determining who will rule. Coups d’état
(overthrows of the government) and unexplained deaths of high leaders
are common. The resulting political instability keeps out most foreign
investments.
Pakistan is an Islamic republic which has had significant fights
with India ever since the two nations were created out of the former
single British commonwealth country. The British commonwealth
"India" was divided into "India" and "Pakistan" in 1947 after World War
II. In 1971 Pakistan’s internal strife led to half the country declaring its
independence and forming a separate country, Bangladesh.
Pakistan’s economy is primarily agricultural, although it also
manufactures textiles and chemicals. One out of every 80 people has a
TV; one out of every 1,000 has a car. Housing is poor for the majority of
the people, and many barely get enough to eat. Income distribution is
34
highly unequal, with a small group being very rich and a great majority
being extremely poor.
Most industry has heavy government involvement and is highly
inefficient. Without large tariff barriers, it could not compete. Such
dependency on the government’s prevention of competition breeds
corruption. Most Pakistanis have little faith that their government
bureaucracy will work for the benefit of society.
Vocabulary
goal – цель, ворота, гол – мақсад, дарвоза, гол.
coups d’état – государственный переворот – давлат тўнтариш
to overthrow – свергать, уничтожать – ағдариб ташламоқ,
йўқотмоқ.
instability – неустойчивость – беқарорлик, турғун эмаслик.
commonwealth – государство, республика – давлат, республика.
strife – борьба, спор – кураш, тортишув.
barely – просто, едва – оддий, зўрға, аранг.
majority – большинство – кўпчилиги.
inefficient – неспособный, неэффективный – қобилиятсиз,
самарасиз.
tariff – тариф, пошлины, расценка – тариф, бож, белгиланган
нархлар рўйхати.
barriers – барьер, шлагбаум, препятствие – барьер, тўсиқ, ғов.
faith – вера, религия – умид, ишонч, дин.
35
Questions
1. What do you say about economy of Pakistan?
2. How much income is fit per capita there?
3.
What does the resulting political instability keep out?
4. What kind of economy exists in Pakistan?
5. What is highly unequal there?
NATIONAL INCOME ACCOUNTING AND
DOUBLE ENTRY BOOKKEEPING
The key to all accounting, including national income accounting, is
double entry bookkeeping, a system of financial record keeping
invented in Italy and attributed to Luigi Pacioli (1494). Double entry
bookkeeping is based on redundancy. It requires that accounting terms
be defined in such a way that the cost side of the ledger is kept exactly
equal to the income side. Since they’re exactly equal, in theory one need
calculate only one of the two sides, but in practice both sides are
calculated, so the accountant can check his or her work. If both sides
independently add up to the same figure, it’s likely that no mistake was
made.
In the national income accounts kept by the U.S. Department of
Commerce, the two sides of the ledger are the expenditure accounts and
the income accounts. Every entry on one side of the accounts has an
offsetting entry on the other side. Whenever production (an increase in
36
output) takes place on the expenditure side, there is a simultaneous
increase in income entered on the income side.
As discussed in Chapter 4, in balance sheet accounting (accounting
measuring the assets and liabilities of an individual, firm, or country)
assets equal liabilities plus net worth. Net worth plays the swing role in
balance sheet accounting that profits play in income accounting. Net
worth is defined as the amount that remains when liabilities are
subtracted from assets:
Net worth = Assets - Liabilities.
Net worth is recorded on the liabilities side of the ledger. Adding
liabilities and net worth, we have
Assets = Liabilities + Net worth.
Substituting in for net worth, we have
Assets = Liabilities + (Assets - Liabilities)
or
Assets = Assets.
Since by substituting we can get the same term on both sides of the
equation, the statement "Assets = Liabilities + Net worth" is true by
definition.
In national income accounting, profit plays the swing role. Profits
are what is left after all other forms of income are accounted for. Profits
are defined as the difference between total output and other income and
are counted as income. So we have
Output = Other income + Profits
Profits = Output - Other income.
37
Substituting in for profits gives
Output = Other income + Output - Other income.
Therefore,
Output = Output.
Vocabulary
to invent – изобретать – яратмоқ.
to attribute – приписывать, относить – ёзиб қўймоқ, тақамоқ.
redundancy – избыток, чрезмерность, многословие – ортиқ, жуда
кўплик, кўп сўзлик.
ledger – книга счётов – счётлар китоби.
accountant – бухгалтер – ҳисобчи.
expenditure – расход, трата – сарф ҳаражат.
offset – компенсация – ҳақ, бадал.
bookkeeping – бухгалтерия, счетоводство – бухгалтерия, ҳисоботни
юритиш.
output – продукция, выпуск – махсулот, ишлаб чиқариш.
assets – актив.
liabilities – пассив.
net – чистый доход, сеть – соф даромад, тармоқ.
worth – цена, стоимость, стоящий – баҳо, таннарх, арзийдиган.
swing – колебание, ритм, размах – тебраниш, мақом.
to subtract – вычитать – айирмоқ.
38
to substitute – заменять, подменять – алмаштирмоқ, ўрнига
ишлатмоқ.
Questions
Where was a system of financial record keeping invented?
1.
2. What is double entry bookkeeping based on?
3. What kind of accounts were kept by U.S. Department
Commerce?
4. What do you understand about assets and liabilities?
5. How is net worth defined in account?
THE OLD AND THE NEW
For hundreds of years, economists have debated questions such as
"How much government intervention into the market should there be?"
and "What form should the intervention take?" although the groups
debating were not always called what they are today. These questions
are still being debated today. Thus, considering the historical debate
between Keynesians and Classicals that occurred in the 1930s and 1940s
is of more than historical interest; it is of direct interest in the 1990s.
Both Classicals and Keynesians are still around—although both now
have prefixes—"New"—associated with them. In the 1990s the central
debate in macroeconomics is between New Keynesians and New
Classicals.
39
The New prefix is not the only prefix that’s been used. In the 1960s
and 70s the prefix neo was assigned to Keynesians and Classicals of the
time, and the central macro-economic debate was between neoClassicals and neo-Keynesians. (Neo is Latin for new.) Then in the
1980s neo-Keynesian and neo-Classical ideas lost favor, and the neo
was replaced with New. (It was a better solution than new new or neonew.) Why the change? Because ideas evolved and people needed some
way to distinguish among the changing ideas. (It was like managing to
tell All-New Improved Tide from Tide, New Tide, and New and
Improved Tide in the supermarket.) But even as ideas change, some
underlying ideas remain the same. ,
Unless one is interested in the history of economic thought, it isn’t
important to keep these prefixes in mind, nor is it important to know the
technical specifics of the debates between various groups of Classicals
and Keynesians. What’s important is to keep in mind that the central,
unchanging debate between Classicals and Keynesians is continuing:
How much should the government intervene in the macroeconomy?
Keynesians generally favor intervention; Classicals generally oppose
intervention.
Vocabulary
intervention – вмешательство, интервенция – тўхтатиш, тўсқинлик
қилиш, бартараф этиш.
prefixes – предпослать, приставка – олдиндан юбормоқ, олд
кўшимча.
40
to assign – назначать, определять – белгиламок, аниқламоқ.
solution – разрешение, решение – рухсат, қарор.
to evolve – развертывать, развивать – ёймоқ, ривожлантирмоқ.
tide – поток, период – оқим, давр.
to remain – оставаться – қолмоқ.
to intervene – вмешиваться, происходить – аралашмоқ, келиб
чиқмоқ.
favor – благосклонность, расположение – мурувват, ихлос.
to oppose – сопротивляться, препятствовать – қаршилик қилмоқ,
тўсқинлик қилмоқ.
Questions
1.
About what questions have economists debated?
2. What kind of questions are being still debated today?
3. In which years the prefix “neo” was assigned to Keynesians?
4. With what was replaced the prefix “neo”?
5. How much should the government intervene in the
makroeconomy?
CLASSICAL ECONOMISTS AND THE VEIL OF MONEY
The veil-of-money assumption developed early in Classical
economic
thought.
The
predecessors
of
the
Classicals
were
mercantilists, who had argued that the wealth of nations depended on a
41
nation’s store of gold, which was then used as money. (Remember,
during this time the international financial system was on a gold
standard.)
Countries with balance of payments deficits paid for those deficits
with gold, which decreased their money supply. Countries with balance
of payments surpluses received gold, which increased their money
supply. Mercantilists encouraged countries to protect their gold supplies
with tariffs so their gold supplies (their money) wouldn’t go into foreign
hands.
Adam Smith called his book The Wealth of Nations because he
argued that the wealth of nations did not depend on the amount of gold
or money a country had; it depended on the real output of the country’s
economy. More money (gold) without more goods would only cause
inflation. (This is only simple arithmetic according to the quantity
theory of money.) Classical economists argued that a country didn’t
have to worry about a balance of payments deficit and losing gold. A
balance of payments deficit would decrease the money supply and hence
the price level. A country’s exports would be cheaper, which would tend
to eliminate the balance of payments deficit.
Smith, and Classical economists following him, argued that money
and the price level were simply veils over the real economy and the veil
of money had to be removed for us to understand the workings of the
real economy. The quantity theory of money was a simple way of
presenting that insight.
42
Vocabulary
veil – вуаль, покрывало, скрыть – тўр, парда, бекитмоқ, яширмоқ.
to veil – закрывать вуалью, покрывалом – ёпинчиқ билан ёпмоқ.
assumption – присвоение, предположение – ўзлаштириб олиш,
тахмин қилиш.
predecessors – предшественник – маълум соҳада илгари ишлаган
нарса ёки одам.
surplus – излишек, остаток – зиёд, ортиқ, қолдиқ.
to encourage – ободрять, поддерживать – руҳлантирмоқ, қўллабқувватламоқ.
hence – отсюда, с этих пор – бу ердан, шундан буён.
to tend – направляться, заботиться – йўналмоқ, ғамхўрлик қилмоқ.
to eliminate – выбрасывать, исключать – чиқариб ташламоқ
(ҳужжатдан).
insight – проницательность, интуиция – зийраклик, тушуниш,
олдиндан ҳис қила билиш.
Questions
1. Who were the predecessors of the Classical?
2. What did Mercantilists?
3.
How inflation appeared?
4. What did Classical economists argue?
5. What did you understand about the veil of money?
43
PRICE LEVEL VERSUS RELATIVE PRICE/WAGE CHANGES
The Classical arguments about the effect of price level changes on
quantity of aggregate demand provide a method for the aggregate
economy to achieve equilibrium if the wage and price levels both
change by equal percentages, moving together so there are no domestic
relative price changes. If the wage rate (the average wage workers
receive) changes at a different rate than the price level, that difference
provides another disequilibrium adjustment mechanism—a relative
wage/price adjustment mechanism. For example, let’s say that when
there is unemployment, the wage level falls but the price level does not.
That fall in the wage level increases the return to entrepreneurial effort,
making it worthwhile for businesses to expand, thereby increasing
employment.
The aggregate supply and demand analysis in this book abstracts
from such relative wage/price issues. It assumes wages and prices move
together. That assumption focuses the analysis on the relationship
between aggregate supply and aggregate demand and on bow
disequilibriums between the two will be resolved. You should remember
that other relative price adjustments can also occur. If they do, the
analysis will be modified but not fundamentally altered.
Vocabulary
versus – против – қарши.
wage – заработная плата – маош, ойлик.
to wage – вести, вступать – олиб бормоқ, киришмоқ.
44
aggregate – совокупность, собрание, агрегат – мажмуа, йиғилиш,
агрегат.
equilibrium – равновесие – тенглик, баробарлик, мувозанат.
percentage – процент, цена – фоиз, баҳо.
rate – ставка, процент, цена – ставка, фоиз, баҳо.
adjustment – регулирование, приспособление – алмаштириш,
мослаштириш.
unemployment – безработица – ишсизлик.
entrepreneurial – предпринимательский – корхона эгаси..и\си.
effort – усилие, попытка – кучайиш, уриниб кўриш.
worth-while – стоящий, имеющий смысл- арзийдиган, фикрга эга
бўлиш.
to issue – выходить, кончаться, снабжать – чиқмоқ, тугатмоқ,
таъминламоқ.
to assume – присваивать, предполагать – ўзлаштирмоқ,
таҳминламоқ.
to focus – собирать(ся), помещать в фокус – тўпламоқ, жамламоқ.
assumption – принятие на себя, присвоение – ўзиники қилиб олиш,
ўзлаштириш.
to resolve – решать(ся), разрешать – қарор қилмоқ, рухсат бермоқ.
to alter – изменять, переделывать – ўзгартирмоқ, қайтадан қилмоқ.
Question
1. What can you say about domestic relative price changes?
2. What is disequilibrium adjustment mechanism?
45
3. What will be occurred if the wage level falls?
4. What assumes the wage?
5.
What focuses the analysis on the relationship between aggregate
supply and aggregate demand?
DO FINANCIAL ASSETS MAKE SOCIETY RICHER?
Financial assets are neat. You can call them into existence simply
by getting someone to accept your IOU. Remember, every financial
asset has a corresponding financial liability equal to it. So when you
say a country has $1 trillion of financial assets, you’re also saying that
the country has SI trillion of financial liabilities. An optimist would say
a country is rich. A pessimist would say it’s poor. An economist would
say that financial assets and financial liabilities are simply opposite
sides of the ledger and don’t indicate whether a country is rich or poor.
To find out whether a country is rich or poor, you must look at its
real assets. If financial assets increase the economy’s efficiency and
thereby increase the amount of real assets, they make society better off.
This is most economists’ view of financial assets. If, however, they
decrease the efficiency of the economy (as some economists have suggested some financial assets do because they focus productive effort on
financial gamesmanship), financial assets make society worse off.
The same correspondence between a financial asset and its liability
exists when a financial asset’s value changes. Say stock prices fall
significantly. Is society poorer? Clearly the people who own the stock
46
are poorer, but the people who might want to buy stock in the future are
richer since the price of assets has fallen. So in a pure accounting sense,
society is neither richer nor poorer when the prices of stocks rise or fall.
But there are ways in which changes in the value of financial
assets might signify that society is richer or poorer. For example, the
changes in the values of financial assets might reflect (rather than cause)
real changes. If suddenly a company finds a cure for cancer, its stock
price will rise and society will be richer. But the rise in the price of the
stock doesn’t cause society to be richer. It reflects the discovery that
made society richer. Society would be richer because of the discovery
even if the stock’s price didn’t rise.
There’s significant debate about how well the stock market reflects
real changes in the economy. Classical economists believe it closely
reflects real changes; Keynesian economists believe it doesn’t. But both
sides agree that it is the changes in the real economy, not the changes in
the price of financial assets, that underlie what makes an economy richer
or poorer.
Vocabulary
asset – актив, положительное качество – ижобий сифат.
neat – аккуратный чёткий – тартибли, аниқ.
liability – ответственность, задолженность – жавобгарлик, ғаразлик.
optimist – оптимист – хаётга умид билан қарайдиган.
pessimist – пессимист – келажакка умидсизлик билан қарайдиган.
47
ledger – главная книга, книга счетов – асосий китоб, ҳисобот
китоби.
thereby – таким образом – шундай қилиб.
stock – запас, фонд, акция – заҳира, фонд, акция.
pure – чистый, настоящий, свободный – тоза, жорий, эркин.
sense – чувство, здоровый смысл, мнение – хис, соғлом, фикр.
reflect – отражаться, размышлять – акс этмок, чуқур ўйламоқ.
cure – лекарство, лечение – дори, даво.
cancel – рак, зло – ўсма; ёвузлик.
discovery – открытие, обнаружение – кашф қилиш, топиш, билиб
олиш.
underlie – находиться внизу, лежать в основе – паст даражада
бўлмоқ, пастда жойлашмоқ; асосида ётмоқ.
Questions
1. What are neat?
2. What has of every financial asset?
3. What do optimist and pessimist say?
4.
How can you explain the economist’s view of financial assets?
5. What must we do for becoming richer the society?
48
CAPITAL GAINS AND LOSSES
Capital gains and losses aren’t limited to stock. They can occur
with any asset—financial or real. A capital gain or loss is simply the
change in the value of an asset.
Noneconomists often call capital gains and losses paper gains and
losses because money transfers hands as the gain or loss occurs. Often
you’ll hear, "Oh, it’s only a par. loss [or paper gain]," as if somehow a
capital loss wasn’t quite as bad as a loss that has to . be paid for in
money. It’s the same for a "paper gain," which they feel isn’t as good as
a gain that puts money in your pocket.
Economists don’t use the "paper" terminology. They emphasize
the opportunity cost concept. When you have a capital gain, you have
the option of realizing that gain by-selling the asset for the increased
price. The opportunity cost of not selling that asset is the price of that
asset including the capital gain. Say the price of a share of Cyprus
Minerals goes from $21 to $30. If you sell the share, you get $9 (minus
transaction costs) in your pocket. If you don’t sell the .share, the cost of
not selling the share is $30. If you didn’t sell the share at $21, the cost of
not selling it was only $21. Thus, using the opportunity cost framework,
a capital gain or loss is as real as any other gain or loss.
The owner of a stock can sell it at any time she pleases, provided
someone wants to buy it. She will get whatever the going price is at the
moment her sale is closed, minus a commission to the broker. Or she
can keep it, hoping that its price will go up and it will be worth more. If
the company is paying dividends (periodic payments to owners of its
49
stock), every three months she gets a check for those dividends. She
doesn’t have to do anything to get these checks—the company mails
them automatically to "the shareholder of record."
Stocks have no maturity date. The money you paid for them never
has to be paid back to you. Stocks require no periodic payments to you
every year. So it’s possible to buy a stock and get nothing for it. So why
would anyone buy a stock? Because with it comes ownership rights—all
the company’s income that isn’t paid out to factors of production
belongs to the stockholders. For example, say you own one share of the
million shares Cyprus Minerals has issued, and after paying all costs and
debts due, Cyprus Minerals has $6 million in after-tax profits. Your
percentage of that $6 million is $6. This $6 can be paid out to
stockholders in dividends. Or the company can retain the $6 (which
would then be called retained earnings), in which case the stock’s value
will likely increase because the firm can invest the retained earnings and
earn more profit. (An increase in the value of a stock is called a capital
gain.) The company’s board of directors decides which option the
company will follow.
Vocabulary
gain – увеличение, прибыл, доходы – ошиш, фойда, даромад.
loss – потеря, убыток – йўқотиш, зарар.
value – ценность, стоимость – баҳо, қиймат.
emphasize – подчёркивать – алоҳида эътибор бермоқ.
50
concept – понятие, общее представление – тушунча, умумий
тушунча.
realize – понимать, получать прибыл – тушунмоқ, фойда олмоқ.
option – выбор, право – танлаш, ҳуқуқ.
a share – часть, доля, акция – қисм, улуш, акция.
framework – рама, структура – рама, тузилиш.
asset - актив, имущество – актив, мол-мулк.
Questions
1. What aren’t limited to stock?
2. What do non – economists call capital gains and losses?
3. Who don’t use the “paper” terminology?
4. What will you have when you have capital gain?
5. What is the price of that asset including the capital gain?
CHARACTERISTICS OF A GOOD MONEY
The characteristics of a good money are that its supply be
relatively constant, that it be limited in supply (sand wouldn’t make
good money), that it be difficult to counterfeit, that it be divisible (have
you ever tried to spend half a horse?), that it be durable (raspberries
wouldn’t make good money), and that it be relatively small and light
compared to its value (watermelon wouldn’t make good money either).
All these characteristics were reasonably (but not perfectly) embodied in
51
gold. Many other goods have served as units of account (shells,
wampum, rocks, cattle, horses, silver), but gold historically became the
most important money, and in the 17th and 18th centuries gold was
synonymous with money.
But gold has flaws as money. It’s relatively heavy, easy to
counterfeit with coins made only partly of gold, and, when new gold
fields are discovered, subject to fluctuations in supply. These flaws led
to gold’s replacement by paper currency backed only by trust that the
government would keep its commitment to limit its supply.
Paper money can be a good money if somehow people can trust
the government to limit its supply and guarantee that its supply will be
limited in the future. That trust has not always been well placed.
Vocabulary
relatively – относительно, соответственно – нисбатан, мувофиқ.
constant – постоянная, величина, коэффициент – доимий қиймат,
коэффициент.
counterfeit – подделка, притворщик – соҳта, товламачи.
raspberry – малина, выговор – малина (мева), танбеҳ, ҳайфсан.
embody – воплощать в себе, включать – ўзида гавдалантирмоқ, ўз
ичига олмоқ.
reasonably – разумно, обоснованно – оқилона, асосланган
shells – раковина, скорлупа, снаряд – ғовак жинс, қобиқ, снаряд.
52
wampum – вампум, ожерелье из ракушки – вампум, чиғаноқли
маржонлар.
rock – скала, камень – қоя, тош.
flaw – недостаток, трещина – нуқсон, етишмовчилик, ёриқ, дарз.
fluctuations – колебание, неустойчивость – ўзгариб туриш.
replacement – замена – алмашиш.
commitment – заключение под стражу, обязательство – ҳибсга
олмоқ, мажбурият.
divisible – делимый – бўлинадиган.
Questions
1. How can you understand the characteristics?
2. What were reasonably embodied in gold?
3. What was synonymous with money in 17 and 18 centuries?
4. What has flaws as money?
5. What has not always been well placed?
NOW ACCOUNTS AND MONEY MARKET ACCOUNTS
At one time the only checking accounts were those of commercial
banks. You put your money in a commercial bank and wrote a check.
Then savings banks (banks allowed only to have savings accounts)
started allowing individuals to write negotiable orders of withdrawals on
their savings accounts (NOW accounts). So if you held $10,000 in a
53
savings account you could write an IOU to someone and the savings
bank promised to pay it. That IOU looked like a check and for all
practical purposes it was a check. But unlike a checking account, NOW
accounts paid interest on depositors’ balances. Many people started
shifting from checking accounts to NOW accounts, and soon
commercial banks complained of unfair competition by savings banks.
These complaints led to commercial banks being allowed to pay interest
on their checking accounts.
Mutual funds saw how nicely NOW accounts worked and decided
to imitate them. Individuals who kept their money stored with a mutual
fund were allowed to write IOUs based on their deposits (up to three
IOUs per month, each for a minimum of, say, $500). The mutual fund
invested depositors’ money in the money market (short-term bills,
commercial paper, and CDs). Hence, accounts with mutual funds are
called money market accounts. These accounts pay slightly higher
interest than savings banks accounts, and, like the NOW account, are
close to a checking account.
So today people have a choice of depository institutions, which is
nice for people, but though for textbook writers and students who have
to learn more divisions.
54
Vocabulary
saving – экономный, спасительный – тежамли, қутқарувчи.
negotiable – могущий стать предметом сделки – битим тузиш
манбаи бўла олиш.
withdrawal – уход, отход, изъятие – чекиниш, банк ҳисоб
рақамидан олинган пул суммаси.
depositors – вкладчик – омонатчи, пул қўйувчи.
balance – равновесие, остаток – баробарлик, қолдиқ, мувозанат.
shift – перемещать(ся), менять, смена – кўч(ир)моқ, ўзгартирмоқ,
смена.
complain – жаловаться, выражать недовольство – шикоят қилмоқ,
норозилигини билдирмоқ.
unfair – несправедливый, нечестный – адолатсиз.
mutual – взаимный, обоюдный – ўзаро, қулай.
imitate – подражать, подделывать – тақлид қилмоқ,
соҳталаштирмоқ.
invest – помещать, вкладывать – солмоқ, пул тикмоқ.
bill – счёт, банкнота, вексель - ҳисоб банкнота, вексель.
slightly – слабо, незначительно, лёгко – кучсиз, аҳамиятсиз.
tough – плотный, крепкий, трудный, хулиган –қаттиқ, пишиқ,
қийин, омадсиз.
55
Questions
1. What are commercial banks?
2. What did savings banks start then?
3. Why did commercial banks complain on unfair competitions?
4. Who invested depositors’ money in the money market?
5. What are called money market accounts?
56
GLOSSARY
A
ability – способность, умение, платёжеспособность – қобилият,
лаёқат, тўлов қобилияти.
abundant – обильный, изобилующий, богатый – мўл-кўл, тўқлик,
бой.
accountant – бухгалтер – ҳисобчи.
addictive – психотропные, лекарство – наркотик, дори.
adjustment – регулирование, приспособление – алмаштириш,
мослаштириш.
adventurous – смелый, рискованный – қўрқмас, таваккалчи.
aggregate – совокупность, собрание, агрегат – мажмуа, йиғилиш,
агрегат.
align – ставить, выравнивать, қўймок, текисламоқ.
alter – изменять, переделывать – ўзгартирмоқ, қайтадан қилмоқ.
apply – обращаться, применять, прилагать, касаться – мурожаат
этмоқ, қўлламоқ, ишга солмоқ, боғлик бўлмоқ.
argue – обсуждать, доказывать, выступать – мунозара қилмоқ,
исботламоқ, сабаб кўрсатмоқ.
argue – спорить, доказывать, утверждать, обсуждать – баҳслашмоқ,
исботламоқ, тасдиқламоқ, муҳокама қилмоқ.
asset - актив, имущество – актив, мол-мулк.
asset – актив, положительное качество – ижобий сифат.
assign – назначать, определять – белгиламок, аниқламоқ.
assume – присваивать, предполагать – ўзлаштирмоқ, таҳминламоқ.
57
assume – присваивать, принимать, допускать – ўзлаштирмоқ,
эгаллаб олмоқ.
assumption – принятие на себя, присвоение – ўзиники қилиб олиш,
ўзлаштириш.
assumption – присвоение, предположение – ўзлаштириб олиш,
тахмин қилиш.
attempt – пытаться, покушаться- уриниб\ҳаракат қилиб кўрмок,
қасд қилмоқ, пайига тушмоқ.
attribute – приписывать, относить – ёзиб қўймоқ, тақамоқ.
B
balance – равновесие, остаток – баробарлик, қолдиқ, мувозанат.
barely – просто, едва – оддий, зўрға, аранг.
barriers – барьер, шлагбаум, препятствие – барьер, тўсив, гов.
be enacted – предписываться, постановить – олдиндан ёзилмоқ,
карор қилмоқ.
be relevant – уместный, относящийся к делу – мувофиқ, ишга
таалуқли.
beheading – обезглавливать – бошини олмоқ.
bill – счёт, банкнота, вексель - ҳисоб банкнота, вексель.
bookkeeping – бухгалтерия, счетоводство – бухгалтерия, ҳисоботни
юритиш.
botch up – делать грубые заплаты –тўловда қўполлик қилмоқ.
break apart – распадаться –парчаламоқ.
C
cancel – рак, зло – ўсма; ёвузлик.
58
categorization – распределение по категориям – категория бўйича
тақсимлаш.
coin – подкинуть монету, чеканить, создать выражение – тангани
ирғитмок, зарб қилмок; янги сўз ёки ибора кашф қилмок.
coincide – совпадать – тўғри келмоқ.
commitment – заключение под стражу, обязательство – ҳибсга
олмоқ, мажбурият.
commonwealth – государство, республика – давлат, республика.
competitors – конкурент, соперник – рақобатдош.
complain – жаловаться, выражать недовольство – шикоят қилмоқ,
норозилигини билдирмоқ.
complicate – усложнять, осложнять – мураккаблаштирмоқ.
concept – понятие, общее представление – тушунча, умумий
тушунча.
condone – забывать, прощать – унутмоқ, кечирмоқ.
constant – постоянная, величина, коэффициент – доимий қиймат,
коэффициент.
consumable – годный к потреблению – истеъмолбоп.
counterfeit – подделка, притворщик – соҳта, товламачи.
coups d’état – государственный переворот – давлат тўнтариш
cure – лекарство, лечение – дори, даво.
curves – кривая линия, изгиб, график – эгри чизиқ, график.
D
depositors – вкладчик – омонатчи, пул қўйувчи.
desirous – желающий, жаждущий – хоҳловчи, қўмсайдиган.
59
despondently – унылый, подавленный – чарчаган, эзилган,
толиккан.
dimension – измерение, размеры, величина – ўлчаш, ўлчам, ҳажм,
меъёр.
dimension – размер, объём, измерение – ўлчам, хажм, ўлчаб кўриш.
dirt – грязь, почва, грунт, брань – лой, тупроқ, ҳақорат, жанг.
discovery – открытие, обнаружение – кашф қилиш, топиш, билиб
олиш.
disgusted – отвращение, внушать – нафрат, нафрат уйғотмоқ.
distinction – различение, оригинальность, высокие качества –
тафовут, асллик, юкори сифат.
divisible – делимый – бўлинадиган.
division – деление, отделение, отдел – бўлиниш, бўлим.
doll – кукла – кўғирчоқ.
E
effort – усилие, напряжение, попытка – куч, ҳаракат қилиш,
уриниш, ютуқлар.
effort – усилие, попытка – кучайиш, уриниб кўриш.
eliminate – выбрасывать, исключать – чиқариб ташламоқ
(ҳужжатдан).
embody – воплощать в себе, включать – ўзида гавдалантирмоқ, ўз
ичига олмоқ.
emphasize
–
подчеркивать,
придавать
таъкидламоқ, алоҳида маъно бермоқ.
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особое
значение
–
encapsulated – заключатся – хулосаламоқ, якунламоқ, хотима
килмоқ.
encourage – ободрять, поддерживать – руҳлантирмоқ, қўллабқувватламоқ.
encourage – помогать, поддерживать – кўмак бермоқ, кўллабқувватламоқ.
enforce – принуждать, усиливать – жорий қилмоқ, кучайтирмоқ.
enormously – огромно, ужасно – жуда, дахшатли.
entitle – озаглавливать – номламоқ, сарлавҳа қўймок.
entrepreneurial – предпринимательский – корхона эгаси..и\си.
entrepreneurship – предприниматель – корхона эгаси.
equilibrium – равновесие – тенглик, баробарлик, мувозанат.
escape – избежать, спастись – қочмоқ, қутилмоқ.
ethically – этичный, моральный – аҳлоқий, маънавий, руҳий.
evolve – развертывать, развивать – ёймоқ, ривожлантирмоқ.
excess – избыток, выходка, лишний – ортиқ, чиқинди, ортиқча.
existence – существование, жизнь, наличие – борлиқ, хаёт,
мавжудлик.
expenditure – расход, трата – сарф ҳаражат.
F
faith – вера, религия – умид, ишонч, дин.
favor – благосклонность, расположение – мурувват, ихлос.
favor – относиться благосклонно – ижобий, муносабатда бўлмоқ.
flaw – недостаток, трещина – нуқсон, етишмовчилик, ёриқ, дарз.
flexible – эластичный, губкий – эгилувчан, қайишқоқ.
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fluctuations – колебание, неустойчивость – ўзгариб туриш.
focus – собирать(ся), помещать в фокус – тўпламоқ, жамламоқ.
forefront – перед, передняя часть, центр деятельности – олдин,
олдинги қисм, фаолият маркази.
framework – рама, структура – рама, тузилиш.
fuel – топливо – ёқилғи.
G
gain – увеличение, прибыл, доходы – ошиш, фойда, даромад.
get rid – избавляться – озод қилмоқ, қутқарилмоқ.
goal – цель, ворота, гол – мақсад, дарвоза, гол.
gooey stuff – клейкий, липкий – ёпишқоқ нарса.
grade – степень, звание, класс, качество, сорт – даража, унвон,
синф, сифат, нав.
guess – отгадывать, предполагать – ўйлаб топмоқ, тахмин қилмоқ.
guiding – направлять – йўл бошламоқ\кўрсатмок, таъсир этиш.
guilds – цех (ремесленников), цех (ҳунармандлар).
guns-and-butter – оружие и масло – қурол ва мой.
H
handshake – рукопожатие – қўл бериш, кўл бериб кўришиш.
hence – отсюда, с этих пор, следовательно – бу ердан, шу сабабдан,
шундан бери, бинобарин.
hire – нанимать – ёлламоқ.
hit – удар, толчок, попадание, успех, удача – туртки, тушиш,
муваффақият.
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households – семья, домочадцы, домашнее хозяйство – оила, оила
аъзолари, уй хўжалиги.
I
imitate – подражать, подделывать – тақлид қилмоқ,
соҳталаштирмоқ.
incentive – побудительная причина – рағбатлантирувчи омил.
individuals – отдельное лицо, личность – алоҳида шахс, шахсият.
inefficient – неспособный, неэффективный – қобилиятсиз,
самарасиз.
inevitably – неизбежно, неминуемо – холи бўлмасдан, четга
чиқмасдан.
input – ввод, подача – киритилган маълумот, узатиш, кўрсатиш.
inputs – ввод – киритиш, олиб киритилган нарсалар.
insight – проницательность, интуиция, понимание – зийраклик,
тушуниш, олдиндан ҳис қила билиш.
instability – неустойчивость – беқарорлик, турғун эмаслик.
integrate – объединять, завершать – бирор гуруҳга қўшмоқ,
бирлаштирмоқ.
integrate – составлять целое, соединять – бир бутун қилмок,
қўшмоқ.
interfere – мешать, сталкиваться - тўсқинлик қилмоқ, тўқнашмоқ.
interim – тем временам – ўша вақтда.
intermediate – промежуточный, быть посредником – оралиқ, ўрта,
ўртага тушмоқ.
interpret – толковать, переводить – изоҳламоқ, таржима қилмоқ.
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intervene – вмешиваться, происходить – аралашмоқ, келиб чиқмоқ.
intervention – вмешательство, интервенция – тўсқинлик қилиш,
тўхтатиш, бартараф этиш.
invent – изобретать – яратмоқ.
invest – помещать, вкладывать – солмоқ, пул тикмоқ.
involve – окутывать, вовлекать, запутывать – қамрамок, жалб
этмок, ўз ичига олмоқ.
irk – надоедать, раздражать – безор қилмоқ, ғашига тегмоқ.
issue – выходить, кончаться, снабжать – чиқмоқ, тугатмоқ,
таъминламоқ.
L
laissez-faire – политика невмешательства правительства в
экономику – ҳукуматни иқтисодиётга аралашмаслик сиёсати.
leaves – разрешение, отпуск – рухсатнома, таътил.
ledger – главная книга, книга счетов – асосий китоб, ҳисобот
китоби.
leisure – досуг, свободный, незанятый – бўш вақтда, банд бўлмаган.
liabilities – пассив.
liability – ответственность, задолженность – жавобгарлик, ғаразлик.
loss – потеря, убыток – йўқотиш, зарар.
M
maintain – поддерживать, утверждать – қўллаб қувватламоқ,
тасдиқламоқ.
majority – большинство, совершеннолетие – аксарияти, ёшига
етиш (балоғат).
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mentality – способность мышления – фикрлаш қобилияти.
modify – изменять, смягчать, модифицировать – кўринишини
ўзгартирмоқ, юмшатмоқ, такомиллаштирмоқ.
mortgage – заклад, ипотека, получать заём под закладную – уй
сотиб олиш учун олинган қарз, гаровга қўйиб қарз олмоқ.
motivate – побуждать, мотивировать – сабаб бўлмоқ, ҳаракатга
келтирмоқ.
mutual – взаимный, обоюдный – ўзаро, қулай.
N
neat – аккуратный чёткий – тартибли, аниқ.
negotiable – могущий стать предметом сделки – битим тузиш
манбаи бўла олиш.
net – чистый доход, сеть – соф даромад, тармоқ.
O
offset – компенсация – ҳақ, бадал.
oppose – сопротивляться, препятствовать – қаршилик қилмоқ,
тўсқинлик қилмоқ.
optimist – оптимист – хаётга умид билан қарайдиган.
option – выбор, право – танлаш, ҳуқуқ.
output – продукция, выпуск – махсулот, ишлаб чиқариш.
outward – наружу, вне, за предели – сиртга, ташқари, меъёрдан
ташқари.
overthrow – свергать, уничтожать – ағдариб ташламоқ, йўқотмоқ.
P
path – тропа, тропинка – йўлак, йўл, ҳаракат чизиғи.
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percentage – процент, цена – фоиз, баҳо.
persuasive – побуждение, убедительный – уйғониш, ишончли.
pessimist – пессимист – келажакка умидсизлик билан қарайдиган.
phenomenon – феномен, явление, чудо – ходиса, вокеа, мўжиза.
pondering – размышлять, взвешивать – фикрламоқ, ўлчаб кўрмоқ.
pork-bellies – желудок свиньи – чўчқа корин.
predecessors – предшественник – маълум соҳада илгари ишлаган
нарса ёки одам.
predictions – предсказание – олдиндан айтиш, башоратлар.
preference – предпочтение, преимущественное право – афзаллик.
prefixes – предпослать, приставка – олдиндан юбормоқ, олд
кўшимча.
prevent – предотвращать, предупреждать, мешать – ғов бўлмоқ,
огоҳлантирмоқ, халақит бермоқ.
prosecute – вести, проводить, преследовать судебным порядком –
олиб бормоқ, ўтказмоқ, суд тартиби бўйича ўтказмоқ, суд тартиби
бўйича изламоқ.
pure – чистый, настоящий, свободный – тоза, жорий, эркин.
R
raspberry – малина, выговор – малина (мева), танбеҳ, ҳайфсан.
rate – ставка, процент, цена – ставка, фоиз, баҳо.
realize – понимать, осознавать, осуществлять, получать прибыл –
тушунмоқ, амалга оширмоқ, фойда олмоқ.
reasonably – разумно, обоснованно – оқилона, асосланган
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redundancy – избыток, чрезмерность, многословие – ортиқ, жуда
кўплик, кўп сўзлик.
reflect – отражаться, размышлять – акс этмок, чуқур ўйламоқ.
relate – связывать, относиться – боғламок, алоқада\муносабатда
бўлмоқ.
relatively – относительно, соответственно – нисбатан, мувофиқ.
relevant – уместный – боғлик бўлмоқ.
reliance – доверие, надежда, использование – ишонч, умид қуллаш.
remain – оставаться – қолмоқ.
rent – арендная плата, разрыв, прореха – ижара ҳақи, узилиш, ёриб
ўтиш.
replacement – замена – алмашиш.
resolve – решать(ся), разрешать – қарор қилмоқ, рухсат бермоқ.
restrict – ограничивать – чегараламоқ.
restrictions – ограничение – чегаралаш, чеклаш.
rock – скала, камень – қоя, тош.
S
saving – экономный, спасительный – тежамли, қутқарувчи.
scarce – редкий, ударить, испариться – нодир, ноёб, йўқолмоқ.
scooter – детский самокат, парусная лодка – болалар самокати,
елканли қайиқ.
seek – искать, разыскивать, пытаться, стараться – изламоқ, уриниб
кўрмоқ, ҳаракат қилмоқ.
sense – чувство, здоровый смысл, мнение – хис, соғлом, фикр.
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share – делить, распределять, принимать участие – бўлмоқ,
тасдиқламоқ, иштирок этмоқ.
share – часть, доля, акция – қисм, улуш, акция.
shells – раковина, скорлупа, снаряд – ғовак жинс, қобиқ, снаряд.
shift – перемещать(ся), менять, смена – кўч(ир)моқ, ўзгартирмоқ,
смена.
shivering – дрожать, трепетать – қалтирамоқ, зирилламоқ.
simultaneously – одновременно – бир вақтда.
slightly – слабо, незначительно, лёгко – кучсиз, аҳамиятсиз.
slope – склон, скат, опускаться, подниматься – турланиш, тушмоқ,
пасаймоқ, кўтарилмоқ, ошмоқ.
solar – солнечный – қуёшга оид, қуёш…
solution – разрешение, решение – рухсат, қарор.
spontaneously – самопроизвольно, добровольно – ўз-ўзидан, ўз
хоҳиши билан.
spruce trees – канадская ель – канад дарахти.
stick – втыкать, колоть, клеить – суқмоқ, ботмоқ, ёпиштирмоқ.
stock – запас, фонд, акция – заҳира, фонд, акция.
strictly – точно, строго – аниқ, кучли.
strife – борьба, спор – кураш, тортишув.
substitute – заменять, подменять – алмаштирмоқ, ўрнига ишлатмоқ.
subtract – вычитать – айирмоқ.
succumb – уступить, прекратить, сопротивление – баҳридан ўтмоқ,
қаршиликни тўхтатмоқ.
sufficiently – достаточно – етарли, етарлича.
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summarize – суммировать, резюмировать – якунламоқ, жамламоқ,
қисқача маълумот бермоқ.
surplus – излишек, остаток – зиёд, ортиқ, қолдиқ.
swing – колебание, ритм, размах – тебраниш, мақом, ўсиш.
T
taco technician – техник мясовой лепёшки – гўштли нон қилувчи
техник.
tariff – тариф, пошлины, расценка – тариф, бож, белгиланган
нархлар рўйхати.
tend – направляться, заботиться – йўналмоқ, ғамхўрлик қилмоқ.
thereafter – после того, в пред – дан сўнг, кейин.
thereby – таким образом – шундай қилиб.
threefold – утроенный, тройной – уч баравар ортиқ, уч хисса кўп.
tide – поток, период – оқим, давр.
tough – плотный, крепкий, трудный, хулиган –қаттиқ, пишиқ,
қийин, омадсиз.
transform
–
преобразовывать,
трансформировать
–
тубдан
ўзгартирмоқ, янгидан қурмок.
tyrant – тиран, деспот – жуда қаттиққўл.
U
ultimate – последный, максимальный, основной – охирги, юкори,
асосий.
underlie – находиться внизу, лежать в основе – паст даражада
бўлмоқ, пастда жойлашмоқ, асосида ётмоқ.
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underpinnings – подвести фундамент под.., поддерживать –
пойдевор қурмоқ, қўллаб-қувватламоқ.
unemployment – безработица – ишсизлик.
unfair – несправедливый, нечестный – адолатсиз.
upward – вверх – юқори.
V
value – ценность, стоимость – баҳо, қиймат.
veil – вуаль, покрывало, скрыть – тўр, парда, бекитмоқ, яширмоқ.
veil – закрывать вуалью, покрывалом – ёпинчиқ билан ёпмоқ.
versus – против – қарши.
violate – насиловать, вторгаться, нарушать – мажбур қилмоқ,
бостириб кирмоқ, бузмоқ (қоида), оёқ ости қилмоқ.
W
wage – вести, вступать, заработная плата – олиб бормоқ, киришмоқ,
маош, ойлик.
wampum – вампум, ожерелье из ракушки – вампум, чиғаноқли
маржонлар.
weed – сорная трава, кляча – ёввойи ўт.
willingness – готовность – тайёргарлиги.
withdrawal – уход, отход, изъятие – чекиниш, банк ҳисоб
рақамидан олинган пул суммаси.
worth – цена, стоимость, стоящий – баҳо, таннарх, арзийдиган.
worth-while – стоящий, имеющий смысл- арзийдиган, фикрга эга
бўлиш.
wrath – гнев, ярость – кучли қахр, ғазаб, нафрат.
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MUNDARIJA:
1. ECONOMIC KNOWLEDGE IN ONE SENTENCE: TANSTAAFL ……… 5
2. RESOURCES, INPUTS, TECNOLOGY, AND OUTPUT ………………..… 7
3. THE INVISIBLE FORCES ………………………………………………..… 10
4. DEMAND ……………………………………………………………………... 12
5. SUPPLY …………………………………………………………………….… 15
6. SUPPLY, PRODUCTION, AND PROFIT …………………………………. 17
7. PUBLIC CHOICE AND RENT-SEEKING ECONOMIC MODELS ……. 21
8. THE RISE OF MARKETS IN PERSPECTIVE …………………………… 24
9. THE ROLE OF ECONOMISTS IN ECONOMIC TRANSITIONS ……… 27
10. IS THE UNITED STATES A POSTINDUSTRIAL SOCIETY? ………..… 30
11. BLACK AND GRAY MARKETS IN CURRENCY ……………………….. 31
12. ECONOMIES THAT DON’T WORK SO WELL ………………………… 34
13. NATIONAL INCOME ACCOUNTING AND DOUBLE ENTRY
BOOKKEEPING …………………………………………………………...… 36
14. THE OLD AND THE NEW ………………………………………………… 39
15. CLASSICAL ECONOMISTS AND THE VEIL OF MONEY …………… 41
16. PRICE LEVEL VERSUS RELATIVE PRICE/WAGE CHANGES ……... 44
17. DO FINANCIAL ASSETS MAKE SOCIETY RICHER? ………………… 46
18. CAPITAL GAINS AND LOSSES …………………………………………... 49
19. CHARACTERISTICS OF A GOOD MONEY …………………………….. 51
20. NOW ACCOUNTS AND MONEY MARKET ACCOUNTS …………..… 53
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Samarqand Iqtisodiyot va
Servis instituti bosmaxonasi
Buyurtma № 50 nusxa
Shoxrux ko’chasi 60
Hajmi 4,6 b.t
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