conversations.from: human
conversations.value: a title for a book about Grasp with the genre: Business & Money, Economics
conversations.from: assistant
conversations.value: A title for this book could be 'Economics For Dummies'
conversations.from: human
conversations.value: Give me the first paragraph for the book.
conversations.from: assistant
conversations.value: Economics For Dummies
  The trick behind TV is that the privately sold good called advertising pays for the freely provided public good called television. To a more limited extent, newspapers and magazines work the same way. Although they raise some money from subscription fees or the newsstand price, a huge chunk of their revenue comes from the advertising they sell.
conversations.from: human
conversations.value: Give me five more paragraphs.
conversations.from: assistant
conversations.value: In Chapter 16, I explain how the government can use monetary and fiscal stimuli to get around the sticky prices problem by boosting aggregate demand in great detail. Here, I want to give you a preview of how that process works.
  Imagine that after the negative demand shock depicted in Figure 15-5 moves aggregate demand leftward from AD0 to AD1, the government doesn't hang around waiting for prices to fall. Instead, it stimulates aggregated demand so that the aggregate demand curve shifts right and returns to where it started, at AD0. Taking this action returns the economy to producing at full employment without having to wait for prices to fall.
  What if the government doesn't act to stimulate aggregate demand in that fashion? What if the economy is at Point B and the government doesn't intervene? In such cases, prices do eventually fall because firms' production costs eventually fall.
  Labor costs are very slow to fall because managers don't want to risk alienating workers by cutting their wages (see the earlier section "Cutting wages or cutting workers" for details). But because so many workers are unemployed when the economy is at Point B, wages eventually decline. Some firms hire unemployed people at lower wages, which reduces the firms' costs, meaning that they can undersell firms that keep wages high. Eventually, such competitive pressures mean that all firms end up cutting wages.
  Other costs also decline because during a recession, with output so diminished, a significant portion of the economy's productive capacity is unused. There are unused factories, unused trucks, unused train cars, and unused ships. There are also large amounts of unused lumber, iron, oil, and other productive inputs.
conversations.from: human
conversations.value: Give me the last five paragraphs.
conversations.from: assistant
conversations.value: Making good decisions about how to improve the world is difficult unless you actually have good data on what the world is currently like. As it turns out, governments statisticians and accountants often produce the most timely, extensive, and easily accessed data available anywhere. So before you finish making up your mind on any particular topic, take the time to see whether relevant government data exists. State and local governments also publish extensive data, but here are some of the top sources published by the U.S. Federal government:
  This glossary contains common economics terms. Words set in italic type are terms that are defined separately in this glossary.
  Consumer Price Index (CPI): The Bureau of Labor Statistics' market basket (bundle of goods and services) used to measure changes in the prices of goods and services bought by a typical family of four
  Prisoner's Dilemma: A situation in which a pair of prisoners (or firms) has to decide whether or not to cooperate; the dilemma is that although the individual incentives favor not cooperating, both players would be better off if they could figure out a way to cooperate
  Tragedy of the Commons: The idea that if a resource is open to public use, it typically becomes rapidly exhausted or ruined because each person's personal incentive is to use it up before anyone else can; this problem can be solved by private property rights, which give owners an incentive to conserve the resource and harvest it at sustainable rates
conversations.from: human
conversations.value: Reverse the sentences.
conversations.from: assistant
conversations.value: Consumer Price Index (CPI): The Bureau of Labor Statistics' market basket (bundle of goods and services) used to measure changes in the prices of goods and services bought by a typical family of four
  Prisoner's Dilemma: A situation in which a pair of prisoners (or firms) has to decide whether or not to cooperate; the dilemma is that although the individual incentives favor not cooperating, both players would be better off if they could figure out a way to cooperate
  Tragedy of the Commons: The idea that if a resource is open to public use, it typically becomes rapidly exhausted or ruined because each person's personal incentive is to use it up before anyone else can; this problem can be solved by private property rights, which give owners an incentive to conserve the resource and harvest it at sustainable rates. Words set in italic type are terms that are defined separately in this glossary. Federal government:
  This glossary contains common economics terms.S. State and local governments also publish extensive data, but here are some of the top sources published by the U. So before you finish making up your mind on any particular topic, take the time to see whether relevant government data exists. As it turns out, governments statisticians and accountants often produce the most timely, extensive, and easily accessed data available anywhere.Making good decisions about how to improve the world is difficult unless you actually have good data on what the world is currently like
conversations.from: human
conversations.value: Give me the first three paragraphs for this book.
conversations.from: assistant
conversations.value: Economics For Dummies
  The trick behind TV is that the privately sold good called advertising pays for the freely provided public good called television. To a more limited extent, newspapers and magazines work the same way. Although they raise some money from subscription fees or the newsstand price, a huge chunk of their revenue comes from the advertising they sell.
  You live in an age of rapidly rising living standards. Why is this the case? Because institutions are fostering the creation of new and better technologies that allow people to produce more goods and services from the same old resources, or to produce entirely new goods and services that were previously impossible to produce.
  Technological progress is a public good. And because it is, society has had to come up with ways to make sure that technological progress happens given the fact that private individuals and firms have little incentive to invent new technology.
conversations.from: human
conversations.value: Give me four more paragraphs.
conversations.from: assistant
conversations.value: Imagine that after the negative demand shock depicted in Figure 15-5 moves aggregate demand leftward from AD0 to AD1, the government doesn't hang around waiting for prices to fall. Instead, it stimulates aggregated demand so that the aggregate demand curve shifts right and returns to where it started, at AD0. Taking this action returns the economy to producing at full employment without having to wait for prices to fall.
  What if the government doesn't act to stimulate aggregate demand in that fashion? What if the economy is at Point B and the government doesn't intervene? In such cases, prices do eventually fall because firms' production costs eventually fall.
  Labor costs are very slow to fall because managers don't want to risk alienating workers by cutting their wages (see the earlier section "Cutting wages or cutting workers" for details). But because so many workers are unemployed when the economy is at Point B, wages eventually decline. Some firms hire unemployed people at lower wages, which reduces the firms' costs, meaning that they can undersell firms that keep wages high. Eventually, such competitive pressures mean that all firms end up cutting wages.
  Other costs also decline because during a recession, with output so diminished, a significant portion of the economy's productive capacity is unused. There are unused factories, unused trucks, unused train cars, and unused ships. There are also large amounts of unused lumber, iron, oil, and other productive inputs.
conversations.from: human
conversations.value: Give me the last paragraph.
conversations.from: assistant
conversations.value: Tragedy of the Commons: The idea that if a resource is open to public use, it typically becomes rapidly exhausted or ruined because each person's personal incentive is to use it up before anyone else can; this problem can be solved by private property rights, which give owners an incentive to conserve the resource and harvest it at sustainable rates