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Copyright 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-202
I
AN INTRODUCTION TO ECONOMICS
Part l Economics: The Science of Scarcity
Chapter l What Economics is About 1 Chapter 20 Consumer Choice: Maximizing Utility and Behavioral
Econom ics 489
Appendix A Working with Diagrams 25
Appendix B Should You Major in Economics? 34 Appendix E Budget Constraint and Indifference Curve Analysis 513
Chapter 2 Production Possibilities Frontier Framework 41 Chapter 21 Production and Costs 521
Chapter 3 Supply and Demand: Theory 59 Part 8 Product Markets and Policies
Chapter4 Prices: Free, Controlled, and Relative 95
Chapter 22 Perfect Competition 555
Chapter 5 Supply, Demand, and Price: Applications 116
Chapter 23 Monopoly 585
Chapter 24 Monopolistic Competition, Oligopoly, and Game
MACROECONOMICS Theory 608
Part 2 Macroeconomic Fundamentals Chapter 25 Government and Product Markets: Antitrust and
Regulation 630
Chapter 6 Macroeconomic Measurements, Part I: Prices and
Unemployment 1 3 8 Part 9 Factor Markets and Related Issues
Chapter 7 Macroeconomic Measurements, Part II: GDP and Real
Chapter 26 Factor Markets: With Emphasis on the Labor
GDP 156
Market 650
Part 3 Macroeconomic Stability, Instability, and Fiscal Policy Chapter 27 Wages, Unions, and Labor 675
Chapter 8 Aggregate Demand and Aggregate Supply 181 Chapter 28 The Distribution of Income and Poverty 692
Chapter 9 Classical Macroeconomics and the Chapter 29 Interest, Rent, and Profit 709
Self-Regulating Economy 215
Part 10 Market Failure, Public Choice,
Chapter 10 Keynesian Macroeconomics and Economic Instability:
and Special-Interest Group Politics
A Critique of the Self-Regulating Economy 241
Chapter 11 Fiscal Policy and the Federal Budget 274 Chapter 30 Market Failure: Externalities, Public Goods, and
Asymmetric Information 729
Part4 Money, The Economy, and Monetary Policy
Chapter 31 Public Choice and Special-Interest Group Politics 758
Chapter 12 Money, Banking, and the Financial System 301
Part 11 Economic Theory-Building and Everyday Life
Chapter 13 The Federal Reserve System 31 8
Appendix C The Market for Reserves (or The Federal Chapter 32 Building Theories to Explain Everyday Life: From
Funds Market} 337 Observations to Questions to Theories to Predictions 779
Chapter 14 Money and the Economy 34 1
Chapter 15 Monetary Policy 371 THE GLOBAL ECONOMY
Appendix D Bond Prices and the Interest Rate 396 Part 12 International Economics and Globalization
Part 5 Expectations and Growth Chapter 33 Internati onal Trade805
Chapter 16 Expectations Theory and the Economy 399 Chapter 34 International Finance 824
Chapter 17 Economic Growth: Resources, Technology, Ideas,
and Institutions 426 WEB CHAPTERS
Part 6 Government and the Economy Chapter 35 The Economic Case For and Against Government:
Chapter 18 Debates in Macroeconomics Over the Role and Effects Five Topics Considered 843
of Government 443 Chapter 36 Stocks, Bonds, Futures, and Options 862
Self-Test Appendix 843
MICROECONOMICS Glossary 869
Index 881
Part 7 Microeconomic Fundamentals
Chapter 19 Elasticity 459 v
Copyright 2019 Cengage Leaming. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in pan. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s).
Editorial review has deemed that any suppressed content does not materially affect the overaU learning experience. Cengage Learni ng reserves the right to remove additional content at any time if subsequent rights restrictions require it.
AN INTRODUCTION TO ECONOMICS
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CHAPTER 1: WHAT ECONOMICS IS ABOUT 1
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Your Life, 2019-2029 1
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Rationing Spots at Yale 5 •
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• Goods and Bads 2 Resources 2 Scarcity and a Definition of Economics 2
When Is It Too Costly to •
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Attend College? 8
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Key Concepts in Economics 4
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Opportunity Cost 4 Opportunity Cost and Behavior 6 Benefits and Costs 6
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Decisions Made at the Margin 7 Efficiency 9
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Economics Is About Incentives 12 Unintended Effects 13 Exchange 14
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Ceteris Paribus and Theory 16
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Ceteris Paribus Thinking 16 What Is a Theory? 17
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Positive Economics and Normative Economics 20 Microeconomics and
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Chapter Summary 22
" I Don ' t Believe That •
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Questions and Problems 23
Something , He Compares •
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the Marginal Benefits and

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APPENDIX A: WORKING WITH DIAGRAMS 25
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Slope of a Line 26
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Slope of a Line Is Constant 27
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Slope of a Curve 27
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The 45-Degree Line 27
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Pie Charts 29
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Bar Graphs 29
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Line Graphs 30
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Appendix Summary 32
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Key Terms and Concepts 32
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VI
Copyright 2019 Cengage Leaming. All Rights Reserved. May not be copied, scanned, or dupl icated, in whole or in pan. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s).
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Contents VI I
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APPENDIX B: SHOULD YOU MAJOR IN ECONOMICS? 34
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Five Myths About Economics and Being an Economics Maior 35
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What Awaits You as an Economics Maior? 37
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What Do Economists Do? 38
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Places to Find More Information 40
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Concluding Remarks 40
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ECONOMICS 24 / 7
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CHAPTER 2: PRODUCTION POSSIBILITIES FRONTIER FRAMEWORK 41
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Deducing Where Sherlock •
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The Production Possibilities Frontier 41
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T he Straight-Line PPP: Constant O pportunity Costs 4 1 T he Bowed-Outward
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Production Possibilities •
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Frontier? 46 •
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Studying and Your PPF 50

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of Another? 44
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Law of Increasing O pportunity Costs 45 Economic Concepts in a Production Possibilities
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Frontier Fram ework 46
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Specialization and Trade Can Move Us Beyond Our PPF 51
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CHAPTER 3: SUPPLY AND DEMAND: THEORY 59
ECONOMICS 24 / 7
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What Do the Following

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What Is Demand? 59
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Have in Common? Losing

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T he Law of D emand 60 Four Ways to Represent the Law of D emand 60 Why Does
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Q uantity D emanded Go D own as Price Goes Up? 61 Individual D emand Curve and
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Market D emand Curve 62 A Change in Quantity Demanded Versus a Change in
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The Law of Supply 69 Why Most Supply Curves Are Upward Sloping 70 Changes in
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Been Overbooked " 89 •
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A Change in Supply Versus a Change in Quantity Supplied 7 4
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The Market: Putting Supply and Demand Together 75
Supply and D emand at Work at an Auction 75 T he Language of Supply and Demand: A
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a Surplus or a Shortage? 76 Speed of Moving to Equilibrium 76
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"I Thought Prices Equaled •
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• Moving to Equilibrium: Maxim um and Minimum Prices 79 T he Connection Between
Costs Plus 10 Percent" 90 •
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Equilibrium and Predictions 80 Equilibrium in Terms of Consumers' and Producers'
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Does It Matter to You . .. If You Pay Equilibrium Prices or Not? 83
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• What Can Change Equilibrium Price and Quan tity? 83 It Is Important to Know Why
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the Price Changed: Back to Substitutes and Complements 86 Epilogue: Who Feeds
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Cleveland? 87
Copyright 201 9 Cengage Leaming. All Rights Reserved. May not be copied, scanned, or dupl icated, in whole or in pan. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s).
Editorial review has deemed that any suppressed content does not materially affect the overaU learning experience. Cengage Leaming reserves the right to remove additional content at any time if subseq uent rights restrictions require it.
.. .
V I 11 Contents
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Chapter Summary 91
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CHAPTER 4: PRICES: FREE, CONTROLLED, AND RELATIVE 95
ECONOMICS 24 / 7
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Price 95
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• Price as a Rationing Device 95 Price as a Transmitter of Information 96
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Kidney Market 100 •
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1973 and 1979 101

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Price Ceiling 97
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• Price Floor: Definition and Effects 103
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Class? 108 •
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Obesity and a Soda •
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• Two Prices: Absolute and Relative 109
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Tax 111 •
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Absolute (Money) Price and Relative Price 109 Taxes on Specific Goods and Relative
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Price Changes 110
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Does It Matter to You ... If Something You Buy Is Taxed or Subsidized? 112
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CHAPTER 5: SUPPLY, DEMAND, AND PRICE: APPLICATIONS 116
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Application 1: U-Haul Rates and Demand 116
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Application 3: 10 a.m. Classes in College 119
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Demanded?" 1 34 •
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Application 5: Why is Medical Care So Expensive? 122
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Application 6: Do You Pay for Good Weather? 124
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Application 7: The Price of an Aisle Seat 126
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Application 8: College Superathletes 127
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Application 9: Easier-to-Obtain Loans and Higher Housing Prices 129
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Application 10: Speculators, Price Variability, and Patterns 130
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Application 11 : Supply and Demand on a Freeway 131
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Application 12: Are Renters Better Off? 132
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Chapter Summary 135
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Editorial review has deemed that any suppressed content does not materially affect the overaU learning experience. Cengage Leami ng reserves the right to remove additional content at any time if subsequent rights restrictions require it.
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Contents IX
MACROECONOMICS
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CHAPTER 6: MACROECONOMIC MEASUREMENTS,
ECONOMICS 24 / 7 •
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PART I: PRICES AND UNEMPLOYMENT 138
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Measuring The Price Level 138
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Using the CPI to Compute the Price Level 138 Inflation and the CPI 140 The Core
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Who Should Be Considered •
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Unemployed? 150
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Does It Matter to You ... If Prices Rise or Fall? 142
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Converting Dollars from One Year to Another 143
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Who Are the Unemployed? 146 The Unemployment Rate and the Employment
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Rates 147 Reasons for Unemployment 148 Discouraged Workers 148 Types of
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Reason the Unemployment •
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Rate Will Fall?" 153 •
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Cyclical Unemployment 151
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Chapter Summary 154
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CHAPTER 7: MACROECONOMIC MEASUREMENTS,
ECONOMICS 24 / 7
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PART II: GDP AND REAL GDP 156
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Gross Family Product 159 •
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Gross Domestic Product 156
No One Utters the Actual •
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• Calculating GDP 156 Final Goods and Intermediate Goods 157 What GDP Omits 157
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Number 159 •
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Money and Happiness 160
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The Expenditure Approach to Computing GDP for a Real-World Economy 162
1820 168 •
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Using the Expenditure Approach to Compute GDP 163 Common Misconceptions
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Real GDP 171
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Measure Production? " 176

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Real GDP 172 What Does It Mean if Real GDP Is Higher in One Year Than in Another?
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172 Real GDP, Economic Growth, and Business Cycles 172
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Does It Matter to You ... In Which Phase of the Business Cycle You Search for a Job? 174
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Real GDP 175
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Chapter Summary 177
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Copyright 2019 Cengage Leaming. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in pan. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s).
x Contents
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.. CHAPTER 8: AGGREGATE DEMAND AND AGGREGATE SUPPLY 181
ECONOMICS 24 / 7 ..•
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.. A Way to View the Economy 181
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When Would You Want to .. Aggregate Demand 182
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Be Paid in a Currency Other .. Why Does the Aggregate Demand Ct1rve Slope Downward? 183 An Important Word on
Than U.S. Dollars? 195 ..• the Three Effects 186 A Change in Quantity Demanded of Real GDP Versus a Change
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Different Ways to Get to the .• in Aggregate Demand 186 Changes in Aggregate Demand: Shifts in the AD Ct1rve 187
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Same Outcome 205 ..• How Spending Components Affect Aggregate Demand 188 Why Is There More Total
.. Spending? 189 Factors That Can Change C /, G, and NX (EX - IM) and Therefore
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Your First Job After College .. Can Cha11ge AD (Shift the AD Curve) 189 Can a Change in the Money Supply Change
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May Depend on the AD and .• Aggregate Demand? 194 If Consumption Rises, Does Some Other Spendii1g Component
SRAS Curves 208 ..• Have to Decline? 194
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Does It Matter to You ... If Velocity Falls? 196
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Hear What and How the Economist Thinks ... About Total Spending, the Money Supply,
.. and Velocity 197
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.. Short-Run Aggregate Supply Curve: What It Is and Why It Is Upward Sloping 197 What
"What Purpose Does the .• Puts the "Short Run" in the SRAS Curve? 199 Changes in Short-Run Aggregate Supply:
AD-AS Framework Serve?" .••
Shifts in the SRAS Curve 200 Something More to Come: Peoples' Expectations 201
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Short-Run Equilibrium Changes in the Economy 203 An Important Exhibit 207
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.• Long-Run Aggregate Supply 207
..• Going from the Short Run to the Long Ru11 207 Short-Run Equilibrium, Long-Run
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.. Equilibriun1, and Disequilibrium 209
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ECONOMICS 24 / 7 ..
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Births, Marriage, and the ..
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Savings Rate in China 219 ..
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Unpaid Internships 230 ..• The Classical View 215
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.. Classical Economists and Say's Law 215 Classical Economists and Interest
If the Economy Is Removing ..
.• Rate Flexibility 216
Itself from a Recessionary ..
.• Does It Matter to You ... How Much People Save? 218
Gap, Where Is the Declining ..
Price Level? 236 .. Classical Economists on Prices and Wages: Both Are Flexible 219
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.. Three States of the Economy 220
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..• Real GDP and Natural Real GDP: Three Possibilities 220 The Labor Market and the
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..• Rate and the Natural Unemployment Rate 223
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..• The Self-Regulating Economy 226
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"Do Economists Really .. What Happens If a Self-Regulating Economy Is in a Recessionary Gap? 226 What's the
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Know What the Natural .. Co11nection Between a Slow Recovery and How Quickly or Slowly Wages Adjust? 227
Unemployment Rate ..
.. What Happens If the Economy Is In an Inflationary Gap? 228 The Self-Regulating
Equals?" 237 .. Economy: A Recap 228
Copyright 2019 Cengage Leaming. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic righl,, some third party content may be suppressed from the eBook and/or eChapte~s).
Editorial review has deemed that any s uppressed content does not rnateriaJly affect the overall learning experience. Cengage Leaming reserves the right to remove additional conte nt at any time if s ubsequent rights restrictions require it
.
Contents XI
... Hear What and How the Economist Thinks ... About Laissez-Faire and the
.•• Self-Regulating Economy 231
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..• Policy Implication of Believing That the Economy Is Self-Regulating 231 Changes
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• in a Self-Regulating Economy: Short Run and Long Run 232 A Recap of Classical
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Macroeconomics and a Self-Regulating Economy 234 Business-Cycle Macroeconomics
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.. and Economic-Growth Macroeconomics 234
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.• Questions and Problems 239
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CHAPTER 10: KEYNESIAN MACROECONOMICS AND ECONOMIC
ECONOMICS 24 / 7 ...
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• INSTABILITY: A CRITIQUE OF THE SELF-REGULATING ECONOMY 241
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The Financial and Economic .: Questioning the Classical Position and the Self-Regulating Economy 241
Crisis of 2007-2009: Can ..: Keynes's Criticism of Say's Law in a Money Economy 242 Keynes on Wage Rates 243
a Housing Bust Lead to an •
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Different Markets, Different Rates of Adjustn1ent 244 Keynes on Prices 247 Is It a
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Imploding Economy? 246 ...
• Question of the Time It Takes for Wages and Prices to Adjust? 248
Was Keynes a Revolutionary
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The Simple Keynesian Model 251
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in Economics? 249 ..
• Assumptions 251 The Consumption Function 251 Consumption and Saving 253
.. The Multiplier 254 The Multiplier and Reality 255
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The Economics of Spring ..•
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Break 255
.. or Both? 256
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.. Shifts in the Aggregate Dema11d Curve 257 The Keynesian Aggregate
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.• Supply Curve 257 The Economy in a Recessionary Gap 259 Government's Role
~ 1 HOURS .. in the Economy 260 The Theme of the Simple Keynesian Model 260
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"Does a Lot Depend on .• How the Economy Works 261
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Whether Wages Are .• The Simple Keynesian Model in the TE-TP Framework 262
Flexible or Inflexible?" 270 •
.•• Deriving a Total Expenditures (TE) Cttrve 263 Where the Consumption Curve and
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265 Moving from Disequilibrium to Equilibrium 266 The Economy in a Recessionary
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.• Gap a11d the Role of Government 268 Equilibrium in the Economy 269 The Theme of
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• the Simple Keynesian Model 269
...
•
•
Chapter Summary 271
•
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•
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•
..•
..• Working with Numbers and Graphs 273
..
..•
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.. CHAPTER 11: FISCAL POLICY AND THE FEDERAL BUDGET 274
..
..
.•
.. The Federal Budget 274
.. Government Expenditures 274 Government Tax Revenues 275 Budget Projections 276
..•
.• Budget Deficit, Surplus, or Balance 277 Structural and Cyclical Deficits 278 The Public
.. Debt 279 Valued-Added Tax 279 Tax Deductions Versus Subsidies 282
.•
•
.•• Fiscal Policy 283
.• Some Relevant Fiscal Policy Terms 283 Two Important Notes 283
Copyright 20 I9 Cengage Leaming. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic righl,, some third party content may be suppressed from the eBook and/or eChapte~s).
..
XI I Contents
•
.•• Demand-Side Fiscal Policy 283
ECONOMICS 24/7 ..•
..
Shifting the Aggregate Demand Ct1rve 283 Fiscal Policy: Keynesian Perspective (Economy
Is Not Self-Regulating) 284 Crowding Out: Questioning Expansionary Fiscal Policy 285
..
..
.. Lags and Fiscal Policy 287 Crowding Out, Lags, and the Effectiveness of Fiscal Policy 289
Two Cab Drivers on New .. Democracy in Deficit 289
Year's Eve, or Turning Equal ..
into Unequal 278 • Hear What and How the Economist Thinks . . . About the Deficit as a Percentage
..•
.. of GDP 292
Do Voting Rules Matter to .••
.. Supply-Side Fiscal Policy 292
Taxing and Spending? 281 ..
.. Marginal Tax Rates and Aggregate Supply 293 The Laffer Curve: Tax Rates and Tax
.. Revenues 293
•
'\.\\\1 1, ,, ..• Does It Matter to You ... If the Economy Is on the Upward-Sloping or
' ..
_;---;.__~ OFFICE ..• Downward-Sloping Portion of the Laffer Curve? 295
. Fiscal Policy and Expectations 296
~ 1 HOURS ..
..
.,
~ Chapter Summary 298
..•
" Is There a Looming Fiscal .. Key Terms and Concepts 299
..
Crisis?" 297 .• Questions and Problems 299
.••
.• Working with Numbers and Graphs 300
..
.. CHAPTER 12: MONEY, BANKING, AND THE FINANCIAL SYSTEM 301
.••
ECONOMICS 24/7 ..
..
..• Money: What Is It and How Did It Come To Be? 301
eBay and Dating Apps .. Money: A Definition 301 Three Functions of Money 302 From a Barter Economy to
.•
308 . a Money Economy: The Origins of Money 302
.. •
.. Does It Matter to You . . . If You Live in a Barter or Money Economy? 304
Economics on the Yellow .•
Brick Road 309 • Money, Leisure, and Output 304
..•
.. Defining the Money Supply 305
,,,,,,,,,, ..
' ..• Ml 305 Money Is More Than Currency 306 M2 306 Where Do Credit Cards
./',,;._. __ 0 FF ICE ..
.. Fit In? 306
~ 1 HOURS ..
..
Hear What and How the Economist Thinks . . . About Money and Gold 307
.,
~
.. How Banking Developed 308
"Do We Really Need ..• The Early Bankers 308 The Bank's Reserves and More 310
..
Financial Intermediaries?" ..
.. The Financial System 311
315 .. Direct and Indirect Finance 312 Adverse Selection Problems and Moral Hazard
.•
.. Problems 312 The Bank's Balance Sheet 313 A Bank's Business: Turning Liabilities
..
.. into Assets 313
..•
.•
..•
.•
•
Copyright 20 I9 Cengage Leaming. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic righl,, some third party content may be suppressed from the eBook and/or eChapte~s).
Editorial review has deemed that any s uppressed content does not rnateriaJly affect the overall learning experience. Cengage Leaming reserves the right to remove additional content at any time if s ubsequent rights restrictions require it
.. .
Contents X II I
.
•
..
..
CHAPTER 13: THE FEDERAL RESERVE SYSTEM 318
ECONOMICS 24/7 ..•
•
•
The Structure and Functions of the Federal Reserve System (The Fed) 318
..•
Inside an FOMC Meeting .. The Structure of the Fed 318 Functions of the Fed 319 Common Misconceptions
•
320 ..• About the U.S. Treasury and the Fed 321
.•. The Money Supply Expansion Process 323
Some History of the Fed ..
.• A Quick Review of Reserves, Required Reserves, and Excess Reserves 323 The Money
322 ..
.• Supply Expansion Process 323
..
.. Hear What and How the Economist Thinks ... About Money and Currency 327
'\"",,,, .•
'
_;---;.--.._ OFFICE ..• The Money Supply Contraction Process 327
...
Does It Matter to You ... If Banks Are Reserve Deficient or Not? 329
~ 1 HOURS .
..
~ .•• Other Fed Tools and Recent Fed Actions 329
"Can Something I Do End ..• The Required Reserve Ratio 330 The Discottnt Window and the Federal Funds
..
Up Changing the Money .• Market 330 The Fed and the Federal Funds Rate Target 331 What Is Free
Supply?" 333 ..• Banking? 331
..
..
•.
.. Key Terms and Concepts 334
..
..
.. Working with Numbers and Graphs 335
...
..
.
..
•
•
• APPENDIX C: THE MARKET FOR RESERVES (OR THE FEDERAL
..• FUNDS MARKET) 337
..
..•
. The Demand for Reserves 337
•
..
..
.• The Supply of Reserves 338
..
.• Two Different Supply Curves for Reserves 338
..
.. The Corridor and Changing the Federal Funds Rate 340
.•
..•
...
.
.. CHAPTER 14: MONEY AND THE ECONOMY 341
ECONOMICS 24/7 .••
..•
.. Money and the Price Level 341
.• The Equation of Exchange 341 From the Equation of Exchange to the Simple
The California Gold Rush, ..•
or Really Expensive Apples ..• Quantity Theory of Money 343 The Simple Quantity Theory of Money in an AD-AS
347 .. Framework 344
.•
.. Hear What and How the Economist Thinks ... About More Money and Inflation 346
Grade Inflation: It's All ..
.. Dropping the Assumptions that V and Q Are Constant 348
Relative 356 ..•
.. Monetarism 349
' \ '\\' 1,,, ... The Four Monetarist Positions 349 Monetarism and AD-AS 349
..
_;---;.- . _ OFFICE .•
•
Does It Matter to You . .. If the AS Curve Is Vertical or Upward-Sloping? 352
..•
~ 1 HOURS ..•
The Monetarist View of the Economy 352
~ .. Inflation 353
•
"What Is the Current ..• One-Shor Inflation 353 Continued Inflation 357 Can You Get Rid of Inflation with
Expected Inflation Rate?" .•. Price Controls? 360
..
367 .• Money and Interest Rates 360
..
.• Which Economic Variables Does a Change in the Money Supply Affect? 360 The Money
..
.. Supply, the Loanable Funds Market, and Interest Rares 361 What Happens to the
.• Interest Rare as the Money Supply Changes? 365 The Nominal and Real Interest
..•
.• Rates 366
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.
XI V Contents
•
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Chapter Summary 367
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CHAPTER 15: MONETARY POLICY 371
ECONOMICS 24 / 7
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Transmission Mechanisms 371
•
Who Gets the Money First, •

•
•
The Money Market in the Keynesian Transmission Mechanism 3 71 The Keynesian
•
and What Happens to •
•
Transmission Mechanism: Indirect 373 The Keynesian Mechanism May Get
•
Relative Prices? 3 84 •
•
•
Blocked 374 The Monetarist Transmission Mechanism: Direct 377
•
•
• Monetary Policy and the Problem of Inflationary and Recessionary Gaps 378
Things May Not Always •
•
•
• A Different View of the Economy: Patterns of Sustainable Specialization and Trade
Go the Way the Fed Wants •
•
• (PSST) 380
385 •
•
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•
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Monetary Policy and the Activist-Nonactivist Debate 381
•
'\''"I•,, ,,,
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• The Case for Activist (or Discretionary) Monetary Policy 382 The Case for Nonactivist
•
' •
(or Rules-Based) Monetary Policy 382
';.-~ OFFICE •
•
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• Nonactivist Monetary Proposals 385
~
.
1 HOURS
,
•
•
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•
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The Constant-Money-Growth-Rate Rule 386 The Predetermined-Money-Growth-Rate
•
•
• Rule 386 The Fed and the Taylor Rule 386 Inflation Targeting 387 Nominal GDP
•
"Does Moneta ry Policy •
•
•
Targeting 387
•
Always Have the Same •
•
• Does It Matter to You ... How Much of a Change There Is in the Money Supply? 388
Effects?" 392 •
•
•
•
A Gold Standard as Monetary Policy and the Value of the D ollar 389
•
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•
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Hear What and How the Economist Thinks ... About Predicting Gold Prices 391
•
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Chapter Summary 393
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APPENDIX D: BOND PRICES AND THE INTEREST RATE 396
•
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Appendix Summary 398
•
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• Questions and Problems 398
.
•
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CHAPTER 16: EXPECTATIONS THEORY AND THE ECONOMY 399
ECONOMICS 24 / 7
•
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• Phillips Curve Analysis 399
•
•
Bubbles and Expectations •
•
The Phillips Curve 399 Samuelson and Solow: The Americanization of the Phillips
•
409 •
• Curve 400
•
•
•
• The Controversy Begins: Are There Really Two Phillips Curves? 401
Rational Expectations in the •
•
• Things Aren't Always as We Think They Are 40 1 Friedman and the Natural Rate
College Classroom 4 10 •
•
•
•
•
Theory 401 How Do People Form Their Expectations? 405
•
The Money Supply, an •
•
Rational Expectations and New Classical Theory 406
•
•
Increase in Productivity, and •
• Rational Expectations 406 D o People Really Anticipate Policy? 406 Price-Level
•
What You Think 418 •
•
• Expectations and the SRAS Curve 407 Expected and Actual Price Levels 411
•
•
•• New Classical Economics and Four Different Cases 411 Comparing Exhibit 9 and 10 416
Copyright 20 19 Cengage Leaming. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in pan. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s).
Editorial review has deemed that any suppressed content does not materially affect the overaU learning experience. Cengage Learning reserves the right to remove additional content at any time if subseq uent rights restrictions require it.
Contents xv
•
"\'"' I• ,, ,,
I I
•
•
Does It Matter to You . .. If the Money Supply Rises or Falls? 417
•
',-~ OFFICE •
•
•
•
Hear What and How the Economist Thinks ... About Economists' Predictions 418
1 HOURS
•
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•
New Keynesians and Rational Expectations 419
~., •
•
•
•
•
Looking at Things from the Supply Side: Real Business Cycle Theorists 420
"Does New Classical •
•
•
Theory Call the Effects of •
•
Fiscal and Monetary Policy

•
•
•
•
•
into Question?" 422 •
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CHAPTER 17: ECONOMIC GROWTH: RESOURCES, TECHNOLOGY,
ECONOMICS 24/7 IDEAS, AND INSTITUTIONS 426
•
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Thinking in Terms of •
•
•
A Few Basics About Economic Growth 426
•
Production Functions and •
•
Do Economic Growth Rates Matter? 426
•
Equations 433 •
•
• A Production Function and Economic Growth 428
•
•
Economic Freedom and •
•
The Graphical Representation of the Production Function 428 From the Production
•
Growth Rates 43 9
•
•
•
Function to the LRAS Curve 430
•
•
•
• Does It Matter to You . .. At What Rate Technology Advances? 431
"\''" I•,, ,, •
•
• Emphasis on Labor 43 1 Emphasis on Capital 434 Emphasis on Other Resources:
,,,,~ OFFICE •
•
• Natural Resources and Human Capital 434 Emphasis on the Technology Coefficient
- •
•
1 HOURS •
•
•
and Ideas 434
~., •
•
• Hear What and How the Economist Thinks ... About Economic Growth 435
•
•
•
"What Is the Difference •
•
Discovery and Ideas 436 Expanding O ur Horizons 436 Institutions Matter 437
•
•
Between Business Cycle •
•
Macroeconomics and •
•
•
Economic Growth •
•
Macroeconomics?" 440
•
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• CHAPTER 18: DEBATES IN MACROECONOMICS OVER
ECONOMICS 24/7
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•
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THE ROLE AND EFFECTS OF GOVERNMENT 443
•
•
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•
•
If It Sounds Reasonable, •
• Macroeconomics and Government: The Debate 443
•
Is It Right? If It Sounds •
•
• Tax Cuts, Tax Revenue, and Budget Deficits 444
•
Unreasonable, Is It Wrong? •
•
446
•
•
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The Economy: Self-Regulating or Not? 445
•
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More Government Spending or a Cut in Taxes: Which Gives a Bigger Bang for
•
.•
•
the Buck? 445
•
•
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More Government Spending or a Cut in Taxes: The Size and Scope of Government 447
•
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The Degree of Crowding Out 448
•
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The Politics of Government Spending 449
•
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•
•
Hear What and How the Economist Thinks ... About the Economics of a Hurricane 450
•
•
•
•
Monetary Policy: Rules Versus Discretion 451
•
•
•
• Bailouts 451
Copyright 20 19 Cengage Leaming. All Rights Reserved. May not be copied, scanned, or dupl icated, in whole or in pan . Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s).
.
XV I Contents
•
'\\ \ 11 , , Demand-Side and Supply-Side Views of the Economy and Government Tools
I I
I
,,, •
•
•
-,-~ OFFICE •
•
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for Changing Real GDP 452
1 HOURS
,
~
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Chapter Summary 456
•
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•
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"What Kinds of Debates Do •
•
•
Macroeconomists Have?" •
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455 •
•
MICROECONOMICS
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CHAPTER 19: ELASTICITY 459
ECONOMICS 24 / 7
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Elasticity: Part 1 459
•
Drug Busts and Crime 466 •
•
Price Elasticity of D emand 459 Elasticity Is Not Slope 461 From Perfectly Elastic to
•
•
• Perfectly Inelastic Demand 461 Price Elasticity of D emand and Total Revenue (Total
Elasticity and the Issue of •
•
•
•
Expenditure) 464 Elastic Demand and Total Revenue 465
"How Much" 468 •
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Elasticity: Part 2 470
When Is a Half-Packed •
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Price Elasticity of D emand Along a Straight-Line D emand C urve 470 D eterminan ts of
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Auditorium Better Than a •
• Price Elasticity of D emand 47 1
•
Packed One? 469 •
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•
Hear What and How the Economist Thinks ... About the Prevalence of Elasticity 474
•
•
Price Elasticity of Demand •
• Other Elasticity Concepts 475
•
and Health Care 472 •
• Cross Elasticity of D emand 475 Income Elasticity of Demand 476 Price Elasticity of
•
•
•
• Supply 477 Price Elasticity of Supply and Time 478
Tuition Hikes at the College •
•
or University 473
•
•
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The Relationship Between Taxes and Elasticity 481
•
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Who Pays the Tax? 481 Elasticity and the Tax 482
House Prices and the •
•
• Does It Matter to You ... If There Are Few or Many Substitutes for the Goods
Elasticity of Supply 480 •
•
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•
You Buy? 483
•
'\'" 'I•, , , ,,
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D egree of Elasticity and Tax Revenue 484
I •
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-,-~ OFFICE •
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Chapter Summary 486
1 HOURS
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"What Is the Relationship •
•
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Between Different Price •
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•
Elasticities of Demand and •
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•
Total Revenue?" 485 •
•
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CHAPTER 20: CONSUMER CHOICE: MAXIMIZING UTILITY
•
•
•
•
AND BEHAVIORAL ECONOMICS 489
•
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Utility Theory 489
•
•
• Utility: Total and Marginal 489 Law of Diminishing Marginal Utility 490
•
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•
The Solution to the Diamond-Water Paradox 492
•
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Consumer Equilibrium and Demand 494
•
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Equating Marginal Utilities per Dollar 494 Maximizing Utility and the Law of Demand
•
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496 Should the Government Provide the Necessities of Life for Free? 496
•
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•
•
Hear What and How the Economist Thinks ... About Towns, Pollution Standards, and
•
•
•
•
Making the Invisible, Visible 498
•
•
• Behavioral Economics 499
Copyright 20 19 Cengage Leaming. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in pan . Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s).
..
Contents XVI I
•
•
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Are People W illing to Reduce Others' Incomes? 499 Is One Dollar Always One
•
ECONOMICS 24 / 7 Dollar? 500 Coffee Mugs and the Endowment Effect 501 Does the Endowment
•
•
•
•
•
•
Effect Hold O nly for New Traders? 503
•
•
The Gym and Diminishing

•
•
•
Does It Matter to You ... If You Are Subject to the Endowment Effect? 503
•
Marginal Utility 493
•
• The Ultimatum Game- and Facebook, YouTube, and W ikipedia 504
•
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•
Framing 507 Neuroeconomics 508
•
How You Pay for Good •
•
Weather 497 •
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$800 for Sure or $1,000 •
•
•
with a Probability of 85 •
•
percent? An Experiment 500

•
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$40 and Two People: The •
•
Ultimatum Game 506

•
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APPENDIX E: BUDGET CONSTRAINT AND INDIFFERENCE
•
CURVE ANALYSIS 513
,,,, . ,,,,, /,,
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'~--- OFFICE •
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The Budget Constraint 513
1 HOURS
•
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• What Will Change the Budget Constraint? 513
.,
~ •
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Indifference Curves 514
•
"Is There an Indirect •
•
.
• Constructing an Indifference Curve 515
Way of Proving the Law •
of Diminishing Marginal
•
•
•
The Indifference Map and the Budget Constraint Come Together 518
•
•
Utility?" 509 •
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From Indifference Curves to a Demand Curve 519
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Appendix Summary 520
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CHAPTER 21: PRODUCTION AND COSTS 521
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Why Firms Exist 521
•
"He Never Showed Up" 523 •
• The Market and the Firm: Invisible Hand Versus Visible Hand 521 The Alchian-and-
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Demsetz Answer 522 Shirking on a Team 522 Ronald Coase on Why Firms Exist 523
High School Students, Staying •
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• Markets: Outside and Inside the Firm 524
Out Late, and More 534 •
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Two Sides to Every Business Firm 524
•
Social Media and Marginal •
• More on Total Cost 525 Accounting Profit Versus Economic Profit 525
•
Cost 543 •
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Does It Matter to You ... If You Think in Terms of Only Accounting Profit? 526
•
•
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Producing a Grade in a •
• Zero Economic Profit Is Not as Bad as It Sounds 527
•
•
College Course 544 •
• Hear What and How the Economist Thinks . .. About Maximizing Revenue
•
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•
and Profit 528
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'\''" I•,, /,, •
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• Production 529
'~-~ OFFICE •
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Common M isconception About the Short Run and Long Run 529 Production in the
1 HOURS
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Short Run 529 Whose Marginal Productivity Are We Talking About? 531 Marginal
•
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Physical Product and Marginal Cost 531 Average Productivity 534
•
"What Is the Difference

•
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Costs of Production: Total, Average, Marginal 536
•
Between the Law of •
• The AVC and ATC Curves in Relation to the MC Curve 538 Tying Short-Run
•
•
Diminishing Marginal •
•
Production to Costs 541 One More Cost Concept: Sunk Cost 542
•
•
Returns and Diseconomies •
• Production and Costs in the Long Run 546
•
of Scale?" 551 •
• Long-Run Average Total Cost Curve 547 Economies of Scale, Diseconomies of Scale,
•
•
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•
•
and Constant Returns to Scale 548 Why Economies of Scale? 549 Why Diseconomies
•
•
• of Scale? 549 Minimum Efficient Scale and Number of Firms in an Industry 549
.. .
XVIII Contents
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Shifts In Cost Curves 550
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Taxes 550 Input Prices 550 Technology 550
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Chapter Summary 551
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CHAPTER 22: PERFECT COMPETITION 555
ECONOMICS 24 / 7
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The Theory of Perfect Competition 555
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The Digital Revolution, •
•
A Perfectly Competitive Firm Is a Price Taker 556 T he Demand Curve for a Perfectly
•
Price, and Marginal •
• Competitive Firm Is Horizontal 556 Common Misconceptions about Demand
•
•
Cost 567 •
•
C urves 557 The Marginal Revenue Curve of a Perfectly Competitive Firm Is the Same
•
•
• as Its Demand Curve 558 Theory and Real-World Markets 559
How Is High-Quality Land •
•
•
Like a Genius Software •
•
Perfect Competition in the Short Run 560
•
Engineer? 578
•
•
•
What Level of Output Does the Profit-Maximizing Firm Produce? 560 The Perfectly
•
•
•
Competitive Firm and Resource Allocative Efficiency 560 To Produce or Not to Produce:
•
•
•
•
That Is the Q uestion 561 Common Misconceptions over the Shutdown Decision 564
'\''"1•,, •
I
/,, • The Perfectly Competitive Firm's Short-Run Supply Curve 565 From Firm Supply Curve
',__- OFFICE •
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to Market (Industry) Supply Curve 565 Why Is the Market Supply Curve Upward
1 HOURS
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Sloping? 568
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Perfect Competition in the Long Run 568
•
"Do You Have to Know •
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The Conditions of Long-Run Com petitive Equilibrium 569 T he Perfectly Competitive
•
the MR = MC Condition •
•
Firm and Productive Efficiency 570 Industry Adjustment to an Increase in Demand 571
•
in Order to Be Successful •
•
•
Profit from Two Perspectives 574
•
in Business?" 580 •
• Does It Matter to You ... If There Is Easy Entry into a Market? 575
•
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•
•
Industry Adjustment to a D ecrease in D eman d 576 Differences in Costs, Differences in
•
•
• Profits: Now You See It, Now You D on't 576
•
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•
Hear What and How the Economist Thinks ... About Buyers and Sellers 577
•
•
• Profit and Discrimination 578
•
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Topics for Analysis in the Theory of Perfect Competition 579
•
•
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•
D o Higher Costs Mean H igher Prices? 579 Will the Perfectly Competitive Firm
•
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Advertise? 579 Supplier-Set Price Versus Market-D etermined Price: Collusion or
•
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Competition? 580
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Chapter Summary 581
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CHAPTER 23: MONOPOLY 585
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•
•
The Theory of Monopoly 585
•
•
• Barriers to Entry: A Key to Understanding Monopoly 586 What Is the D ifference
•
•
• Between a Government Monopoly and a Market Monopoly? 586
Copyright 2019 Cengage Leaming. All Rights Reserved. May not be copied, scanned, or dupl icated, in whole or in pan . Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s).
Editorial review has deemed that any suppressed content does not materially affect the overaU learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
.
Contents XIX
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•
•
Monopoly Pricing and Output Decisions 587
•
•
•
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The Monopolist's D emand and Marginal Revenue 588 T he Monopolist's D emand Curve
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• and Marginal Revenue C urve Are Not the Same 589 Price and O utput fo r a Profit-
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• Maximizing Monopolist 589 Comparing the D emand Curve in Perfect Competition
Monopoly and the Boston •
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• with the Demand C urve in Monopoly 591 If a Firm Maximizes Revenue, D oes It
Tea Party 587 •
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Automatically Maximize Profit Too? 591
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Religion and Monopoly 598 •
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One for $40 or Two for $70 •

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Price, Marginal Revenue, and Marginal Cost 592 Monopoly, Perfect Competition,
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600
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• and Consumers' Surplus 592 Monopoly or Nothing? 594
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The Case Against Monopoly 595
Do Colleges and Universities •
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• The D eadweight Loss of Monopoly 595
Price Discriminate? 602 •
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Does It Matter to You ... If There Is a Deadweight Loss of Monopoly Triangle? 596
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Buying a Computer and •
• Rent Seeking 596 X-Inefficiency 597
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Getting a Printer for •
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Price Discrimination 598
$100 Less Than the Retail •
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• Types of Price Discrimination 599 Why a Monopolist Wants to Price Discriminate 599
Price 604 •
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Moving to P = MC Through Price D iscrimination 601 Coupons and Price
Discrimination 603
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CHAPTER 24: MONOPOLISTIC COMPETITION, OLIGOPOLY,
ECONOMICS 24 / 7
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AND GAME THEORY 608
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The People Wear Prada 612 •
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The Theory of Monopolistic Competition 608
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How Is a New Year's •
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Resolution Like a Cartel •
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• Marginal Cost for the Monopolistic Competitor 609 W ill There Be Profits in
Agreement? 617 •
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the Long Run? 609 Excess Capacity: What Is It, and Is It "Good" or <'Bad"? 610
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The Monopolistic Competitor and Two Types of Efficiency 6 12
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Oligopoly: Assumptions and Real-World Behavior 613
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·--,_- 0 FF ICE •
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• Game Theory, Oligopoly, and Contestable Markets 617
"Are Firms {as Sellers) Price •
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Takers or Price Searchers?" •
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• Are Markets Contestable? 621 Necessary and Sufficient Conditions and Efficiency 622
627 •
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A Review of Market Structures 622
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Applications of Game Theory 623
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Grades and Partying 623
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Hear What and How the Economist Thinks ... About Grade Inflation 625
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The Arms Race 626 Speed Limit Laws 626
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Chapter Summary 628
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•• Working with Numbers and Graphs 629
Copyright 20 19 Cengage Leaming. All Rights Reserved. May not be copied, scanned, or dupl icated, in whole or in pan . Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s).
xx Contents
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CHAPTER 25: GOVERNMENT AND PRODUCT MARKETS:
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ANTITRUST AND REGULATION 630
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Antitrust 630
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Hollywood 63 2 •
• Antitrust Acts 631 Unsettled Points in Antitrust Policy 633 Antitrust and Mergers 635
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Common Misconceptions about Antitrust Policy 636 Network Monopolies 636
Why It May Be Hard to •
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Regulation 639
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Facebook 637 •
• The Case of Natural Monopoly 639 Regulating the Natural Monopoly 641 Regulating
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Industries That Are Not Natural Monopolies 643 Theories of Regulation 643
High-Priced Ink Cartridges •
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The Costs and Benefits of Regulation 645
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Chapter Summary 647
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the Herfindahl Index?" 646 •
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CHAPTER 26: FACTOR MARKETS: WITH EMPHASIS
ECONOMICS 24 / 7
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ON THE LABOR MARKET 650
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Factor Markets 650
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The Demand for a Factor 650 Marginal Revenue Product: Two Ways to Calculate It 651
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Country 658 •
• The MRP Curve Is the Firm's Factor Demand Curve 65 1 Value Marginal Product 652
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• An Important Question: Is MRP = VMP? 653 Marginal Factor Cost: The Firm's Factor
Adam Smith's Philosopher •
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• Supply Curve 654 How Many Units of a Factor Should a Firm Buy? 655 When There
and Street Porter 664 •
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Is More Than One Factor, How Much of Each Factor Should the Firm Buy? 655
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• The Labor Market 657
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Security Tax? 669 •
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"Why Do Economists Think •
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Differ? 666 Why Demand and Supply Differ among Labor Markets 667 Why Did You
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Choose Your Major? 667 Marginal Productivity Theory 668
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Labor Markets and Information 670
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CHAPTER 27: WAGES, UNIONS, AND LABOR 675
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Obiectives of Labor Unions 675
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Technology, the Price of •
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Employment for All Members 675 Maximizing the Total Wage Bill 676 Maximizing
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Income for a Limited N umber of Union Members 676 Wage-Employment Trade-Off 676
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Displaced Workers 681 •
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• Affecting the Elasticity of Demand for Union Labor 677
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Hear What and How the Economist Thinks .. .About Unions and Wages 678
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Affecting the Demand for Union Labor 679 Affecting the Supply of Union Labor 679
Affecting Wages Directly: Collective Bargaining 680 Strikes 682
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Effects of Labor Unions 682
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• The Case of Monopsony 682 Unions' Effects on Wages 684
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"Don't H igher Wages •
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in the Long Run? 686
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Red uce Profits?" 689 •
• Unions' Effects on Prices 686 Unions' Effects on Productivity and Efficiency: Two Views 686
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Chapter Summary 689
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CHAPTER 28: THE DISTRIBUTION OF INCOME AND POVERTY 692
ECONOMICS 24 / 7
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Some Facts About Income Distribution 692
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Who Are the Rich and H ow Rich Are They? 692 The Effect of Age on the Income
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Distribution 693 A Simple Equation 695
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Factors Contributing to Income Inequality 702 Income Differences: Some Are
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What Is Poverty? 704 Limitations of the Official Poverty Income Statistics 704 Who
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Chapter Summary 707
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CHAPTER 29: INTEREST, RENT, AND PROFIT 709
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Is the Car Worth Buying? 715 : Loanable Funds: D emand and Supply 709 The Price for Loanable Funds and the
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• Return on Capital Goods Tend to Equality 711 Why D o Interest Rates Differ? 712
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Interest Rates 715 •
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Nominal and Real Interest Rates 7 12 Present Value: What Is Something Tomorrow
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Worth Today? 713 Rent 716 David Ricardo, the Price of Grain, and Land Rent 716
Grain Prices a nd Land •
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Rent 7 17 • Factors of Production 719 Economic Rent and Baseball Players: Perspective Matters 7 19
Editorial review has deemed that any suppressed content does not materially affect the overaU learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
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XXI I Contents
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Does It Matter to You ... If People Compete for Artificial Rents as Opposed to Real
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Competing for Artificial and Real Rents 720
Profit 721
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" How Is Present Value Used •
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Hear What and How the Economist Thinks ... About Profit 723
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The Entrepreneur 724
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A Market 724 How Can the Entrepreneur Increase Trade? 724 Turning Potential
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Trades into Actual Trades 725 A Necessary Condition: Turn Potential Trades into Actual
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Reduce Trades in Another? 725 Uncertainty and the Entrepreneur 725
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ECONOMICS 24 / 7 AND ASYMMETRIC INFORMATION 729
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Put Up a Parking Lot" 7 47 •

• Persuasion 735 Taxes and Subsidies 736 Assigning Property Rights 736
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Grading on a Curve, and •
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Voluntary Agreements 737 Combining Property Rights Assignments and Voluntary
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Studying Together for the •
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Midterm 752 •
• Environmental Policy 740
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Taxes 741 Method 3: Tradable Pollution Permits (Cap and Trade) 742 Similarities and
Differences Between Emission Taxes and Tradable Pollution Permits 7 43
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"Doesn't It Seem Wrong to •
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to Pollute?" 7 53 •
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Copyright 201 9 Cengage Leaming. All Rights Reserved. May not be copied, scanned, or dupl icated, in whole or in pan. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s).
Another random document with
no related content on Scribd:
pensar! ¡Y ab los teus gustos tan en desproporció ab lo teu dot!… Bé,
ja sé lo que’m vols dir —feu Mossen Jaume, que en mitj de sa
entussiasta exaltació, interpretava com mellor li pareixía la expressió
del rostre de la seua nevoda— vols dir que apesar de ta manera de
ser, los diners no son lo que més te preocupa, ni lo que ’t fassa
balancejar per una cosa ni per altra… á mi tampoch. Pero quan se pot
trobar tot reunit no es del cas lo llensarho per la finestra! Y vaja que á
tú Nostre Senyor t’ho dona tot, perque aquest senyor, aquest
americano, fa ja cinch dias que m’ha fet parlar per tú; y avuy mateix
tinch de tornarli la resposta. Jo no te’n he parlat avans perque
primer que tot he volgut enterarme, y fins á sapiguer que era una
bona persona m’he aguantat sens dirten res. Ara á tú ’t toca conéixel
y decidirte. Jo per la meua part n’estich contentíssim: crech que la
teua mare desde’l cel ha pregat per tú.
Més de duas voltas, durant la llarga esplicació de Mossen Jaume, la

Montserrat havia volgut parlar y més de duas vegadas, sos ulls
ordinariament apacibles, havian brillat ab expressió difícil de
compendre, donat l’assumpto que’s tractava; mes en la darrera part
del parlament del seu oncle, semblá com si tot d’un colp hagués
trobat una solució per llarga estona desitjada; sa fesomía s’amorosí
visiblement y, agafant entre las suas mans la de Mossen Jaume, com
avans havia fet aquest ab la seua, li digué ab un tó entre dols y ferm:
—¡Vaja, oncle; estich resolta; no’m vull casar! ¿Quí’l cuydaría á

vosté? ¿Qué faría tot sol en aquesta casa gran y destartalada, quan
vindrían aquellas nits d’hivern, tan tristas y tan llargas? Y ademés,
encara que Deu fará que no sía lo que vosté ha dit, es lo cert que está
bon xich delicat de salut… y ¡vaja, que no’l vull deixar!
—¡Si jo ho he dit sempre que eras un angelet! —exclamá’l bon rector,
tan cofoy com agrahit de las paraulas de la seua nevoda— pero mira,
noya, aixó está molt bé perque tú m’ho digas y perque jo no ho
accepte. ¡Deu me’n reguart de que per mi deixessis una sort com
aquesta! ¡Y tú que ets tan bona y que ab tas riquesas tan de bé podrás
fer als pobres! ¡Por tindría de que Deu no me’n demanés compte! ¡Ah
poch enteniment! ¿qué ho saps lo que dius? Mira, filla, jo no t’he
parlat may del teu pervindre per no entristirte. ¡Bé prou que quan
cau la pedregada s’ha de rebre! no hi ha perque encaparrársen avans:
pero ara vull que sápigas á que atenirte. ¡Vaja! jo no obraría pas bé,
no fente veure la veritat de las cosas…
Tu ja saps que la teua mare no pogué deixarte més que’ls tres mil
duros que á la mort de la teua ávia, que al cel sía, li vaig donar de
l’herencia de casa; y altres tres mil que jo’n posseheixo y que si tú ’t
casas y fas un bon partit los deixaré als meus pobres, pero que te’n
faré usufructuaria mentres viscas, si ’t quedas soltera. Total ¡sis mil
duros! Y ¿qué es la renda que aixó ’t pot donar? ¿Y si’ls valors
baixan? ¿Y si tenías la desgracia de quedarte imposibilitada? ¿Y si
m’hi quedava jo y tenia de gastar pera mi d’aquesta pobresa? Y sobre
tot, filla, alguna volta ¿hi has pensat detingudament en la horrorosa
situació d’una persona sola?
Mira, jo vaig abrassar ab tot entussiasme la carrera religiosa, y

mentres la teua ávia va viure y vaig estar ab ella jo era l’home més
felís de la terra, pero quan vaig quedar sol, quan vaig venir sense
ningú dels meus á aquesta rectoría, com has dit tú molt bé, gran y
destartalada, jo no hauría volgut que s’haguessin acabat may las
funcions de l’esglesia. Allá m’hi trobava á pleret, confortat, ditxós;
pero en entrant aquí pareixía que tot me queya á sobre. Quan la teua
mare me demaná per venir, me semblá que’l cel se m’havia obert… Y
si no hagués sigut per la pena que ella passava, lo que es per mi,
després de ma primera Missa, no hauria pas tingut en ma vida una
alegria més gran. ¡Y jo era capellá! ¡Y jo era un home! No, filla, no; lo
que deyan los antichs, las noyas ó casadas ó monjas, ¡Al convent no
s’hi está sol!
—Mes fá algun temps que vosté no pensava d’aquesta manera:

recordis que en aquest mateix quarto ¡jo li vaig demanar plorant
que’m deixés entrar en un convent! —exclamá ab visible acritut la
Montserrat, que feya estona lluytava ab un tremolor nerviós que, no
poguent deixar més grogas sas galtas, anava posant sos llavis del
color de la neu.
—Allavors m’hi vaig oposar, perque jo no autorisaré jamay un

perjuri; perque al convent no t’hi portava com á primer fí l’amor á
Deu, l’entussiasme y vocació religiosa; t’hi portava un sentiment, una
descepció; tal volta’l despit… feridas que’s curan quan las reixas son
ja tancadas per sempre més!
—Y ¿qué creu vosté que’m portaria ara al matrimoni? ¿Qué es lo que

juraria al peu del altar, jo que al veure aprop meu un home que’m pot
parlar d’amor, sento que per cent costats, s’obra sanguejant dins de
mon cor la ferida que á un mateix temps ha anoreat en mi goigs,
desitjos, esperansas, il·lusions y fins apar que vida y sentiments y
joventut? —exclamá la Montserrat ab amargor impossible de
descriure.
Mossen Jaume se deixá caure consternat en sa cadira de brassos, de
la que feya un instant acabava d’aixecarse, y, dirigint á la noya una
mirada trista, desconhortada, exclamá com pera sí mateix ab tó de
penosa reconvenció:
—¡Pobreta! ¡Y jo que ja no’n feya esment! ¡Y jo que la creya curada!

Antecedents.
En los començaments de sa carrera eglesiástica Mossen Jaume
regentava la rectoría de Larrua, quan ab lo nombrament de rector
definitiu rebé una carta de moltas planas de la sua germana Teresa,
casada feya sis anys ab un corredor real de Cambis, anomenat
Maurici Gil, establert á Madrit, ahont lo matrimoni havia viscut
desde son casament.
La carta, com hem dit, era llarga, molt llarga, y Mossen Jaume la llegí
repetidas vegadas ab los ulls negats de llágrimas y ab alguns colps de
puny donats sobre la taula, al arribar á sa darrera plana. Més sense
aixecarse de la cadira en que l’havia llegida, prengué la ploma, y
depressa, sense vacilacions ni correccions de cap mena, n’escrigué
una de molt curteta, que ell en persona aná á tirar al correu. A la
tornada, se’n pujá á las habitacions del primer pis, las hi doná una
mirada inquisitorial y, cridant á la majordona, li innová en pocas
paraulas, que dins de pochs dias li arrivaria de Madrit la seua
germana, ab una nevodeta de quatre anys y que per lo tant,
disposava que’s desembrasés la cambra ahont ell dormia, més gran,
més alegre y més ben acondicionada que las restants de la casa, pera
arreglarla per las novas forasteras. Envá la majordona li objectá que
l’habitació que donava era bon tros mellor que la qu’éll tindria, á la
que s’hi havia de pujar per dos esgrahons, á més d’esser bon xich més
petita y ferhi més fret á l’hivern y més calor á l’estíu; pero’l rector
persistí en sa idea y ab fort neguit de la majordona, per no sapiguer,
si la estada d’aquesta germana á la que pareixia que Mossen Jaume
volia tan obsequiar, seria definitiva ó transitoria, lo quarto quedá
arreglat ab un llit de matrimoni, una calaixera y cónsola de caoba, ab
bonichs adornos daurats, perfidiosament ennegrits pels anys y mitja
dotzena de cadiras encoixinadas de domás vermell igual á las
cortinas del balcó y de l’alcova, lo que ab dos grossos sillons, dos
tamborets y un gran cuadro pintat al oli, representant á la Verge dels
Dolors, ab lo seu Fill als brassos, completava aquest antich mobiliari,
que per anys enrera havia estat l’ornament de la cambra nupcial dels
pares de Mossen Jaume Villadó.
Quinze dias després, un vespre envers als entorns de Totsants, arrivá

de Madrit Da. Teresa ab sa filleta Montserrat, sens més equipatje que
dos mundos y un gros bagul.
Venia senzillament vestida ab un trajo de cassimir color tabaco, un

saquet d’abrich del mateix color y un sombrero de forma petita,
cubert ab un vel de un tó més fosch que’l trajo. Son port era modest,
pero en la distinguida manera de vestir sa esbelta figura,
s’endevinava á una dama que portava son senyorio, adquirit desde’l
bressol.
La nena, ab una tuniqueta de color blau fosch, brodat de trenzillas

vermellas y un barret de castor de amplas alas, devall del que’s
descapdellavan com una madeixa d’or los abundosos rulls de sa
cabellera rossa, pareixia arrancada d’una página d’una Ilustració
inglesa ó alemanya. La Sra. Gil portava en son rostre, de faccions
finas y simpáticas, la expresió d’una pena concentrada y de la salut
perduda; la nena, mirava esporuguida á la sua mare que plorava, á
son oncle que la prenia en sos brassos, y á las foscas parets del
menjador de la casa rectoral, tristament il·luminada per un quinqué
de petroli.
Quan hagueren pres una tassa de caldo y una copeta de ví ranci,

Mossen Jaume que tenia verdaders desitjos de trovarse á solas ab la
seua germana, prengué ab recansa de la criada, la grossa palmatoria
de llautó, pera ensenyar á las seuas hostes la cambra que’ls hi havia
destinada.
—Ja ho veus —digué á Da. Teresa, aixecant enlayre lo llum á fi

d’iluminar d’un colp tot lo quarto— ets á casa teua: lo llit, es lo dels
nostres pares; los mobles, los de sa cambra, nupcial: lo nostre estatje
de nins, ahont apar que hi aleteja encara aquella tendra mare nostra,
que tant nos recomenava que fossim sempre dos cors en un!… Pensa
que tornas á set anys enrera… res ha passat, més que’l plaher pera mí
de trovarme ab una familia que tant anyorava… que…
Los sanglots de la jove senyora, aumentant ab més forsa á cada nova

paraula del seu germá, interromperen á aquest, qui li digué aixugant
las llágrimas que apesar seu s’escorrian també per sas enmorenidas
galtas:
—¡Vaja, com més parlariam, pitjor! No vull que ’t trastornis, ni que’m

contis res. Ja m’ho has dit tot ab la teua carta… Sosségat; pósat ab
comoditat y arregla aquesta pobre criatura, que sense compassió
l’estém esverant. Mira sovint á aquest cuadro que tens dessobre la
calaixera y que representa á la Verge dels Dolors; Ella, que’ls va
sufrir tots, que alentá á la nostra mare á sobre-portarne tants,
t’ajudará també á aconhortarte dels teus… Vaja, ja has plorat próu. Al
costat del llit, hi tens una campana pera trucar á la minyona… Dorm,
y ja veurás com ab l’ajuda de Déu te resignas; y com ab la claror del
sol, te semblarán aquestas parets menos tristas…
Donya Teresa volgué parlar; pero verament los plors ofegaren sa veu
y Mossen Jaume, convençut que de moment la soletat fora mellor
baume que las paraulas, l’abrassá com ho hauria fet lo pare més
carinyós, besá á la nena y sortí.
Lo temps era’l més trist del any: los dias curts, ploviscosos, lo cel
cendrós, las fullas grogas y caygudas, empaytantse dessobre’l fanch;
los camps herms, las serras cubertas d’una capa violada, la mar com
un ondat mantell d’un vert plomisch, rodolant y batent damunt la
platja, ab una remor sorda, trista, igual, acompassada; l’hort de la
rectoria ple d’arbres sense fullas, mostrant al descobert son enfilall
de brancas secas y nuhosas; las salas de la casa, plenas d’una claror
blanca, que las inundava de melangia, las campanas tocant sovint á
morts per algun vell ó xacrós, qual fí havia apressat la cayguda de la
fulla: pareixia que tot s’aplegava pera vessar sa tristesa, que’s
reflectia ab tota sa negra amargor en la cara d’aquella pobre
forastera, que en vá s’esforsava en mostrarse animada al menys
devant del seu germá, qui, al revés d’aquesta, no sabia com amagarli
lo pler que li donava tenirla al seu costat y veure revolotejar á son
entorn, com un papalló de dauradas alas, ó com un raig de sol que tot
ho alegra, á la petita Montserrat, qui als tres dias de ésser a la
rectoria sabia un per un tots los recons de la casa y tots los arbres del
hort que guardavan encara alguna pèra verda ó madura per cullir.
A las criaturas los passa tot devant dels ulls com las vistas d’una
llanterna mágica, fixant sols s’atenció en lo darrer que veuhen: la
nena se trobava donchs á son pler en la sua nova casa y ab aquell
oncle, que ab sa picardia d’infant conegué desseguida, que se’l havia
fet tot seu. Viva com una centella, parlava ab bonich accent lo
castellá que habia sentit al seu pare y al poble en que havia nascut, y’l
catalá en quina llengua li havia enrahonat sempre la seua mare y que
als quinze dias d’ésser á Larrua, intercalava ja, ab gran fruició del seu
oncle ab mots peculiars dels pobles de la costa.
—¿Fa que si la mamá plora sempre, se posará malalta?
—¿Oy, que si vosté vá á Barcelona, per un parey de dias, se m’hi

endurá? ¿Fa que ja ho som vist tot lo d’aquest poble?
Mossen Jaume esclafia una grossa rialla y la Montserrat parava

l’orella ab més atenció, per veure si recullia una nova paraula, pera
posar en lo seu forá repertori.
Un vespre, á l’hora en que Da. Teresa ficava á la noya al llit, Mossen

Jaume s’ensopegá á passar per la sala del costat y sentint á la nena
que resava, s’aturá fins á la porta del quarto en lo moment en que
aquesta deya:
—Ara’l parenostre per l’ánima del papá…
—¡Li has dit qu’era mort! —exclamá Mossen Jaume, que sobtat per lo
que acabava de sentir, no repará de moment en lo conflicte en que
posava á la seua germana, á la qui una flamarada de carmí li pujá fins
al blanch dels ulls, fentli repetir ab exaltada energia:
—¡Mort! ¡Mort! ¡Mort! per sempre més.
—Es clar, dona, —feu Mossen Jaume, que en un instant se posá en

situació— es clar, que ho es per sempre més! Perque’ls morts, filleta
—digué dirigintse á la Montserrat que l’escoltava bon xich estranyada
— no tornarán fins al dia del Judici, en que Nostre Senyor vindrá
pera judicar als vius y als morts. Per aixó tu has de procurar ésser
sempre ben bona minyona; perque’l bon Jesús te trobi aquell dia ab
lo vestidet blanch de que l’esglesia revestí á la teua ánima ab lo
baptisme. ¡Vaja! resa; resa; que las oracions dels nins, son las que
més plauhen á la Verge y al seu santíssim Fill.
La tardor passá molt llarga per Da. Teresa; los dias y las vetllas no se
li acabavan may en aquella quietut y ab aquells quefers sempre
iguals: més l’hivern apesar de sos dias tristos y son rossegall de neus,
li pareixé menos llarch, puig Mossen Jaume sense compassió á sa
tristesa y fins á sa poca salut, li aná apilotant una ocupació sobre
un’altra; la feu sagristana del Santíssim, dels Dolors, de Sant Joseph
y del altar de las ánimas; li feu revisar un xafé de comptes, que,
segons ell tenia molta necesitat d’aclarir; li demaná qu’arreglés y
posés en órdre los calaixos d’ornaments de la sacristia y per fí, fins li
encarregá que li tragués apuntes que ell molt necessitava del Criterio
de Balmes, d’algunas obras de Santa Teresa de Jesús, de Fray Luis de
Leon y d’una infinitat d’autors, qu’ella no coneixia, que de primer
moment apenas li semblava compendre, pero que á forsa de llegir,
anava entenent y que sens que ella se’n donás compte, ab molta més
facilitat li feyan arribar á l’hora de ficarse al llit.
Quan á la vinguda de la primavera, Mossen Jaume la sentí donar al
jardiner diferentas órdres per arreglar l’hort de la casa, se digué á si
mateix:
—La pobra Teresa no s’aconsola de sa pena, pero s’hi acostuma…
Las primeras calors del Juliol feren desganar á la petita Montserrat é

inundaren ab un aixám de forasters lo poble de Larrua. Molts dels
que hi tenian casa de propietat y que per lo tant hi anavan á la
temporada d’estiu, acostumavan á fer una visita al senyor rector. L’
any que per primera volta hi hagué donya Teresa, ella junt ab lo seu
germá, rebé las visitas que’ls feren, pero fóu sols Mossen Jaume, qui
las torná, alegant que la salut verament delicada de la seua germana
que durant l’hivern havia hagut de fer llit per atachs de reuma al cor,
la impedia de tornarlas.
La senyora Gil, no vegé donchs als forasters que estiuhejavan á

Larrua, més que la vegada que anaren á visitarla á la rectoria y en la
Missa baixa que’s celebrava á los dias de festa á la parroquia; á
escepció de la familia Bach, que per ésser tan vehins, que’ls horts de
abduas casas sols estavan separats per una prima paret de mahons
d’un metro d’alçada, tenian ab lo rector majors graus d’intimitat
que’ls demés forasters.
Per aquella época en Bach, que treballava ab tot son vigor en sa

botiga de mantegayre, no tenia cap tracte ab los forasters que anavan
á Larrua: precisat per lo desganament de las criaturas, á tréurelas á
fora á l’estíu y per ordre del metje, á férlas péndre banys de mar,
comprá la torreta del carrer dels Avellaners, á la que’ls primers dias
de Juliol, pujava donya Francisqueta ab los petits, y á la que’l marit,
sols anava los dissaptes al vespre, pera entornárse’n ab lo primer
tren del dilluns.
Com los Bachs sols eran considerats per los forasters, com uns
botiguers acomodats, donya Francisqueta, que apesar de no possehir
una gran penetració tenia lo convenciment de que la Crème que
anava al Balneari no intimaria ab ella, se concretá á viure
completament aislada de la gent, ja que uns no li acomodavan per
massa senyors, ni los altres per massa menestrals. Y tal volta per aixó
mateix la senyora Bach estava extraordinariament cofoya de la
coneixensa del rector, ab la que s’enorgullia molt més que per las
virtuts del sacerdot, per los antiquissims pergamins de la seua
noblesa, que apesar de que l’interesat fins pareixia que ho amagava
com un defecte, era coneguda de tothom, lo que estufava á la
mantegayre y li feya aumentar sos esforsos pera conreuar una
amistat que relativament á Mossen Jaume, era sols com á titol
d’agrahiment á las atencions de que era objecte per part d’eixa
familia, que no descuydava ocasió d’obsequiarlo, un dia ab una plata
de crema feta per donya Francisqueta, que segons ella mateixa deya
hi tenia una má de monja; un altre, ab un flam, que ni fet de
confiteria; un altre, ab un gran tros de tortell del Forn de San Jaume,
que en Bach havia portat de Barcelona y que no era pas possible que
menjés la familia, sens que la primera part deixés d’enviarse á la
rectoria. Mossen Jaume agrahia los obsequis que li feya aquella bona
gent, com ell los deya, y si be pera no diferenciarse de la conducta
que observava ab tothom, no haventhi malalts, no’ls visitava més
qu’una sola volta durant la temporada, los rebia en sa casa ab
afectuosa franquesa, y al ésser á l’hivern, tenia bon cuydado de
enviarlos, en paga de sos obsequis, un bon present del tossino que
matava.
En aquest estat de cosas, pot suposarse ab la pressa que donya

Francisqueta, passá á la rectoria tan bon punt sapigué en ella la
presencia de donya Teresa, una senyora de debó, y los oferiments de
tota mena, que com amiga y com á vehina li feu y los petons y
agasajos de que fou objecte la petita Montserrat. Mes la germana de
Mossen Jaume era extremadament poch enrahonadora y si be la vá
rebre ab l’atenció d’una persona educada, la conversa no s’animá,
fins á parlarse del desmenjament de la nena y de lo molt que’l metje
li havia recomenat que la fes sortir á passeig. La cosa no podia ser
més felis pera donya Francisqueta, que sabía receptas de sobras pera
fer tornar la gana; remeys, que los mateixos metjes ignoravan; pero
que á ella y al seu marit y als seus fills, y á quantas personas los
havian probat, los hi havian reeixit ab resultats admirables.
Donya Teresa li doná las gracias: no pensava probar més que l’aygua
d’una font que’l metje li havia indicat que hi portés la nena; y que
ella, tenia temensa fos lluny ó tingués costas massa pesadas pera son
estat de salut.
La senyora Bach, no la deixá acabar ella coneixia de sobres aquesta

font, á la que durant tot lo passat estíu hi havia portat totas las tardes
als nens; un lloch deliciós, plé de vejetació, ab una aygua de ferro
capás de fer menjar á un mort, y, sobre tot, á un paratje ahont casi
may s’hi trobava ningú; ahont no anavan tots aquells mitjos senyors
del Balneari, sachs de vanitat y molts d’élls, ab més deutes que
diners. Ja estava arreglat; y aquest gust no li havian pas de quitar;
totas las tardes, quan ella aniria á la font á berenar ab los seus nens,
entraria a buscar á donya Teresa y á la Montserrat; si la senyora Gil,
per no trobarse bé ó per altre motiu, no hi podia anar, ella se n’hi
enduria la nena, que cuydaria més qu’als seus propis fills.
Donya Teresa ho consultá ab lo seu germá.
—Ja li pots deixar —digué ab senzillés Mossen Jaume— son una bona
gent, honradota y franca. Ella es una infelissa. Lo que te al cor, te á la
boca. ¡Y no n’estará poch de cofoya de poguer dir que se’n porta á la
nevoda del rector… y d’un rector que es noble! —afegí Mossen Jaume
ab un somriure de compassió.
A las cinch d’aquella mateixa tarde donya Francisqueta, aná ab los

seus tres fills, un noy de set anys y duas nenas més petitas, la
Teresina y l’Adela, á cercar á la Montserrat, que després d’haver
passat tot un hivern sens apenas eixir de la casa y sens haver jugat ab
cap criatura de la seua edat, paresqué que verament se tornava folla
d’alegria, tal era sa animació y goig al corre per camps y boscos ab
gent de la seua mida.
Donya Teresa hi aná molt pocas vegadas. Son pit delicat, no podia ab
las costas que era precís pujar per anar á la font; y després la
conversa d’aquella bona senyora que sols sabia parlar dels mils que
tenian y de lo molt més que podria portar sombrero élla que moltas
de las senyoras que’l rumbejavan pel Balneari, li pesava y l’aburria.
Per altra banda, com donya Francisqueta, tret d’aquestas dérias, se
menjava á petons á la Montserrat, y, com als seus mateixos fills, no li
donava l’aygua que no estés desassuada, y li posava un mocadoret al
coll la tarde qu’al retornar de la font fresquejava, y, sobre tot, la nena
havia recobrat los colors y la gana, donya Teresa, encara que s’hauria
estimat més déure aquestos obsequis á personas de altres
condicions, los hi agrahia y apesar del seu carácter un xich sech y no
despossehit de certa natural altivesa, s’esforsava en manifestarli lo
molt fondament que li estimava, l’interés que per la seua filleta se
prenia.
Las primeras frescas del Octubre, despullaren de forasters lo poble

de Larrua. Moltas familias anaren á despedirse á la rectoria,
planyentse de que una senyora jove y de las condicions de Da.
Teresa, no hagués volgut ni una sola vegada assistir á las moltas
festas, concerts y reunions qu’havia donat la colonia forastera, la que
no s’havia oblidat may de ferli la corresponent invitació. La senyora
Gil s’escusá ab sa salut delicada, que sols li permetia assistir á las
funcions d’esglesia; y li semblá que’s treya un pés de sobre quan
s’acabaren las visitas de despido, en que havia hagut d’usar de tota la
diplomacia d’un ministre de negocis extrangers pera evadir las
moltas preguntas que á ella no li semblá bé de satisfer. Y tal volta per
aquest motiu, havian sovintejat las personas que al trobar per los
carrers del poble á la nena acompanyada de la majordona, no havian
reparat en aturarla, preguntantli entre petó y petó:
—Y donchs, monada. ¿Ahont tens lo teu papá?
—¡Es á Madrit, mort! —contestava la nena fent un saltiró y

escabullintse d’aquellas senyoras que apenas coneixia, y que
s’allunyavan dihentse unas ab altras:
—¡Ah! es que es viuda!…

Los frets, al treure de Larrua als nens de la familia Bach y obligar á
tancar portas y balcons, desatinaren á la Montserrat, que,
enjogassada y travessa, no parava de fer entremaliaduras y raresas al
trobarse reclosa dins las quatre parets de la rectoria.
—Las monjas, m’han dit ja moltas vegadas, perque no’ls hi enviavam

la nena al col·legi —digué un dia Mossen Jaume á la seua germana,
vegent á aquell belluguet que tancat dins del menjador semblava una
rateta engaviada— jo crech que ella estaria allí més distreta;
comensaria á apéndre alguna cosa; y á tú ’t deixaria ab tranquilitat
algunas horas al dia.
La Montserrat era’l únich raig de sol que il·luminava las neus que
voltavan la vida d’aquella pobra dona, y encara que sols fos per pocas
horas, li semblá que era un nóu dolor lo separarse d’ella, pero
Mossen Jaume insistí, y la nena aná á la escola.
Cap á las darrerias de Febrer, l’armari de pisa del menjador de la

rectoria s’omplí de taronjas: era precís cullirlas tan bell punt
groguejavan, per tréurelas de las manetas de la Montserrat, que las
feya caure á colps de canya y se las menjava ab tanta abundancia que
arribaren á ferli mal. Donya Teresa doná ordre á la minyona pera que
de cap manera n’hi deixés menjar. Més una tarde al arribar del
col·legi la Montserrat, no veyent á la sua mare que estava en lo
despaig ab Mossen Jaume, digué á la majordona:
—¡Dom taronja pera berenar!
—No n’hi há —digué desde la cuyna la criada— ja ’t donaré xacolate

crua.
—No vull xacolate ¡vull taronja!
—Pero si ’t dich ¡que no n’hi há!
—Jo las veig á l’armari…
—Donchs la teua mamá no vol que te’n dongui ¡y no te’n donaré!
—¡Munda, dom taronja, sinó!…
—Sinó ¿qué? ¿qué farás? feu la minyona tota picada, sortint cap al
menjador.
—¡Tafoy! ¡Retafoy! —cridá la Montserrat, exasperada, enfilantse en

una cadira del costat del armari— trencaré un vidre y’m menjaré
totas las taronjas que trovi! y tú ¡Mira! —y la endiastrada criatura, al
dir la última paráula, feu onejar las duas manetas sobre’l nás posant
lo dit xich de la dreta tocant ab lo gros de la esquerra.
—¡Reyna Santíssima! —exclamá donya Teresa, sortint al menjador y

agafant violentament á la nena per un bras— are mateix, ¡desseguida
vull que’m digas qui t’ha ensenyat aquestas paraulas tan lletjas y
aquestos gestos de pillet! ¡de xicot de carré! Desseguida, desseguida,
vull que ho digas. ¡Dolenta! ¡Lletja! ¡Mal educada! —Y com donya
Teresa acabés la filípica ventantli una bofetadeta, la Montserrat se
desfeu en un mar de llágrimas, que la seua mare, després d’haverlas
fetas corre, tingué bons trevalls pera aixugar, encara que tot dihent:
—Be, no ploris més, pero digam d’ahont has tret aquestas cosas tan
lletjas!
—La… a… a… noya… a… a… a… de ca’n Peró, m’ho va… a… a… dir y
m’ho… o… o… va fer á mí, en lo col·legi… i… i… i… l’altra tarde,
perque jo no li volia… a… a… donar una estampa… a… a… a!…
—¡Ja m’ho temia jo al tenir que enviar á aquesta criatura á una escola
de poble! —exclamá donya Teresa tan sentida del cas, com de la
bofetadeta que s’havia vist obligada á donar á aquella criatura que
tant estimava.— Jo no ho vull dir pas per las monjas —prosseguí
veyent la cara fosca del seu germá qui l’escoltava— ¡pobras senyoras!
¡Ellas no hi tenen cap culpa!… pero las criaturas aprenen tant
d’educació ab las mestras com ab las companyas que tenen… y aquí
no’n podrá tenir may d’altras. ¡Válgans Déu! ¡Válgans Déu! Si’ls
nostres pares vejessen á una neta seua, á una Villadó educantse
d’aquesta manera! —afegí donya Teresa, que ni pérduas ni penas
desarrelavan d’ella los ressabis de sa noblesa.
Mossen Jaume no torná resposta: més l’endemá digué que li calia

anar á Barcelona ahont tal volta hi tendria d’acabar la setmana.
Dos dias després tornava’l bon sacerdot á Larrua, dihent á la seua

germana que la nena quedava admesa de interna en lo col·legi del
Sagrat Cor de Sarriá. Sols calia arreglarli la roba blanca y los trajos
d’uniforme, pera portarli avans del primer de mes. Ho havia parlat
ab lo seu intim amich lo Dr. D. Pau Valls que era prop parent de la
superiora del Sagrat Cor y tot estava arreglat.
Donya Teresa quedá glassada: li semblá que ab una má de ferro li

oprimian fortament lo cor. ¡Separarse de la seua filla qu’era sa vida,
sa alegria, son tot!… Y no obstant, moltas vegadas quan no podia ni
somniar que la Montserrat pogués educarse en tan aristocrátich
col·legi, ella hi pensava, com lo non plus ultra de las seuas
aspiracions maternals… Ella envejava á las mares que tenian
suficient fortuna pera ferhi educar las seuas fillas… Més vejentho
com un impossible, tan sols hi havia vist la part bonica; la separació
que allavors li semblava un no res, al tenir que realisarla, se li
apareixia com la més gran de las crueltats. Pero no era pas possible,
ni tan sols insinuarho al seu germá, que s’havia afanyat en fer los
passos; que s’havia cregut donarli una alegria y que ab sa senzillés
habitual li havia dit:
—¡Arreconariam massa diners ab la nostra vida metódica y

arreglada! ¿No han de ser per ella los nostres estalvis? Donchs ab res
podrém donárloshi mellor que ab una bona educació. Allá s’instruirá
de debó ¿y qui sab anys á venir si’ls coneixements que allí adquireixi,
poden servirli pera guanyarse la vida? Aixís com aixís, tampoch no li
podriam deixar cap capital; ja sabs que á mí, tenintlos al calaix, no
me’n deixan surar gayres y val més que li assegurem una part de dot
en la inteligencia, que aquesta no estará exposada á quiebras.
Donya Teresa no tingué donchs més remey que amagar la seua pena
y preparar las robas pera tancar á la nena.
Aquella primavera fou horrorosa pera la pobre mare. Bastant

sacrifici feya’l seu germá, en l’import de la mensualitat, y no era pas
cosa de aumentar gastos, anantla á veure tan sovint com lo seu desitj
ambicionava. Una volta cada dos mesos, los dos germans se
permetian lo luxo d’anar á véurela. Pero ¡y qu’eran llargas aquellas
vuyt setmanas! Lo sol aumentant las horas del seu regnat de llum
sobre la terra, feya los jorns interminables. La pobra donya Teresa,
cada matí al despertarse comptava los dias que li mancavan, primer
per sa visita al col·legi, després pera la época de vacacions, que entre
las llágrimas de sa anyoransa, la veya com los antichs israelitas, la
desitjada terra de promissió. ¡Ay si en aquellas horas de ferrenya
tristesa no haguessin acudit á sa memoria, sens ella mateixa
donarsen compte, las ideas y fins las paraulas que, trayent apuntes
pera’l seu germá, s’havian introduhit en son cervell, de las obras
filosóficas de Balmes, del Pare Kempis y sobre tot de la hermosa y
consoladora obra de Monsenyor Gaume Esta vida no es la vida!
Tota aquesta literatura, que ella no havia conegut fins allavoras, que
en un principi no sols trová pesada, sinó que algunas voltas fins li
semblá inintiligible, en sos moments de major tristesa, abocava á sa
imaginació exaltada una de sas máximas plenas de ciencia de la vida,
de coneixement en las lluytas del cor humá, d’aspiracions á la eterna
benaventuransa, fentli pera sas penas l’efecte d’una rosada copiosa,
que amorosia la cremor que en son esperit combatut hi havian obert
la devoradora flama de la gelosia, de las decepcions y d’una
continuada adversitat… La ferida estava oberta; pero la sanch que
d’ella s’escorria, l’axugava la resignació cristiana, ab consols donats
per inteligencias, que tot havent conegut tal volta per experiencia
propia las amargors de la terra, la forsa d’una fé sens duptes ni
vacilacions de cap mena,’ls havia ensenyat á mostrar ab tota sa
divinal esplendidesa las eternas benaventuransas del cel.
La Montserrat, aná creixent y desarrollant sas gracias físicas, á l’hora

que sos coneixements intelectuals. Al acabar los cursos, los premis
adquirits en honrosas lluytas col·legials, omplian la humil rectoria de
Larrua, curullant de goig lo cor de Mossen Jaume y fent apareixer un

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Why Didn 't I Think of That?

the Marginal Benefits and

Studying and Your PPF 50

PPF Serve? " 55

What Do the Following

Have in Common? Losing

Class Late, and Buying the

1973 and 1979 101

" I Thought Price Ceilings

' \''"I•,, '/

Measure Production? " 176

Who Gets the Money First, •

Fiscal and Monetary Policy

The Gym and Diminishing

percent? An Experiment 500

Ultimatum Game 506

"What Is the Difference

One for $40 or Two for $70 •

"Does the Single-Price

'\''" I•,, '/

Dislodge People from

in the Courtroom?" 726

"They Paved Paradise and \

Put Up a Parking Lot" 7 47 •

Més de duas voltas, durant la llarga esplicació de Mossen Jaume, la

—¡Vaja, oncle; estich resolta; no’m vull casar! ¿Quí’l cuydaría á

Mira, jo vaig abrassar ab tot entussiasme la carrera religiosa, y

—Mes fá algun temps que vosté no pensava d’aquesta manera:

—Allavors m’hi vaig oposar, perque jo no autorisaré jamay un

—Y ¿qué creu vosté que’m portaria ara al matrimoni? ¿Qué es lo que

—¡Pobreta! ¡Y jo que ja no’n feya esment! ¡Y jo que la creya curada!

Quinze dias després, un vespre envers als entorns de Totsants, arrivá

Venia senzillament vestida ab un trajo de cassimir color tabaco, un

La nena, ab una tuniqueta de color blau fosch, brodat de trenzillas

Quan hagueren pres una tassa de caldo y una copeta de ví ranci,

—Ja ho veus —digué á Da. Teresa, aixecant enlayre lo llum á fi

Los sanglots de la jove senyora, aumentant ab més forsa á cada nova

—¡Vaja, com més parlariam, pitjor! No vull que ’t trastornis, ni que’m

—¿Fa que si la mamá plora sempre, se posará malalta?

—¿Oy, que si vosté vá á Barcelona, per un parey de dias, se m’hi

Mossen Jaume esclafia una grossa rialla y la Montserrat parava

Un vespre, á l’hora en que Da. Teresa ficava á la noya al llit, Mossen

—Ara’l parenostre per l’ánima del papá…

—Es clar, dona, —feu Mossen Jaume, que en un instant se posá en

—La pobra Teresa no s’aconsola de sa pena, pero s’hi acostuma…

Las primeras calors del Juliol feren desganar á la petita Montserrat é

La senyora Gil, no vegé donchs als forasters que estiuhejavan á

Per aquella época en Bach, que treballava ab tot son vigor en sa

En aquest estat de cosas, pot suposarse ab la pressa que donya

La senyora Bach, no la deixá acabar ella coneixia de sobres aquesta

Donya Teresa ho consultá ab lo seu germá.

A las cinch d’aquella mateixa tarde donya Francisqueta, aná ab los

Las primeras frescas del Octubre, despullaren de forasters lo poble

—Y donchs, monada. ¿Ahont tens lo teu papá?

—¡Es á Madrit, mort! —contestava la nena fent un saltiró y