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ebook download (eBook PDF) Macroeconomics Principles, Applications and Tools, 10th Edition by Arthur O'Sullivan all chapter
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Untitled-7 1 25/01/2019 14:39
BRIEF C O N T E NT S
2 The Key Principles of Economics 27 PART 5 Money, Banking, and Monetary Policy
3 Exchange and Markets 47
13 Money and the Banking System 272
4 Demand, Supply, and Market
14 The Federal Reserve and Monetary
Equilibrium 62
Policy 291
PART 2 The Basic Concepts in Macroeconomics
PART 6 Inflation, Unemployment, and Economic
Policy
5 Measuring a Nation’s Production
and Income 92 15 Modern Macroeconomics: From the
6 Unemployment and Inflation 115 Short Run to the Long Run 311
16 The Dynamics of Inflation and
PART 3 The Economy in the Long Run Unemployment 329
7 The Economy at Full Employment 136 17 Macroeconomic Policy Debates 348
8 Why Do Economies Grow? 156
PART 7 The International Economy
PART 4 Economic Fluctuations and Fiscal Policy 18 International Trade and Public
Policy 365
9 Aggregate Demand and Aggregate
Supply 184 19 The World of International
Finance 386
10 Fiscal Policy 204
iv
PART 2
The Basic Concepts in Macroeconomics 6 Unemployment and Inflation 115
Examining Unemployment 116
5 Measuring a Nation’s Production and How Is Unemployment Defined and Measured? 116
Income 92
Alternative Measures of Unemployment and Why
They Are Important 118
The Flip Sides of Macroeconomic Activity:
Production and Income 93 Who Are the Unemployed? 119
The Circular Flow of Production and Income 94 APPLICATION 1 Declining Labor Force
Participation 120
APPLICATION 1 Using Value Added to Measure
the True Size of Walmart 95 Categories of Unemployment 121
Types of Unemployment: Cyclical, Frictional, and APPLICATION 1 The Black Death and Living
Structural 121 Standards in Old England 142
The Natural Rate of Unemployment 122 Labor Market Equilibrium and Full
Employment 143
APPLICATION 2 Disability Insurance and Labor
Force Participation 123 Using the Full-Employment Model 144
The Costs of Unemployment 123 Taxes and Potential Output 144
APPLICATION 3 Social Norms, Unemployment, and Real Business Cycle Theory 145
Perceived Happiness 124
APPLICATION 2 Do European Soccer Stars Change
Clubs to Reduce Their Taxes? 147
The Consumer Price Index and the Cost of
Living 125
APPLICATION 3 Government Policies and Savings
The CPI versus the Chain Index for GDP 126 Rates 148
Wages and the Demand and Supply for Capital Deepening 162
Labor 140
Saving and Investment 163
Labor Market Equilibrium 141
How Do Population Growth, Government, and
Changes in Demand and Supply 141 Trade Affect Capital Deepening? 164
The Key Role of Technological Progress 166 Flexible and Sticky Prices 185
What Causes Technological Progress? 169 The Components of Aggregate Demand 188
Research and Development Funding 169 Why the Aggregate Demand Curve Slopes
Downward 188
Monopolies That Spur Innovation 170
Shifts in the Aggregate Demand Curve 189
The Scale of the Market 170
How the Multiplier Makes the Shift Bigger 190
Induced Innovations 171
APPLICATION 2 Two Approaches to Determining
Education, Human Capital, and the Accumulation the Causes of Recessions 194
of Knowledge 171
The Federal Deficit and Fiscal Policy 213 Government Spending and Taxation 233
Fiscal Policy in U.S. History 215 APPLICATION 3 The Broken Window Fallacy and
Keynesian Economics 238
The Depression Era 215
Exports and Imports 240
The Kennedy Administration 216
The Clinton and George W. Bush The Income-Expenditure Model and the
Administrations 217 Aggregate Demand Curve 243
The Obama and Trump Administrations 217 * SUMMARY 245 * KEY TERMS 245
* EXERCISES 245 * CRITICAL THINKING 248
APPLICATION 3 How Effective was the 2009
Stimulus? 218 * ECONOMIC EXPERIMENT 249
Understanding the Multiplier 231 Investment and the Stock Market 261
APPLICATION 3 Underwater Homeowners and APPLICATION 4 Coping with the Financial Chaos
Debt Forgiveness 263 Caused by the Mortgage Crisis 285
APPLICATION 4 New Regulations for Financial APPENDIX: Formula for Deposit Creation 290
Stability 267
* SUMMARY 268 * KEY TERMS 268 14 The Federal Reserve and Monetary
* EXERCISES 269 * CRITICAL THINKING 270 Policy 291
* ECONOMIC EXPERIMENT 271
The Money Market 292
The Demand for Money 292
PART 5
Money, Banking, and Monetary Policy APPLICATION 1 What to Do with the Fed’s Balance
Sheet? 294
13 Money and the Banking System 272 How the Federal Reserve Can Change the
Money Supply 295
What Is Money? 273
Open Market Operations 295
Three Properties of Money 273
Other Tools of the Fed 296
Measuring Money in the U.S. Economy 275
APPLICATION 2 Commodity Prices and Interest
APPLICATION 1 Cash as a Sign of Trust 276 Rates 297
How Banks Create Money 277 How Interest Rates Are Determined:
A Bank’s Balance Sheet: Where the Money Comes Combining the Demand and Supply
from and Where It Goes 277 of Money 298
How Banks Create Money 278 Interest Rates and Bond Prices 299
How the Money Multiplier Works 279 Interest Rates and How They Change
How the Money Multiplier Works in Reverse 280 Investment and Output (GDP) 301
The Structure of the Federal Reserve 282 Monetary Policy Challenges for the Fed 305
The Independence of the Federal Reserve 283 Lags in Monetary Policy 305
Should the Fed Target Both Inflation and To Help Domestic Firms Establish Monopolies in
Employment? 355 World Markets 374
APPLICATION 1 Creating the U.S. Federal Fiscal APPLICATION 2 Chinese Imports and Local
System through Debt Policy 355 Economies 375
Quotas and Voluntary Export Restraints 370 Changes in Demand or Supply 389
Responses to Protectionist Policies 372
Real Exchange Rates and Purchasing Power
Parity 391
APPLICATION 1 The Impact of Tariffs on the Poor 373
The U.S. Experience with Fixed and Flexible * ECONOMIC EXPERIMENT 408
Exchange Rates 400
Glossary 409
Exchange Rate Systems Today 401
Index 417
In preparing this tenth edition, we had three primary goals. • In Chapter 18, we explore how automobile companies
First, we wanted to incorporate the ongoing changes in the have been purchasing a large fraction of their parts
United States and world economies as they have continued outside the United States to put into “American” cars.
to recover and adjust from the worldwide recession of the • We also incorporated a total of 21 exciting new
last decade. Second, we strived to update this edition to Applications into this edition including four in the
reflect the latest exciting developments in economic think- common chapters (Chapters 1–4). In addition, we
ing and make these accessible to new students of economics. incorporated a total of 9 new chapter-opening stories.
Finally, we wanted to stay true to the philosophy of the text- These fresh applications and chapter openers show the
book—using basic concepts of economics to explain a wide widespread relevance of economic analysis.
variety of timely and interesting economic applications.
• In the first four introductory chapters, the new
To improve student results, we recommend pairing the
applications include solar tax credits (Chapter 1), crop
text content with MyLab Economics, which is the teach-
insurance and food production (Chapter 3), and the
ing and learning platform that empowers you to reach every
effects of the growing popularity of craft beer on hop
student. By combining trusted author content with digital
prices (Chapter 4).
tools and a flexible platform, MyLab personalizes the learn-
ing experience and will help your students learn and retain • In the core macroeconomics chapters, other new
key course concepts while developing skills that future applications include explaining high rates of saving in
employers are seeking in their candidates. From Digital China (Chapter 7), the behavior of households that
Interactives to Real-time Data Analysis Exercises, are wealthy but have little cash on hand (Chapter 11),
MyLab Economics helps you teach your course, your way. theories of why investment spending has been low in
Learn more at www.pearson.com/mylab/economics. the United States (Chapter 12), the role that Bitcoin
and other cryptocurrencies may play in the monetary
New to This Edition system (Chapter 13), and the role that technological
improvements in other countries will have on trade and
In addition to updating all the figures and data, we made a welfare for the United States (Chapter 18).
number of other key changes in this edition. They include
the following: Solving Teaching and Learning
• At the end of each chapter, we have added Critical
Challenges
Thinking Exercises that challenge the student to think Many students who take the principles of economics class
more deeply about the topics and ideas within the have difficulty seeing the relevance of the key concepts of
chapters. economics, including the role of opportunity costs, thinking
• We discuss in Chapter 6 the links between disability on the margin, the benefits of voluntary exchange, the idea
insurance and labor force participation. of diminishing returns, and the distinction between real and
nominal magnitudes. This reduces student preparedness
• We discuss in Chapter 8 the relationships between cit-
and engagement. We explore the five key principles of eco-
ies and economic growth.
nomics we think are most important to students and use the
• We discuss in Chapter 10 the concept of dynamic scor- following resources to engage students with the content to
ing and explain how it is used to estimate tax revenues highlight not only how economics is relevant to their lives,
in the federal budget process. but also their future careers.
• We discuss in Chapter 12 the Dodd-Frank regulations
and consider how they will impact the financial sector Make Economics Relevant through
and the economy. Real-World Application
• In Chapter 14, we introduce Jerome Powell, the new Real-world application is crucial to helping students find
Chairman of the Federal Reserve and discuss his prior the relevance in economics. As such, our applications-driven
experience and the challenges he will face in the new text includes over 130 real-world Applications to help stu-
economic environment. dents master essential economics concepts. Here is an exam-
xv
ple of our approach from Chapter 4, “Demand, Supply, and 5.9 Repaying a Car Loan. Suppose you borrow money to 5.10 Inflation and Interest Rates. Len buys MP3 music at
Market Equilibrium.” buy a car and must repay $20,000 in interest and prin-
cipal in 5 years. Your current monthly salary is $4,000.
$1 per tune and prefers music now to music later. He is
willing to sacrifice 10 tunes today as long as he gets at
(Related to Application 5 on page 40.) least 11 tunes in a year. When Len loans $50 to Barb
66 P AR T 1
Complete the following table. for a 1-year period, he cuts back his music purchases
by 50 tunes.
Which environment has the lowest real cost of repay-
ing the loan? a. To make Len indifferent about making the
APPLICATION 1 loan, Barb must repay him _________ tunes or
$_________. The implied interest rate is _________
THE LAW OF DEMAND FOR YOUNG SMOKERS Change in Prices and Months of Work to percent.
Wages Monthly Salary Repay $20,000 Loan b. Suppose that over the 1-year period of the loan, all
APPLYING THE CONCEPTS #1: What is the law of demand? Stable $4,000 prices (including the price of MP3 tunes) increase by
inflation: Prices rise 20 percent, and Len and Barb anticipate the price
that increases in state cigarette taxes between 1990 and 2005 by 25% changes. To make Len indifferent about making
resulted in less participation (fewer smokers) and lower fre-
Deflation: Prices drop the loan, Barb must repay him _________ tunes or
quency (fewer cigarettes per smoker).
A change in cigarette taxes in Canada illustrates the sec- by 50% $_________. The implied interest rate is _________
ond effect, the new-smoker effect. in 1994, several provinces percent.
in eastern Canada cut their cigarette taxes in response to the
smuggling of cigarettes from the united States (where taxes are
lower), and the price of cigarettes in the provinces decreased
by roughly 50 percent. Researchers tracked the choices of CRITICAL THINKING
591 youths from the Waterloo Smoking Prevention Program and
As price decreases and we move downward along the market concluded that the lower price increased the smoking rate by
roughly 17 percent. Related to Exercises 1.6 and 1.8. 1. Consider a college graduate who is thinking about 4. Consider a student studying for a biology exam.
demand for cigarettes, the quantity of cigarettes demanded enrolling in law school. How would you compute the Would you expect study time to be subject to dimin-
increases for two reasons. First, people who smoked cigarettes
cost of a 3-year law degree? ishing returns? Suppose productivity is measured as
Stimulate Active Learning with Experiments
at the original price respond to the lower price by smoking
more. Second, some people start smoking.
SOURCES: (1) Anindya Sen and Tony Wirjanto, “Estimating the Impacts of Ciga-
2.Suppose you open a new food cart and must decide the anticipated increase in the exam score. Construct
rette Taxes on Youth Smoking Participation, Initiation, and Persistence: Empirical
in the united States, cigarette taxes vary across states, and how long to remain open. Explain how you would use a numerical example in which the first hour is twice as
Evidence from Canada,” Health Economics 19 (2010), pp. 1264–1280. (2) Chris-
studies of cigarette consumption patterns show that higher economic logic to make the decision. productive as the second hour, which is twice as pro-
Economics Experiment sections are available throughout
topher Carpentera and Philip J. Cook, “Cigarette Taxes and Youth Smoking: New
taxes mean less cigarette consumption by youths. using data Evidence from National, State, and Local Youth Risk Behavior Surveys,” Journal ductive as the third hour, and so on up to five hours
3. At the end of a party, Steph Curry must decide whether
from the youth Risk Behavior Surveys (ySBS), one study shows of Health Economics 27 (2008), pp. 287–299. of study.
the text, rolled
engaging students
a single station-with
to clean up his back yard by tossing discarded napkins
(conveniently into spheres) into 5. the opportunity to perform
Suppose you graduate from college with $40,000 in
ary trash can. Given his formidable 3-point skills, he student-loan debt. Over the 10 years it takes you to
The market demand is negatively sloped, reflecting the law of demand. This is
their own the
could complete economic
task in 3 minutes,analysis.
compared to repay the debt, do you prefer inflation or stable prices?
Suppose that after you repay your debt, you become a
an hour for a groundskeeper. Should he clear the dis-
Each Application has at least one related exercise available
sensible, because if each consumer obeys the law of demand, consumers as a group
will, too. When the price increases from $4 to $8, there is a change in quantity
carded napkins, or hire a groundskeeper? Explain. lender rather than a borrower. How will your prefer-
ences with respect to inflation change?
in MyLab Economics. These exercises can beis the
found
demanded as we move along the demand curve from point f to point c. The move-
ment along the demand curve occurs if the price of pizza inthatthe
only variable has
Application boxeschanged.
MyLab Economics Study Plan
in the eText with an opportunity for
MyLab Economics Concept Check
Economic Experiment
additional practiceThe
Learning Objective 4.2 inSupply
the StudyCurve Plan, and in the end-of- PRODUCING FOLD-ITS
Show the Big Picture with Five Key Thinking exercise will be available in MyLab Economics
Principles as an essay question. These open-ended, thought-pro-
voking questions challenge students to think more deeply
In Chapter 2, “The Key Principles of Economics,” we intro-
about and apply the key concepts presented within the
duce the following five key principles and then apply them
chapters.
throughout the book:
Illustrating the Key Principles of Economics
1. The Principle of Opportunity Cost. The opportu-
These big picture concepts are also well-illustrated in
nity cost of something is what you sacrifice to get it.
the figures and tables included in the text. Animated
2. The Marginal Principle. Increase the level of an activ- graphs in MyLab Economics help students understand
ity as long as its marginal benefit exceeds its marginal shifts in curves, movements along curves, and changes in
cost. Choose the level at which the marginal benefit equilibrium values. For every figure in the book, there is
equals the marginal cost. also an exercise directly related to that figure in MyLab
3. The Principle of Voluntary Exchange. A voluntary Economics.
exchange between two people makes both people bet-
ter off.
4. The Principle of Diminishing Returns. If we
increase one input while holding the other inputs fixed,
output will increase, but at a decreasing rate.
5. The Real-Nominal Principle. What matters to people
is the real value of money or income—its p urchasing
power—not the face value of money or income.
120
0 50 70
Tons of wheat per year
APPLICATION 1
ing and revenues and the role of fiscal policy. In Part 5,
DON’T FORGET THE COSTS OF TIME AND INVESTED FUNDS
“Money, Banking, and Monetary Policy” (Chapters 13
APPLYING THE CONCEPTS #1: What is the opportunity cost of running a business?
and 14), we introduce the key elements of both monetary
Suppose you have the opportunity to develop a software appli-
theory and policy into our economic models. Part 6,
cation (an app). it would take you 1,000 hours (half a year of work
time) to design and test the app. To develop the app, you need “Inflation, Unemployment, and Economic Policy”
(Chapters 15 through 17), brings the important ques-
a high-powered computer that has a purchase price of $5,000
and can be resold at any time for the same price. What is the
cost of developing the app?
We can use the principle of opportunity cost to compute
the development cost. if you could earn $14 per hour as a jani-
tions of the dynamics of inflation and unemployment
tor, the opportunity cost of your time is the $14,000 you could
earn instead as a janitor. if you have a savings account that earns into our analysis. Finally, the last two chapters in Part 7,
6 percent per year, the opportunity cost of investing $5000 in
the computer for half a year instead of the savings account is “The International Economy” (Chapter 18 and 19), pro-
$150. Adding the opportunity cost of your time to the oppor-
tunity cost of your funds, the cost of developing the app is
$14,150. Related to Exercise 1.7.
vide an in-depth analysis of both international trade and
finance.
The following are a few features of our macroeconom-
ics chapters:
and ease the devastation people suffer from them? should target inflation or other objectives, and whether
This has been a constant theme of macroeconomics income or consumption should be taxed.
throughout its entire history and is covered exten- • International Issues. While international applications
sively in the text. occur throughout the text, we devote two chapters spe-
• Policy. Macroeconomics is a policy-oriented subject, cifically to international trade and finance. Chapter 18
and we treat economic policy in virtually every chapter. develops the theory of international trade and discusses
We discuss both important historical and more recent a wide range of policy topics including protectionism
macroeconomic events in conjunction with the theory. and what role international trade agreements play in
In addition, we devote Chapter 17, “Macroeconomic today’s world. In Chapter 19, we study international
Policy Debates,” to three important policy topics that finance. We discuss how exchange rates are deter-
recur frequently in macroeconomic debates: the role mined, our experiences with fixed and flexible exchange
of government deficits, whether the Federal Reserve rates, and how international financial crises develop.
Instructor’s Manual • Chapter Summary: a bulleted list of key topics in the chapter
Authored by Jeff Phillips of Colby-Sawyer College • Learning Objectives
• Approaching the Material; student-friendly examples to introduce the chapter
• Chapter Outline: summary of definitions and concepts
• Teaching Tips on how to encourage class participation
• Summary and discussion points for the Applications in the main text
• New Applications and discussion questions
• Solutions to all end-of-chapter exercises.
Test Bank 6,000 multiple-choice, true/false, short-answer, and graphing questions. Test questions
Authored by Brian Rosario of American River College are annotated with the following information:
• Difficulty: 1 for straight recall, 2 for some analysis, 3 for complex analysis
• Type: multiple-choice, true/false, short-answer, essay
• Topic: the term or concept the question supports
• Learning outcome
• AACSB
• Page number in the text.
Computerized TestGen TestGen allows instructors to:
• Customize, save, and generate classroom tests
• Edit, add, or delete questions from the Test Bank
• Analyze test results
• Organize a database of tests and student results.
PowerPoints Slides include all the graphs, tables, and equations in the textbook.
Authored by Paul Holmes of Ashland University PowerPoints meet accessibility standards for students with disabilities. Features
include, but not limited to:
• Keyboard and Screen Reader access
• Alternative text for images
• High color contrast between background and foreground colors
ACKN O WL E D G M E N T S Colombia
A long road exists between the initial vision of an innova- Michael Jetter, Universidad EIFIT
tive principles text and the final product. Along our journey
we participated in a structured process to reach our goal. Colorado
We wish to acknowledge the assistance of the many people Steve Call, Metropolitan State College of Denver
who participated in this process.
Connecticut
Reviewers of Previous Editions John A. Jascot, Capital Community Technical College
Stephen Rubb, Sacred Heart University
Alabama
Jim Payne, Calhoun Community College Delaware
James Swofford, University of South Alabama Lawrence Stelmach, Delaware Valley College
Alaska Florida
Paul Johnson, University of Alaska, Anchorage Irma de Alonso, Florida International University
Jay Bhattacharya, Okaloosa-Walton Community College
Arizona Edward Bierhanzl, Florida A&M University
Basil Al-Hashimi, Mesa Community College, Red Mountain Eric P. Chiang, Florida Atlantic University
Pete Mavrokordatos, Tarrant County College/University of Phoenix Martine Duchatelet, Barry University
Evan Tanner, Thunderbird, The American Graduate School George Greenlee, St. Petersburg College, Clearwater
of International Management Martin Markovich, Florida A&M University
Donald Wells, University of Arizona Thomas McCaleb, Florida State University
Barbara Moore, University of Central Florida
California Stephen Morrell, Barry University
Antonio Avalos, California State University, Fresno Carl Schmertmann, Florida State University
Collette Barr, Santa Barbara Community College Garvin Smith, Daytona Beach Community College
T. J. Bettner, Orange Coast College Noel Smith, Palm Beach Community College
Peter Boelman-Lopez, Riverside Community College Michael Vierk, Florida International University
Matthew Brown, Santa Clara University Joseph Ward, Broward Community College, Central
Jim Cobb, Orange Coast College Virginia York, Gulf Coast Community College
John Constantine, Sacramento City College Andrea Zanter, Hillsborough Community College
Peggy Crane, San Diego State University
Albert B. Culver, California State University, Chico Georgia
Jose L. Esteban, Palomar College Scott Beaulier, Mercer College
Gilbert Fernandez, Santa Rosa Junior College Ashley Harmon, Southeastern Technical College
E. B. Gendel, Woodbury University Steven F. Koch, Georgia Southern University
Charles W. Haase, San Francisco State University L. Wayne Plumly, Jr., Valdosta State University
John Henry, California State University, Sacramento Greg Trandel, University of Georgia
George Jensen, California State University, Los Angeles
Janis Kea, West Valley College Hawaii
Rose Kilburn, Modesto Junior College
Philip King, San Francisco State University Barbara Ross-Pfeiffer, Kapiolani Community College
Anthony Lima, California State University, Hayward
Bret Mcmurran, Chaffey College Idaho
Jon J. Nadenichek, California State University, Northridge Charles Scott Benson, Jr., Idaho State University
Alex Obiya, San Diego City College Tesa Stegner, Idaho State University
Jack W. Osman, San Francisco State University
Jay Patyk, Foothill College Illinois
Stephen Perez, California State University, Sacramento Diane Anstine, North Central College
Ratha Ramoo, Diablo Valley College Rosa Lea Danielson, College of DuPage
Greg Rose, Sacramento City College Sel Dibooglu, Southern Illinois University
Kurt Schwabe, University of California, Riverside Linda Ghent, Eastern Illinois University
Terri Sexton, California State University, Sacramento Gary Langer, Roosevelt University
David Simon, Santa Rosa Junior College Nampeang Pingkarawat, Chicago State University
Xiaochuan Song, San Diego Mesa College Dennis Shannon, Belleville Area College
Ed Sorensen, San Francisco State University Chuck Sicotte, Rock Valley College
Susan Spencer, Santa Rosa Junior College Leticia Starkov, Elgin Community College
Linda Stoh, Sacramento City College
Rodney Swanson, University of California, Los Angeles Indiana
Daniel Villegas, California Polytechnic State University John L. Conant, Indiana State University
Zwar ist nur die Rede von den Typen der Amsterdamer, aber es
ist nicht anzunehmen, dass diese nur Plagiate der Leydener
gewesen. Es würde die Witwe Daniels kaum gewagt haben von van
Dyck als von dem ersten Schriftschneider seiner Zeit zu sprechen,
wenn er nur ein Plagiator gewesen[7]. Früher hat man die Schriften
der Elzeviere dem Claude Garamond oder den Sanleques
zugeschrieben. Garamond war jedoch bereits 1561 gestorben, auch
zeigen seine Schriften einen abweichenden Charakter. Eher
stimmen die Elzevier-Schriften mit denen Sanleques überein, der ein
Zeit- und Religionsgenosse der Elzeviere war, so dass die
Vermutung, die Schriften stammten von diesem, mehr
Wahrscheinlichkeit hatte.
Johann starb, ohne einen Plan für die Zukunft des Geschäfts
gelegt zu haben, am 8. Juni 1661, erst 39 Jahre alt. Seine Witwe
entschloss sich, die Geschäfte fortzuführen, und erhielt auch die
Bestätigung des Verhältnisses zur Universität. Durch Auktionen in
den Jahren 1659, 1660 und 1661 entledigte sie sich des Leydener
Lagers und der Haager Vorräte. Mit Ausnahme der Fortführung der
grossen holländischen Bibel, die schon während Daniels Zeit
angefangen und bei der er beteiligt geblieben war, scheint sie
eigenes Verlegen ganz unterlassen zu haben. So ging das Geschäft
nach und nach zurück. 1681 übergab sie es dem zweiten Sohne
Abraham ii., und starb 1695.
Abraham, am 5. April 1653 geboren, hatte in Leyden studiert
und 1679 den Doktorgrad erworben. 1695 wurde er Schöffe zu
Leyden. Unter seiner Misswirtschaft verfiel die Druckerei vollständig.
Als nach seinem am 30. Juli 1712 erfolgten Tode das Geschäft
verkauft wurde, war der Erlös noch nicht 2000 Fl. — Sic transit gloria
mundi.
Was von den gothischen Schriften gilt, lässt sich auch auf die
Fleischmannschen Musiknoten anwenden, welche Veranlassung zu
einer heftigen Polemik mit Breitkopf gaben. Höchst interessant ist
eine Reihe von zwanzig Schreibschriften (Coulé), unter ihnen die
von Fleischmann, „den grootsten en konstigsten Letter-
Stempelschnyder, die 'er ooit in de Wæreld geweest is, en mogelyk
komen zal“, welche er 1768 vollendete. Dann folgt die merkwürdige,
sehr sauber und korrekt ausgeführte Civilité, die ihren Namen von
einem im 15. Jahrhundert in Paris erschienenen Büchlein: „La civilité
puérile et honnête“ hat. Nach diesen schönen, im besten Stil
ausgeführten Schriften bildet allerdings die Ecriture Allemande
keinen besonders günstigen Schluss, so wenig wie eine sehr
magere, abscheulich geschnittene Cicero Allemande, die einzige
Frakturschrift in der Probe, einen schönen Übergang zu zwei alten
gothischen Schriften, die zwischen 1470-1480 geschnitten sind.
ENGLAND. NORDAMERIKA.