econocharts package

Microeconomics/macroeconomics graphs made with ggplot2

This package allows creating microeconomics or macroeconomics charts in R with simple functions. This package inspiration is reconPlots by Andrew Heiss.

THE PACKAGE IS UNDER HEAVY DEVELOPMENT. WORK IN PROGRESS. You can suggest ideas by submitting an Issue

TODO

• [ ] Finish documentation
• [x] Price control (in

  sdcurve

  function)
• [ ] Allow drawing custom functions
• [ ] Add graph for budget constraints
• [ ] Fix

  linecol

  argument
• [x] Tax graph
• [ ] Shade producer and consumer surplus
• [ ] Add Edgeworth box
• [ ] General equilibrium (suggested by Ilya)
• [x] Prospect theory value function (suggested by @brshallo)
• [x] Neoclassical labor supply (suggested by @hilton1)

Index

• Installation
• Supply curve
• Demand curve
• Supply and demand
• Neoclassical labor supply
• Indifference curves
• Production–possibility frontier
• Tax graph
• Prospect Theory value function
• Laffer curve
• Calculating the intersections
• Citation

Installation

GitHub

# Install the development version from GitHub:
# install.packages("devtools")
devtools::install_github("R-CoderDotCom/econocharts")

CRAN

The package will be on CRAN as soon as possible

Supply

supply() # Default plot

supply(ncurves = 1,          # Number of supply curves to be plotted
      type = "line",         # Type of the curve
      x = c(2, 4, 5),        # Y-axis values where to create intersections
      linecol = 2,           # Color of the curves
      geom = "label",        # Label type of the intersection points
      geomfill = "pink",     # If geom = "label", is the background color of the label
      main = "Supply curve") # Title of the plot

supply(ncurves = 3, # Three supply curves
       xlab = "X",  # X-axis label
       ylab = "Y",  # Y-axis label
       bg.col = "lightblue") # Background color

Demand

demand(x = 3:6,  # Intersections
      generic = FALSE) # Axis values with the actual numbers

demand(main = "Demand", # Title
       sub = "curve",   # Subtitle
       xlab = "X",      # X-axis label
       ylab = "Y",      # Y-axis label
       names = "D[1]",  # Custom name for the curve
       geomcol = 2)     # Color of the custom name of the curve

Supply and demand

sdcurve() # Default supply and demand plot

# Custom data
supply1 

 


Neoclassical labor supply
neolabsup(x = c(2, 3, 5, 7), xlab = "Quantity of\n labor supplied", ylab = "Wage rate")


 


Indifference curves
indifference() # Default indifference curve


 

indifference(ncurves = 2,  # Two curves
             x = c(2, 4),  # Intersections
             main = "Indifference curves",
             xlab = "Good X",
             ylab = "Good Y",
             linecol = 2,  # Color of the curves
             pointcol = 2) # Color of the intersection points


 

p 

 

indifference(ncurves = 2,    # Two curves
             type = "pcom",  # Perfect complements
             main = "Indifference curves",
             sub = "Perfect complements",
             xlab = "Good X",
             ylab = "Good Y",
             bg.col = "#fff3cd", # Background color
             linecol = 1)  # Color of the curve


 

indifference(ncurves = 5,     # Five curves
             type = "psubs",  # Perfect substitutes
             main = "Indifference curves",
             sub = "Perfect substitutes",
             xlab = "Good X",
             ylab = "Good Y",
             bg.col = "#fff3cd", # Background color
             linecol = 1) # Color of the curve


 


Production–possibility frontier
ppf(x = 1:6, # Intersections
   main = "PPF",
   geom = "text",
   generic = TRUE, # Generic axis labels
   xlab = "X",
   ylab = "Y",
   labels = 1:6,
   acol = 3)$p


 

p 

 


Tax graph

Original function by Andrew Heiss.
# Data
demand 

 

# Chart with shaded areas
tax_graph(demand, supply, supply_tax, shaded = TRUE)


 


Prospect theory value function
ptvalue(sigma = 0.88,             # From Tversky & Kahneman, 1992
        lambda = -2.25,           # From Tversky & Kahneman, 1992
        col = 2,                  # Color of the curve
        xint = seq(0, 75, 25),    # Intersections
        xintcol = 4,              # Color of the intersection segments
        ticks = TRUE,             # Display ticks on the axes
        xlabels = TRUE,           # Display the X-axis tick labels
        ylabels = TRUE,           # Display the Y-axis tick labels
        by_x = 25, by_y = 50,     # Axis steps
        main = "Prospect Theory Value Function")


 


Laffer curve
laffer(ylab = "T", xlab = "t",
       acol = "lightblue", # Color of the area
       pointcol = 4)       # Color of the maximum point


 

laffer(xmax = 20, # Modify the curve
       t = c(3, 6, 9), # Intersections
       generic = FALSE,
       ylab = "T",
       xlab = "t",
       acol = "lightblue", # Color of the area
       alpha = 0.6,        # Transparency of the area
       pointcol = 4)       # Color of the maximum point



 


Intersections

The functions above can have a limited functionality if you want a fully customized plot. The 
curve_intersection
 function allows you to calculate the intersection points between two curves. You can use this function to create your custom charts.

Credits to Andrew Heiss for this function and examples.

Curved Bézier lines with empirical data
# Curves
curve1 

 


Curved lines defined with functions

Specify a X-axis range and set 
empirical = FALSE
.
# Define curves with functions
curve1 

 


Citation
To cite package ‘econocharts’ in publications use:

  José Carlos Soage González and Andrew Heiss (2020). econocharts: Microeconomics and Macroeconomics Charts Made with 'ggplot2'. R package version 1.0.
  https://r-coder.com/, https://r-coder.com/economics-charts-r/.
A BibTeX entry for LaTeX users is
  @Manual{,
    title = {econocharts: Microeconomics and Macroeconomics Charts Made with 'ggplot2'},
    author = {José Carlos {Soage González} and Andrew Heiss},
    year = {2020},
    note = {R package version 1.0},
    url = {https://r-coder.com/, https://r-coder.com/economics-charts-r/},
  }

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