The Economic Way of Thinking

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  • Edition: 12th
  • Format: Paperback
  • Copyright: 2009-01-07
  • Publisher: Prentice Hall
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Accomplish more with less, learnThe Economic Way of Thinking. KEY TOPICS:The Economic Way of Thinking; Efficiency, Exchange and Comparative Advantage; Substitutes Everywhere: The Concept of Demand; Cost and Choice: The Concept of Supply; Supply and Demand: A Process of Coordination; Unintended Consequences: More Applications of Supply and Demand; Profit and Loss; Price Searching; Competition and Government Policy; Externalities and Conflicting Rights; Markets and Government; Measuring the Overall Performance of Economic Systems; The Wealth of Nations: Globalization and Economic Growth; Money; Economic Performance and Real-World Politics; The Limitations of Economics MARKET: This text goes beyond explaining the basic principles of micro- and macroeconomic analysis by showing readers how to apply these principles astools.The authors expose a method of reasoning that encourages readers to think like an economist through example and application. They also show readers how not to think, by exposing errors in popular economic reasoning.

Table of Contents

Prefacep. xi
About the Authorsp. xvii
The Economic Way of Thinkingp. 3
Questions for Discussionp. 17
Efficiency, Exchange, and Comparative Advantagep. 21
An Appendix: Economic Growth: Specialization, Exchange, and The Rule of Lawp. 35
Questions for Discussionp. 40
Substitutes Everywhere: The Concept of Demandp. 45
Questions for Discussionp. 67
Cost and Choice: The Concept of Supplyp. 75
Questions for Discussionp. 93
Supply and Demand: A Process of Coordinationp. 99
An Appendix: Coordination Problems: Transaction Costsp. 109
Questions for Discussionp. 115
Unintended Consequences: More Applications of Supply and Demandp. 119
An Appendix: Framing Economic Questions Correctlyp. 139
Questions for Discussionp. 144
Profit and Lossp. 153
An Appendix: Profiteering in Futures Marketsp. 167
Questions for Discussionp. 174
Price Searchingp. 183
Questions for Discussionp. 197
Competition and Government Policyp. 205
Questions for Discussionp. 223
Externalities and Conflicting Rightsp. 229
Questions for Discussionp. 245
Markets and Governmentp. 255
Questions for Discussionp. 276
Measuring the Overall Performance of Economic Systemsp. 283
An Appendix: Limitations of National Income Accountingp. 303
Questions for Discussionp. 308
The Wealth of Nations: Globalization and Economic Growthp. 313
An Appendix: The Difficulties of International GDP Comparisonsp. 334
Questions for Discussionp. 337
Moneyp. 341
An Appendix: What About Gold?p. 355
Questions for Discussionp. 357
Economic Performance and Real-World Politicsp. 363
Questions for Discussionp. 386
Renewal of the Debate: Some Parting Thoughtsp. 395
Glossaryp. 407
Indexp. 415
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