The Economic Way of Thinking

by Heyne, Paul; Boettke, Peter J.; Prychitko, David L.

• ISBN13: 9780136039853
• ISBN10: 0136039855
• Edition: 12th
• Format: Paperback
• Copyright: 2009-01-07
• Publisher: Prentice Hall

Summary

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

Preface	p. xi
About the Authors	p. xvii
The Economic Way of Thinking	p. 3
Questions for Discussion	p. 17
Efficiency, Exchange, and Comparative Advantage	p. 21
An Appendix: Economic Growth: Specialization, Exchange, and The Rule of Law	p. 35
Questions for Discussion	p. 40
Substitutes Everywhere: The Concept of Demand	p. 45
Questions for Discussion	p. 67
Cost and Choice: The Concept of Supply	p. 75
Questions for Discussion	p. 93
Supply and Demand: A Process of Coordination	p. 99
An Appendix: Coordination Problems: Transaction Costs	p. 109
Questions for Discussion	p. 115
Unintended Consequences: More Applications of Supply and Demand	p. 119
An Appendix: Framing Economic Questions Correctly	p. 139
Questions for Discussion	p. 144
Profit and Loss	p. 153
An Appendix: Profiteering in Futures Markets	p. 167
Questions for Discussion	p. 174
Price Searching	p. 183
Questions for Discussion	p. 197
Competition and Government Policy	p. 205
Questions for Discussion	p. 223
Externalities and Conflicting Rights	p. 229
Questions for Discussion	p. 245
Markets and Government	p. 255
Questions for Discussion	p. 276
Measuring the Overall Performance of Economic Systems	p. 283
An Appendix: Limitations of National Income Accounting	p. 303
Questions for Discussion	p. 308
The Wealth of Nations: Globalization and Economic Growth	p. 313
An Appendix: The Difficulties of International GDP Comparisons	p. 334
Questions for Discussion	p. 337
Money	p. 341
An Appendix: What About Gold?	p. 355
Questions for Discussion	p. 357
Economic Performance and Real-World Politics	p. 363
Questions for Discussion	p. 386
Renewal of the Debate: Some Parting Thoughts	p. 395
Glossary	p. 407
Index	p. 415
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