The Economic Way of Thinking goes beyond explaining the basic principles of micro- and macroeconomic analysis by showing students a method of reasoning that teaches them how to apply these principles as tools. The authors expose students to a method of reasoning that makes them think like an economist through example and application and also shows them how not to think, by exposing errors in popular economic reasoning.
Key Features
- Critical Thinking Over Memorization. This text stresses critical thinking exercises over formal modeling and number crunching.
- Accomplish More with Less. Unlike other texts, the material presented in the Economic Way of Thinking is linear and streamlined, employing a “less is more” philosophy.
- Applications Integrated into the Text.
- Clear, Focused Graphs.
- Comprehensible Insight
- Student-friendly Writing Style.
- Clarified Continuing Theme.
- “Index of Economic Freedom” Data.
- Expanded Insight on Contemporary and Traditional Principles.
New to this edition
- Discuss time preference and the role of interest rates in coordinating economic activity in Chapter 5.
- An entire chapter on income distribution (Chapter 12) had been reintroduced.
- A discussion of discouraged workers in Chapter 13 had been added.
- Discussion of monetary equilibrium has been merged into Chapter 14 on money.
- Discuss the Austrian theory of the unsustainable boom in Chapter 15, connect that to the interest rate presentation in Chapter 5, and apply it to the Great Recession of our recent past.
- The data and have added learning objectives at the beginning of each chapter had been updated.
Contents
- Chapter 1 The Economic Way of Thinking
- Chapter 2 Efficiency, Exchange and Comparative Advantage
- Chapter 3 Substitutes Everywhere: The Concept of Demand
- Chapter 4 Cost and Choice: The Concept of Supply
- Chapter 5 Supply and Demand: A Process of Coordination
- Chapter 6 Unintended Consequences: More Applications of Supply and Demand
- Chapter 7 Profit and Loss
- Chapter 8 Price Searching
- Chapter 9 Competition and Government Policy
- Chapter 10 Externalities and Conflicting Rights
- Chapter 11 Markets and Government
- Chapter 12 the Distribution of Income
- Chapter 13 Measuring the Overall Performance of Economic Systems
- Chapter 14 Money
- Chapter 15 Economic Performance and Real-World Politics
- Chapter 16 The Wealth of Nations: Globalization and Economic Growth
Book Details
- Paperback: 456 pages
- Publisher: Prentice Hall; 13 edition (c2014)
- Language: English
- ISBN-10: 0132991292
- ISBN-13: 978-0132991292
- Product Dimensions: 0.7 x 7.2 x 8.8 inches
- List price: $184.00