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| the economic way of thinking will: The Economic Way of Thinking Paul T. Heyne, Peter J. Boettke, David L. Prychitko, 2006 Primarily for a one-semester survey course in general economics. The Economic Way of Thinking develops the basic principles of micro- and macroeconomic analysis, and employs them as tools rather than ends unto themselves. This text introduces students to a method of reasoning; to think like an economist through example and application. It even teaches by showing students how not to think, by exposing them to the errors implicit in much popular reasoning about economic events. |
| the economic way of thinking will: Thinking like an Economist Elizabeth Popp Berman, 2022-04-05 The story of how economic reasoning came to dominate Washington between the 1960s and 1980s—and why it continues to constrain progressive ambitions today For decades, Democratic politicians have frustrated progressives by tinkering around the margins of policy while shying away from truly ambitious change. What happened to bold political vision on the left, and what shrunk the very horizons of possibility? In Thinking like an Economist, Elizabeth Popp Berman tells the story of how a distinctive way of thinking—an “economic style of reasoning”—became dominant in Washington between the 1960s and the 1980s and how it continues to dramatically narrow debates over public policy today. Introduced by liberal technocrats who hoped to improve government, this way of thinking was grounded in economics but also transformed law and policy. At its core was an economic understanding of efficiency, and its advocates often found themselves allied with Republicans and in conflict with liberal Democrats who argued for rights, equality, and limits on corporate power. By the Carter administration, economic reasoning had spread throughout government policy and laws affecting poverty, healthcare, antitrust, transportation, and the environment. Fearing waste and overspending, liberals reined in their ambitions for decades to come, even as Reagan and his Republican successors argued for economic efficiency only when it helped their own goals. A compelling account that illuminates what brought American politics to its current state, Thinking like an Economist also offers critical lessons for the future. With the political left resurgent today, Democrats seem poised to break with the past—but doing so will require abandoning the shibboleth of economic efficiency and successfully advocating new ways of thinking about policy. |
| the economic way of thinking will: Microeconomics for MBAs Richard B. McKenzie, Dwight R. Lee, 2016-07-18 A sophisticated yet non-technical introduction to microeconomics for MBA students, now in its third edition. |
| the economic way of thinking will: Doughnut Economics Kate Raworth, 2017 A Financial Times Best Book of 2017: Economics 800-CEO-Read Best Business Book of 2017: Current Events & Public Affairs Economics is the mother tongue of public policy. It dominates our decision-making for the future, guides multi-billion-dollar investments, and shapes our responses to climate change, inequality, and other environmental and social challenges that define our times. Pity then, or more like disaster, that its fundamental ideas are centuries out of date yet are still taught in college courses worldwide and still used to address critical issues in government and business alike. That's why it is time, says renegade economist Kate Raworth, to revise our economic thinking for the 21st century. In Doughnut Economics, she sets out seven key ways to fundamentally reframe our understanding of what economics is and does. Along the way, she points out how we can break our addiction to growth; redesign money, finance, and business to be in service to peop≤ and create economies that are regenerative and distributive by design. Named after the now-iconic doughnut image that Raworth first drew to depict a sweet spot of human prosperity (an image that appealed to the Occupy Movement, the United Nations, eco-activists, and business leaders alike), Doughnut Economics offers a radically new compass for guiding global development, government policy, and corporate strategy, and sets new standards for what economic success looks like. Raworth handpicks the best emergent ideas--from ecological, behavioral, feminist, and institutional economics to complexity thinking and Earth-systems science--to address this question: How can we turn economies that need to grow, whether or not they make us thrive, into economies that make us thrive, whether or not they grow? Simple, playful, and eloquent, Doughnut Economics offers game-changing analysis and inspiration for a new generation of economic thinkers. |
| the economic way of thinking will: Economics in One Lesson Henry Hazlitt, 2010-08-11 Over a million copies sold! A fundamental influence on modern libertarianism, this classic guide to the basics of economic theory defends capitalism and the free market from economic myths that persist to this day. “A magnificent job of theoretical exposition.”—Ayn Rand Considered among the leading economic thinkers of the “Austrian School,” which includes Carl Menger, Ludwig von Mises, Friedrich (F.A.) Hayek, and others, Henry Hazlitt wrote Economics in One Lesson in 1946. Concise and instructive, it is also deceptively prescient and far-reaching in its efforts to dissemble economic fallacies that are so prevalent they have almost become a new orthodoxy. Economic commentators across the political spectrum have credited Hazlitt with foreseeing the collapse of the global economy which occurred more than fifty years after the initial publication of Economics in One Lesson. Hazlitt’s focus on non-governmental solutions, strong—and strongly reasoned—anti-deficit position, and general emphasis on free markets, economic liberty of individuals, and the dangers of government intervention make Economics in One Lesson every bit as relevant and valuable today as it has been since publication. |
| the economic way of thinking will: "Are Economists Basically Immoral?" Paul T. Heyne, 2008 A well-trained theologian, a gifted and dedicated teacher of economics for over forty years, and the author of a highly regarded and widely used textbook, The Economic Way of Thinking, Paul Heyne influenced generations of students of economics. Many of the essays in this volume are published here for the first time. The editors, Geoffrey Brennan and A M C Waterman, have divided Heyne's essays thematically to cover three general areas: the ethical foundations of free markets, the connection between those ethical foundations and Christian thought, and the teaching of economics -- both method and substance. Heyne's writings are unique in that he takes the critics of the free market order seriously and addresses their arguments directly, showing how they are defective in their understanding of economics and in their ethical and theological underpinnings. The engaging style of Heyne's essays makes them accessible to students as well as to scholars. Even in discussions of topics well beyond the fundamental level, Heyne still succeeds in providing students with an appreciation of basic economic principles. |
| the economic way of thinking will: The Applied Theory of Price Deirdre N. McCloskey, 1985 |
| the economic way of thinking will: Applied Economics Thomas Sowell, 2008-12-09 The application of economics to major contemporary real world problems -- housing, medical care, discrimination, the economic development of nations -- is the theme of this new book that tackles these and other issues head on in plain language, as distinguished from the usual jargon of economists. It examines economic policies not simply in terms of their immediate effects but also in terms of their later repercussions, which are often very different and longer lasting. The interplay of politics with economics is another theme of Applied Economics, whose examples are drawn from experiences around the world, showing how similar incentives and constraints tend to produce similar outcomes among very disparate peoples and cultures. |
| the economic way of thinking will: Economic Ideas You Should Forget Bruno S. Frey, David Iselin, 2017-03-08 Reporting on cutting-edge advances in economics, this book presents a selection of commentaries that reveal the weaknesses of several core economics concepts. Economics is a vigorous and progressive science, which does not lose its force when particular parts of its theory are empirically invalidated; instead, they contribute to the accumulation of knowledge. By discussing problematic theoretical assumptions and drawing on the latest empirical research, the authors question specific hypotheses and reject major economic ideas from the “Coase Theorem” to “Say’s Law” and “Bayesianism.” Many of these ideas remain prominent among politicians, economists and the general public. Yet, in the light of the financial crisis, they have lost both their relevance and supporting empirical evidence. This fascinating and thought-provoking collection of 71 short essays written by respected economists and social scientists from all over the world will appeal to anyone interested in scientific progress and the further development of economics. |
| the economic way of thinking will: Narrative Economics Robert J. Shiller, 2020-09-01 From Nobel Prize–winning economist and New York Times bestselling author Robert Shiller, a groundbreaking account of how stories help drive economic events—and why financial panics can spread like epidemic viruses Stories people tell—about financial confidence or panic, housing booms, or Bitcoin—can go viral and powerfully affect economies, but such narratives have traditionally been ignored in economics and finance because they seem anecdotal and unscientific. In this groundbreaking book, Robert Shiller explains why we ignore these stories at our peril—and how we can begin to take them seriously. Using a rich array of examples and data, Shiller argues that studying popular stories that influence individual and collective economic behavior—what he calls narrative economics—may vastly improve our ability to predict, prepare for, and lessen the damage of financial crises and other major economic events. The result is nothing less than a new way to think about the economy, economic change, and economics. In a new preface, Shiller reflects on some of the challenges facing narrative economics, discusses the connection between disease epidemics and economic epidemics, and suggests why epidemiology may hold lessons for fighting economic contagions. |
| the economic way of thinking will: Economic Theory and Cognitive Science Don Ross, 2007-01-26 In this study, Don Ross explores the relationship of economics to other branches of behavioral science, asking, in the course of his analysis, under what interpretation economics is a sound empirical science. The book explores the relationships between economic theory and the theoretical foundations of related disciplines that are relevant to the day-to-day work of economics—the cognitive and behavioral sciences. It asks whether the increasingly sophisticated techniques of microeconomic analysis have revealed any deep empirical regularities—whether technical improvement represents improvement in any other sense. Casting Daniel Dennett and Kenneth Binmore as its intellectual heroes, the book proposes a comprehensive model of economic theory that, Ross argues, does not supplant, but recovers the core neoclassical insights, and counters the caricaturish conception of neoclassicism so derided by advocates of behavioral or evolutionary economics. Because he approaches his topic from the viewpoint of the philosophy of science, Ross devotes one chapter to the philosophical theory and terminology on which his argument depends and another to related philosophical issues. Two chapters provide the theoretical background in economics, one covering developments in neoclassical microeconomics and the other treating behavioral and experimental economics and evolutionary game theory. The three chapters at the heart of the argument then apply theses from the philosophy of cognitive science to foundational problems for economic theory. In these chapters, economists will find a genuinely new way of thinking about the implications of cognitive science for economics, and cognitive scientists will find in economic behavior, a new testing site for the explanations of cognitive science. |
| the economic way of thinking will: Economics as a Science of Human Behaviour Bruno S. Frey, 2013-12-01 This book champions the view that economics is a social science, and that, moreover, it may serve as a new paradigm for the social sciences. Economics is taken to be part of those sciences which deal with actual problems of society by providing insights, improving our understanding and suggesting solutions. I am aware that the way problems are addressed here has little in common with economics as it is generally understood today; most economists make strong efforts to imitate the exact sciences. Economics tends to become a branch of applied mathematics; the majority of all publications in professional journals and books are full of axioms, lemmas and proofs, and they are much concerned with purely formal deductions. Often, when the results are translated into verbal language, or when they are applied empirically, disappointingly little of interest remains. The book wants to show that another type of economics exists which is surprisingly little known. This type of economics has its own particular point of view. It centres on a concept of man, or a model of human behaviour, which differs from those normally used in other social sciences such as sociology, political science, law, or psychology. I do not, however, claim that economics is the only legitimate social science. On the contrary, economics can provide useful insights only in collaboration with the other social Vll Vlll PREFACE sciences-an aspect which has been disregarded by mathematically oriented economics. |
| the economic way of thinking will: Everything I Ever Needed to Know about Economics I Learned from Online Dating Paul Oyer, 2014-01-07 Conquering the dating market—from an economist’s point of view After more than twenty years, economist Paul Oyer found himself back on the dating scene—but what a difference a few years made. Dating was now dominated by sites like Match.com, eHarmony, and OkCupid. But Oyer had a secret weapon: economics. It turns out that dating sites are no different than the markets Oyer had spent a lifetime studying. Monster.com, eBay, and other sites where individuals come together to find a match gave Oyer startling insight into the modern dating scene. The arcane language of economics—search, signaling, adverse selection, cheap talk, statistical discrimination, thick markets, and network externalities—provides a useful guide to finding a mate. Using the ideas that are central to how markets and economics and dating work, Oyer shows how you can apply these ideas to take advantage of the economics in everyday life, all around you, all the time. For all online daters—and for anyone else swimming in the vast sea of the information economy—this book uses Oyer’s own experiences, and those of millions of others, to help you navigate the key economic concepts that drive the modern age. |
| the economic way of thinking will: Economics in One Virus Ryan A Bourne, 2021-04-07 Economics in One Virus provides an introduction to timeless economic insights using the case study of COVID-19. |
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| the economic way of thinking will: The Clash of Economic Ideas Lawrence H. White, 2012-04-09 The Clash of Economic Ideas interweaves the economic history of the last hundred years with the history of economic doctrines to understand how contrasting economic ideas have originated and developed over time to take their present forms. It traces the connections running from historical events to debates among economists, and from the ideas of academic writers to major experiments in economic policy. The treatment offers fresh perspectives on laissez faire, socialism and fascism; the Roaring Twenties, business cycle theories and the Great Depression; Institutionalism and the New Deal; the Keynesian Revolution; and war, nationalization and central planning. After 1945, the work explores the postwar revival of invisible-hand ideas; economic development and growth, with special attention to contrasting policies and thought in Germany and India; the gold standard, the interwar gold-exchange standard, the postwar Bretton Woods system and the Great Inflation; public goods and public choice; free trade versus protectionism; and finally fiscal policy and public debt. |
| the economic way of thinking will: The Economic Reason Shane Sanders, 2020-12-14 In a series of conversational essays, this textbook discusses the manner in which economic thought addresses a broad array of everyday issues beyond classical textbook treatments. In the spirit of popular economics books, the author uncovers economic issues and solutions from individuals, businesses, society, and the country as a whole in a decidedly non-technical and relatable manner. Should the federal government mandate use of child safety seats on commercial airlines? Can genetic information substitute for a college degree? The contents of this book touch on many of these contemporary topics in an accessible way. Addressing undergraduate and graduate students, as well as scholars in different fields of economics, this book is a must-read for everybody interested in a better understanding of economic thought. |
| the economic way of thinking will: Drive Daniel H. Pink, 2011-04-05 The New York Times bestseller that gives readers a paradigm-shattering new way to think about motivation from the author of When: The Scientific Secrets of Perfect Timing Most people believe that the best way to motivate is with rewards like money—the carrot-and-stick approach. That's a mistake, says Daniel H. Pink (author of To Sell Is Human: The Surprising Truth About Motivating Others). In this provocative and persuasive new book, he asserts that the secret to high performance and satisfaction-at work, at school, and at home—is the deeply human need to direct our own lives, to learn and create new things, and to do better by ourselves and our world. Drawing on four decades of scientific research on human motivation, Pink exposes the mismatch between what science knows and what business does—and how that affects every aspect of life. He examines the three elements of true motivation—autonomy, mastery, and purpose-and offers smart and surprising techniques for putting these into action in a unique book that will change how we think and transform how we live. |
| the economic way of thinking will: Principles of Microeconomics Libby Rittenberg, 2008 |
| the economic way of thinking will: The Laws of Human Nature Robert Greene, 2018-10-23 From the #1 New York Times-bestselling author of The 48 Laws of Power comes the definitive new book on decoding the behavior of the people around you Robert Greene is a master guide for millions of readers, distilling ancient wisdom and philosophy into essential texts for seekers of power, understanding and mastery. Now he turns to the most important subject of all - understanding people's drives and motivations, even when they are unconscious of them themselves. We are social animals. Our very lives depend on our relationships with people. Knowing why people do what they do is the most important tool we can possess, without which our other talents can only take us so far. Drawing from the ideas and examples of Pericles, Queen Elizabeth I, Martin Luther King Jr, and many others, Greene teaches us how to detach ourselves from our own emotions and master self-control, how to develop the empathy that leads to insight, how to look behind people's masks, and how to resist conformity to develop your singular sense of purpose. Whether at work, in relationships, or in shaping the world around you, The Laws of Human Nature offers brilliant tactics for success, self-improvement, and self-defense. |
| the economic way of thinking will: U.S. History P. Scott Corbett, Volker Janssen, John M. Lund, Todd Pfannestiel, Sylvie Waskiewicz, Paul Vickery, 2024-09-10 U.S. History is designed to meet the scope and sequence requirements of most introductory courses. The text provides a balanced approach to U.S. history, considering the people, events, and ideas that have shaped the United States from both the top down (politics, economics, diplomacy) and bottom up (eyewitness accounts, lived experience). U.S. History covers key forces that form the American experience, with particular attention to issues of race, class, and gender. |
| the economic way of thinking will: Economics In Practice: Evidence-based Policymaking In Singapore Ming Leong Kuan, Chi Hoong Leong, Jamie Poh, Yik Wei Yong, Chun Seng Yip, Boon Loy Chua, 2021-12-10 Singapore is recognised to be one of the most successful economies in the world given its rapid economic and social transformation. Its success is the result of a judicious blend of markets and government, high-quality governance, and public policies that are coherent, consistent and coordinated.This book showcases the contribution of Economics to Singapore's public policymaking. To illustrate the diverse areas that economic analysis has contributed to, this book comprises three sections that span the economic and non-economic policy domains in Singapore. Section I covers economic policies relating to economic growth, trade, investments, productivity, innovation, industrial development, the enterprise landscape and manpower. Section II highlights socioeconomic and security policies, and covers themes such as income inequality and mobility, families, healthcare costs and crime. In Section III, the focus is on infrastructural policies relating to the environment, housing and land transport.This book commemorates the 20th anniversary of the Singapore Government's Economist Service. As the premier service for economists in the Singapore public sector, the Economist Service plays an integral role in supporting evidence-based policymaking through rigorous economic research and analysis of public policies. |
| the economic way of thinking will: Economics in Christian Perspective Victor V. Claar, Robin J. Klay, 2015-04-21 Victor Claar and Robin Klay introduce students to the basic principles of economics and then evaluate the principles and issues as seen from a Christian perspective. This textbook places the economic life in the context of Christian discipleship and stewardship. This text is for use in any course needing a survey of the principles of economics. |
| the economic way of thinking will: The Psychology of Money Morgan Housel, 2020-09-08 Doing well with money isn’t necessarily about what you know. It’s about how you behave. And behavior is hard to teach, even to really smart people. Money—investing, personal finance, and business decisions—is typically taught as a math-based field, where data and formulas tell us exactly what to do. But in the real world people don’t make financial decisions on a spreadsheet. They make them at the dinner table, or in a meeting room, where personal history, your own unique view of the world, ego, pride, marketing, and odd incentives are scrambled together. In The Psychology of Money, award-winning author Morgan Housel shares 19 short stories exploring the strange ways people think about money and teaches you how to make better sense of one of life’s most important topics. |
| the economic way of thinking will: The Republic of Beliefs Kaushik Basu, 2018-06-12 A leading economist offers a radically new approach to the economic analysis of the law In The Republic of Beliefs, Kaushik Basu, one of the world's leading economists, argues that the traditional economic analysis of the law has significant flaws and has failed to answer certain critical questions satisfactorily. Why are good laws drafted but never implemented? When laws are unenforced, is it a failure of the law or the enforcers? And, most important, considering that laws are simply words on paper, why are they effective? Basu offers a provocative alternative to how the relationship between economics and real-world law enforcement should be understood. Basu summarizes standard, neoclassical law and economics before looking at the weaknesses underlying the discipline. Bringing modern game theory to bear, he develops a focal point approach, modeling not just the self-interested actions of the citizens who must follow laws but also the functionaries of the state—the politicians, judges, and bureaucrats—enforcing them. He demonstrates the connections between social norms and the law and shows how well-conceived ideas can change and benefit human behavior. For example, bribe givers and takers will collude when they are treated equally under the law. And in food support programs, vouchers should be given directly to the poor to prevent shop owners from selling subsidized rations on the open market. Basu provides a new paradigm for the ways that law and economics interact—a framework applicable to both less-developed countries and the developed world. Highlighting the limits and capacities of law and economics, The Republic of Beliefs proposes a fresh way of thinking that will enable more effective laws and a fairer society. |
| the economic way of thinking will: Economic forces at work Armen Albert Alchian, 1977 Alchian has made important contributions to the economic analysis of inflation and unemployment and to the theory of costs and of the firm. He has played the leading role in the development of a theory of property rights. His writing is distinguished by his ability to disentangle the essential from the trivial and, above all, by his skill in showing how the same basic economic forces are at working in a wide variety of apparently completely different social settings. |
| the economic way of thinking will: What Should Economists Do? James M. Buchanan, 1979 This volume is a collection of sixteen essays on three general topics: the methodology of economics, the applicability of economic reasoning to political science and other social sciences, and the relevance of economics as moral philosophy. Several essays are published here for the first time, including Professor Alchian on Economic Method, Natural and Artifactual Man, and Public Choice and Ideology. This book provides relatively easy access to a wide range of work by a moral and legal philosopher, a welfare economist who has consistently defended the primacy of the contractarian ethic, a public finance theorist, and a founder of the burgeoning subdiscipline of public choice. Buchanan's work has spawned a methodological revolution in the way economists and other scholars think about government and government activity. As a measure of recognition for his significant contribution, Dr. Buchanan was awarded the 1986 Nobel Prize in Economics. |
| the economic way of thinking will: Teaching Economics , 2019 This book looks at a number of topics in economic education, presenting multiple perspectives from those in the field to anyone interested in teaching economics. Using anecdotes, classroom experiments and surveys, the contributing authors show that, with some different or new techniques, teaching economics can be more engaging for students and help them better retain what they learned. Chapters cover a wide range of approaches to teaching economics, from interactive approaches such as utilizing video games and Econ Beats to more rigorous examinations of government policies and market outcomes and exploring case studies from specific courses. Many of the chapters incorporate game theory and provide worked out examples of games designed to help students with intuitive retention of the material, and these games can be replicated in any economics classroom. While the exercises are geared towards college-level economics students, instructors can draw inspiration for course lectures from the various approaches taken here and utilize them at any level of teaching. This book will be very useful to instructors in economics interested in bringing innovative teaching methods into the classroom. |
| the economic way of thinking will: Economics , 2015 Russell Cooper and Andrew John have written an economics text aimed directly at students from its very inception. You?re thinking, Yeah, sure. I?ve heard that before. This textbook, Economics: Theory Through Applications, centers around student needs and expectations through two premises:? Students are motivated to study economics if they see that it relates to their own lives.? Students learn best from an inductive approach, in which they are first confronted with a problem, and then led through the process of solving that problem. Many books claim to present economics in a way that is digestible for students; Russell and Andrew have truly created one from scratch. This textbook will assist you in increasing students? economic literacy both by developing their aptitude for economic thinking and by presenting key insights about economics that every educated individual should know. How? Russell and Andrew have done three things in this text to accomplish that goal: Applications Ahead of Theory: They present all the theory that is standard in Principles books. But by beginning with applications, students get to learn why this theory is needed. Learning through Repetition: Important tools appear over and over again, allowing students to learn from repetition and to see how one framework can be useful in many different contexts. A Student?s Table of Contents vs. An Instructor?s Table of Contents: There is no further proof that Russell and Andrew have created a book aimed specifically at educating students about economics than their two tables of contents. |
| the economic way of thinking will: Letter from Birmingham Jail MARTIN LUTHER KING JR., Martin Luther King, 2018 This landmark missive from one of the greatest activists in history calls for direct, non-violent resistance in the fight against racism, and reflects on the healing power of love. |
| the economic way of thinking will: Economic Policies of the New Thinking in Economics Malcolm Sawyer, Philip Arestis, 2024-10-14 This book is concerned with developing new ideas on economic policies designed for equitable and sustainable development. This book was originally published as a special issue of the International Review of Applied Economics. |
| the economic way of thinking will: Caring Economics Tania Singer, Matthieu Ricard, 2017-08-08 A COLLECTION OF INTERNATIONALLY RENOWNED SCIENTISTS AND ECONOMISTS IN DIALOGUE WITH HIS HOLINESS THE DALAI LAMA, ADDRESSING THE NEED FOR A MORE ALTRUISTIC ECONOMY Can the hyperambitious, bottom-line-driven practices of the global economy incorporate compassion into the pursuit of wealth? Or is economics driven solely by materialism and self-interest? In Caring Economics, experts consider these questions alongside the Dalai Lama in a wide-ranging, scientific-based discussion on economics and altruism. Begun in 1987, the Mind and Life Institute arose out of a series of conferences held with the Dalai Lama and a range of scientists that sought to form a connection between the empiricism of contemporary scientific inquiry and the contemplative, compassion-based practices of Buddhism. Caring Economics is based on a conference held by the Mind and Life Institute in Zurich in which experts from all over the world gathered to discuss the possibility of having a global economy focused on compassion and altruism. Each chapter consists of a presentation by an expert in the field, followed by a discussion with the Dalai Lama in which he offers his response and his own unique insights on the subject. In this provocative and inspiring book, learn how wealth doesn't need to be selfish, how in fact, empathy and compassion may be the path to a healthier world economy. |
| the economic way of thinking will: Foundations of the Economic Approach to Law , 2006 |
| the economic way of thinking will: Sex, Drugs, & Economics Diane Coyle, 2004 In this refreshing look at economics and its relevance, the author shows how to apply economic principles to headline issues from sex, drugs, arms, and music to energy, movies, farming, the Internet and AIDS. |
| the economic way of thinking will: Basic Economics Thomas Sowell, 2014-12-02 The bestselling citizen's guide to economics Basic Economics is a citizen's guide to economics, written for those who want to understand how the economy works but have no interest in jargon or equations. Bestselling economist Thomas Sowell explains the general principles underlying different economic systems: capitalist, socialist, feudal, and so on. In readable language, he shows how to critique economic policies in terms of the incentives they create, rather than the goals they proclaim. With clear explanations of the entire field, from rent control and the rise and fall of businesses to the international balance of payments, this is the first book for anyone who wishes to understand how the economy functions. This fifth edition includes a new chapter explaining the reasons for large differences of wealth and income between nations. Drawing on lively examples from around the world and from centuries of history, Sowell explains basic economic principles for the general public in plain English. |
| the economic way of thinking will: The New World of Economics Richard B. McKenzie, Gordon Tullock, 2012-05-17 The New World of Economics, 6th edition, by Richard McKenzie and Gordon Tullock, represents a revival of a classic text that, when it was first published, changed substantially the way economics would be taught at the introductory and advanced levels of economics for all time. In a very real sense, many contemporary general-audience economics books that seek to apply the “economic way of thinking” to an unbounded array of social issues have grown out of the disciplinary tradition established by earlier editions of The New World of Economics. This new edition of The New World will expose new generations of economics students to how McKenzie and Tullock have applied in a lucid manner a relatively small number of economic concepts and principles to a cluster of topics that have been in the book from its first release and to a larger number of topics that are new to this edition, with the focus of the new topics on showing students how economic thinking can be applied to business decision making. This edition continues the book’s tradition of taking contrarian stances on important economic issues. Economics professors have long reported that The New World is a rare book in that students will read it without being required to do so. |
| the economic way of thinking will: Economic Principles: Seven Ideas for Thinking ... about Almost Anything Douglas Ward Allen, 2015 |
| the economic way of thinking will: The Selfish Brain Richard McKenzie, 2021-09-27 In The Selfish Brain, which has been written with non-economists in mind, expands on Richard McKenzie's development of brain-centric economics, which provides a new way of assessing and reconciling (albeit partially) the growing conflict between conventional or neoclassical economics (represented by the work of Nobel Laureates Milton Friedman and Gary Becker) and behavioral economics (represented by the work of Nobel Laureates Daniel Kahneman and Richard Thaler). In the book, McKenzie uses conventional economic analytics to explain how and why many behaviorists' findings of widespread decision irrationalities and biases have a rational foundation. He is also able to develop many economic insights that conventional economists have missed, for example, how the gains from open trade are greater than Adam Smith and his followers have realized. He accomplishes such ends by first recognizing that the human brain, while powerful, is the one of the scarcest of all resources in the universe and by realizing that the brain faces a serious economic problem, that of allocating as carefully and judiciously as it can its limited mental resources to achieve its most valuable ends. The human brain is seen as the ultimate seat of rational decision making. Adam Smith famously wrote that people have a propensity to truck, barter, and exchange, without giving a source of the propensity. McKenzie provides the source, the brain's scarcity problem. The brain seeks to accommodate its excess demands by seeking to specialize in its decision making and then searching out trades. Richard McKenzie, who has published widely, is the Walter B. Gerken Professor of Economics (ret.) in the Merage School of Business at the University of California, Irvine. |
| the economic way of thinking will: Macroeconomics James D Gwartney, Richard Stroup, 2014-06-11 Macroeconomics: Private and Public Choice discusses the principle of macroeconomics, particularly government expenditure, taxation, public choice theory, and labor markets. The book also covers aggregate supply, fiscal policy, inflation, unemployment, traditional Keynesian theory, low productivity, rapid inflation. The text explains international economics and comparative systems such as the export-import link, export taxes, and foreign finance. It analyzes the existence of trade barriers as being due to domestic protectionism policies, special interest nature of trade restrictions, and economic illiteracy. The book examines the economics of government failure, namely, the collective decision-making process as being both beneficial and limited of public sector economic action. Among the reasons cited for government failure are voter ignorance, inefficient public policy, existence of special interests, imprecise knowledge of consumer preferences, as well as government shortsightedness. The book also examines why government intervention in some activities can be beneficial, for example, weak market competition or monopoly, uninformed consumers, and when conditions of external benefits can be achieved. Economists, sociologists, professors in economics, or policy makers involved in economic and rural development will find the text valuable. |
| the economic way of thinking will: Stop and Think Daniel Wentland, 2024-10-01 The answers exist for helping individuals achieve a better lifestyle. However, they are buried under the political mindset that the key to economic prosperity is by embracing the ideology of big government, and by promoting a never-ending list of social programs. Distributing economic handouts through political programs is not an effective way to help an individual live a fulfilling life, it only creates government dependency, and make no mistake about it, dependency and government control is the desired outcome of those who promote government as the answer. On the other hand, the principles of the economic way of thinking focus upon the realization that providing an economic hand up is the only way to establish an environment where individuals are free to pursue their dreams and help others achieve a fulfilling life. Embedded within the economic way of thinking is the realization that increases in productivity result in more output and income. Bottom line, the information in the book helps the reader to understand economic facts and debunk myths. ENDORSEMENT: Hooray to Daniel Wentland for demystifying genuine economics and the impact on todays society. Productivity is the ultimate engine of growth in the global economy and Wentland demonstrates how people can be the drivers of economic success. This book is a must-read for skeptics and enthusiasts alike! - Lorena Mathien, SUNY Buffalo State. |
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6 days ago · Learn about World Economic Forum's latest work and impact through the latest key messages on our Homepage.
US trade policy turmoil shakes the global economy, and other key ...
Apr 15, 2025 · A new UN report warned that many countries in the Asia-Pacific region remain ill-prepared for climate-related economic shocks. The IMF-World Bank Spring Meetings are fast …
5 economists on long-term economic trends | World Economic …
Apr 15, 2025 · The economic divisions have only been heightening in recent months as the US has implemented steep tariffs on major trading partners, kicking off a cycle of tit-for-tat trade …
Chief Economists Outlook: January 2025 | World Economic Forum
Jan 16, 2025 · The Chief Economists Outlook also reveals intensifying pressures on the world’s economic interconnectedness with fragmentation trends expected to accelerate in goods and …
Global Risks Report 2025 | World Economic Forum
Jan 15, 2025 · The 20th edition of the Global Risks Report 2025 reveals an increasingly fractured global landscape, where escalating geopolitical, environmental, societal and technological …
Gender Gap Report 2025 - The World Economic Forum
6 days ago · Economic Participation and Opportunity has gained +5.6 percentage points over time, from a 2006 score of 55.1% to a 2025 score of 60.7% – registering the second strongest …
Publications | World Economic Forum
5 days ago · The World Economic Forum publishes a comprehensive series of reports which examine in detail the broad range of global issues it seeks to address with stakeholders as …
Chief Economists Outlook: May 2025 | World Economic Forum
May 28, 2025 · The May 2025 Chief Economists Outlook explores key trends in the global economy, including the latest outlook for growth, inflation, monetary and fiscal policy. It …
The Future of Jobs Report 2025 | World Economic Forum
Jan 7, 2025 · General economic slowdown, to a lesser extent, also remains top of mind and is expected to transform 42% of businesses. Inflation is predicted to have a mixed outlook for net …
Davos 2025: What to expect and who's coming? | World Economic …
Dec 9, 2024 · The 2025 Annual Meeting of the World Economic Forum takes place from 20-24 January in Davos, Switzerland. The meeting convenes under the title Collaboration for the …
The World Economic Forum
6 days ago · Learn about World Economic Forum's latest work and impact through the latest key messages on our Homepage.
US trade policy turmoil shakes the global economy, and other key ...
Apr 15, 2025 · A new UN report warned that many countries in the Asia-Pacific region remain ill-prepared for climate-related economic shocks. The IMF-World Bank Spring Meetings are fast …
5 economists on long-term economic trends | World Economic …
Apr 15, 2025 · The economic divisions have only been heightening in recent months as the US has implemented steep tariffs on major trading partners, kicking off a cycle of tit-for-tat trade …
Chief Economists Outlook: January 2025 | World Economic Forum
Jan 16, 2025 · The Chief Economists Outlook also reveals intensifying pressures on the world’s economic interconnectedness with fragmentation trends expected to accelerate in goods and …
Global Risks Report 2025 | World Economic Forum
Jan 15, 2025 · The 20th edition of the Global Risks Report 2025 reveals an increasingly fractured global landscape, where escalating geopolitical, environmental, societal and technological …
Gender Gap Report 2025 - The World Economic Forum
6 days ago · Economic Participation and Opportunity has gained +5.6 percentage points over time, from a 2006 score of 55.1% to a 2025 score of 60.7% – registering the second strongest …
