Understanding Economics Today [antikvár]

Many people have taken economics and yet have no idea how to apply their ediicatiQiLto the problems and issues they confront on a daily basis. How many people say they took economics but remember none of it? The lessons of economics can be used in business, govern- ment, medicine, science, the military, law, politics, sports, religion, and virtuajly any other aspect of modern life. We are amazed and_delighted V at the .ability of our profession to contribute to social well-being in these varied arenas. Indeed, George Stigler, the 1982 Nobel laureate in eco- nomics, has called it the "Imperial Science." Your first exposure to economic analysis will be both challenging and rewarding. The tools of economics—objectivity, simplification, modeling, and logic—if well learned will serve you for life. The first step toward sound economic reasoning—learning to distinguish between opinions and analysis—can be difficult. You bring to this first course in college economics notions about capitalism, taxes, regulation, unions, protectionism, and so on. Typically your exposure to these topics came from parents, politicians, popular magazines, and television—sources in which opinions and analyses are often hopelessly entwined. Separat- ing analyses from opinions is a basic principle in this course. It can only be done if the book used is clear, objective, and balanced. We cover many topics that are vigorously debated, issues over which economists have divergent views and different approaches. We clearly identify these diverse viewpoints and use the simple circular flow model