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Understanding Economics - Harlan M. Smith

Understanding Economics

Hardcover Published: 26th July 1999
ISBN: 9780765604835
Number Of Pages: 200

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Written especially to be compatible with most introductory economics courses, this book encourages readers to apply basic economic principles to their own life experiences. It supplements basic economic training by providing a critical examination of the essential economic theorems and concepts, and the practical contexts in which they can be understood. Smith discusses caeteris paribus, the production possibilities frontier, supply and demand, competition, comparative advantage, wealth distribution, "the invisible hand", utility, elasticity, money and finance, the international economy, macroeconomics, and the future development of economics and economic systems. The book is organized so that it may either be used as a stand-alone text for the short course in economics or as a supplemental work to augment the main "Principles of Economics" texts used in the full course.

Why Study Economics?
The Definition, Character and Misuse of Economics Some Introductory Concepts
How Some Basic Things Are Determined by an Economic System
Caeteris Paribus and Prediction
The Production Possibilities Frontier
Wants, Resources, Technology, Productive Units Economizing and Rationality
The Economic Principle
The Dehumanized Utility Function and Rationality
Human Ends
Individual and Social Decision-Making Demand, Supply, Competition, Invisible Hand
Price Determination
Elasticities of Demand and Supply
Market Prices and Social Values
The Perfect Competition Norm
The Invisible Hand Money and Finance
The Influence and Safety of Finance
The Business Firm and Society
The Firm and Profit Maximization
Oligopoly, Stability and Public Policy
Expectations, Uncertainties and Probabilities
Externalities and Efficiency
Responsibility to Stockholders and Others
The Distribution of Income and Wealth
Functional Income Distribution Theory
The Minimum Wage Law
Marginal Productivity as an Implicit Ethical Norm
More on the Distribution of Income and Wealth
The Equity-Efficiency Trade-off Macroeconomics
Aggregate Demand and Supply
That Keynesian Revolution Controversy Again
The Welfare State
Inflation and Stagflation
Rules versus Discretion in Macroeconomic Policy
The International Economy
International Economic Relations
The International Monetary System
The Future Development of Economic Systems
The Economic Roles of Government
Comparative Economic Systems
Economic Development
Growth and Sustainable Economies
The Future Development of Economics
What Picture of Social Problems?
The Relation to Social Philosophy
A Humanistic Economics is Needed
Table of Contents provided by Ingram. All Rights Reserved.

ISBN: 9780765604835
ISBN-10: 0765604833
Audience: General
Format: Hardcover
Language: English
Number Of Pages: 200
Published: 26th July 1999
Country of Publication: GB
Dimensions (cm): 22.23 x 15.88  x 1.91
Weight (kg): 0.44

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