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Populism: The Phenomenon This report is an examination of populism, the phenomenon how it typically germinates, grows, and runs its course. The lack of recent updates is in my opinion the main weakness of the textbook. In most chapters it doesn't matter much, but for the discussion of monetary and fiscal policy it is important to point out that the discussion in the textbook ends with the immediate aftermath of the recession, thus is missing the more recent changes in the Fed's policy and recent developments.
The book lacks a discussion of negative interest rates, Fed's growing balance sheet, and the recent increases in government debt and budget deficits. This seems not to have been updated since For an economics textbook, the writing is easy to understand, which makes it accessible to a wide range of students, but may not be an ideal choice for a more advanced student who may prefer a more demanding text. I found many of the examples interesting and engaging, for instance the example of smokers being on net a positive externality in chapter 11, or the example of hockey teams maximizing profits in chapter Each chapter is organized in a few sections, each with its own learning objectives, examples, and a few questions to be answered.
It seems easy to either pick a section from a chapter, or skip a section, without losing continuity. It seems effort was put into chapters being able to stand alone on their own, for instance there is a separate chapter 23 on economic growth, investment 29 , and interest rate - loanable funds market As mentioned under Modularity, the book does a good job including many stand-alone chapters, but this creates a problem in organization.
For instance it is difficult to make the connection among interest rates, investment, saving, consumption, and economic growth, as the coverage is spread across chapters 13, 23, and There is a small sub-section a little over a page in section I could see students getting a bit lost in the detail presented, and not being able to clearly see the bigger picture.
I found the charts easy to read, and the use of colors is user-friendly. There are clickable links to figures within the text if read online. The format is pretty easy to follow. The pictures in the text feature people of various races, and examples feature a variety of countries from different continents. This is a great textbook, likely to please anyone looking for a standard introductory economics text done well and freely available.
The only significant downside is that it hasn't been updated since about , which I find problematic for the monetary and fiscal policy discussions. This book includes all the usual principles topics, and then some. Want to talk about the effect of third-party payers in health care markets?
Farm policy? Economies in transition? There's a chapter for each of these topics. Throughout, there Throughout, there are references to important historical events, which I appreciate. The Great Depression, for example, is mentioned several times. Some depth is sacrificed, through, to hit on all of these topics. I did not see a glossary, which is a glaring omission for an introductory textbook. In-text problems, with solutions, and end-of-chapter problems are included.
I did not notice any inaccuracies. Perhaps this is more of an interface issue, but I did notice a problem with the formula for elasticity. At least in the online version I was reading from, equation 5. However, students would also probably be better than I am at finding a format that works. This text does a nice job of including a lot of environmental examples, which I think students usually find interesting and relevant.
Chapter 1, for example, refers to oil extraction and water use, as well as careers and salaries in economics another topic that should be of interest. Most case-in-point articles are at least 10 years old, though. I would like to see these updated. In addition to the lack of depth, I find the writing style a little choppy.
Reading this text is a little like reading a small-town newspaper. I frequently wanted more investigative reporting instead of just-the-facts. I am currently using the Krugman and Wells text for Micro Principles , largely because it reads in many parts like a story. I did not find many spots where I felt students would be confused, other than one spot in chapter 1, where a good is defined as "scarce" if it has alternative uses, such as air which we can either breathe or pollute.
In other words, a good is scarce if it is limited. In contrast, a free good is not limited, like gravity. I find these examples air and gravity, illustrating opposites a little confusing particularly for chapter 1. If I were the author, I would avoid mention of free goods to emphasize that virtually everything is scarce. This is a minor issue, but I hate to see any issues so early in the book that might discourage later reading. In contrast, the section in this chapter on careers in economics is clear and engaging.
This is a strength of the book. There are many chapters, instructors can pick and choose and rearrange as they see fit. Generally speaking, the text follows the usual order, micro then macro. Personally, I would have rearranged the chapters a little. For example, I would probably use chapter 6 consumer surplus, and deadweight loss before chapter 4 applications of supply and demand so we can analyze deadweight loss from price controls. But you can always cover in any order you want.
The flow suffers a little from the choppy writing style and lack of depth I mentioned under Clarity. Perhaps students appreciate this more than I do, however. This is a real strength of the text. New terms are highlighted in blue. The graphs and charts are colorful and easy-to-read. I only found a few issues from the online version that I read from. First the elasticity formula didn't come through, and one of the TryIt!
I think the text does a good job of including some international examples, as well as frequent reference to environmental issues that some texts ignore. I like that instructors can easily pick and choose chapters, and the graphs and charts are colorful and engaging. Each chapter has TryIt! The case-in-point articles are relevant but a bit dated. Will they be updated? Also, I just find it strange that the authors are "unnamed" or "anonymous.
I just feel obligated to give credit where credit is due--I'm not sure I can put anonymous on my syllabus. Comprehensive in overall coverage; yet many on the sections leave out important discussions. Comprehensiveness rating: 3 see less.
However, the discussions are insufficient, sometimes to the extent of misleading the reader. For example, discussion of the long-run average cost curve shows an area on economies OF scale associated with multiple sizes of plot flowed my a range of constant returns TO scale TO which scale? Still talking about several scales , then an range of economies OF scale. Confusion is 1 reader never told that economies and discommodes BOTH exist over the entire range.
Downward sloping and upward sloping reflect the NET economies. Beginning students wonder if the economies disappear, or if diseconomies only appear with very large sizes. It would be helpful to distinguish between technological and pecuniary, and between internal and external.
Mixing discussion of returns OF and TO scale confuses with short-run diminishing returns TO scale with economies and diseconomies OF different scale alternatives. There are some problems in accuracy owing to attempts to simplify or "dumb down" for beginning students. This is the problem of principles texts generally, and the inaccuracies here are on a par with those in other published works.
See above discussion on comprehensiveness. Text is on par with most text in the field. Not likely to become obsolete. NB: I am no one who insists on most recent data or topical issues -- articles can easily supplement in this area. Theory and logic evolve over time.
Updates should be relatively easy to implement. Most importantly in this area, organization and structure of presentation is classical and consistent with how I and many others structure a course.
Jargon is not a problem and text is not overly technical. As stated earlier, lucidity problems stem from inadequate discussion in attempt to simplify. Similar to published texts in this area. No problems with interface. Electronic version e. PDF takes advance of hyperlinks to reference charts and other sections. Did not review with an eye to cultural relevance or political correctness. Nothing stood out as being problematic. I will seriously consider the text.
At many points in the semester you will be asked to calcula Do used car sales count in GDP? Consider the following scenario: You decide to purchase a used car or a house, or anything used for that matter from a used car dealer. The 7 best sites for learning economics for free. This post was updated in August with new information and sites. Since creating this website I have scoured the web to see which sites The five fundamental principles of economics, basic terms we need to know in order to move on.
There are five fundamental pri How to draw a PPF production possibility frontier. This post was updated in August of to include new information and more examples. The idea of a production possibility frontier PP Updated August of to include more information and examples. Previous posts have gone over the description and construction of the p Jeff econ help, marginal benefits, marginal costs, microeconomics, scarcity, utility,.
There are five fundamental principles of economics that every introductory economics begins with at the start of the semester: rationality, costs, benefits, incentives, and marginal analysis. Below is a list of these five concepts with a brief intuitive discussion and examples. However, it is an assumption that economists make to let the models work.
Remember that to economists, rationality means that people act in their own best interest with the information that they have available to them. It doesn't mean they make the best long term decisions, it just means they make the best decisions according to their own desire for happiness with the information that they have. In general, most people are rational. For example people eat food, go to work, play nice with others, etc. If people behaved irrationally, then there would be no chance in the world to predict their behavior.
By assuming that people are rational, and make decisions based on what is best for them, we can break down the decision making process. This allows us to study the factors that influence decision making. Costs and opportunity costs: The most common use of the word cost is a monetary cost. Generally we are concerned with the trade offs that are associated with decisions we make.
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