1st Edition

Economic Principles and Problems A Pluralist Introduction

By Geoffrey Schneider Copyright 2022
    992 Pages 184 Color Illustrations
    by Routledge

    992 Pages 184 Color Illustrations
    by Routledge

    Economic Principles and Problems: A Pluralistic Introduction offers a comprehensive introduction to the major perspectives in modern economics, including mainstream and heterodox approaches. Through providing multiple views of markets and how they work, it leaves readers better able to understand and analyze the complex behaviors of consumers, firms, and government officials, as well as the likely impact of a variety of economic events and policies.

    Most principles of economics textbooks cover only mainstream economics, ignoring rich heterodox ideas. They also lack material on the great economists, including the important ideas of Adam Smith, Karl Marx, Thorstein Veblen, John Maynard Keynes, and Friedrich Hayek. Mainstream books tend to neglect the kind of historical analysis that is crucial to understanding trends that help us predict the future. Moreover, they focus primarily on abstract models more than existing economic realities. This engaging book addresses these inadequacies. Including explicit coverage of mainstream economics and the major heterodox schools of economic thought—institutionalists, feminists, radical political economists, post-Keynesians, Austrians, and social economists—it allows the reader to choose which ideas they find most compelling in explaining modern economic realities.

    Written in an engaging style and focused on real-world examples, this textbook brings economics to life. Multiple examples of how each economic model works, coupled with critical analysis of the assumptions behind them, enable students to develop a sophisticated understanding of the material. Digital supplements are also available for students and instructors. Economic Principles and Problems offers the most contemporary and complete package for any pluralist economics class.

    PART I:  Economics: A Pluralist Definition
    Chapter 1.  What is economics?

    Chapter 2. Scarcity, choice and opportunity cost

    PART II: The evolution of economic ideas and systems

    Chapter 3. The evolution of pre-capitalist economic systems

    Chapter 4. Adam Smith and the rise of capitalism

    Chapter 5. Karl Marx and the dark ages of capitalism

    Chapter 6. Thorstein Veblen and monopoly capitalism

    Chapter 7. Keynes and mixed market capitalism

    Chapter 8. Modern economic systems

    PART III: Markets, Supply and Demand
    Chapter 9.  Markets and how they work

    Chapter 10.  Applications of supply and demand

    Chapter 11. Consumers and supplier behavior

    PART IV: Market structures and corporations

    Chapter 12. Different types of market structures

    Chapter 13. Short-run and long-run costs of production

    Chapter 14. Perfect competition and competitive markets

    Chapter 15. Monopoly and monopoly power

    Chapter 16. Monopolistic competition

    Chapter 17. Oligopoly and strategic behavior

    Chapter 18. Corporations and their role in society

    Part V: Government intervention in microeconomic markets

    Chapter 19. Market failure and government failure

    Chapter 20. Economics of the environment and climate change

    Chapter 21. Public goods and services.

    Part VI: Labor markets and inequality

    Chapter 22. Working for a living: the labor market

    Chapter 23. Inequality, a key modern issue

    Part VII Macroeconomic issues and problems

    Chapter 24. Modern macroeconomics

    Chapter 25. Macroeconomic wellbeing

    Chapter 26. Unemployment and price instability

    Part VIII Macroeconomic models

    Chapter 27. Aggregate demand and aggregate supply

    Chapter 28. The Keynesian aggregate expenditure-income model

    Part IX: Stabilization policy

    Chapter 29. Fiscal policy, debt and deficits

    Chapter 30. Money, banking and the financial sector

    Chapter 31. Monetary policy

    Chapter 32. Crises, financial and otherwise

    Part X. Growth and global interconnectedness

    Chapter 33. The sources of economic growth

    Chapter 34. International trade and integration

    Chapter 35. International finance and open economy macroeconomics

    Glossary of Key Terms and Concepts



    Geoffrey Schneider is Presidential Professor of Economics at Bucknell University, Pennsylvania, U.S.A. He is an award-winning teacher, author or co-author of six books and numerous scholarly articles, and executive director of the International Confederation of Associations for Pluralism in Economics.