Economic Principles and Problems : A Pluralist Introduction book cover
1st Edition

Economic Principles and Problems
A Pluralist Introduction

ISBN 9781138640009
Published November 30, 2021 by Routledge
992 Pages 184 Color Illustrations

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Book Description

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.

Table of Contents

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


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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.