Principles of Economics in a Nutshell provides a succinct overview of contemporary economic theory. This key text introduces economics as a social science, presenting the discipline as an evolving field shaped within historical context rather than a fixed set of ideas.
Chapters on microeconomics introduce concepts of scarcity and tradeoffs, market analysis (the Marshallian cross of supply and demand) and the theory of the firm and market structure. Chapters on macroeconomics begin with an explanation of national income accounting, followed by discussions of macroeconomic theory in the goods market and in the money market from both a Keynesian and Classical view. The text concludes with examples of how to expand upon core material, introducing the perspectives of feminist and ecological economics.
This book will be of great importance to students new to economics and is ideal for use on single-semester Principles courses or as a primer on economics courses in other settings. The text is fully supported by online resources, which include a set of analytical questions and suggestions for further reading for each chapter.
Table of Contents
1 More than just the stock market: introduction to economics
2 Not in the Garden of Eden: scarcity and tradeoffs
3 Led by an invisible hand: the market
4 Inside the magic box: productivity, costs, and profit maximization
5 Understanding the wealth of nations: national income accounting
6 In the short-run we are alive: macroeconomic theory and policy: the goods market
7 Money changes everything: macroeconomic theory and policy: the money market
8 The embedded economy
Lorenzo Garbo is Professor in the Department of Economics at University of Redlands, USA.
Dorene Isenberg is Professor in the Department of Economics at University of Redlands, USA.
Nicholas Reksten is Assistant Professor in the Department of Economics at University of Redlands, USA.
"This introductory economics textbook is long overdue. For too long, students taking their first economics course have had difficulty seeing how material can be used to address the most important issues we face in society. This textbook gives students a strong foundation in economic theory and shows them how to use what they learn to address interesting and relevant topics in economics such as non-market transactions, household production and environmental problems." – Professor Matthew Lang, University of California, Riverside
"This textbook is for professors who want to teach the basics of economics within a broad and open-minded Liberal Arts framework." – Professor James Devine, Loyola Marymount University
"A much-needed alternative textbook to engage students in today’s economic issues." – Professor Mark Maier, Glendale Community College