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 | | Economic Way of Thinking, The (11th Edition) by Paul Heyne, Peter J. Boettke, David L. Prychitko ISBN-10: 9780131543690 ISBN-10: 0-13-154369-5 ISBN-13: 9780131543690 ISBN-13: 978-0-13-154369-0 Paperback 2005-02-21 Prentice Hall Find Lowest Price |
Editorials | ||
Product Description Ideal for those with little or no background in economics, this book provides an in-depth discussion of a limited, but crucial set of economic principles and concepts--then applies these tools of analysis to a wide variety of familiar situations. It presents conceptually demanding material in an informal, lively, often witty fashion and prepares readers to be able to clarify, systematize, and make sense out of the economic "news" and "views" they encounter everyday in newspapers, political messages, etc. It covers sophisticated--but simple--economic theory and features extended applications that challenge customary ways of thinking. The Economic Way of Thinking. Substitutes Everywhere: The Concept of Demand. Opportunity Cost and the Supply of Goods. Supply and Demand: A Process of Cooperation. Supply and Demand: Issues and Applications. Efficiency, Exchange, and Comparative Advantage. Information, Middlemen, and Speculators. Price Setting and the Question of Monopoly. Price Searching. Competition and Government Policy. Profit. The Distribution of Income. Externalities and Conflicting Rights. Markets and Government. The Overall Performance of Economic Systems. The Supply of Money. Monetary and Fiscal Policies. National Policies and International Exchange. Employment and Unemployment. Promoting Economic Growth. Economic Performance and Political Economy. The Limitations of Economics. For anyone wanting an accessible introduction to economic principles and their application to everyday situations. | ||
Reviews | ||
The Economic Way of Thinking My teacher recommended to purchase this book. He said that the concepts in the book are clearly explained. As a student who never took Economic, it is a little bit hard to understand some topics sometimes. | ||
Different by Design To counter some of the negative reviews, consider this -- they don't get it. Indeed, it was only in reading the introductions of the 10th edition that I gained a deeper understanding of what I already knew to be the brilliance of Paul Heyne. He left the academic restrictions of SMU to be granted the freedom at the University of Washington to introduce his new way of thinking about economics. Having been taught economics by these principles it took me a long time to understand why when I talk about economics it seems to be at odds with others...my perspective is clearly different based on these fundamental principles. Indeed, there are several compelling tributes to Paul Heyne and his approch to economic thinking: 1) There is an 11th edition...a second edition beyond his death, that bears his name, 2) The 10th edition includes a reference to Ph.D.s in economics suggesting that they had a deeper understanding of their own discipline by reading this book. Contrary to another review, economics is NOT about charts...that's the message Paul illustrates in his concepts. Economics is a way of thinking about the world around us. Those who fail to embrace it in this way will miss the potential that it holds: helping us to understand the dynamics of decision making. | ||
Nice effort, but falls way short. I was reading the reviews for this book, both 11th edition and 10th edition, and was surprised to be the only reviewer that disagrees with the quality of this book. The authors tried to teach Economics in a totally different way, no graphs, no tables, no data, etc. and failed miserably. The fact that there aren't any graphs, pie charts, etc. makes it hard to follow especially if you're more a visual person. It has a hokey "down home" feel to it that doesn't connect, except in a geeky-dork way. And the book is disorganized in terms of the material covered. In short, the book is written like a novel or a story, NOT as a textbook. If you enjoyed "The Worldly Philosophers" by Robert Heilbronner, you'll like reading this book. But to use it as an Economics textbook, BIG MISTAKE. THIS IS ONE OF THE WORST TEXTBOOKS I HAVE EVER SEEN IN ANY COLLEGE SUBJECT OUT THERE. I give it an F or 1 out of 5. | ||
Nice effort, but falls way short. I was reading the reviews for this book, both 11th edition and 10th edition, and was surprised to be the only reviewer that disagrees with the quality of this book. The authors tried to teach Economics in a totally different way, no graphs, no tables, no data, etc. and failed miserably. The fact that there aren't any graphs, pie charts, etc. makes it hard to follow especially if you're more a visual person. It has a hokey "down home" feel to it that doesn't connect, except in a geeky-dork way. And the book is disorganized in terms of the material covered. In short, the book is written like a novel or a story, NOT as a textbook. If you enjoyed "The Worldly Philosophers" by Robert Heilbronner, you'll like reading this book. But to use it as an Economics textbook, BIG MISTAKE. THIS IS ONE OF THE WORST TEXTBOOKS I HAVE EVER SEEN IN ANY COLLEGE SUBJECT OUT THERE. I give it an F or 1 out of 5. | ||
Enjoyable. I used this book as an essential study material for my MacroEconomics course at UCBerkeley. I enjoyed it immensely. The book is organized into 22 chapters and takes you through what could be termed as a more of libertarian, laissez faire form of markets. It begins with the assertion that it is very difficult to approach the process of economic exchange with an open mind. And that there is a need for a framework. And I agree. Then it gives you a typical example of rush-hour traffic to illustrate and then explain the importance of "agreement on certain rules" in order to ensure co-operation which facilitates transaction. And then it takes you through the supply and demand PROCESS (rather than STRUCTURE), Elasticity, Price-searchers/takers, MR/MC, importance of price discrimination, price-controls (and perils thereof) etc and then back to the macroeconomic issues (role of Fed, Government, Treasury, inflation, externalities, regulation). This book (as its title indicates) tends to blur the boundries between Macro and Micro. Some of the salient features - 1) Uses more enonomics and less mathematics (Paul Krugman's approach). 2) A lot of emphasis on Marginalism. 3) Claims to be simple (e.g. The preface opens up with an important question - Why are so many introductory economics courses taught as if every student is going on to acquire a PhD in the subject?) And the book tends to live by the expectation. 4) The tone is a lot more prescriptive that you could imagine. 5) Maintains that the term Monopoly is very hard to define. 6) Goes close to Austrian school. 7) All in all approaches the economic theory as a process rather than structure. I will certainly recommend this one to a beginner. And if you are more of left-of-center then this one is for you if you want to understand the other side of the argument. | ||