The Economic Way of Thinking

13th Edition - Pearson New International Edition

By: David Prychitko, Peter Boettke, Paul Heyne

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Paperback | 1 November 2013 | Edition Number 13

At a Glance

Paperback
432 Pages

Edition Type
Revised

Dimensions(cm)
21.7 x 27.9 x 3.1

Paperback

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Teach your students how to think like economists.

The Economic Way of Thinking goes beyond explaining the basic principles of micro- and macroeconomic analysis by showing students a method of reasoning that teaches them how to apply these principles as tools. The authors expose students to a method of reasoning that makes them think like an economist through example and application and also shows them how not to think, by exposing errors in popular economic reasoning.

Key features

Applications play an integral part in both conceptual learning and student motivation. And unlike other texts, these applications are not to relegated to 'boxed applications'.
This text strategically integrates graphs only when necessary, carefully focusing them on the point at hand.
Students can quickly and easily interpret these graphs, and integrate them into their overall economic thinking framework.
The authors use language that speaks to students, rather than dictating to them.
By making connections between different concepts and following a single continuous theme, students can get a clearer sense of the big picture and can better draw conclusions.
By incorporating data from the discussion of the performance of economic systems, this text emphasises the argument that the security of property, freedom of contract, open trade and monetary and fiscal constraint are essential policy ingredients that explain why some countries perform well and others not so well. This is valuable insight about international policy issues and how they affect the economic environment for students.

New to this edition
This edition has increased its insight by delving deeper into the following:

We discuss time preference and the role of interest rates in coordinating economic activity in Chapter 5.
We have reintroduced an entire chapter on income distribution (Chapter 12).
We have added a discussion of discouraged workers in Chapter 13.
Our discussion of monetary equilibrium has been merged into Chapter 14 on money.
We discuss the Austrian theory of the unsustainable boom in Chapter 15, connect that to the interest rate presentation in Chapter 5, and apply it to the Great Recession of our recent past. (One reviewer remarked that we haven't had enough of a presentation of the Austrian theory of the business cycle in previous editions. He asked us to just spell it out and be done with it. We have accomplished just that in Chapter 15.)
We've updated the data and have added learning objectives at the beginning of each chapter.

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