By John Komlos
This brief ebook explores a middle crew of forty issues that have a tendency to head unexplored in an Introductory Economics direction. although no longer a alternative for an introductory textual content, the paintings is meant as a complement to impress additional notion and dialogue by way of juxtaposing blackboard versions of the economic system with empirical observations. every one bankruptcy starts off with a quick "refresher" of normal neoclassical monetary modeling earlier than moving into actual global fiscal life.
Komlos indicates how deceptive it may be to automatically practice the correct festival version in an oligopolistic atmosphere the place in basic terms a trifling percentage of monetary task occurs in completely aggressive stipulations. such a lot economics texts introduce the idea of oligopoly and differentiate it from the ideal festival version with its specialise in "price takers." Komlos contends that oligopolies are "price makers" like monopolies and reason shoppers and economies approximately as a lot damage. Likewise, so much textbook authors eschew any distortions of marketplace pricing by means of govt, yet there's frequently little dialogue of the true effect of minimal wages, which Komlos corrects. The e-book is a reasonable complement for all simple economics classes or for someone who desires to assessment the elemental principles of economics with transparent eyes.