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.
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Extra resources for What Every Economics Student Needs to Know and Doesn't Get in the Usual Principles Text
He said that I may want to examine a few books like his and some others, which I did over the Christmas break of 1979— the experience is all very vivid to me. It was in my father-in-law’s house. I saw that all science was rhetoric, though I don’t know if I would have expressed it quite as clearly as this in December 1979. After all, science is meant to persuade other scientists. So it’s not just announcing your ‹ndings to the universe; it’s directed at other human beings. Like all speech, the words coming out of my mouth have intent.
The fourth set of interviews, with Richard Norgaard and jointly with Robert Axtell and Peyton Young, shows another dimension of the way in which the complexity revolution is affecting economics. Norgaard was chosen because he has been a crucial developer of the new ecological economics. He represents how modern economics is interacting with other disciplines and is in›uencing the way economic reasoning is used in policy. Axtell, a student of Herbert Simon, was chosen because he has been a leader in the application of simulation methods in the study of complex models of interacting heterogeneous agents.
To abandon tenure at Chicago was one brave thing I did, and then changing gender was another. I think we’re all courageous in our lives. I’m an optimist, so I am hopeful. I don’t think Samuelsonian economics can be the long-run equilibrium of such an important ‹eld such as economics. I think that because of the two secret sins of Samuelsonian economics, the qualitative theorems and signi‹cance testing in the absence of the loss function, we can’t make scienti‹c progress. We can do a lot of other stuff.
What Every Economics Student Needs to Know and Doesn't Get in the Usual Principles Text by John Komlos