Evolution of modern economics

Economics has grown so rapidly in recent years, it has increased so much in scope and depth, and the new dominance of the empirical approach has so transformed its character, that no one book can do it justice today. To fill this need, the Foundations of Modern Economics Series was conceived. The Series, brief books written by leading specialists, reflects the structure, content, and key scientific and policy issues of each field. Used in combination, the Series provides the material for the basic one-year college course. The analytical core of economics is presented in Prices and Markets and National Income Analysis, which are basic to the various fields of application. Prices and Markets, a new book pre pared especially for this edition of the Series, takes the beginning student through the elements of that subject step-by-step. The Price System is a more sophisticated alternative carried over from the first edition. Two books in the Series, The Evolution of Modern Economics and Economic Development: Past and Present, can be read without prerequisite and can serve as an introduction to the subject.
The Foundations approach enables an instructor to devise his own course curriculum rather than to follow the format of the tra ditional textbook. Once analytical principles have been mastered, many sequences of topics can be arranged and specific areas can be explored at length. An instructor not inter ted in a complete survey course can omit some books and concentrate on a detailed study of a few fields. One-semester courses stressing either macro or micro-economics can be readily devised. The instructors guide to the Series indicates the variety of ways the books in the Series can be used This Series is an experiment in teaching. The positive response to the first edition has encouraged us to continue, and to develop and improve, the approach. The thoughtful reactions of many teachers who have used the books in the past have been of immense help in preparing the second edition -in improving the integration of the Series, in smoothing some rough spots in exposition, and in suggesting additional topics for coverage.
The books do not offer settled conclusions. They introduce the central problems of each field and indicate how economic analysis enables the reader to think more intelligently about them, to make him a more thoughtful citizen, and to encourage him to pursue the subject further.