Economics : private and public choice
- 4th ed.
- New York Harcourt Brace Jovanovich 1987
- 862 p.
This is an exciting time to study and teach economics. Economic events and advancements in economic theory are changing the introductory economics course. In some cases, recent theoretical contributions have supplemented our previous knowledge. In other instances, they have enlightened it; in still others, they have corrected it. Since the real world is the laboratory of the economist, events often contribute to our under of issues. The bitter experience of the 1970s illustrates that economic prob lem solving is a far more complex and demanding task than was envisioned 15 years ago. A modern principles course must explain why this is so and what lessons we should learn from the recent economic instability that has plagued western economies.