Introduction to economics

I NTRODUCTION TO ECONOMICS is an important addition to the small group of principles textbooks that are frankly and positively liberal, in the traditional mean ing of that term.

At the same time, the basic tools of eco nomic thinking - including the Keynesian are developed with remarkable clarity and objectivity. The authors are objective where objectivity is both possible and desirable. that is, in the handling of economic analysis; and they take a clear position where 'ob jectivity' is only fence-straddling, that is, in the handling of economic policy. While the authors' policy orientation is explicitly traditional liberal, the divergent views are handled with respect and restraint.

This book is an elementary introduction to a vast field. We have deliberately re frained from bringing in many of the re finements of theory. It starts with a des cription of certain features common to all economic systems that are based on speciali zation and the use of money. The national income accounts are introduced briefly at this point and some of their uses and limi tations as measures of overall performance are explained. This is followed by a sur vey of the operating principles of a pre dominantly private enterprise economy and the way in which men as producers orga nize their specialized activities with a view to satisfying their needs as consumers.