Principles of Economics
Multiple Authors, OpenStax College
ISBN 13: 978-1-9381682-3-9
Conditions of Use
This textbook is extremely comprehensive. All of the traditional micro and macro topics that would be covered in a principles course are covered read more
This textbook is extremely comprehensive. All of the traditional micro and macro topics that would be covered in a principles course are covered extensively. There are also many additional chapters that can be used as complements to complement and supplement the traditional material.
Principles of Economics is accurate and unbiased. I was impressed with the way that controversial topics such as environmental protection, poverty, and inequality are covered. Market-based and government-based solutions to common economic problems are presented with a fair presentation of the costs and benefits of each.
The text is very relevant as there are discussions of various current economic topics. I'm happy to see that topics like the Keystone Pipeline are discussed. It will be difficult to update this text simply because it is so extensive. However, the theories behind the topics are presented in such that it will not be impossible.
I was very impressed with the clarity of this text. Many complex economic topics are covered, and for the most part, they are explained at a basic undergraduate level. My only criticism is that words and phrases were often defined using a lot of technical terminology without extensive use of examples to supplement the definitions.
The text is very consistent. Each chapter is presented in the same format. The terminology was also very consistent. Since material builds on itself, consistency is very important. This text presents the material in a practical sequence that allows for sequential learning.
The content of this text is presented in many small sections of information. Chapters can be easily rearranged. However, the modularity within chapters is such that it may be difficult for students to see how the material builds and is related to previous material. While it's good for a text to avoid being overly self-referential, this text goes a bit too far in that the material sometimes appears unrelated when it definitely is.
The organization and structure of this text is a point of strength. The text covers a very large amount of material, so the fact that there are many chapters is a plus. The chapters are logically structured, but they are divided in such a way that it is easy to rearrange material.
The book's interfaces is great. Graphs and charts are not overly complex. Economics texts often overdue it when it comes to graphing. While graphing is important, for principles students, it should be simplified as much as possible.
I did not notice any grammatical errors.
I didn't find this text to be culturally insensitive or offensive in any areas. Examples used and topics addressed are culturally inclusive and relevant.
This is an excellent textbook. Economic theory principles are covered extensively, and there are a lot of supplementary and complementary topics. The material is up-to-date and it is presented in a way that gives the instructor a lot of flexibility in what, how, and when material is covered.
This is a VERY comprehensive principles text. No Glossory :( but the eight-page-triple column index is very thorough and complete. read more
This is a VERY comprehensive principles text. No Glossory :( but the eight-page-triple column index is very thorough and complete.
While I haven't gone over this text with a fine-toothed comb (more of a broad brush), random check of various sections of multiple chapters stuck me as quite good in respect to accuracy and lack of bias. One "gripe" I have is that the name F.A. Hayek appears nowhere. Given the current political/economic climate, some reference to conservative approaches to macroeconomic policy would be relevant. Other than that, pretty darn good presentation overall.
OER texts often end up "between a rock and a hard place" on this issue. Contemporary examples and references certainly make a text more relevant and interesting to students, but they also guarantee some impression of being outdatted in a few short years. This assumes no regular re-writes or revisions of course, which is the norm with most OER texts. But leaving out any references to current events can result in a text that seems bland and encyclopedic. Dang, it's a difficult balance to achieve. Ultimately, I suppose the onus falls on the user of the OER text to revise and revamp where needed/desired.
The task of making economic concepts and jargon inviting and readable is an onerous one. Too much lilting prose and/or humor can strike some as unprofessional and lacking in depth, while a more staid and largely technical approach can be perceived as pedantic and arrogant (not to mention BORING!). This text manages the balance between the two fairly often.
Very consistent. Reading through the text left me with the impression that a stable of editors ruthlessly searched for and corrected any inconsistencies (indeed, there were over 40 reviewers). The overall "package" felt well-organized and consistent throughout. I suppose the greatest complement I could give is to point out that this text did not look, feel, or read like a generic OER text. It gave the impression of a product that was produced by a well-financed college text publisher. Actually, that's at least partially the case, since Timothy Taylor's second ed. of Principles of Economics was heavily borrowed from when compiling this OER text.
Pretty darn good overall. This is tough to do with an economic principles text, given that broad blocks of material build upon themselves, much like a language or math course. This text's modularity is thoroughly acceptable by my standards.
Super for the most part. Chapter 4, Labor and Financial Markets, felt like a bit of an interuption/distraction placed between Demand/Supply and Elasticity. Pretty minor complaint and easily rectified by simply omitting or re-arranging a bit.
Gosh, nothing negative to point out on this topic. Again, basing this OER text on an earlier second iteration of a free-market produced product likely pretty much eliminated these sorts of issues.
No grammatical errors sprang forth to my picky eyes
Thanks for not making this the primary focus of the review. Having largely originated as a publisher-produced product being marketed to culturally sensitive public sector educators, I am confident it was properly and thoroughly vetted in this realm.
I suppose the most telling comment I could make is to remark that I will definitely be using this text as the primary OER reference in all my in-class Intro, Micro, and Macro Economics Principles courses. I specify "in-class" because the publishing companies understandably still excel far beyond any OER text when it comes to online support and products.
The book is very comprehensive, its inclusion of a richer discussion of international and policy issues is great. read more
The book is very comprehensive, its inclusion of a richer discussion of international and policy issues is great.
I didn't detect bias, despite the inclusion of some fairly controversial topics that don't make it into other texts.
I don't see any increase in difficulty of updating this vs. other texts.
Economics must always use some amount of jargon, but this text is clear.
Usage of the market model throughout is strong and consistent.
Very short and sweet.
The flow, although different than other texts, makes sense to me (and is superior)
Nothing flashy, but it works. I'd like the graphs to be less fragile looking (thin lines, light colors)
No issues in my perusal.
Great international focus.
I think the focus on policy and current events is a great hook for nonmajor students.
Table of Contents
Chapter 1: Welcome to Economics!
Chapter 2: Choice in a World of Scarcity
Chapter 3: Demand and Supply
Chapter 4: Labor and Financial Markets
Chapter 5: Elasticity
Chapter 6: Consumer Choices
Chapter 7: Cost and Industry Structure
Chapter 8: Perfect Competition
Chapter 9: Monopoly
Chapter 10: Monopolistic Competition and Oligopoly
Chapter 11: Monopoly and Antitrust Policy
Chapter 12: Environmental Protection and Negative Externalities
Chapter 13: Positive Externalities and Public Goods
Chapter 14: Poverty and Economic Inequality
Chapter 15: Issues in Labor Markets: Unions, Discrimination, Immigration
Chapter 16: Information, Risk, and Insurance
Chapter 17: Financial Markets
Chapter 18: Public Choice
Chapter 19: The Macroeconomic Perspective
Chapter 20: Economic Growth
Chapter 21: Unemployment
Chapter 22: Inflation
Chapter 23: The International Trade and Capital Flows
Chapter 24: The Aggregate Supply-Aggregate Demand Model
Chapter 25: The Keynesian Perspective
Chapter 26: The Neoclassical Perspective
Chapter 27: Money and Banking
Chapter 28: Monetary Policy and Bank Regulation
Chapter 29: Exchange Rates and International Capital Flows
Chapter 30: Government Budgets and Fiscal Policy
Chapter 31: The Macroeconomic Impacts of Government Borrowing
Chapter 32: Macroeconomic Policy Around the World
Chapter 33: International Trade
Chapter 34: Globalization and Protectionism
Chapter 35: The Use of Mathematics in Principles of Economics
Chapter 36: Demand, Supply, and Efficiency
Chapter 37: Indifference Curves
Chapter 38: Present Discounted Value
Chapter 39: The Expenditure-Output Model
About the Book
Principles of Economics covers the scope and sequence for a two-semester principles of economics course. The text also includes many current examples, including; discussions on the great recession, the controversy among economists over the Affordable Care Act (Obamacare), the recent government shutdown, and the appointment of the United States’ first female Federal Reserve chair, Janet Yellen.
The pedagogical choices, chapter arrangements, and learning objective fulfillment were developed and vetted with feedback from educators dedicated to the project. The outcome is a balanced approach to micro and macro economics, to both Keynesian and classical views, and to the theory and application of economics concepts. Current events are treated in a politically-balanced way, as well.
Note: Principles of Economics PDF and web view versions have been updated to include current FRED (Federal Reserve Economic) data.
OpenStax College has compiled many resources for faculty and students, from faculty-only content to interactive homework and study guides.
About the Contributors
Senior Contributing Author
Timothy Taylor, Macalester College
Senior Content Expert
Steven A. Greenlaw, University of Mary Washington
Eric Dodge, Hanover College
Cynthia Gamez, University of Texas at El Paso; El Paso Community College
Andres Jauregui, Columbus State University
Diane Keenan, Cerritos College
Dan MacDonald, California State University San Bernardino
Amyaz Moledina, The College of Wooster
Craig Richardson, Winston-Salem State University
David Shapiro, Pennsylvania State University
Ralph Sonenshine, American University