Principles of Economics

(2 reviews)


Pub Date: 2016

ISBN 13:

Publisher: University of Minnesota Libraries Publishing

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Reviewed by Choikam Yip, Adjunct Instructor, Portland Community College, on 1/8/2016.

This textbook is very comprehensiveness. It covers almost all the major topics in mainstream micro and macroeconomic studies. The examples and data … read more



Reviewed by Bill Burrows, Economics Instructor, Lane Community College, Eugene,OR, on 1/8/2016.

Being a product of the Pleistocene epoch, I sometimes don't trust my online navigation skills. That said, after repeated attempts, I was unable to … read more


Table of Contents

  • Chapter 1: Economics: The Study of Choice
  • Chapter 2: Confronting Scarcity: Choices in Production
  • Chapter 3: Demand and Supply
  • Chapter 4: Applications of Demand and Supply
  • Chapter 5: Elasticity: A Measure of Response
  • Chapter 6: Markets, Maximizers, and Efficiency
  • Chapter 7: The Analysis of Consumer Choice
  • Chapter 8: Production and Cost
  • Chapter 9: Competitive Markets for Goods and Services
  • Chapter 10: Monopoly
  • Chapter 11: The World of Imperfect Competition
  • Chapter 12: Wages and Employment in Perfect Competition
  • Chapter 13: Interest Rates and the Markets for Capital and Natural Resources
  • Chapter 14: Imperfectly Competitive Markets for Factors of Production
  • Chapter 15: Public Finance and Public Choice
  • Chapter 16: Antitrust Policy and Business Regulation
  • Chapter 17: International Trade
  • Chapter 18: The Economics of the Environment
  • Chapter 19: Inequality, Poverty, and Discrimination
  • Chapter 20: Macroeconomics: The Big Picture
  • Chapter 21: Measuring Total Output and Income
  • Chapter 22: Aggregate Demand and Aggregate Supply
  • Chapter 23: Economic Growth
  • Chapter 24: The Nature and Creation of Money
  • Chapter 25: Financial Markets and the Economy
  • Chapter 26: Monetary Policy and the Fed
  • Chapter 27: Government and Fiscal Policy
  • Chapter 28: Consumption and the Aggregate Expenditures Model
  • Chapter 29: Investment and Economic Activity
  • Chapter 30: Net Exports and International Finance
  • Chapter 31: Inflation and Unemployment
  • Chapter 32: A Brief History of Macroeconomic Thought and Policy
  • Chapter 33: Economic Development
  • Chapter 34: Socialist Economies in Transition

About the Book

Principles of Economics is adapted from a work produced by a publisher who has requested that they and the original author not receive attribution. This adapted edition is produced by the University of Minnesota Libraries Publishing through the eLearning Support Initiative. Though the publisher has requested that they and the original author not receive attribution, this adapted edition reproduces all original text and sections of the book, except for publisher and author name attribution.

This book is intended for a two-semester course in Economics taught out of the social sciences or business school. Principles of Economics aims to teach considerable range and depth of Economic concepts through an approachable style and methodology. The authors take a three-pronged approach to every chapter: The concept is covered with a “Heads Up” to ward off confusion, a real-world application for that concept, and a “You Try It” section to make sure students are staying on top of the concept.

About the Contributors


Unnamed Author has been a Professor of Economics at Colorado College in Colorado Springs since 1989. She teaches principles of economics, intermediate macroeconomic theory, comparative economic systems, and international political economy. She received her B. A. in economics-mathematics and Spanish from Simmons College and her Ph.D. in economics from Rutgers University.

Prior to joining the faculty at Colorado College, she taught at Lafayette College and at the Rutgers University Graduate School of Management. She served as a Fulbright Scholar in Istanbul, Turkey, and as a research economist at Mathematica, Inc. in Princeton, New Jersey.

Unnamed Author specializes in the internationally oriented areas of economics, with numerous articles in journals and books on comparative and development economics. Much of her work focuses on transition issues and on the Turkish economy.

She has been very involved in study abroad education and has directed programs in central Europe and Turkey.

There is one word that captures the essence of Unnamed Author—inspiring. Unnamed Author was first diagnosed with multiple sclerosis (MS) in 1975. Yet, he continued a remarkable academic career of teaching and research. In 1996, he published the first edition of his principles of economics textbook to great acclaim, and it became widely used in colleges around the country. That same year, MS made him wheelchair-bound. The disease forced his retirement from teaching at the University of Colorado at Colorado Springs in 1998. He lost the use of his arms in 2001 and has been quadriplegic ever since. In 2002, Unnamed Author’s doctor expected him to die.

He was placed in the Pikes Peak Hospice program and was twice given his last rites by his priest. UCCS Chancellor Shockley-Zalabak says, “I really thought that Unnamed Author would die in hospice. That’s what the doctors told me, and I really believed that. I remember one day they called me and told me to try to come see him. They didn’t expect him to live through the night.”

Not only did he live through the night, but he eventually recovered to the point that he moved from hospice to a long-term care facility. There, he never let his disease get him down. In fact, he turned back to his love of writing and teaching for inspiration. He obtained a voice-activated computer, recruited a coauthor, Unnamed Author of Colorado College, and turned his attention to revising his principles of economics book.

In addition to completing the rewrite of his textbook, Unnamed Author recently completed an autobiography about the thirty-two years he has had MS, titled Suffering, Faith, and Wildflowers. He is nearing completion of a novel, Cool Luck, based on the life of a friend. It is the story of a young couple facing the husband’s diagnosis of ALS—Lou Gehrig’s disease. Remarkably, in 2007, he was able to return to the classroom at UCCS, where he had taught economics for twenty-seven years. In January of 2009, Unnamed Author married Dinora Montenegro; the couple lives in San Gabriel, California.

Perhaps Unnamed Author’s approach to life is best summed up by an observation by UCCS English Professor Thomas Naperierkowski: “One of the remarkable things is, heck, I can wake up with a headache and be a pretty grouchy character, but given his physical trials, which he faces every minute of his life these days, I’ve never seen him grouchy, I’ve never seen him cranky.” Carry on, Unnamed Author.