Boundless Economics

Reviewed by Nicole Bissessar, Adjunct Professor, Worcester State University on 6/17/25

Comprehensiveness rating: 4 see less

The overall structure of this online economics text is commendable. Its layout is intuitive and accessible, making it well-suited for introductory courses such as Principles of Microeconomics and Principles of Macroeconomics. Additionally, the inclusion of specialized topics—such as income inequality and poverty, major macroeconomic theories, economic crises, healthcare economics, natural resource economics, agricultural economics, and immigration economics—adds significant value and can align with more advanced/specialized economic courses in History of Economic Thought, Applied Economics, and Development Economics (but only at an undergraduate level before 3rd year).

However, it my opinion that there are three critical areas where the content could be enhanced to reflect current developments and maintain the text's academic rigor:
1) Recognition of Recent Nobel Laureates and Institutional Economics: The 2024 Nobel Prize in Economic Sciences was awarded to Daron Acemoglu, Simon Johnson, and James A. Robinson for their influential research on the role of institutions in shaping economic prosperity. Their work underscores the importance of political and economic institutions in determining long-term economic outcomes. Incorporating their findings would enrich discussions on development economics, political economy, and institutional analysis, offering students a contemporary lens through which to understand economic growth and inequality.

2) Modern Monetary Policy and the Ample Reserves Framework: Since the Great Recession of 2008–2009 and the COVID-19 pandemic of 2020, central banks—particularly the Federal Reserve—have shifted toward an "ample reserves" framework for implementing monetary policy. This approach, which relies on administered interest rates rather than reserve scarcity, is now a standard topic in modern macroeconomics. Including this framework is essential for any up-to-date macroeconomics curriculum, as it reflects the evolving tools and strategies used by policymakers in a post-crisis world.

3) Updated Analysis of Economic Crises and Policy Responses: The text would benefit from a more comprehensive and updated treatment of recent economic crises, particularly the global response to the COVID-19 pandemic. The fiscal and monetary policy measures enacted during this period—such as large-scale stimulus packages, emergency lending facilities, and expanded unemployment benefits—mirror and, in some cases, diverge from those used during the 2008 financial crisis. A comparative analysis of these responses would provide students with valuable insights into crisis management, policy effectiveness, and the resilience of economic systems.

Content Accuracy rating: 4

As noted previously under the section on Comprehensiveness above, the chapters on Monetary Policy and Economic Crises require significant updates to ensure accuracy and relevance. These topics should reflect the current monetary policy framework—particularly the shift to an ample reserves regime—and incorporate recent fiscal and monetary responses to the COVID-19 pandemic.

Additionally, the section on Major Macroeconomic Theories would benefit from a more structured historical progression. It is recommended that the discussion begin with the Classical School of Economics, which laid the foundational principles of market self-regulation and long-run neutrality of money. This should then transition into the Keynesian School, which introduced the importance of aggregate demand and government intervention, followed by the Monetarist School, which emphasized the role of monetary policy and inflation control. Presenting the theories in this chronological and conceptual order would enhance students’ understanding of the evolution of macroeconomic thought.

Relevance/Longevity rating: 4

Boundless Economics is definitely a relevant and valuable open educational resource (OER) because it offers accessible, foundational content that aligns well with introductory economics courses. I have often borrowed some of its core content to explain simple concepts to my undergraduate students due to it being written in very simple language, so students do enjoy its content. Its open-access model makes it especially useful for institutions and students seeking affordable, flexible learning materials. The text covers core principles in microeconomics and macroeconomics, and includes applied topics like healthcare, environmental, and development economics, which broadens its appeal.

In terms of longevity, Boundless Economics has strong potential—provided it continues to be updated. Its modular structure allows for easy integration of new developments, such as recent Nobel Prize-winning research or shifts in monetary policy frameworks. As long as it remains maintained and responsive to changes in the field, it can serve as a durable and adaptable resource for both teaching and self-study.

Clarity rating: 4

In my opinion, it is a good book for self-study because of its clarity. It does incorporate technical terms and economic jargon appropriately, ensuring that students are introduced to the language of economics without being overwhelmed. Where it could have more clarity with technical terminology is that it is updated as economics has been changing, as some of its content on case studies and examples is outdated.

Consistency rating: 4

It does so with the core theories in economics, consistently define the key terms and concepts clearly.

Modularity rating: 4

The book is, in fact, modular. Each chapter focuses on a specific concept (e.g., supply and demand, market structures, fiscal policy), allowing instructors to assign only the sections relevant to their syllabus. As each chapter begins with learning goals, it helps students understand what they’re expected to grasp. Additionally, concepts are explained in a way that doesn’t require strict sequential reading, which is ideal for blended or asynchronous learning.

Organization/Structure/Flow rating: 4

I would suggest: Thematic Grouping, allowing chapters to be grouped by theme, allowing students to focus on specific areas, like say:
Microeconomics (e.g., the market system, utility, elasticity, market failure, types of markets)
Macroeconomics (e.g., aggregate demand/supply, fiscal/monetary policy tools, open economy macroeconomics)
Applied Economics (e.g., healthcare, natural resources, immigration) so that the specialized topics are easily identifiable to students. These are:
i) Health Care, Agriculture, Natural Resources, and Immigration Economics
ii) International Trade and Open Economy Macroeconomics
iii) Economic Crises
iv) Taxes, Public Finance, Income Inequality, and Poverty

Interface rating: 4

I found this the best part of the text because:
1) The content is designed to meet accessibility standards, with readable fonts, contrast, and screen-reader compatibility.
2) Users can search for specific terms or topics within the text.

I would also like these as future considerations:
1) Definitions of key terms are often hyperlinked or highlighted for quick reference. As is, it is bolded at the start of each section to each Topic/Chapter.
2) If the text may include quizzes, flashcards, or discussion prompts to reinforce learning.

Grammatical Errors rating: 2

The writing style is consistent and professional, with minimal grammatical issues found.

Cultural Relevance rating: 2

While Boundless Economics offers a solid foundation in economic principles and applied topics, it appears to lack meaningful representation of diverse cultural, racial, and ethnic perspectives. The content would benefit from greater inclusivity by incorporating examples, case studies, and economic narratives that reflect a broader range of backgrounds and lived experiences. Doing so would not only enrich the learning experience but also make the material more relevant and engaging for a diverse student body.

Comments

Nothing further to add.

Reviewed by Nicole Bissessar, Adjunct Professor, Worcester State University on 7/8/24

Comprehensiveness rating: 5 see less

This text covers essential principles and advanced topics in both microeconomics and macroeconomics, including:
Basic principles and market systems.
Supply, demand, and market equilibrium.
Consumer behavior and utility.
Market structures: perfect competition, monopoly, monopolistic competition, and oligopoly.
Production factors and market failures.
Macroeconomic measures: GDP, growth, inflation, and unemployment.
Economic policies: fiscal and monetary.
Specific areas: health care, natural resources, agriculture, and immigration economics.

Content Accuracy rating: 4

No errors were found.

Relevance/Longevity rating: 5

The topics listed above are standard and crucial in the field of economics. They encompass foundational principles, market structures, macroeconomic indicators, policies, and specialized areas such as health care and immigration economics. These topics collectively ensure that the book provides a well-rounded understanding of both theoretical and practical aspects of economics, making it a relevant resource for students and practitioners alike. There are even Four Specialized Topics for students. These include (1) Health Care Economics,e Economics, Agriculture Economics, and Natural Resource Immigration Economics: Specific fields offering practical applications of economic principles. (2) International Trade, Open Economy Macroeconomics: Global economic interactions. (3) Economic Crisis: Understanding economic downturns. (4) Taxes, Public Finance, Income Inequality and Poverty: Fiscal aspects and social implications of economics.

Clarity rating: 5

The book is well-structured, with clear explanations, definitions, examples, and real-world applications, it is likely to be clear and comprehensible. So clarity is yes.

Consistency rating: 5

The book - Consistently define terms and concepts; Progress from basic to advanced topics systematically; Uses examples and case studies consistently to illustrate principles and Uses a consistent writing style and tone throughout the chapters..

Modularity rating: 4

The book appears modular based on the list of topics. Each chapter covers distinct areas of economics, making it possible for students to study individual topics independently. This modularity allows for flexible learning, enabling students or readers to focus on specific areas without following a strict sequence. This structure is advantageous for teaching and self-study, as it facilitates targeted learning and review.

Organization/Structure/Flow rating: 5

In my opinion, the book appears to be well-organized. It logically progresses from fundamental principles of economics to more complex topics in both microeconomics and macroeconomics. The inclusion of specialized topics such as health care economics, natural resource economics, and immigration economics suggests a comprehensive structure. Each chapter likely builds on previous concepts, creating a coherent and structured learning path. This organization facilitates the understanding and application of economic principles in various contexts.

Interface rating: 3

The graphs with multiple shifts were somewhat cumbersome to understand. Often, students like step-by-step guides with graphs, especially when shifts are involved, so they can follow this process. This was the only low-scoring item for me.

Grammatical Errors rating: 5

None found.

Cultural Relevance rating: 3

Not relevant except in some of the macroeconomic topics.

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