Principles of Economics - 3e
Steven A. Greenlaw, University of Mary Washington
David A. Shapiro, Pennsylvania State University
Daniel MacDonald, California State University, San Bernardino
Copyright Year: 2022
Last Update: 2023
ISBN 13: 9781938168239
Conditions of Use
This textbook contains all the relevant topics that I would include in a one-semester long Principles of Economics course. It could also be used in a two semester Principles of Micro, Principles of Macro sequence. Each topic is discussed and... read more
This textbook contains all the relevant topics that I would include in a one-semester long Principles of Economics course. It could also be used in a two semester Principles of Micro, Principles of Macro sequence. Each topic is discussed and explored at a depth appropriate for an intro-level course.
The textbook is accurate, and I would be comfortable recommending this as a resource to my students.
The textbook is up-to-date, and the theories used are in line with the mainstream treatment of Principles of Economics. It explores the economic impart of the Covid-19 pandemic in multiple places, which is relevant to today's students.
Overall, the textbook is clear. However, given that this text will often be used by first-year students, I feel like it could be a bit more concise. This would improve its readability and therefore its usefulness.
The text uses consistent definitions throughout. The framework is logical and builds in a steady, progressive way.
I appreciate the modularity of this text, especially for a one-semester principles course because it economizes on some chapters. For instance, it treats Monopolistic Competition and Oligopoly together in one chapter. I find I can only cover one of these in depth in a one-semester course.
The textbook is well organized. There are helpful in-text recurring segments like "Clear it up" in which more details are given about challenging topics. The resources at the end of each chapter are consistent and help promote retention.
The graphs and data visualizations are a bit less polished than those in some proprietary books. This is usually not a problem, however, some depictions of the models such as the depictions of Monopolistic Competition in 10.1 should be reworked. They are not inaccurate, but very hard to interpret.
I did not notice any grammatical errors.
The textbook treats important social issues like inequality in a factual and careful way.
I am working towards changing over to an open textbook. I would strongly consider using this book in my courses.
The text covers all the basics that are typically found in any principles of economics text plus some interesting final chapters on information, financial markets, and present value. read more
The text covers all the basics that are typically found in any principles of economics text plus some interesting final chapters on information, financial markets, and present value.
Content is accurate and unbiased.
Some of the examples may become obsolete but that is the nature of an economics text. However, the supplemental material contributed through the commons will always be updated.
Text is easy to read.
You could put this text next to any other principles text and see no difference in framework or terminology.
This is one of the things I like the best. It would be easy to create modules using other resources as well.
The different formats are great.
I think it is fine. It has the same feel as almost every other intro economics text --- neoclassical based on the US experience but that can be augmented.
I'm going to try using it next year.
This book covers all of the topics that are covered in a typical micro and macroeconomics course. The book also includes chapters that could easily be assigned to further explore the concepts presented. The glossary is effective but there are a... read more
This book covers all of the topics that are covered in a typical micro and macroeconomics course. The book also includes chapters that could easily be assigned to further explore the concepts presented. The glossary is effective but there are a couple of important definitions missing.
Economic concepts are accurate and error free. Examples used are presented in an unbiased way.
Economic theory is mostly up to date and content is current up to at least 2020. The pandemic's effects on many of economic concepts and the FED's ever-evolving monetary policy decisions will require major revisions sooner rather than later. That being stated, updates should be easy and straightforward to implement.
A little bit hard to follow at times. A few sentences are slightly confusing.
Terminology in text a little less direct and clear than glossary definition.
The text is easily and readily divisible into smaller reading sections. Sections themselves are concise and easy to understand.
Organized logically. Learning objectives at the start of each section help to keep the structure of the presented information predictable.
Some broken links.
The text contains little to no grammatical errors.
Not culturally insensitive or offensive in any way.
This is a great resource that is similar to publisher produced content. The text is easily accessible and has great and relevant examples. Resources available for Canvas (quizzes, discussions), as well as self-check problems within the text, provide opportunities for added practice.
This textbook includes the standard topics that are taught in a Principles of Economics Course; it even covers some of my pet topics! It is a complete textbook. read more
This textbook includes the standard topics that are taught in a Principles of Economics Course; it even covers some of my pet topics! It is a complete textbook.
I have not found errors in the textbook - there are updates to the textbook regularly.
Since this book has a 2017 publishing date (but with regular updates) it does not include some of the recent events and lessons learned from Covid and the subsequent impacts on the economy. Of course, that is what I use digital newspapers!
I have heard rumors about a major revision coming, but have not been able to identify when this will occur. Sooner rather than later, I hope.
Students report that it is easy to read and interesting. Student reviews are more appropriate for this topic than instructor's reviews, as we can easily miss some confusing language.
It seems as though the material flows from one chapter to another, without changes in language (which I have seen in some commercial textbooks).
As I review this book, I am able to identify smaller parts of the chapters for concentration. It may require page numbers to assign readings.
It flows mostly the way I would like to teach a class. There are some chapters that plan to offer in a different order, but this does not seem to be a problem (other than students not reading a syllabus).
No problems identified. Several years of corrections have probably fixed any issues.
I haven't identified any major grammatical errors.
I have not seen specific attention to correctness in the textbook. I can't tell if that is because my own cultural diversity awareness.
This textbook should be a contender with most commercial ventures, but has the advantage of multiple people providing information. I recommend it highly for a school or professor who wants to reduce the financial barriers of some commercial textbooks. I prefer it to many of the orphan author's recycled textbooks.
I would like to see better supplements to the textbook and an updated testbank, with an ability to use a testing program.
Lastly, it is definitely time for a new edition!!
I would actually give this a 4.5. It is fairly comprehensive. It is becoming outdated - especially in concepts of how the Fed conducts monetary policy in the modern era. This would require a revision of the chapters covering these concepts. I... read more
I would actually give this a 4.5. It is fairly comprehensive. It is becoming outdated - especially in concepts of how the Fed conducts monetary policy in the modern era. This would require a revision of the chapters covering these concepts. I utilize this book for a principles of economics (EC 101: Basic Economics) which covers most of the main areas of the principles courses in one semester. I find this resource to be more than sufficient for most content.
There are occasional typos or misspellings, but I have found few errors. The content does appear to be unbiased and does a decent job at representation across gender, race, and ethnicity in the problems and examples.
There are a lot of "Bring it Home" sections which quickly become dated or are already outdated (e.g. the discussion on Amazon in Ch 11). I think these sections are important, but it should be a consideration.
I think the writing is very clear and coherent. I rarely (if ever) have to reword the discussion to help students understand the material.
Absolutely. This text flows well from one chapter to the next, has consistent expectation of formatting and structure, and the terms are used correctly throughout.
The text is organized into similarly structured "chapters" which flow like a module: an intro, concepts, key terms, practice/assessment. This works well with modules in my course.
This text gives the standard micro to macro transition from topic to topic. It is like many other textbooks (OER or otherwise) in topic organization.
I have had no issues with the interface. The URLs always seem to work and the platform is easy to navigate. They have added additional features like note-taking that makes the reading a bit more enjoyable.
I have noticed a few minor errors, but they do not detract from the quality of the content.
It does tend to be very United States-centric, but there are chapters and some sections that do expand on other global issues.
I think it is a very comprehensive text and the OpenStax framework is very advanced. I highly recommend the text. One drawback, I would like to add, is a lack of interactive graphs that some textbooks have begun to implement.
The text includes far more than what could be included in a two semester sequence of micro and macro. Chapters on international trade, environmental economics, poverty and inequality, and many others are included. read more
The text includes far more than what could be included in a two semester sequence of micro and macro. Chapters on international trade, environmental economics, poverty and inequality, and many others are included.
I found no inaccuracies in this text.
By and large the content is fairly up to date. However, since Jerome Powell has been chair of the FED since February of 2018 the profile of former chair, Janet Yellen, in chapter 28 needs to be replaced. The text presents Yellen as the current chair and expresses optimism in her prospects!
Key concepts are usually followed by a sentence or two that -in as simple of terms as possible-highlights the significance of that topic. For example, in chapter 6, after going through the equimarginal principle the choice to purchase and consume more of an item because the buyer is getting "more bang for the buck". These things may seem obvious to us but are incredibly value for students struggling to see what the key point of what they are reading.
The text is consistent in terms of both terminology and its framework. Each chapter begins with a bring it home section presenting a a key question that chapter will address and finishes the chapter with a discussion of that topic in terms of the content of that chapter. Each chapter ends with a summary of key concepts and the chapter overall.
I can easily see picking and choosing chapters and using them in whatever order I see fit.
To a certain degree there is little scope for creativity in a principles text in terms of how to sequence topics. For example, production possibilities, opportunity cost, and the supply and demand model must be discussed early in the term, Each chapter is well organized beginning with a problem that by the end of the chapter the reader should be able to address more deeply . There are also sections that link topics to relevant examples, clarify difficult concepts, and work through more technical material in a step by step manner.
I had some difficulty with the interface. The text has convenient links to terms, topics, diagrams, and tables referred to earlier. Such links are also found in the index. Once done reviewing the reader is left on her own to find out where she was in the text. I developed a strategy that, after a while, worked. I simply went to the table of contents and clicked on what I remembered was the section I had been reading. I think many students will find this frustrating however.
I found no grammatical errors in the text.
This is an area of concern. Chapter 2 ends with a discussion of pursuing a college or post-graduate degree. The authors suggest that some who fail to go beyond high school simply choose not to borrow the money needed to fund their education. This implies that all of us have equal access to credit. They go on to suggest that the decision to not borrow might reflect a preference to earn now and to enjoy oneself now. This plays into the notion that many who are poor simply have difficulty delaying gratification. I am sure that this is not the authors' intent but I sat there reading this asking myself how I would interpret this if I were a first generation college student.
I use the Open Stax Principles of Economics 2E. It is fantastic! It is comprehensive, current, and has a great resources. It is far superior to any paid for textbook. read more
I use the Open Stax Principles of Economics 2E. It is fantastic! It is comprehensive, current, and has a great resources. It is far superior to any paid for textbook.
Outstanding accuracy. Perfect resource.
Because it is an open source, online book, it is kept very current. Charts, graphs, references are on point.
I find it a very good resource for explaining the principles in a clear and relevant manner.
I assign one chapter at a time. They are very succinct and reasonable for a course by course assignment.
Sometimes I change up the order. I find myself making reference to topics that come later in the book, so I try to present the fundamentals first.
Very easy to use on multiple platforms.
None that I have found.
It covers this topic well.
I think the open stax textbook is fantastic and see no reason why any class is not using this and instead is using an expensive publisher book.
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... 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 Economy
- 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
About the Book
Principles of Economics 3e covers the scope and sequence of most introductory economics courses. The third edition takes a balanced approach to the theory and application of economics concepts. The text uses conversational language and ample illustrations to explore economic theories, and provides a wide array of examples using both fictional and real-world scenarios. The third edition has been carefully and thoroughly updated to reflect current data and understanding, as well as to provide a deeper background in diverse contributors and their impacts on economic thought and analysis. For example, the third edition highlights the research and views of a broader group of economists. Brief references and deeply explored socio-political examples have been updated to showcase the critical – and sometimes unnoticed – ties between economic developments and topics relevant to students.
A fuller list of changes made in Principles of Economics 3e are described in the preface and the transition guide to help instructors transition to the third edition.
About the Contributors
Steven A. Greenlaw, University of Mary Washington
David A. Shapiro, Pennsylvania State University
Daniel MacDonald, California State University, San Bernardino