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Economics 8th edition
Authors: David C Colander, David Colander, Bradley Schiller
Details of the book:
This is an exceedingly helpful book on the subject not only because of the topics it undertakes, but also because of the informal, colloquial narrative style with which the topics are covered. Nonetheless, its approachable, student friendly language does not indicate any compromise in the quality of the matter packed within the pages; the user friendly nature of the book is an additional and noteworthy perk of the entire package. Also despite being extremely modern and progressive in its approach, one of the major focuses of this book is on studying the subject and economic models in their historical context. Further, the authors lucidly explains to students how to use economics as a mode of reasoning, it aims to enable students to look upon the subject and its daily, practical manifestations with a critical eye; in short it looks to instill a sense of economic awareness and responsiveness in its readers, thus taking itself beyond the role of a provider of simple textual knowledge. The other areas of importance found in this book are namely, economic policies, alternative views on the subject and economic models.
There are total 37 chapters in the book divided in 3 parts. The topics can be covered in the following groups:
- The way to think and reason like a real economist i.e. use economics as a mode of reasoning rather than a fixed body of factual knowledge. Next, how to apply this reasoning to economic policies relevant to the world. Also the reasoning is given a modern edge, keeping the book updated to the needs of time.
- Important issues included in microeconomics - Supply and demand with their related aspects of responsiveness in the market and elasticity. Consumer choice or demand which forms the foundation of market demand and supply comes within the ambit of this theme. Taxation and government intervention in the market are another area covered here.
- Along with microeconomic issues major macroeconomic topics are also discussed. Market structure, competition, monopoly, oligopoly, production cost and analysis, the structure of the economic market, work and labour market, income, rent, profit, interest, distribution of income and the inequality which creeps in them etc. all important micro and macroeconomic topics are found in this book, including aggregate demand and supply, inflation, unemployment other national problems. Economics and its relation with politics, the entire issue of agricultural markets
- Other related issues covered sufficiently are policies, regulation and institutions, e.g. antitrust policy and regulation, fiscal and monetary policy, other macroeconomic policies in the national and international market. The financial and monetary sectors are extensively covered here.
- International economics, trade and business topics like outsourcing, comparative advantage, globalization, local and global trade, economic scenario in the developing world, i.e. the global setting for economics, the national economic condition in the light of global events etc. are also covered in the book.