book
Principles of economics
As you begin the study of economics, perhaps the most important thing to realize is that economics is not a collection of settled facts, to be copied down and memorized. Mark Twain said that nothing is older than yesterday?s newspaper, and the same can be said of yesterday?s economic statistics. Indeed, the only prediction about the economy that can be made with confidence is that there will continue to be large, and largely unpredictable, changes. If economics is not a set durable fact, then what is it? Fundamentally, it is a way of thinking about the world. Over many years economists have developed some simple but widely applicable principles that are useful for understanding almost any economic situation, from the relatively simple economic decisions that individuals make every day to the working of highly complex markets such as international finance markets. The principal objective of this book, and of this course, is to help you learn these principles and how to apply them to a variety of economic questions and issues.
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