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With the global economy recovering from a steep recession, and with that recovery challenging our long-held ideas about what careers and the market can be, learning the basics of economics has never been more essential. Principles such as gains from trade, the role of profit and loss, and the secondary effects of government spending, taxes, and borrowing risk continue to be critically important to the way America's economy functions, and critically important to understand for those hoping to further their professional lives - even their personal lives.
Common Sense Economics discusses key points and theories, using them to show how any reader can make wiser personal choices and form more informed positions on policy. Now in its third edition, this fully updated classic from James D.
Gwartney, Richard L. Stroup, Dwight R. Lee, and Tawni H. Ferrarini reflects on the recession and the progress that's been made since the crash; it offers insight into political processes and the many ways in which economics informs policy, illuminating our world and what might be done to make it better.
James D. Gwartney St.
Common Sense Economics: What Everyone Should Know About Wealth and Prosperity
Incentives matter: Changes in benefits and costs will influence choices in a predictable manner. There is no such thing as a free lunch: Goods are scarce and therefore we have to make choices. Decisions are made at the margin: If we want to get the most out of our resources, options should be chosen only when the marginal benefits exceed the marginal cost. Profits direct businesses toward productive activities that increase the value of resources, while losses direct them away from wasteful activities that reduce resource value. Production of goods and services people value, not just jobs, provides the source of high living standards.
Common Sense Economics: What Everyone Should Know about Wealth and Prosperity