The Economic Way of Thinking, 12th Edition

The Economic Way of Thinking, 12th Edition
by David L. Prychitko, Paul Heyne, Peter J. Boettke

The Economic Way of Thinking, 12th Edition
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Book Summary Information

Author: David L. Prychitko, Paul Heyne, Peter J. Boettke
Edition: Paperback
Audio: English (Unknown); English (Original Language); English (Published)
Published: 2009-01-17
ISBN: 0136039855
Number of pages: 456
Publisher: Prentice Hall
Accessories:

Book Reviews of The Economic Way of Thinking, 12th Edition

Book Review: The best book about economics ever written
Summary: 5 Stars

Warren Buffet once said of Benjamin Graham's Intelligent Investor: "I read the first edition of this book early in 1950, when I was nineteen. I thought then that it was by far the best book about investing ever written. I still think it is."

Allow me to paraphrase, loosely though with verity in the details. I read the eleventh edition of this book early in 2003, when I was nineteen. I thought then that it was by far the best book about economics ever written. I still think it is.

This book lit a fire in me that led me to my college major, my career, and one of my life's great passions, the study of economics. Heyne guides us with the simple but powerful idea of economics, that scarcity is the ultimate factor in all our choices. What motivates people to organize and to specialize? And, given the scarcity constraint, in what manner would we expect that they organize and specialize? The thesis recurs and builds on itself in a most elegant manner throughout the text.

I cannot say how powerful this text is. I have taken graduate courses in economics but none come close to explaining the world like this book. I have read it several times over, and all to whom I recommend this book have been equally impressed by its power and beauty.

As I mentioned this is one of the few books that has forever guided the way I think about the world. READ THIS BOOK!

Summary of The Economic Way of Thinking, 12th Edition

Accomplish more with less, learn The Economic Way of Thinking.

KEY TOPICS:The Economic Way of Thinking;  Efficiency, Exchange and Comparative Advantage; Substitutes Everywhere: The Concept of Demand; Cost and Choice: The Concept of Supply; Supply and Demand: A Process of Coordination; Unintended Consequences: More Applications of Supply and Demand; Profit and Loss; Price Searching; Competition and Government Policy; Externalities and Conflicting Rights; Markets and Government; Measuring the Overall Performance of Economic Systems; The Wealth of Nations: Globalization and Economic Growth; Money; Economic Performance and Real-World Politics; The Limitations of Economics

MARKET: This text goes beyond explaining the basic principles of micro- and macroeconomic analysis by showing readers how to apply these principles as tools. The authors expose a method of reasoning that encourages readers to think like an economist through example and application. They also show readers how not to think, by exposing errors in popular economic reasoning.

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