Product Description
The strength of this book has been its unerring accuracy and statistical precision. The role of computers and statistical software has been thoroughly integrated throughout.This edition focuses on maintaining the statistical integrity of past editions while modernizing the book by integrating the use of statistical software, adding new examples and exercises (many with real data), and an emphasis on data analysis and interpretation of output. The fifth edition features both Excel and Minitab. Earlier introduction of key topics includes: introduction of statistical thinking (Ch. 1), introduction of processes and systems (Ch. 1), and coverage of bivariate data, scatter plots, regression, covariance, and correlation (Ch. 3). ... Read more

Customer Reviews (6)

Lower cost, little difference
So two things for buyers: The 6th edition is out and your professor likely is trying to get you to buy that one.Second even if the condition is marked as new by a seller on v5, most books are missing the CD-Rom when it reaches here. I haven't found a need for this disk, but the mislabeling by vendors is ANNOYING! The book isn't too bad and has little difference to the 6th edition (the 6th divides the chapters and concepts more), good class notes and a good list of formulas can help greatly.For the formulas Google for "CBS Semester 1 David Juran Statistics" if you can.I also would tell faculty to forget the added costs of v6 and the insanity of special print additions as this book used is plentiful, cheap and has really nothing horribly wrong. You know, use statistics and economics to figure out what is better for students?

A very confusing book
I really have to warn everybody of this book!This book confuses me.This is the prescribed text for my first year subject.Maybe I am not senior enough to give comment on this book.Everytime I read this book, it confuses me somemore!If you have a choice, don't buy this book.If you are really serious in studying and not just buying an expensive book for display, don't ever buy this book.

Statistics for Business and Economics
This book is fairly comprehensive covering all the major topics that a student would need for the statistics modules in various business courses. Managers need to have an understanding of statistics so that they are able to manipulate the numerous masses of data that come their way into meaningful and useful information that they can employ in making business decisions.

The author presented the material in the book in a simple and clear manner without any complicated algebra, making it readable by students in business schools with a basic knowledge of mathematics. The author also provided large numbers of examples and exercises that should assist the reader in consolidating his/her understanding of the concepts described in the book.

Most managers are consumers rather than producers of statistical information. This book equips the reader with the expertise to enable one to be an informed consumer who knows the right questions to ask and the kind of information to request from those who produce the statistical information in the organization.

Definitely leaf through it before deciding to buy
I'm an MBA student in a top5 business school in the US, and we use this as our textbook for the basic stats course. I've only read the first 5 chapters so far, and I've found this book to be one of the worst textbooks I've seen since college. Some very simple concepts are explained in very confused (and confusing) language, the text is very arid and skips over most of the conceptual subtleties or fallacies that the unsuspecting user of statistical data may easily fall victim to. I strongly suggest leafing through it before deciding whether to buy it (you can start with chapter 2, which is pretty typical of the tone of the book and, being the 1st "substantial" chapter of the book, doesn't assume knowledge of concepts defined in previous chapters).

Rock-solid textbook for non-math majors
I used this book for my MBA statistics class recently. This book is very well written in a clear way, not meant to be fancy but to provide a comprehensive coverage of most, if not all, relevant topics. I also belive that the coverage depth of each topic is adequate enough to satisfy all common business and economics applications. ... Read more

Product Description

New 2008 edition of the classic book that has taught many millions sound economic thinking. It is a hardbound volume, and now available for anyone who needs to understand what economics implies for the society, government, and civilization.

Hazlitt wrote this book following his stint at the New York Times as an editorialist. His hope was to reduce the whole teaching of economics to a few principles and explain them in ways that people would never forget. It worked. He relied on some stories by Bastiat and his own impeccable capacity for logical thinking and crystal-clear prose.

He was writing under the influence of Mises himself, of course, but he brought his own special gifts to the project. As just one example, this is the book that made the idea of the "broken window fallacy" so famous.

New edition is beautiful, it is hardcover, and it is newly typeset for modern readers. It has a full index. It includes a wonderful foreword by Walter Block. It's the right size, shape, and feel - perfect for making this book central to all educational efforts of the future.

From Hazlitt's own first edition because it contains the core of what is crucial here without later updates that only date the book.206 p hb ... Read more

Customer Reviews (12)

Never more needed than today
Sure, a few of the specific examples cited 60+ years ago are no longer relevant today, but the basic lessons are absolutely and permanently valid and need more than ever to be understood by at least a majority of the voting public.

The sad fact is that Americans can go through the entire public school system and "higher education" without learning the first thing about economic science (while getting bombarded with self-serving economic propaganda).Thus public gullibility to the fallacies cited by Hazlitt seems no less pervasive now than back then, while the resultant cancerous growth of government economic meddling has only increased.

Here's a revolutionary fantasy:Make this book a required study by all high school students.Imagine what that would do for the kinds of politicians who get elected in the future.

BTW, you can get the nice hard-cover edition at less cost directly from the Mises Institute.

A must read for all- should be a school requirement
This is an excellent book that refutes so many misconstrued theories that are floating out there.I wish they required all highschool students to read this as this one book would serve them many times better than disecting a frog.Once you read this you will never look at the world and hear a news report on the economy the same.

Easy to understand
A book that explains free market economics the way it should be.It is easy to read and understand, which makes it a great economics book for beginners.Every high school student should read it before they graduate.

Economics
I have read multible books about economics and this one is the best by far.It brings home the common sense of economics.I would like to see this book made part of every high school curriculum andIt would be a great gift to our congressman and our president.

Economics for the Beginner
With the turbulent market and government intervention it was nice to read something that explains economics in understandable language. Written over a half century ago, this book should have been read by people in control of our financial system and maybe we wouldn't be in the shape we are in. ... Read more

Product Description
Miller’s Economics Today remains committed to providing readers with discussion and coverage of the most current issues and events. Given the immense changes in our economy over the past year, the updated fifteenth editionaddresses what has occurred and discusses the importance of today’s major economic issues.
... Read more

Customer Reviews (1)

economics today


September 28, 2010.

there seems to be at least a dozen different publishers of this text book.

It is confusing to but a book online for class,only top find you have a different version
(although it is the 15th edition) not the same in every aspects.

It would be most helpful if Amazon listed the publisher: IE, Prentice Hall, etc.

G-MAN ... Read more

Product Description

Customer Reviews (6)

Never got the book!
I wasn't able to track my book because there wasn't a tracking number provided. Amazon stated that some packages do not have a tracking#. I waited until a day after the delivery date to complain, (as I realize that this is a busy time of year for amazon and shipping companies) When at this time I was finally provided a tracking#. MIRACLE! Now that I had the tracking# I was able to find out that the delivery company attempted to deliver my package and left me a note (never got the note) stating that they attempted to deliver. I went over to the delivery service and they could not find my book, but they were for certain that it had not been returned to the shipper (per there computer). The same day that the delivery service told me this, I received an email from amazon stating that the book was returned. So now I've waited nearly 3 weeks for a book that I don't have, and behind in my class. If Amazon would have simply posted my tracking# as soon as possible I could have known what was going on. I'm also out the shipping charge that was charged to my cc. I will never attempt to order from amazon again!

Economics Today: The Macro View
The material is fine--what I'd expect from a college textbook. I'm dissatisfied with how long it took to receive the book. My course was well within the third week before I finally received it, and I ordered it before the first day of class.

Great condition book
The book I ordered came to my college about 4 days after I ordered it. It was in better condition than the "good" condition that was listed. Satisfied with this product.

1970 Datsun
One Heck Of A DULL Book! One Heck Of A GREAT PRICE! Lots Lots Better Than My School Bookstore.

great transaction
item was in great condition, exactly what i was looking for. shipping was fast. great transaction. thank you! ... Read more

Product Description
The seventh edition of "Urban Economics" continues to be the market leading textbook due to its thorough content and concise writing style. The new edition continues to cover urban economics as the discipline that lies at the intersection of geography and economics. "Urban Economics" incorporates the remarkable progress in the field of urban economics from the last fifteen years. It also explores the location decisions of utility-maximizing households and profit-maximizing firms, and it shows how these decisions cause the formation of cities of different size and shape. The framework of this edition continues to be divided into six sections. Part I explains why cities exist and what causes hem to grow or shrink. Part II examines the market forces that shape cities and the role of government in determining land-use patterns. Part III looks at the urban transportation system. Part IV uses a model of the rational criminal to explore the causes of urban crime and its spatial consequences. Part V explains the unique features of the housing market and examines the effects of government housing policies.Part VI explains the rationale for our fragmented system of local government and explores the responses of local governments to intergovernmental grants and the responses of taxpayers to local taxes. ... Read more

Customer Reviews (5)

Great textbook
The class was very interesting, but more importantly, the book offered an updated view on local government, education, crime and other topics. Everything was pretty well put into perspective. It doesn't have a lot of drawingsl It does have a lot of graphs, but is what you expect from an economics book.

So cheap So exact same book as newer edition.
I must have majored in economics, since I found a way to minimize my input cost without diminishing returns. I will add that the newer editions have different (more) end of chapter questions. I managed an A with this book, but make sure your assignments aren't directly out of this sucker. Live long mono-centric city models, bid-rent curves, and good info about the ills of modern mass transit systems. I read from this book often to win arguments about city structuring. 60% of the time, it works every time.

Surprised.
I enrolled in an Urban Economics course as part of my minor. I really don't find the basics of economics too terribly thrilling, but I've really enjoyed the content. My professor follows the book closely and the text is surprisingly easy to read. :)

Brand new book w/ prompt delivery
STILL IN PACKAGE, book was in great shape, brand new, prompt delivery.

A very comprehensive overview
I had "Urban Economics" for one of my urban planning courses at graduate school.It was a pleasure to study the principles and processes of city building, growth and dynamics, through this book.Every chapter inthe book can be a title for a separate volume.So this is a verycomprehensive overall general view of economics as a determinant of urbandevelopment and form.

I particularly liked the chapters on UrbanPoverty and Housing.The chapter on poverty explains issues like incometransfers, food stamps and their effect on consumer behavior, problems ofinner cities and development policies needed to change that.

Housing hasa great chapter devoted to the peculiarities of housing as a commodity andthe effect of race and discrimination on housing patterns.The mostinteresting part concerns the "filtering" of housing from theupper income to lower income populations.

Also explained is the autooriented transportation vs mass transit and their specific roles in shapingcities.

Highly recommended.Easy to read and understand. ... Read more

Product Description
The microfinance revolution has allowed more than 150 million poor people around the world to receive small loans without collateral, build up assets, and buy insurance. The idea that providing access to reliable and affordable financial services can have powerful economic and social effects has captured the imagination of policymakers, activists, bankers, and researchers around the world; the 2006 Nobel Peace Prize went to microfinance pioneer Muhammed Yunus and Grameen Bank of Bangladesh. This book offers an accessible and engaging analysis of the global expansion of financial markets in poor communities. It introduces readers to the key ideas driving microfinance, integrating theory with empirical data and addressing a range of issues, including savings and insurance, the role of women, impact measurement, and management incentives.

This second edition has been updated throughout to reflect the latest data. A new chapter on commercialization describes the rapid growth in investment in microfinance institutions and the tensions inherent in the efforts to meet both social and financial objectives. The chapters on credit contracts, savings and insurance, and gender have been expanded substantially; a new section in the chapter on impact measurement describes the growing importance of randomized controlled trials; and the chapter on managing microfinance offers a new perspective on governance issues in transforming institutions. Appendixes and problem sets cover technical material. ... Read more

Product Description
This is Professor Mark Skousen's much anticipated 2nd edition of Economic Logic, which includes for the first time his chapters on macroeconomic theory and government policy. (The 1st edition is only microeconomics.) Skousen's textbook promises a revolutionary pedagogy in teaching economics, with a new micro model that starts with the profit-and-loss income statement and a new 4-stage macro model that integrates micro and macro.

What's new in the 2nd edition:

1. It offers a logical, step-by-step approach to economics, starting with the basics of microeconomics (the theory of wealth creation, individual behavior and the firm), and leading into macroeconomics (the theory of economy-wide behavior and government policy). Students can predict what the next chapter will be. Hence, the textbook is econological (a new term invented by Skousen meaning "using sound economic principles").

2. It applies the seven key principles of economics throughout the course: accountability, economy, saving/investment, incentives, competition/choice, entrepreneurship, and welfare.

3. It is the first and only textbook to begin the micro model with a profit-and-loss income statement to demonstrate the dynamics of the economy. The principles of supply and demand are drawn out of the P&L statement. Business students in particular find this approach attractive. Skousen considers the P&L statement as the "missing link" in microeconomic pedagogy.

4. It integrates other disciplines into the study--finance, business, marketing, management, history, and sociology.

5. It makes frequent references to major economic events in history, such as the origin of money and the Great Depression, and the inventors of economic theories and terms (major economic thinkers are highlighted at the end of each chapter). Thus, in this textbook, economic theory is never far from history because new theories almost always develop out of historical events (Adam Smith's competitive model from the Enlightenment; Karl Marx's radical distribution economics from the Industrial Revolution; and John Maynard Keynes's aggregate demand model from the Great Depression of the 1930s.)

6. It devotes an entire chapter (13) to the financial markets, which are playing a growing role in the expanding global economy. Students must understand Wall Street and the financial world to have a complete education in economics.

7. It introduces a new powerful four-stage universal macro model of the economy (resources, production, distribution, and consumption/investment), and shows how micro and macro are logically linked together. (ex. see figure 4.1.)

8. It integrates a new national income statistic called Gross Domestic Expenditures (GDE), which measures total spending at all four stages of production, and shows how it relates to Gross Domestic Product (GDP) and other aggregate business cycle statistics. (See chapter 15.) Skousen explains why GDP over-emphasizes consumer spending in the economy, while GDE reflects what the proper balance between consumption and investment.

8. It introduces a new growth diagram that improves upon the circular flow diagram found in other textbooks, and demonstrates why saving and investing drive the economy, not consumer spending. (See figure 17.7.)

9. It provides a new alternative to the standard Aggregate Supply (AS) and Aggregate Demand (AD) curves, called Aggregate Supply Vectors (ASV) and Aggregate Demand Vectors (ADV), which do a better job of explaining the business cycle. (See chapter 14.)

10. It provides a new diagram to show the optimal size of government. (See figure 20.1) ... Read more

Customer Reviews (10)

don't respond to returns
The item cam nice and fast. exactly how they said it would. But I realized when i started class that i had ordered the wrong book and needed to return this one. All I have to say is I have yet to received a response from my TWO e-mails in this matter. I'm going to use Amazon to return the book and get my money back.

Amateurish and in need of extensive editing.
If you are selecting a textbook for self-education, I would recommend the Mansfield book instead.It is a much better written Micro-Economics book.If you are getting this book because it is required reading for a class you are taking, be prepared and forewarned that it is riddled with amateurish typographical errors and misprints.I'm not the most observant eye, and would estimate that there is about one error per every four pages on average.Maybe more.It is very distracting to have the text riddled with misspelled words, conflicting numbers, and other typographical errors.

Economic Logic by Skousen
I had previously read "Economics" by Thomas Sowell and then tackled Skousen's book. One is a pleasant read and this one is a text book. That is not a negative because it's hard to find a free market text in economics being used in colleges today. I am not taking a class, it's just something I wanted to read, and I have enjoyed it. Somethings are a challenge because terms are used that I don't understand and have to get on the internet and find other writers that have explained the topic differently. However, in all fairness, I am not a college graduate. I am self taught or taught on the job. I was an accountant from 1978 to 1995 and then left the industry. I retired in 2004 and have enjoyed learning on my own. I have done very well in the market using Skousen's newsletter and the councel he provides. So, I have read two or three of his other books and I wanted to read a free market text in economics. I highly recommend it. Get Sowell's audio book from the library and listen to it also.

Economic Logic
Mark Skousen wrote this book but he allows you to decide which strategy you agree with.Very well written.When you finish, you will have a healthy respect for economics and feel that you know more but have alsomore understanding for other views.

Groundbreaking
I wanted to learn such a difficult and mysterious subject and this book has the correct info to do so. Each chapter/topic is very straightforward in content and description.Plus it has exercises to let you gain deep understanding of each subject. ... Read more

Product Description
Reading Essentials, Student Edition provides concise content of the Student Edition written at a lower grade level, making it perfect for struggling readers and ELL students. ... Read more

Customer Reviews (3)

Economics
There was a delay in receiving the book as the seller had a family emergency.Other than that all was well.

very good
This is a high-school text, most appropriate for 10th or 11th grades, I would imagine.It does not divide economics into macro and micro.The publisher is Glencoe.The author is Clayton.The latest edition is 2005.

The text itself is finely done, clear, and carefully written.Important terms appear in blue, the sections are very short for attention-span challenged students, and there are plenty of groovy pictures, charts, and graphs.Chapters typically have three sections each.

Should you use this, you'll be able to tell your students:"You're never gonna have economics laid out as easy for you as it is here.If you can't learn it from this book, you simply can't learn it."

There are also many, many supplementary materials available for this text, from quizzes to math worksheets to final exams.Really, instructors love it too, since they don't have to lift a finger.

There is also a section in the back that recaps the major ideas of each chapter in Spanish.In a pinch, you could use this book in a Spanish economics class, provided it was only temporary.

Amazing!
The recent publication date of this book allows for greater understandingfor today's youth.Being part of a summer school class, I was among thefirst people in my high school to evaluate the book for the regular schoolyear.Key concepts in this book are efficiently shown, and all the basicprinciples of economics (supply & demand, business types) are outlinedvery nicely.Although our school did not partake in it, the book alsocomes with a set of interactive CD's, allowing the instructor to visuallyshow the effects of economics on daily life.There are an amazing numberof brightly-colored graphs and pictures to demonstrate the book's mainpoints.This text was extremely successful in helping me gain anappreciation for the backbone of our nation's economic standing. ... Read more

Product Description
In this incredibly timely book,renowned economist Stephen Leeb shows how surging oilprices will contribute to a huge economic collapse bysoaring to over $100, and perhaps $200, a barrel- andtells how you can avoid the pitfalls of the upcomingcrisis. ... Read more

Customer Reviews (89)

A waste of time and money
The book is a rehash of any number of books written on the subject. The book provides no new insights to the problem or how to deal with it. The investment recommendations cited can be found on any financial website.A waste of time and money.

save your money
if you're up on the theory of peak oil you don't need to read this book you already know what you need to know nothing new here just more blah blah blah.alittle bit of woo- woo here and there and that's about it.

Poorly written
The author is very arrogant, self centered, and thinks he is the only person in this country knowledgeable of the world economics.

Leeb's Thesis
Not the first time that Dr. Leeb has expounded this idea, but well researched and clearly explained. He is often correct in his market insights.

Every ill in the world can be attributed to energy
I bought the audio book version and was only able to listen to about half of it.I couldn't finish it as it repeated itself constantly.

Basically what I have taken from the author is that every civilization and empire that has failed did so because of energy supply problems.Forget corruption, forget fiscal irresponsibility or anything else just chalk it up to energy supply issues.Conclusion is the collapse of the American Empire will be the result of energy supply issues.

The author constantly repeats himself throughout the book and it makes it really hard to finish. ... Read more

Product Description
New sources of data, together with advances in theory, offer the opportunity for a fresh look at old and new questions.This book asks such questions as: did mercantilism cause the American Revolution?; was slavery profitable?; and what were the causes of the Great Depression? Illustrated ... Read more

Customer Reviews (6)

One of the best economic history books out there
This book gives you a great view of the nation as it develops.Instead of walking you though a timeline it explains in topics so that you have a full understanding of the development in every area.

college textbook
My son needed this textbook for a college class.It arrived really fast, in good condition, as advertised and saved us over $100. compared to the school bookstore price.

A great contribution
This is an exceptionally well-written and analyzed book. The authors are not historians, but economists, yet this still a unique book of economic history. I took a course that used this book and I really enjoyed reading and learning about the economic history of this country, in great part thanks to this book. As a student of history I recommend this book.

American History through an Economic Filter!
If you ever wanted to understand U.S. history on an economic basis, this is the book to read.

It's beautifully written with extensive economic analysis of various aspects and subjects covering U.S. history from the profitability of slavery to continous increasing of the standards of living.

The authors make some striking discoveries (for example, half of all farms in the south had no slaves at all, and yet managed to be as efficient as many which did have slaves) about productivity in the U.S. as new technologies and, in essence, a new economy evolved. The impact improvements in roads had on the economic development of the country is wonderfully detailed.

The author includes multiple tables and detailed explanations as to how they reached their conclusions.

All in all, an excellent book on U.S. history for economic professionals and/or buffs!

If You're Choosing Only One ...
Let me speak here in law teacher mode: if you wanted to read just one book as background for law school, I think perhaps this should be the one. It's a model in terms both of substance and of presentation. In substance, the authors have done an admirable job of summing up the best available knowledge about the economy and how it came to be. In presentation, what they've done is to take an array of technical or specialized studies and to make them accessible to the determined non-specialist.

I remember it in terms of so many wonderful anecdotes. There are the farm girls from Vermont who staffed the mills in Massachusetts until the great Irish immigration drove them back to the farm. There are the restless young men from the prairies who rode the rafts down river to New Orleans, and then set off to see the world. There are the canals that lost all their capital value with the coming of the railroads - but then kept operating anyway, because it was more worthwhile to use them than to tear them up.

This is not, of course, precisely a law book. But it is a book about issues for the law: about slavery, about public land policy, about the structure of industry and finance. The chapters on the Great Depression alone would make a sufficient background for any course in constitutional or administrative law.For the authors, only two words: new edition. ... Read more

Customer Reviews (7)

Tough read but worth the effort if you are patient
I read Schumpeter's "History of economic analysis" a couple of months ago so I decided dive into this other important contribution. I must admit, it wasn't nearly as interesting and took some real effort. The other reviews listed go over his important points about the business cycles but what I enjoyed about "History" was his style of writing that was witty, down to earth and very sharp. This book seemed to be the opposite. Not my favorite.

Qucik and tight packaging
Many innovation researcher always cited famous sentence from this book. Innovation is defined as the introduction of new goods, methods, market, source of supply, and organization. Few researcher, however, told so what. This valuable title is still available. Great treasure.

Zachary Zeisler's Review of Joseph Schumpeter's The Theory of Economic Development
Watch Video Here: http://www.amazon.com/review/R2CVPEG93YZSNO Zachary Zeisler's review was made as part of a critical review assignment for the Spring 2009 Economics of Technology seminar at the University of Nebraska at Omaha, taught by Art Diamond. (The course syllabus stated that part of the critical review assignment consisted of the making of a video recording of the review, and the posting of the review to Amazon.)

Dynamics and Progress
The Theory of Economic Development represents a high point in the history of economic science. Schumpeter had a clear understanding of the difference between static and dynamic issues in economics, and an appropriate appreciation of the latter. This book also shows how advanced Schumpeter's thinking was. On page 10 Schumpeter appears to anticipate the modern definition of economics- 20 years before Robbins wrote his Nature and Significance of Economic Science (was this in the original edition, or just in my 1934 reprint?). Chapter one sorts out Say's Law of Markets in detail, and explains its static nature. Chapter two explains economic development in correct dynamic terms (unlike the pseudo-dynamics of Neoclassical growth theory). Schumpeter is able to explain dynamics because he examines entrepreneurship (and vice versa). Schumpeter also leaves room for real institutions, especially financial markets.

I can honestly say that I learned some new and important things from reading this book, despite the facts that I have a PhD in economics and took my first economics class 21 years ago. Unfortunately, most economists would learn more from reading this book than I. This is a sad commentary on the current state of affairs in economics. Schumpeter was interested in matters of great consequence and thought about them deeply. There is simply no comparison between Schumpeter's insightful analysis and the tedious and purely imaginary intellectual constructs of Solow influenced math modelers. There is a clear difference between Schumpeter's analysis and the intellectual gymnastics of modern mathurbationists. Schumpeter was a true professional.

I was somewhat surprised by the extent to which Schumpeter's ideas fit with the ideas of Mises, Kirzner, and Lachmann. Schumpeter is often seen as an Austrian born Walrasian instead of as an Austrian economist in the Menger-Mises-Hayek tradition. There are clear Austrian influences on Schumpeter's thinking, though he was not a Mises clone. I was already impressed with Capitalism, Socialism, and Democracy. Schumpeter was a true genius, and an economist on par with Ricardo and Hayek. Read this book to learn some development economics, and a little intellectual history too.

Before Keynes and Mandelbrotthere was Schumpeter
Schumpeter had an expression that intuitively sums up in a few choice words quite a few of the theoretical concepts of J M Keynes and the empirical/statistical breakthroughs of Benoit Mandelbrot.Unfortunately,Schumpeter lacked the technical training in mathematics,statistics and probability that he needed in order to give a rigorous exposition of his intellectual and intuitive discoveries.Those few choice words are"regular irregularity".Looking at the data available to him early in the 20th century,Schumpeter was able to categorically argue ,correctly ,that price movements over time in different markets and changes in investment over the business cycle could NOT be modeled by assuming that a normal probability distributioncould be applied.Schumpeter was the first economist to make a clearcut distinction between risk(applying a normal probability distribution with a stable mean and variance(standard deviation))and uncertainty.Uncertainty would automatically arise over time due to the regular irregularity of constant(nonconstant)technological innovation,change and advance over time.It is quite easy to see that Mandelbrot's nonparametric two variable constructs, measuring discontinuity and short run/long run persistence/dependence(as opposed to the normal distributions assumptions of continuity and independence),are described by Schumpeter's"regular irregularity".Unfortunately,instead of breaking with the classical and neoclassical schools of economics,as both Keynes and Mandelbrot did,Schumpeter decided to remain a loyal soldier,downplaying his severe disagreements.This was Schumpeter's great error.He recognized the severe limitations of the standard price adjustment equilibrium demand and supply analysis,but went along anyway.The potential reader will find chapter 6of Schumpeter's book alone to be worth the price of admission needed to obtain access to Schumpeter's brilliant breakthroughs. ... Read more

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Product Description

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

Customer Reviews (16)

Outstanding!
This textbook is outstanding. I use it for my "Managerial Econ" class and its unique approach to explaining economic concepts is second to none. This is one of the few textbooks that actually "connects" with students and it is also one of the very few economics textbooks that is not saturated with political propaganda.
Outstanding!

Dry subject being taught by an incompetent professor.
This is a libertarian's wet dream.Free markets galore.Regulations are not necessary in the perfect little economic world.We, economists, are the wisest high priests of the land.Everyone should bow down to our rhetoric and precise logical fallacies.This book is a textbook that brings politics to the social "science" of economics.Well written, but a blatant bully pulpit for free markets.Textbook itself and the economic concepts are competent, but the high-handed politics are terrible.

When will he talk about the economic way of thinking?
I had to read the 11th edition for my introductory economics class, but I'm sure not much has changed. Content-wise, I agree with almost all of what the author has to say (it is a pro-free-market text), but he never really delves into meta-economics. In the first chapter he says that economics is based on the fact that people make choices and those choices have unintended consequences, but he never really argues from this but instead most of the book is expository; rather than using reasoning, he explains.In the last chapter, he finally digresses and says that economics is a reactionary science, that economists can say what people should not do rather than what people should do.A better introduction to economic thought would be "An Introduction to Economic Reasoning" by David Gordon. He starts from the action axiom and a few other premises and then argues from there and develops economic theory. Unfortunately, that book is no longer a current text, but is available from the Mises Institute.

I also found the paper, colors, and fonts to be an eye-sore. It would be nice if textbooks did not use cheap paper that allows text on the back side to appear.

I probably would have given the book a 4 or 5 if I had had different expectations about it, and had it not been so tiresome to read.

The best book about economics ever written
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!

Shipping may take longer then expected
The condition of the item was as advertised or expected. However, the delivery time was unacceptable. I ordered the book on March 31.09 and did not get it until April 24.09. I have no concerns over the product I received, just beware that shipping may take a lot longer then expected. ... Read more