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ORGANIZATION
Economics
coverage reflects the challenge that specific topics and concepts pose for average
students. For instance, the theory of the firm and macroeconomic output and
price-level determination are carefully treated. Simplicity correlates with
comprehensiveness, not brevity.
Our experience
suggests it is desirable to couple analysis with policy. Generally we use a
three-step development of analytical tools: (1) verbal descriptions and illustrations;
(2) numerical examples, and (3) graphical presentation based on the numerical
illustrations.
All these
considerations led us to organize the book into nine parts: Part 1: An Introduction
to Economics and the Economy; Part 2: National Income, Employment, and Fiscal
Policy; Part 3: Money, Banking, and Monetary Policy; Part 4: Long-Run Perspectives
and Macroeconomic Debates; Part 5: Microeconomics of Product Markets; Part 6:
Microeconomics of Resource Markets; Part 7: Microeconomics of Government; Part
8: Microeconomic Issues and Policy; and Part 9: International Economics and
the World Economy.
ORGANIZATIONAL
ALTERNATIVES
Although
instructors generally agree as to the content of principles of economics course,
they often differ as to how to arrange the material. Economics provides
considerable organizational flexibility. Previous users tell us they often substantially
rearrange chapters with little sacrifice of continuity.
We chose
to move from macro- to microeconomics, but the introductory material of Part
1 can be followed immediately by the micro of Parts 5 and 6. Similarly, the
AD-AS model appears after two chapters on aggregate expenditures analysis. Those
who want to rely exclusively on AD-AS can omit those two chapters, supplementing
the AD analysis with discussion of investment demand and the multiplier implicit
within shifts of the AD curve.
Some instructors
will prefer to intersperse the microeconomics of Parts 5 through 7 with the
problems chapters of Part 8. Chapter 33 on agriculture may follow Chapter 23
on pure competition; Chapter 32 on antitrust and regulation may follow Chapters
24 to 26 on imperfect competition models and technological advance. Chapter
35 on labor market issues (unions, discrimination, and immigration) may follow
Chapter 28 on wages; and Chapter 34 on income inequality may follow Chapters
28 and 29 on distributive shares of national income.
Instructors
who teach the typical two-semester course and feel comfortable with the book’s
organization will find that, by putting Parts 1 to 4 in the first semester and
Parts 5 through 8 in the second, the material is divided logically between the
two semesters. For those instructors who choose to emphasize international economics,
Parts 1, 2, 3, and 8 may be treated the first semester and Parts 4 through 8
the second.
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