Principles of Economics in Context

Book Preface

For students taking a full-year introductory economics course, Principles of Economics in Context lays out the principles of economics in a manner that is thorough, up to date, and highly readable. Whether students take this class simply to gain some understanding of how economics can be useful to them, or go on to further studies in economics or business, this book will equip them with the tools and the critical understanding that they need to succeed.

Principles of Economics in Context stands apart both for its emphasis on real-world context and for its affordable price. Core economic models are presented with reference to key contemporary issues such as equity (especially income distribution), environmental sustainability, rational behavior (how realistic is “Economic Man”?), and history (path dependence and the impact of past choices on present choices). It introduces students both to the standard topics and tools taught in most introductory courses and to a broader and richer set of topics and tools to deepen comprehension of the economic realities of the twenty-first century.

This textbook is written to encourage engaged and critical thinking about topics in economics. While demonstrating the uses of economic theory, it also provides a variety of viewpoints. Woven throughout the book are themes of great importance in everyday life as well as for an understanding of the economy. There is a full treatment of standard neoclassical market theory and related topics, but the text also integrates discussion of history, institutions, gender, ethics, ecology, and inequality throughout the book. Within the broad themes of social and environmental well-being and sustainability, attention is repeatedly given to globalization, poverty and inequality, unpaid work, technology, and the environment as well as the financialization of the economy, the Great Recession, and its aftermath.

The text is priced at $99.95, much cheaper than most competitors, and available at an even lower price if purchased on-line. The price will not rise over the life of this edition. The text is also available as an E-book for $60 or less. The microeconomic and macroeconomic subject matter in Principles of Economics in Context is also available in two single-semester texts, Macroeconomics in Context (2nd ed.) and Microeconomics in Context (3rd ed.), also published by M.E. Sharpe and priced at $59.95 (cheaper on-line).

On pages xxv–xxviii you will find several possible course plans based on different emphases (such as ecological, global, human development, and structural). We hope that this will help in planning the course that will best suit the needs of instructors and students.