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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 served as chief economist for the Joint Economic Committee of Congress. A professor of economics at Florida State University, he holds the Gus A. Stavros Eminent Scholar Chair and directs the Stavros Center for Economic Education.
"Splendid and informed exposition of the basic principles of economics. The economics is sophisticated, the exposition simple, concise, lucid, and free from jargon." - Milton Friedman, 1976 Nobel Prize winner
"The authors tell us what everyone should know about economics in language we can all understand. It's refreshing when four of the best in the profession avoid the all-too-common practice of writing in a code that only other economists can comprehend." - Robert McTeer, former president of the Federal Reserve Bank of Dallas
"Economics is not only fun and exciting, it's mostly plain common sense. The authors have done a yeoman's job in proving just that. Common Sense Economics not only is a fun, readable read but can serve as a handy and important reference for students, teachers, businessmen, members of the media, politicians, and trained economists." - Walter E. Williams, John M. Olin Distinguished Professor of Economics at George Mason University (Virginia)