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Released in 1984, Steven E. Rhoads' classic was considered by many to be among the best introductions to the economic way of thinking and its applications. This anniversary edition has been updated to account for political and economic developments - from the greater interest in redistributing income and the ascendancy of behaviorism to the Trump presidency. Rhoads explores opportunity cost, marginalism, and economic incentives and explains why mainstream economists - even those well to the left - still value free markets. He critiques economics for its unbalanced emphasis on narrow self-interest as controlling motive and route to happiness, highlighting philosophers and positive psychologists' findings that happiness is far more dependent on friends and family than on income or wealth. This thought-provoking tour of the economist's mind is a must read for our times, providing a clear, lively, non-technical insight into how economists think and why they shouldn't be ignored.
‘This is a 35th anniversary version of a classic. Rhoads, an emeritus professor of politics at the University of Virginia, has built upon the best explanation I know of how orthodox economists think about choice, markets, externalities and other concepts. The new edition will be valuable to non-economists and economists alike: the former will learn how economists think; and the latter will learn some of the limits to how they think.'
Martin Wolf Source: A Financial Times Book of the Year
‘Rhoads puts the discipline’s core concepts in wonderfully accessible form.’
Barton Swaim Source: A Wall Street Journal Book of the Year
‘… one of the top 10 big picture economics books of the last 50 years.’
David R. Henderson Source: Regulation
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