The New World of Economics

The New World of Economics

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The New World of Economics, 6th edition, by Richard McKenzie and Gordon Tullock, represents a revival of a classic text that, when it was first published, changed substantially the way economics would be taught at the introductory and advanced levels of economics for all time. In a very real sense, many contemporary general-audience economics books that seek to apply the a€œeconomic way of thinkinga€ to an unbounded array of social issues have grown out of the disciplinary tradition established by earlier editions of The New World of Economics. This new edition of The New World will expose new generations of economics students to how McKenzie and Tullock have applied in a lucid manner a relatively small number of economic concepts and principles to a cluster of topics that have been in the book from its first release and to a larger number of topics that are new to this edition, with the focus of the new topics on showing students how economic thinking can be applied to business decision making. This edition continues the booka€™s tradition of taking contrarian stances on important economic issues. Economics professors have long reported that The New World is a rare book in that students will read it without being required to do so.Car owners are not in a position to maintain the demand for their cars that the dealers created. ... whole story, especially since the resale price of a car just driven off a dealera#39;s lot can be 20 percent (or upwards of $10, 000 for some luxury cars) below its purchase price. ... On the other hand, buyers who learn they have lemons will want to lower their car maintenance costs by putting their cars up for resale.

Title:The New World of Economics
Author: Richard B. McKenzie, Gordon Tullock
Publisher:Springer Science & Business Media - 2012-05-16

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