Written especially for students with a limited background in economics, this book explains how a market economy functions through an historical overview of economics. It discusses the major schools of economic thought and ideas of the leading economists of each period. Updated throughout, the book emphasizes the relationship between economic theory and policy, and how both are influenced by events, ideologies and changing economic institutions. The author places particular emphasis on Adam Smith, classical and neoclassical economics, Marx, Keynes and the heterodox writers and the political economy of recent decades. It takes a balanced approach to economic theories, and covers contemporary issues such as unemployment, inflation and growth.
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For students with a limited background in economics, this brief text presents a historical overview. Updated throughout, the book emphasizes the relationship between economic theory and policy and how they are influenced by events, ideologies and changing economic institutions, showing the relevance of past economic ideas to present issues. This text is a suitable supplement for principles of economics, history of economic thought, general history and introduction to social science courses.
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