The Economic Way of Thinking develops the basic principles of micro- and macroeconomic analysis, and employs them as tools rather than ends unto themselves. This text introduces students to a method of reasoning; to think like an economist through example and application. It even teaches by showing students how not to think, by exposing them to the errors implicit in much popular reasoning about economic events.
Ideal for those with little or no background in economics, this book provides an in-depth discussion of a limited, but crucial set of economic principles and concepts--then applies these tools of analysis to a wide variety of familiar situations. It presents conceptually demanding material in an informal, lively, often witty fashion and prepares readers to be able to clarify, systematize, and make sense out of the economic ""news"" and ""views"" they encounter everyday in newspapers, political messages, etc. It covers sophisticated--but simple--economic theory and features extended applications that challenge customary ways of thinking.
The Economic Way of Thinking. Substitutes Everywhere: The Concept of Demand. Opportunity Cost and the Supply of Goods. Supply and Demand: A Process of Cooperation. Supply and Demand: Issues and Applications. Efficiency, Exchange, and Comparative Advantage. Information, Middlemen, and Speculators. Price Setting and the Question of Monopoly. Price Searching. Competition and Government Policy. Profit. The Distribution of Income. Externalities and Conflicting Rights. Markets and Government. The Overall Performance of Economic Systems. The Supply of Money. Monetary and Fiscal Policies. National Policies and International Exchange. Employment and Unemployment. Promoting Economic Growth. Economic Performance and Political Economy. The Limitations of Economics. For anyone wanting an accessible introduction to economic principles and their application to everyday situations.
Paul Theodore Heyne (2 November 1931 - 9 March 2000) was a lecturer in economics for nearly a quarter century at the University of Washington in Seattle, United States. Heyne taught at Valparaiso University (1957–66), Southern Methodist University (1966–76), and the University of Washington (1976–2000). He was a well-trained theologian, a gifted and dedicated teacher of economics for over forty years, and the author of a highly regarded and widely used textbook, The Economic Way of Thinking which has gone through 11 editions.
Heyne received two divinity degrees from Concordia Seminary in St. Louis, took his master's degree at Washington University and his Ph.D. in ethics and society at the University of Chicago. He came to the UW in 1976, and reportedly turned down a tenured position to become a senior lecturer because of his interest in teaching undergraduates.
Heyne promoted economics through his interests with religion, social issues, justice and free market economies. His best known work was his critically acclaimed introductory textbook The Economic Way of Thinking, which sold 200,000 copies in Russia alone and has been translated in Bulgarian (1995), Czech, Hungarian, Romanian and other languages. Heyne was committed to undergraduate education, and was widely regarded as being a highly effective teacher of economics.