This innovative text ushers in a new way of examining basic economic issues. It teaches economics from a different standpoint, based on specialization and the division of labor. Resource allocation for a given level of division of labor is shown as not the only determination for demand and supply. Levels of division of labor are shown as a major factors as well.
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This innovative text ushers in a new way of examining basic economic issues. It teaches economics from a different standpoint, using a division-of-labor theme to eliminate the need for a dichotomy between microeconomics and macroeconomics. This text shows how resource allocation and levels of division of labor are determining factors for demand and supply. It also illustrates the ways that unemployment and business cycles are seen as features of the network of division of labor.
While innovative in content, this book keeps the continuity of mainstream economics through a synthesis of existing and emerging branches of economics. It is an exceptional work that will encourage both creative and critical thinking.
About the Author
Xiaokai Yang is Professor in the Department of Economics at Monash University and an affiliated Fellow in the Center for International Development, Harvard University. His research papers have appeared in The American Economic Review, Journal of Political Economy, and other refereed journals. He is the author of eight books, and is co-author, with Jeffrey Sachs, of Development Economics (Blackwell, 2001).
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Inside This Book
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First Sentence:
What is economics? Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
inframarginal comparative statics, inframarginal analysis, endogenous transaction costs, job shifting costs, fixed learning cost, transaction cost coefficient, corner equilibrium relative price, utility equalization conditions, sequential equilibrium model, compensated demand system, ordinary demand system, trading efficiency coefficient, autarky structure, new classical framework, general equilibrium jumps, low transaction efficiency, corner equilibria, production roundaboutness, aggregate transformation curve, transaction efficiency coefficient, exogenous transaction costs, aggregate production schedule, equilibrium network size, nontopological properties, corner equilibrium prices Key Phrases - Capitalized Phrases (CAPs): (learn more)
Further Reading, Ask Yourself, Allyn Young, Hong Kong, Soviet Union, Second World War, Alwyn Young, Great Depression, National Research Council, Structure Relative, Adam Smith, New Zealand, South Korea, Department of Commerce, John Stuart Mill, Josiah Tucker, Karl Marx, United States, World Bank New!
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Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
What is economics? Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
inframarginal comparative statics, inframarginal analysis, endogenous transaction costs, job shifting costs, fixed learning cost, transaction cost coefficient, corner equilibrium relative price, utility equalization conditions, sequential equilibrium model, compensated demand system, ordinary demand system, trading efficiency coefficient, autarky structure, new classical framework, general equilibrium jumps, low transaction efficiency, corner equilibria, production roundaboutness, aggregate transformation curve, transaction efficiency coefficient, exogenous transaction costs, aggregate production schedule, equilibrium network size, nontopological properties, corner equilibrium prices Key Phrases - Capitalized Phrases (CAPs): (learn more)
Further Reading, Ask Yourself, Allyn Young, Hong Kong, Soviet Union, Second World War, Alwyn Young, Great Depression, National Research Council, Structure Relative, Adam Smith, New Zealand, South Korea, Department of Commerce, John Stuart Mill, Josiah Tucker, Karl Marx, United States, World Bank New!
Books on Related Topics | Concordance | Text Stats Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
Citations (learn more)
This book cites 41
books:
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- Early English Tracts on Commerce by J. R. McCulloch in Back Matter
- Dictionary of Occupational Titles, 1991, V. 1-2 by Employment and Training Administration (U.S.) in Back Matter
- The Economy of Cities by Jane Jacobs in Back Matter
- The Pattern of the Chinese Past by Mark Elvin in Back Matter
- Trade and Income Distribution by William R. Cline in Back Matter
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