Customer Reviews

Economics: Principles and Policy, 2007 Update

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This work is meant as a one's first textbook in economics, before macroeconomics and microeconomics. A student is well-advised to read this textbook before getting into those other courses because those courses generally assume prerequisite knowledge covered in this 840 page principles and policy text.

Baumol and Blinder have been at it for a long time. This is their 10th edition. Both are highly accomplished and experienced economists with long and fruitful careers. However, what counts is that they have always made the subject accessible in this series. The last one I had before getting this 10th edition (used) was their 7th edition, and the 10th edition has many updates and improvements while being 75 pages shorter.

The 10th edition is extraordinarily well organized by chapter and within chapters. As far as textbooks go, this is a pleasure to read. It's the type of textbook one tends to keep for its reference value and the fact that it is so well written. The graphs, tables and illustrations are all excellent and well-placed, also using colors where helpful. The examples are interesting, up to date and relevant to the material of the chapters. I think all the material is presented using best practices for textbooks such that there are no parts that are inaccessible or difficult to read.

The book itself is a good hardcover with strong binding and quality paper stock. The font is perfect as is the amount of white space. You'd be hard pressed to find a better textbook for labeling on each page, the use of dark and light blue fonts for special emphasis, the placement and usefulness of summary areas and a helpful and very complete index. A look at the index alone should convince anybody of the usefulness of this text as a starting point in economics before getting into macroeconomics.

Baumol and Blinder keep their editions updated with the latest in economic thought, and in the 10th edition in particular. I think they've maintained a well-balanced approach in a field that breaks down into different schools of thought that can often get contentious. Personally, I have a very good intermediate-level understanding of economics. One reason I keep up with the subject is that I enjoy taking and passing many certification exams, some of which have required a degree of economics knowledge. My main certification is CPA and while I have many others, I think I don't really benefit much from them other than the discipline imposed on me by preparation for their exams.

Recent events (current events) demonstrate the need for some of the best and brightest to establish a career in the field of economics. Quite simply, we need to get many top geniuses among our young people into the field and they have to eventually help solve some of our deepest structural problems. We have to identify young people that have a knack and discipline to become leaders in the field and we have to support them. Many employees at the Federal Reserve have salaries in excess of $350K, and the Fed is hiring many more economists as its scope of responsibilities increases. Clearly the need for bona fide economists is greater than the supply.

the book was in the condition it was said to be in by the seller. it arrived on time. the codition of the book was just what was wrote. i have no complaints