- Paperback: 456 pages
- Publisher: Prentice Hall; 12 edition (January 17, 2009)
- Language: English
- ISBN-10: 0136039855
- ISBN-13: 978-0136039853
- Product Dimensions: 7.5 x 0.7 x 9 inches
- Shipping Weight: 1.4 pounds
- Average Customer Review: 4.0 out of 5 stars See all reviews (37 customer reviews)
- Amazon Best Sellers Rank: #405,314 in Books (See Top 100 in Books)
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The Economic Way of Thinking, 12th Edition 12th Edition
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Top Customer Reviews
Make no mistake--this book is a substantive, philosophical refutation of "Statism". Heyne hits Comparative Advantage, Price Theory, Rule of Law, and Private Property hard (in the affirmative), and if you're for tariffs, regulated prices, arbitrary Gov't intervention, and public property, your views won't be validated. All the more reason for you to read this book, and understand why so many stamp their foot down against politicized economic policies that superficially sound and feel so good. Heyne's lesson is to think on a macro-scale, think about the unintended consequences of mass social change, for that is the Economic Way of Thinking.
Like other conventional economic textbooks, the Economic Way of Thinking teaches major concepts in micro and macro economics (such as supply and demand, inflation, GDP, etc.) but teaches them in a much more engaging way -- not just a collection of facts, definition of terms or concepts, etc. The authors pointed out the importance and subtlety in each new term or concept. That gave me additional insight into the material in the book. I also found the exercises at the end of the chapters very useful.
Having been taught economics by these principles it took me a long time to understand why when I talk about economics it seems to be at odds with others...my perspective is clearly different based on these fundamental principles.
Indeed, there are several compelling tributes to Paul Heyne and his approch to economic thinking: 1) There is an 11th edition...a second edition beyond his death, that bears his name, 2) The 10th edition includes a reference to Ph.D.s in economics suggesting that they had a deeper understanding of their own discipline by reading this book.
Contrary to another review, economics is NOT about charts...that's the message Paul illustrates in his concepts. Economics is a way of thinking about the world around us. Those who fail to embrace it in this way will miss the potential that it holds: helping us to understand the dynamics of decision making.
When it comes to the public sector, it is vastly better than many other texts. There are other texts, like Gwartney and Stroup, and Ekelund and Tollinson, which are arguably better at explaining the public sector.
The biggest weaknesses of this book are in macro and international economics. Its chapters on money are ok, but it explains far too little about trade cycles. It has some good material on growth, but could explain more and in more detail. The chapter on international economics could go further as well. The shortcomings of this book likely reduce its sales. So, it seems that the marginal benefits of such revisions exceed their marginal costs.
Heyne is no longer around to revise this book, but the co-authors who took over for him could improve this book greatly for the next edition.
Allow me to paraphrase, loosely though with verity in the details. I read the eleventh edition of this book early in 2003, when I was nineteen. I thought then that it was by far the best book about economics ever written. I still think it is.
This book lit a fire in me that led me to my college major, my career, and one of my life's great passions, the study of economics. Heyne guides us with the simple but powerful idea of economics, that scarcity is the ultimate factor in all our choices. What motivates people to organize and to specialize? And, given the scarcity constraint, in what manner would we expect that they organize and specialize? The thesis recurs and builds on itself in a most elegant manner throughout the text.
I cannot say how powerful this text is. I have taken graduate courses in economics but none come close to explaining the world like this book. I have read it several times over, and all to whom I recommend this book have been equally impressed by its power and beauty.
As I mentioned this is one of the few books that has forever guided the way I think about the world. READ THIS BOOK!
Most Recent Customer Reviews
They dumbed it down for westerners I'm assuming. It's written at a 3rd grade level- but then again so are most Master's courses this days across the country. Read morePublished 9 months ago by Thinkinginpictures
I feel like everyone should own this book. It presents economics in such a no-nonsense style with real world applications.Published 13 months ago by A. Rehman
A very insightful text on basic economics, even for average reader.Published 19 months ago by gilbert a. cipriano
I received the book in no time in a perfect condition and that helped me with the exams. Keep up the good work.Published 23 months ago by Ale
First of all, I had a great professor who I will say knows the topics at his fingertips, the book was very interesting to read and just want you to keep reading and reading. Read morePublished 24 months ago by Rebecca Nebo
Good price and a worthwhile buy. It was a good price and helped me immensely. I would buy it again. Good price and a worthwhile buy.Published on January 22, 2014 by meb4059
Got the book for under a $1 plus shipping. Was a great buy because the university I go to was selling this book for about $80...not worth it. Read morePublished on October 31, 2013 by John Bradner