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Customer Review

17 of 19 people found the following review helpful
4.0 out of 5 stars Comparative Advantage in Price Theory, April 24, 2004
This review is from: The Economic Way of Thinking (10th Edition) (Paperback)
Heyne's text explains what it explains well. It is a good Freshman level price theory text. Its strengths are in explaining informational and coordination issues in markets. It does more to explain how the price system works as a communications network than any other text I have seen. It also explains the issues of property rights and transactions costs clearly.
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.
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