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Chapter 1, "The Lesson", explains that economics is a field filled with fallacies because of the difficulties inherent in the subject and the special pleading of selfish interests. [3] Every group has economic interests antagonistic to other groups.
It was the bestselling economics textbook for many decades and still remains popular, selling over 300,000 copies of each edition from 1961 through 1976. [1] The book has been translated into forty-one languages and in total has sold over four million copies. Economics was written entirely by Samuelson until the 12th edition (2001). Newer ...
The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". [22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός (oikonomikos), or "household or homestead manager".
Samuelson, Paul A. (1983), Foundations of Economic Analysis (Enlarged ed.), Cambridge: Harvard University Press, ISBN 0-674-31301-1. This is a classic book carefully discussing comparative statics in microeconomics, though some dynamics is studied as well as some macroeconomic theory. This should not be confused with Samuelson's popular textbook.
Walras's law is a consequence of finite budgets. If a consumer spends more on good A then they must spend and therefore demand less of good B, reducing B's price. The sum of the values of excess demands across all markets must equal zero, whether or not the economy is in a general equilibrium.
In the present day, the distinction between pure and applied mathematics is more a question of personal research aim of mathematicians than a division of mathematics into broad areas. [ 124 ] [ 125 ] The Mathematics Subject Classification has a section for "general applied mathematics" but does not mention "pure mathematics". [ 14 ]
Krugman's International Economics: Theory and Policy, co-authored with Maurice Obstfeld, is a standard undergraduate textbook on international economics. [43] He is also co-author, with Robin Wells , of an undergraduate economics text which he says was strongly inspired by the first edition of Paul Samuelson 's classic textbook . [ 44 ]
Mill's comptes rendus of his daily economy lessons helped his father in writing Elements of Political Economy in 1821, a textbook to promote the ideas of Ricardian economics; however, the book lacked popular support. [9] Ricardo, who was a close friend of his father, used to invite the young Mill to his house for a walk to talk about political ...