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Title: Economics: Principles and Policy by William J. Baumol, Alan S. Blinder, William M. Scarth ISBN: 0-7747-3113-3 Publisher: Harcourt Brace (Canada) Pub. Date: December, 1988 Format: Hardcover List Price(USD): $46.95

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Average Customer Rating: 3.5 (6 reviews)

Rating: 5
Summary: Quintessential good introduction
Comment: I used this book as my first introduction to economics, and even many years after having read it I continue to use it as a source of reference to the most simple concepts of economics. It has the very best simple explanations of economic principles that I have ever seen. It is filled with interesting stories that bring these principles to the real world, showing a novice the potential power of these ideas. This is Economics 101 at its best.

Rating: 1
Summary: It's mainstream economics myths and legends
Comment: I didn't buy the book. I looked at some parts to verify a critique by others I read. I found this quote:

"So while saving may pave the road to riches for an individual, if the nation as a whole decides to save more, the result may be poverty for all!"

This thinking is flawed. After all, true savings means that we have put aside something we created (instead of consuming it) that someone can now use to sustain themselves while they create new products and jobs for those who were laid off from unprofitable businesses. Without these savings, we would not be able to survive to produce more. And if we don't, ourselves, produce more than we consume, then where will all the new businesses get their resources to run their new business (before it starts to produce anything).

As usual, these writers of mainstream economics don't seem able to follow through with a chain of events. It's as though when someone saves a dollar's worth of some product, it is always burried and lost to human kind. These authors would have us continue to consume everything around us without any regard for new production. Somehow this would result in less proverty.

Unless you are forced to buy this book for a course in Economics, you would be better off looking elsewhere. Better yet, find a better course in economics, unless you are only interested in working for some organization that feeds itself by spreading false economic theory.

Rating: 5
Summary: full of the economic wisdom
Comment: I am teaching economics and have read the textbooks written by Stiglitz, Mankiw, Samuelson etc.,but I think this is the best.It not only explains the elements of economics in plain words,but also convey lots of incisive insights which we should keep in mind when we tackle economic problems. I found Baumol and Blinder very instructive as well as interesting.