For the study of economics, no textbook has been more widely used than Samuelson’s Economics. This is an introductory college textbook by American economist Paul Samuelson.
Economics was first published in 1948. This textbook has been updated every few years with new editions, the most recent being the 18th edition published in 2004. Paul Samuelson was the book’s only author until about the 15th edition. With the 16th edition, Yale economics professor William Nordhaus came on board as co-author.
Samuelson’s Economics covers both microeconomics and macroeconomics. According to the introduction, either can be taught first. Many schools will have separate course numbers for micro and macro. They might be called ECON 101 and 102.
The edition I have is the 16th Edition which was published in 1998.
Samuelson’s textbook primarily takes a Keynesian viewpoint of macroeconomics which helped make Keynesian economics the leading school of macroeconomics. Chapter 32 titled “The Warring Schools of Macroeconomics” also covers Classical Economics with roots in Adam Smith, Monetarism lead by Milton Friedman and the Chicago School, Neoclassical Macroeconomics lead by Robert Lucas, and Supply-Side Economics popular under President Reagan’s administration.
The book is divided into seven main sections:
- Part One: Basic Concepts
- Part Two: Microeconomics: Supply, Demand and Product Markets
- Part Three: Factor Markets: Land, Labor, Capital and Income Distribution
- Part Four: Government’s Role in the Economy
- Part Five: Macroeconomics: The Study of Growth and Business Cycles
- Part Six: Economic Growth and Macroeconomic Policy
- Part Seven: International Trade and the World Economy
The best way to make use of this book is along with a college-level course in economics. After you have passed your tests, this book can be used as a reference to refer to the basic principles of economics. If you are using this book for self-study, it is essential that you work through the homework problems. This ideas book can not be absorbed in one reading. It may make sense to set up a schedule and study section per week. So it might take a couple of months to get all the way through the textbook.
If we hope to ever get out of the current mess in the economic crisis, we need to understand how the economy works. This book is essential for understanding the important basic concepts of economics.
Title: Economics, 16th Edition
Author: Paul A. Samuelson and William D. Nordhaus
Publisher: Irwin/McGraw-Hill
Date of Publication: 1998
Buy one of the editions of this book at amazon.com
