Economics: Private and Public Choice is an aid for students and general readers to develop a sound economic reasoning. The book discusses several ways to economic thinking including six guideposts as follows: (i) scarce goods have costs; (ii) Decision-makers economize in their choices; (iii) Incentives are important; (iv) Decision-makers are dependent on information scarcity; (v) Economic actions can have secondary effects; and (vi) Economic thinking is scientific. The book explains the Keynesian view of money, employment, and inflation, as well as the monetarist view on the proper macropolicy, business cycle, and inflation. The book also discusses consumer decision making, the elasticity of demand, and how income influences demand. The text analyzes costs and producer decisions, the firm under pure competition, and how a competitive model functions. The book explains monopoly, and also considers the high barriers that prevent entry such as legal barriers, economies of scale, and control over important resources. The author also presents comparative economic systems such as capitalism and socialism. This book can prove useful for students and professors in economics, as well as general readers whose works are related to public service and planning in the area of economic development.

• Front Cover 2
• Economics: Private and Public Choice 5
• Copyright Page 6
• Table of Contents 7
• Suggested Outlines for One-Semester Courses 17
• PREFACE 19
• ACKNOWLEDGMENTS 23
• PART I: THE ECONOMIC WAY OF THINKING-AN INTRODUCTION 25
  • CHAPTER 1. THE ECONOMIC APPROACH 27
    • WHAT IS ECONOMICS ABOUT? 27
    • MAN'S LOSING STRUGGLE WITH SCARCITY 28
    • THE ECONOMIC WAY OF THINKING 29
    • NORMATIVE AND POSITIVE ECONOMICS 34
    • LOOKING FOR ACTION?—TRY ECONOMICS 35
    • CHAPTER LEARNING OBJECTIVES 37