Flat World Knowledge is thrilled to publish a first edition re-launch of Tim Tregarthen’s acclaimed Principles of Economics book, and proud to bring Tim's remarkable talents as a teacher to future generations of students.In 1996, Tim published the first edition of his principles of economics textbook to great acclaim, and it became widely used in colleges around the country. That same year, MS made him wheelchair-bound. The disease forced his retirement from teaching at the University of Colorado at Colorado Springs in 1998. He lost the use of his arms in 2001 and has been quadriplegic ever since.Tim never let his disease get him down. In fact, he turned back to his love of writing and teaching for inspiration. He obtained a voice-activated computer, recruited a co-author, Libby Rittenberg of Colorado College, and turned his attention to revising his principles of economics book.Today we are excited to introduce Libby Rittenberg and Timothy Tregarthen’s Principles of Economics. The authors teach economics as the study of “choice “ by providing students with an accessible, straightforward overview of economics. This text combines the clarity and writing of Tregarthen's seminal periodical "The Margin" with great teaching insights.Rittenberg and Tregarthen help students to understand how real individuals actually work with economics. In this new book, the authors illustrate the practicality and relevance of economics with a variety of new illustrations and insights.The authors take a three-pronged approach to every concept: (1) the concept is covered with a “Heads Up” to ward off confusion, (2) a “You Try It” section makes sure students are staying on top of the concept and (3) a “Case and Point” section that uses a real-world application to harness the concept in reality. For one example of how this plays out in the text see "Chapter 3, Section 2 on Supply." hereThis book is intended for a two-semester course in economics taught out of the social sciences or business school.

Principles of Economics: Scarcity and Social Provisioning takes a pluralistic approach to the standard topics of introductory economics courses. The text builds on the chiefly neoclassical (or orthodox economics) material of the OpenStax Principles of Economics text, adding extensive content from heterodox economic thought. Emphasizing the importance of pluralism and critical thinking, the text presents the method and theory of neoclassical economics alongside critiques thereof and heterodox alternatives in both method and theory. This approach is taken from the outset of the text, where contrasting definitions of economics are discussed in the context of the various ways in which orthodox and heterodox economists study the subject. The same approach–of theory and method, critique, and alternative theory and method–is taken in the study of consumption, production, market exchange, macroeconomic equilibrium, fiscal and monetary policy, as well as in the applied theory chapters. Historical and contemporary examples are given throughout, and both theory and application are presented with a balanced approach.

This textbook will be of interest especially to instructors and students who wish to go beyond the traditional approach to the fundamentals of economic theory, and explore the wider spectrum of economic thought.

Recognizing that a course in economics may seem daunting to some students, we have tried to make the writing clear and engaging. Clarity comes in part from the intuitive presentation style, but we have also integrated a number of pedagogical features that we believe make learning economic concepts and principles easier and more fun. These features are very student-focused. The chapters themselves are written using a “modular” format. In particular, chapters generally consist of three main content sections that break down a particular topic into manageable parts. Each content section contains not only an exposition of the material at hand but also learning objectives, summaries, examples, and problems. Each chapter is introduced with a story to motivate the material and each chapter ends with a wrap-up and additional problems. Our goal is to encourage active learning by including many examples and many problems of different types.
Table of Contents
Chapter 1: Economics: The Study of Choice
Chapter 2: Confronting Scarcity: Choices in Production
Chapter 3: Demand and Supply
Chapter 4: Applications of Demand and Supply
Chapter 5: Macroeconomics: The Big Picture
Chapter 6: Measuring Total Output and Income
Chapter 7: Aggregate Demand and Aggregate Supply
Chapter 8: Economic Growth
Chapter 9: The Nature and Creation of Money
Chapter 10: Financial Markets and the Economy
Chapter 11: Monetary Policy and the Fed
Chapter 12: Government and Fiscal Policy
Chapter 13: Consumption and the Aggregate Expenditures Model
Chapter 14: Investment and Economic Activity
Chapter 15: Net Exports and International Finance
Chapter 16: Inflation and Unemployment
Chapter 17: A Brief History of Macroeconomic Thought and Policy
Chapter 18: Inequality, Poverty, and Discrimination
Chapter 19: Economic Development
Chapter 20: Socialist Economies in Transition

Principles of Macroeconomics is an adaptation of the textbook, Macroeconomics: Theory, Markets, and Policy by D. Curtis and I. Irvine, and presents a complete and concise examination of introductory macroeconomics theory and policy suitable for a first introductory course.

Examples are domestic and international in their subject matter and are of the modern era — financial markets, monetary and fiscal policies aimed at inflation and debt control, globalization and the importance of trade flows in economic structure, and concerns about slow growth and the risk of deflation, are included.

This textbook is intended for a one-semester course, and can be used in a two-semester sequence with the companion textbook, Principles of Microeconomics. The three introductory chapters are common to both textbooks.

Principles of Macroeconomics 2e covers the scope and sequence of most introductory economics courses. The text includes many current examples, which are handled in a politically equitable way. The outcome is a balanced approach to the theory and application of economics concepts. The second edition has been thoroughly revised to increase clarity, update data and current event impacts, and incorporate the feedback from many reviewers and adopters.Changes made in Principles of Macroeconomics 2e are described in the preface and the transition guide to help instructors transition to the second edition.

Principles of Macroeconomics covers the scope and sequence requirements of most introductory macroeconomics courses. The text also includes many current examples, which are handled in a politically equitable way. The outcome is a balanced approach to both Keynesian and classical views, and to the theory and application of economics concepts.

By the end of this section, you will be able to:Calculate and graph budget constraintsExplain opportunity sets and opportunity costsEvaluate the law of diminishing marginal utilityExplain how marginal analysis and utility influence choices

In this Unit, you will learn about:How Individuals Make Choices Based on Their Budget ConstraintThe Production Possibilities Frontier and Social ChoicesConfronting Objections to the Economic Approach