Foundations of real-world economics : what every economics student needs to know
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Foundations of real-world economics : what every economics student needs to know
Routledge, 2023
3rd ed
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Content Type: text (rdacontent), Media Type: unmediated (rdamedia), Carrier Type: volume (rdacarrier)
Includes bibliographical references and index
Summary: "The 2008 financial crisis, the rise of Trumpism and the other populist movements which have followed in their wake have grown out of the frustrations of those hurt by the economic policies advocated by conventional economists for generations. Despite this, textbooks remain frozen in time, continuing to uphold traditional policies as though nothing has happened. Foundations of Real-World Economics demonstrates how misleading it can be to apply oversimplified models of perfect competition to the real world. The math works well on college blackboards but not so well on the Main Streets of America. This volume explores the realities of oligopolies, the real impact of the minimum wage, the double-edged sword of free trade, and other ways in which powerful institutions cause distortions in mainstream models. Bringing together the work of key scholars like Kahneman, Minsky, and Schumpeter, this textbook takes into consideration the inefficiencies that arise when the perfectly competitive model is applied t
