Foundations of Real-World Economics: What Every Economics Student Needs to Know, 3rd Edition eBook

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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 to the real world dominated by multinational oligopolies. The third edition has been updated throughout, bringing in new material on the financial crises, the rise of populism, racism, inequality, climate change, and the Covid-19 pandemic. A must-have for students studying the principles of economics as well as micro- and macroeconomics, this textbook redresses the existing imbalance in economic teaching as John Komlos focuses on the paradigm of humanistic economics.

This is a digital product.

Foundations of Real-World Economics: What Every Economics Student Needs to Know 3rd Edition is written by John Komlos; Quentin Duroy and published by Routledge. The Digital and eTextbook ISBNs for Foundations of Real-World Economics are 9781000847895, 1000847896 and the print ISBNs are 9781032004846, 1032004843. Additional ISBNs for this eTextbook include 9781032001722, 9781003174356, 9781000847857.