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Authors James D. Gwartney, Richard L. Stroup, Russell S. Sobel, and David Macpherson believe that a course on principles of economics should focus on the power and relevance of the economic way of thinking. It is this belief and corresponding writing approach that has made MICROECONOMICS: PRIVATE AND PUBLIC CHOICE one of South-Western's most solid and enduring texts. Throughout this text, the authors integrate applications and real-world data in an effort to make the basic concepts of economics come alive for the reader. South-Western is a part of Cengage Learning.
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'The Evolution of Economics as a Science 1776 - - I ADAM SMITH (1723-1790). I Smith's book An Inquiry into the Nature and Causes of the Wealth of Nations provided the first comprehensive analysis of wealth and prosperity and introduced "the invisible hand" principle. It also explained that the wealth of a nation was determined by its production of goods and services, not by its gold and silver. v, E m 8 . z o 2i 1 o 0 I . ' - .' -1I .. / . '1, 10 0 ! 3 LL n z * : >; 0 3 I j I 8 1817 I I .I , DAVID RICARDO (1772-1823) I In his book On the Principles of Political Economy and Taxation, Ricardo developed the law of comparative advantage and used it to explain why trade leads to mutual gains. ! , I I ' il i m a . 0 0 Z . z " 9 km ~ II I WILLIAM STANLEY JEVONS (1835-1882) I 1 1890 ALFRED MARSHALL (1842-1924)