Preface to the Students

Here is the preface to the students from Modern Principles:Microeconomics, just now out. 

We love economics. We talk economics, argue economics, and think about economics every day. We use economics in our lives, not just when we choose whether or not to refinance our mortgage but also when we choose strategies for dating, keeping a good marriage, and parenting. Yeah, we are weird. But now a warning. If you are afraid of being a little weird, Do Not Read This Book. Once you have been exposed to the economic way of thinking there is no going back — you will see the world differently and that will make you different.

Will what you learn be worth the price? That is for you to decide. But we think economics is important. We need economics to make better investments and better life choices. Citizens in a democracy must evaluate issues of taxes, deficits, trade, health care policy and inflation. These issues and many more cannot be understood without an understanding of economics. Do you want to vote ignorantly or intelligently? The economic way of thinking will help you to understand the issues of the day and to explain them with confidence to others.

We won’t lie: economics can be difficult. Few things worth knowing come easily and to understand economics well you will need to master new tools and new ideas like supply and demand curves, marginal thinking, and equilibrium. We have worked hard, however, to strip away as much jargon and unnecessary verbiage as possible. We are going to give you what is important and not much else. We are also going to have fun.

Welcome to the world of economics.

Tyler and Alex


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