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Understanding Economics
Understanding Economics: A Contemporary Perspective, 2/e
Mark Lovewell, Ryerson Polytechnic University
The Economic Problem

Web Links


One Line Economics
(http://aris.ss.uci.edu/econ/personnel/kawa/aphorism.html)

The essence of a complicated subject like economics can often best be summarized by short, pithy sayings known as aphorisms. This site, by Hiroyuki Kawakatsu, provides a host of these sayings on both economists and economics. Examples: "All models are wrong but some are useful." "Forecasting is like trying to drive a car blindfolded and following directions given by a person who is looking out of the back window."
Penn World Tables
(http://datacentre2.chass.utoronto.ca/pwt/)

This site, developed at the University of Pennsylvania by Robert Summers and Alan Heston, gives an indication of the success of most of the world's nations in meeting their economic goals. You can retrieve annual data, going back to 1950, for 152 countries. There are 29 different statistics, including national income measures, population, living standards, price levels, government share of the economy, and exchange rates.
Adam Smith Home Page
(http://econ161.berkeley.edu/Economists/smith.html)

To get a better sense of the man behind the ideas discussed in "The Founder of Economics", this site gives an entertaining series of quotations from Adam Smith's works, as compiled by Berkeley professor Brad De Long.
Economic Culture Wars
(http://web.mit.edu/krugman/www/culture.html)

"Economics as an Art" outlines how some economists view their subject as an ever-evolving discipline. But others stress its core of scientific logic. This site gives a defense of mainstream economics as a science by Paul Krugman, one of today's best-known economists.
Economist Jokes
(http://netec.wustl.edu/JokEc.html)

The joke about economists and their foibles found in "Economics as an Art" is not uncommon. Finnish economist Pasi Kuoppamdki has compiled a large collection of economist jokes. Here are some samples: "How many economists does it take to change a light bulb? None. If the bulb really needed changing, market forces would do it automatically." "Why did God create economists? To make weather forecasters look good."




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