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Universal Economics
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Universal Economics
No one has ever done price theory better than Alchian
Universal Economics
Item #: 34602004

Universal Economics

Item #: 34602004

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No one has ever done price theory better than Alchian
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  • “No one has ever done price theory better than Alchian―that is, no one has ever excelled Alchian’s ability to explain the reason, role, and nuances of prices, of competition, and of property rights. And only a precious few―I can count them on my fingers―have a claim for being considered to have done price theory as well as he did it.” ―Donald Boudreaux, George Mason UniversityUniversal Economics is a new work that builds on the foundation of its two predecessors, University Economics (1964, 1967, 1972) and Exchange and Production (1969, 1977, 1983). Collaborating again, Professors Alchian and Allen have written a fresh, final presentation of the analytical tools employed in the economic way of thinking.Universal Economics shows the critical importance of property rights to the existence and success of market economies. The authors explain the interconnection between goods prices and productive-asset prices and how market-determined interest rates bring about the allocation of resources toward the satisfaction of consumption demands versus saving/investment priorities. They show how the crucial role of prices in a market economy cannot be well understood without a firm grasp of the role of money in the modern world. The Alchian and Allen application of information and search-cost analysis to the subject of money, price determination, and inflation is unique in the teaching of economic principles.Armen A. Alchian (1914–2013), one of the twentieth century’s great teachers of economic science, taught at UCLA from 1946 to 1984. Founder of the UCLA tradition in economics, he has become recognized as one of the most influential voices in the areas of market structure, property rights, and the theory of the firm.William R. Allen taught at Washington University prior to joining the UCLA faculty in 1952. Along with research primarily in international economics and the history of economic theory, he has concentrated on teaching economics. Universal Economics is his third textbook collaboration with Armen Alchian.Jerry L. Jordan wrote his doctoral dissertation under the direction of Armen Alchian. He was Dean of the School of Management at the University of New Mexico, a member of President Reagan’s Council of Economic Advisors and of the U.S. Gold Commission, Director of Research of the Federal Reserve Bank of Saint Louis, and President and CEO of the Federal Reserve Bank of Cleveland.
Publisher Liberty Fund
Publication date August 30, 2018
Language English
Print length 744 pages
ISBN-10 0865979065
ISBN-13 978-0865979062
Item Weight 2.31 pounds (1.05 kg)
Dimensions 6 x 1.8 x 9 inches (15.2 x 4.6 x 22.9 cm)

Who Should Buy?

Suitable For
  • Students of Economics

    Provides foundational knowledge and insights for students pursuing degrees in economics and related fields.

  • Policy Makers

    Useful for government officials looking to understand economic principles to inform effective policy decisions.

  • Business Professionals

    Helps business leaders and managers apply economic theories to improve organizational strategies and market positioning.

Not Suitable For
  • Advanced Economists

    Lacks in-depth analysis and complex theories that seasoned economists expect from academic resources.

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Economic Conditions Editorial Review

Universal Economics is a comprehensive book that provides the reader with a complete education in economics that one will use to understand the world for the rest of their life. The authors, Alchian and Allen, do an impressive job explaining economics concepts verbally. The questions at the end of each chapter reinforce the economics learned. The book covers various topics like supply and demand analysis, the theory of comparative value, and analysis of what the authors call price-seekers' behavior. The book is more theoretical than empirical, and the lack of footnotes makes it more annoying to look for further information. The book would have been improved with longer explanations of certain subjects, as some parts felt inadequately explained. However, it is a must-read book that will improve economic thinking.

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Pros

  • A comprehensive education in economics
  • Covers topics like supply and demand analysis, the theory of comparative value, and analysis of what the authors call price-seekers' behavior
  • Highly readable and does not waste words
  • Questions at the end of each chapter that reinforce economics learned

Cons

  • More theoretical than empirical

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MAD 185

MAD 316

Order now and get it around Friday, September 04

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Only 2 items left in stock.
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Features & Benefits

  • Universal Economics is an analytical tool for the economic way of thinking
  • The book emphasizes the importance of property rights
  • The authors discuss the role of prices in a market economy
  • The book has a unique application of information and search-cost analysis to the subject of money
  • Written by two well-respected economists, Alchian and Allen
  • Collaborated with Jerry L. Jordan, an economist and former CEO of the Federal Reserve Bank of Cleveland

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