Leading Economic Controversies of 1998

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Preface<br > =<br > conomics is an exciting subject---or it can be if t s taught properly.<br > "q Obviously, one of the most important purposes of an elementary eco-<br > .A.-~ nomlcs course is to get students interested<br > ~ in tile subject and this can<br > best be done by showing them how the principles of economics can enable<br > them to understand better the major economic is.sues of today. That in brief <br > is the purpose of the Fourth Edition of this book, which fbcuses on eleven<br > central policy areas: (1) Social Security (2) education, (3) the distribution of<br > income, (4) competition and antitrust policy, (5) the environment, (6) farm<br > policy, (7) GDP and economic growth, (8) fiscal policy, (9) taxation and per-<br > sonal investing, (10) lnonetary policy, and (11) international trade policy.<br > One-third of the articles included are new to this edition.<br > These policy areas play a major role in practically any elementary eco-<br > nomics course. To arouse students interest in each of these areas, this book<br > presents contrasting (or in some cases, complementary) views by leading<br > p01icymakers (like Alan Greenspan, and John Kasich), prominent scholars<br > (like Robert Barro, Alan Blinder, Barry Bosworth, Robert Eisner, Robert<br > Hall and Alvin Rabushka, Paul Krugman, Burton Malkiel, Charles Schultze,<br > and James Tobin), and major business executives (like Robert Lutz), as well<br > as government advisory groups like the President s Council of Economic<br > Advisers. Each of the articles is at a level that is appropriate for die typical<br > undergraduate. The articles, many of which are based on speeches, tend to<br > be lighter in tone--and hence more palatable to students--tban many<br > odler discussions of these issues. Also, it is worth noting that these articles<br > tend to be very up-to<late.<br > In each of the eleven parts of this book, after the articles presenting dit:<br >ferent views of a particular issue, there are questions for analysis. These<br >questions, which can form the hasis tbr classroom discussion or homework<br >exercises, are meant to provide an overview of the articles and to encour-<br >age the student to relate key points in the articles to the principles of eco-<br >nomics.<br > This book was originally conceived as a supplement to Economics USA,<br >Fifth Edition, but many instructors have used it to supplement other ele-<br >mentary economics textbooks; and some have used it alone.<br > E.M.<br >.October 1997<br >

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