Economics: Private and Public Choice, 12th editionby James Gwartney, Richard Stroup, Russell Sobel and David Macpherson, published by South-Western/Cengage Learning, 2008.
For many years, this classic text has been the choice of instructors wanting to stress the power of economic reasoning and its application to the real world. It provides a clear and easily understandable presentation of the basics of economics and uses them to explain how both markets and the political process work, and when they may not work so well. More than any other introductory text, this book stresses the importance of gains from trade, secure private-property rights, entrepreneurship, competition, and monetary stability as sources of economic growth and human progress. It analyzes the importance of institutions and policies and uses them to explain why countries like Chile, China and India have grown rapidly while other poor countries have continued to stagnate. The concluding section applies the tools of economics to various topics including social security, the stock market, health care, earnings differences between men and women, and the economics of doomsday scenarios. The text is also available in micro and macro paperback splits.
Common Sense Economicsby James Gwartney, Richard Stroup, and Dwight Lee published by St. Martin's Press, 2005.
Common Sense Economics is a highly readable and relatively short book (194 pages). It is designed for those who want to understand how the economy works, what might be done to make it work better, and how individuals can make better economic choices. Basic concepts of economics are used and applied to both political and personal decision-making. The book is divided into four parts: (1) Ten Key Elements of Economics, (2) Seven Major Sources of Economic Progress, (3) Economic Progress and the Role of Government, and (4) Twelve Key Elements of Practical Personal Finance. Common Sense Economics covers what people really need to know in order to make wiser choices as consumers, investors, and citizens. Examples are widely used throughout and the language is straightforward. Graphic and mathematical analysis are kept to a minimum. This emphasis on basic concepts, practical applications, personal finance, and understanding how the world works sets this book apart from other introductory texts.