Principles of Economics

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Business and Society is a one-semester product that explores the relationships between businesses, their financial success, and the societies in which they operate. We feature a panel of leading experts that explains economic principles in compelling ways and with meaningful, real-world examples. We reinforce concept explanations with rich, interactive media, and present a learning design model that promotes personal application and information mastery. As with our other media books, Business and Society comes in pre-packaged versions that are optimized for traditional, hybrid, and online courses.

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Our Authors

We create our product content using a Panel of Experts, with each lesson author focusing on his or her specific area of expertise. This translates to concept explanations and presentations that represent a broader set of experiences and perspectives than those found in traditional textbooks or courseware. Our Panel of experts for Business and Society includes:

Peter Boettke, George Mason University
Per Byland, Oklahoma State University
Art Carden, Samford University
Michael DeBow, Samford University
William English, Georgetown University
Vance Fried, Oklahoma State University
Joshua Hall, West Virginia University
Peter Klein, Baylor University
Michael Munger, Duke University
Robert Murphy, Texas Tech University
James Otteson, Wake Forest University
Benjamin Powell, Texas Tech University
Christine Ries, Georgia Tech
Donald Siegel, University at Albany – SUNY
Siri Terjesen, American University

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At EdBooks, our commitment is to help faculty members create and deliver their ideal personal teaching solution, regardless of the learning context. This commitment includes learning design consultations, content recommendations and curation, and assistance with product customization. We also provide instructor-specific materials to support faculty in the preparation and delivery of their courses. These supplements include:

  • Sample syllabi for traditional, hybrid, and online courses
  • Instructor overview and suggestions for each lesson
  • Guide to supplemental resources for each lesson
  • Powerpoint presentation slides for each lesson
  • Alternate activities for each lesson,
Table of Contents

CHAPTER 1: The Market’s invisible hand: Exchange, Prices, and Profits
Price as signal and incentive
Profits as signal and incentive
Role of prices and profits in resource allocation
Role of prices and profits lead value creation

CHAPTER 2: Selfishness, Self-interest, and Self-sacrifice
The Wealth of Nations and Theory of Moral Sentiments
Contrasting self-interest and selfishness
Mutually reinforcing nature of markets and morality
Voluntary cooperation and mutual respect
The limits of good intentions and generosity

CHAPTER 3: The Entrepreneur
The entrepreneur as bearer of uncertainty.
Entrepreneurial judgment and making educated guesses
The entrepreneur as driving force of the market
Creative destruction

CHAPTER 4: Market Place Ethics
Agents and personal ethical constraints of principals
An agent’s ethical responsibility inalienable?
4 principles of marketplace ethics
-Refrain from using physical coercion and the threat of physical harm
-Refrain from fraud and improper deception
-Treat all parties with equal respect for their autonomy
-Honor your commitments

CHAPTER 5: Rules, Rhetoric, and Flourishing
What makes a country wealthy?
Formal institutions
Informal institutions

CHAPTER 6: A Systems View of the Global Economy
Emergent order
Numerous interconnected markets
Role of the nation-state

CHAPTER 7: Comparative Political Economy
Economics and politics
Socialism
Mixed economies
Free markets today
Freedom and prosperity

CHAPTER 8: THE MAN
Socialism: private property, prices, and profit and loss accounting
Socialism: the incentive problem
Socialism: the knowledge problem
Socialism: the moral problem
Socialism twin children: economic deprivation and political tyranny

CHAPTER 9: Political Entrepreneurship
Rent-seeking and robber barons
Limiting competition
Subsidies
Markets or Politics
Government subsidized innovation

CHAPTER 10: Everyday Political Economy
The natural order to human affairs
The three-legged stool of political economy: public, private, and civic
How the public sector can help the private and civic sectors
How the public sector can hurt the private sectors
The problem of political corruption

CHAPTER 11: Economic Justice
Rawls or Nozick?
Poor equals or rich poor?
Economic justice in a classical liberal state.
Problems implementing aid
How much aid?

CHAPTER 12: The Social Entrepreneur
The social entrepreneur: a definition
Balancing financial and social mission
Analyzing a social venture idea
Non-profit status
-Financial implications
-Organizational implications

CHAPTER 13: Market Failure and Government Failure
Markets and governments as imperfect systems
Four kinds of market failures
Government incentive problems
Government’s information problem
Government’s democratic coherence problem

CHAPTER 14: Industrial Policy
Logic and tools of industrial policy
History outside the US
History in the US
Industrial policy and the hubris of the central planner
Industrial policy and cronyism

CHAPTER 15: Property Rights and Rule of Law
The source of property rights
Regulation of property rights
Where do property rights come from?
Understanding “rule of law”?
Economic and moral benefits

CHAPTER 16: Regulation: The Seen, Unseen, and Unrealized
When intervention might be justified
Benefits of regulation need to be significant because costs are high
-Paperwork
-Misallocation of resources
-Missed innovation
No regulation as the default position

CHAPTER 17: Labor
Economic liberty of the worker
Wages
Health and safety issues
Occupational licensing
Unions: closed shops and mandatory collective bargaining

CHAPTER 18: Externalities
Negative externalities and market failure
Methods of regulating externalities
Cost-benefit analysis of externality regulation
Positive externalities and market failure

CHAPTER 19: Transaction Costs and Information Problems
Asymmetric information
Reducing transaction costs by standardizing transactions
Commercial law and warranties
Limits on deceptive/misleading information
Protecting the public or infringing on the public’s freedom of contract?

CHAPTER 20: Monopoly and Cartels
Monopoly problems: high Prices, low quality, and limited innovation
Power and/or behavior for antitrust laws
Is private monopoly defendable long-term?
Cronyism and government-conferred monopoly power

CHAPTER 21: Regulation of Networks and Natural Monopolies
Natural monopoly: a definition
How to regulate a natural monopoly
Network economies
How to regulate a network

CHAPTER 22: Regulating Moral and Social Order
History
Protecting social order or social engineering?
Social order and social pluralism
Current Issues
-Non-discrimination in employment
-Freedom of conscience
-Recreational drugs

CHAPTER 23: Corporate Governance
Who runs the corporation?
Critique of stakeholder theory
Problem: public company without major shareholders
Problem: political voting by public pensions

CHAPTER 24: Corporate Social Responsibility
Corporation as moral agent?
Voluntary corporate “social responsibility”
-Knowledge and specialization problems with doing “good”
-How to define “good”?
Government limits on forcing business to do good
-Impracticalities
-Personal definitions of “good” and “evil”

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