Choosing the subjects for this text required many hard choices. To select these topics, we continually survey teachers and leading scholars to determine the issues most crucial for an informed citizenry and a new generation of economists. We drew up a list of key ideas and bid farewell to material we judged inessential or dated. At every stage, we asked whether the material was, as best we could judge, necessary for a student's understanding of the economics of the twenty-first century. Only when a subject passed this test was it included. The result of this campaign is a book that has lost more than one-quarter of its weight in the last few editions and has trimmed three chapters for this edition. Farm economics, the history of labor unions, Marxian economics, advanced treatment of general equilibrium, regulatory developments, and the lump-of-labor fallacy have been trimmed to make room for modern financial theory, real business cycles, and global public goods.
Monday, December 7, 2009
The 19th edition of Paul Samuelson's textbook, Economics has dropped the lump-of-labor fallacy.