A Summary of Chapters One and Two In The Book New Ideas From Dead Economists, by Todd Buchholz.
Lee Trent
January 22, 2004
Macroeconomics 201
A Summary of Chapters One and Two In The Book New Ideas From Dead Economists, by Todd Buchholz
In chapter one of the book New Ideas from Dead Economists by Todd Buchholz, there is an introduction to the study of economics. Chapter one defines the term economics as the choices people make. It also describes the influence of economics on the world and its importance. The chapter moves on to describe a man named Alfred Marshall. Marshall believed economics should be a science, but at the same time it should still cater to citizens. Some of the best information in chapter one about the study of economics comes sporadically, such as when the subject of economic fluidity arises. The book explains that economies are very fluid and are affected by a vast number of factors, thus, denying people from every being able to completely predict the market. “Weather, musical tastes, weight, income, inflation, political campaigns, and the performance of U.S. Olympic teams” (4) are only a few of the variables involved in determining consumer spending and, in turn, the state of the economy. The chapter closes reinforcing the idea that conventional economics do not explain everything.