A Study of Paul A. Samuelson's Economics

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A Study of Paul A. Samuelson's Econoꢀ1ics: Making Economics
Accessible to Students

A thesis presented in partial fulfilment of the requirements for the degree ꢀf

Doctor of Philosophy in Economics

at Massey University
Palmerston Nꢀꢁh, New Zealand.

Leanne Marie Smith

July 2000

Abstract

Paul A. Samuelson is the founder of the modem introductory economics textbook. His textbook Economics has become a classic, and the yardstick of introductory economics textbooks. What is said to distinguish economics ꢀom the other social sciences is the development of a textbook tradition. The textbook presents the ꢁndamentꢂl paradigms of the discipline, these gradually evolve over time as puzzles emerge, and solutions are found or suggested. The textbook is central to the dissemination of the principles of a discipline. Economics has, and does contribute to the education of students, and advances economic ꢃiteracy and understanding in society. It provided a common economic language for students.

Systematic analysis and research into introductory textbooks is relatively recent. The contribution that textbooks pꢃay in portraying a discipline and its evolution has been undervalued and under-researched. Specifically, applying bibꢃiographical and textual analysis to textbook writing in economics, examining a single introductory economics textbook and its successive editions through time is new. When it is considered that an economics textbook is more than a disseminator of information, but a physical object with specific content, presented in a particuꢃar way, it changes the way a researcher looks at that textbook. This thesis examines the sixteen editions of Economics as a physical object, and its content. Through this examination it is possible to see how Samuelson made economics accessible to students.

A

central question is has Economics evolved as the world around it has chꢂnged? Samueꢃson has a very studentꢄoriented approach when writing his textbook. Readers of Economics come to understand economic concepts through reꢃevant examples. Welꢃꢄꢅown people and events are used by Samuelson to iꢃꢃustrate economic theory and present economic ideas. In Economics Samuelson presents the principꢃes of mainstream economics. He aꢃso portrays the social, psychological, poꢃitical, and historicaꢃ landscape of the time. Samuelson's Economics provides the nonꢄprofessionaꢃ economist (the student, businessperson, poꢃitician etc) with the principles of economics, presented in ways that are relevant to them, and relate to the issues they see and face in the world. Economics has not remained static; rather, it has deveꢃoped over time. The ability of Economics to evolve has been the key to its survivaꢃ.

ii

Acknowledgements

I am grateꢀl to my Chief Supervisor, Professor Rolf Cremer who has seen me throuꢀ the PhD process. Our time iꢂ discussion over the years has been challenging aꢂd helpꢀl, and his commiꢁeꢂt to my research uꢂwavering. I am also grateꢀꢃ for the supervisioꢂ of Professor Johꢂ Gandar, who took time duriꢂg his New Zealand holiday last year to speꢂd in meetings with me.

I wish to thaꢂk the Massey Uꢂiversity Library staﬀ, particuꢃarly those iꢂ the interloaꢂ sectioꢂ who obtaiꢂed much of the resources I ꢂeeded to uꢂdertake my research. I want to thank Professor Allaꢂ Rae, Pꢇofessoꢇ Aꢂtoꢂ Meister, Gary Buurmaꢂ, aꢂd Julia Fisher ꢄoꢅ the Departmeꢂt of Applied aꢂd Iꢂteꢆatioꢂal Ecoꢂomics, aꢂd Lisa Emerson for their help aꢂd advice.

I am also veꢇy gꢇateꢀl to Sue Cassells, frieꢂd aꢂd colleague who has beeꢂ aꢂ iꢂvaluable support to me.

Special thaꢂks go to my frieꢂd Cecilia Edwards who has added value to my thesis iꢂ a ꢂumbeꢇ of ways. She has listeꢂed, eꢂcouꢇaged, aꢂd kept me saꢂe through this very cyclical process of ups aꢂd dowꢂs.

I wish to ackꢂowledge my fꢇieꢂd aꢂd meꢂtor David Buꢈ, for his eꢂcouragemeꢂt aꢂd advice iꢂ the early years of the PhD process. Sadly David is ꢂot here to see the ﬁꢂal phase, he is

The phoꢂe calls,

ceꢇtaiꢂly missed. To my ꢄieꢂds who have supported me, I say thaꢂks.

emails, aꢂd visits have beeꢂ extremely importaꢂt aꢂd much appreciated.

Fiꢂally, I wish to ackꢂowledge aꢂd thaꢂk my family, Mum, Dad, Aꢂdrea, David aꢂd Graꢂ, who have sustaiꢂed aꢂd eꢂcouꢇaged me thꢇough this PhD jouꢆey. My pareꢂts have beeꢂ my maiꢂstay aꢂd theiꢇ love, uꢂdeꢇstaꢂdiꢂg, aꢂd practical help iꢂvaluable. Thaꢂk you foꢇ keepiꢂg the fa ith that this could be, would be, achieved.

III

Contents

ꢁ

Abstract

ꢂl

iv

Acꢀowledgements

Contents

ꢃꢄ

x

List ofTables

List of Figures

Introduction

1

Chapter One:

Chapter Two:

Reconstructing Histoꢁ Through

Samuelson's Econoꢀcs

8

2.1

Iꢂtꢇoductioꢂ

9

2.2

2.3

Iꢂtꢉꢆatioꢂaꢊ Coꢂﬂict

Tꢉchꢂoꢊogy

10 16 17 17 19 22 28 30 35

2.4

Sociaꢊ aꢂd Dꢉmogꢇaphic Issuꢉs

Shoꢇtagꢉs iꢂ thꢉ 1970s

2.4. 1

2.4. 2 Thꢉ Eꢂviꢇoꢂmꢉꢂt

2.4. 3

2.4.4

2.5

Discꢇimiꢂatioꢂ

Popuꢊatioꢂ

Amꢉꢇicaꢂ Poꢊitics Siꢂcꢉ 1 945

Coꢂcꢊusioꢂ

2.6

iv

Chapter Three:

ꢂaꢃysing Ecoꢅoꢆcꢇ Physicaꢃ Characterisꢄcs

37

3 . 1

Iꢂtroductioꢂ

38 39

42

48 5 1 54 59

ꢀ

3.2

Bibliographical aꢂd Textual Scholarship

The Physical Characteristics

The "Preface"

3. 3

3.3. 1

3.3.2 The Chapters

3.3.3

3. 3.4

3 .4

The Appeꢂdices

The Iꢂdex

Coꢂclusioꢂ

Chapter Four:
ꢂaꢃysing Ecoꢅoꢆcꢇ Content
66

4. 1

Iꢂtroduction

The First aꢂd Last Statemeꢂts iꢂ Economics

67

75

81

4.2

4.

3

Microecoꢂomics

4.4

Macroecoꢂomics

4.5

A Comparative Aꢂalysis: the First aꢂd Sixteeꢂth Editioꢂs of

Economics

85

4.5. 1

The First Editioꢂ 1 948

4.5.2

The Sixteenth Editioꢂ 1 998

Compariꢂg the First aꢂd Sixteeꢂth Editioꢂs of Economics

Competiꢂg Ecoꢂomic Paradigms

Graꢂd Neo-c1assical Syꢂthesis

Challeꢂges to the Graꢂd Neo-ciassical Syꢂthesis

Moꢂetarism

87

4.5
.3

88

4.6

91

4.6. 1

92

4.6.2

94

97

99

101

103

106

108

1 12

Ratioꢂal Expectatioꢂs

Selected Aꢂalytical Coꢂcepts

The Laffer Curve

4.6.3

The 'Kiꢂked' Demaꢂd Curve

The Phillips Curve

Say's Law

4.6.4

Marxism

4
.7

Coꢂclusioꢂ

v

Chapter Five:

Mathemaꢀsaꢀon and Econoꢀcs

115

5.1

5.2

5.3

5.4

5.5

Intrꢀuction

Mathematisation

116

118

126

130

Samuelson and Mathematics Mathematics ꢁ Economics Case Study of Mathematisation in Economics: The Theory of

Income Analysis Section

136

141

5.6

Conclusion

Chapꢃer Sꢂꢃ

The Goꢁeꢂenꢃ and ꢃhe Market

143

6.1

Introduction

The Role of Gꢁveꢂent

144

145

146

149

153 157

159 162

165 165

167

169

172

177
6.2

6.2.1 Goveꢂent Purchase of Goꢀs and Services

The Welfare State

6.2.2 6.2.3 Reguꢄation and Deregulation 6.2.4 Stabilisation Pꢁꢄicy

6.3

The Market

6.3.1 The Free-Market System

6.3.2 Market Failure

Monopoꢄy Exteꢃaꢄities

Income Distribution

6.4

The Modem Mixed Market System

6.5

Conclusion

180

The Inteꢅaꢄonal Economy

Chapter Seven:

1 8 1

1 82

1 84

1 86

189

191

1 95

1 98

2ꢒ

204

7. 1

ꢋꢂtroductioꢂ

7. 2

The ꢋꢂteꢌtioꢂal Ecoꢂomy

7. 2. 1

Trade Liberalisatioꢂ
7. 2. 2 Regioꢂalism aꢂd Trade Groups

7. 2. 3

7. 2.4

7.3

Protectioꢂism

Leaders iꢂ the ꢋꢂteꢌtioꢂal Ecoꢂomy

ꢍꢎteꢏꢐioꢎal Ecoꢎoꢅics ꢑ Economics

The Opeꢂ Ecoꢂomy Model

7.3. 1

7.3 . 2 Protectioꢂism aꢂd Free Trade

7.3

The 'Cheap Foreigꢂ Labour' Argumeꢂt

.3

7.4

Coꢂclusioꢂ

Chapter Eight:

Conclusion

206

210

Appendices

Appeꢂdix Oꢂe:

Appeꢂdix Two:

Appeꢂdix Thꢇee:

Paul Aꢂthoꢂy Samuelsoꢂ - biographical sketch

William D Nordhaus - biographical sketch

A Selectioꢂ of Words that Appear iꢂ the ꢋꢂdex of

Economics

21 1

216 216

218

220

Appeꢂdix Four:

The Forty-Five Degree Diagram

Appeꢂdix Five:

Couꢂtries Appeariꢂg iꢂ the Iꢂdex of Economics

Bibliography

222

vij

List of Tables

Economics Refereꢂce Table

6

Table 1 . 1 :

"Comparative [Mediaꢂ Wage ꢋꢂcomes] of Meꢂ

Table 2. 1 :

24

25

aꢂd Womeꢂ aꢂd of Negroes aꢂd Whites" (Sam. 1 1948, 82).

Eaꢓgs Diﬀereꢂtial - eaꢔꢂgs of group (as perceꢂtage

Table 2. 2:

of eꢕgs of white maꢊes)
Table 2. 3:

Cherry aꢂd Feiꢂer's Study of Discrimiꢂatioꢂ iꢂ

ꢋꢂtroductory Ecoꢂomics Textbooks - Economics Compared with all Textbooks iꢂ the Sꢖdy

27

Tabꢊe 3. 1 :

The Physical Dimeꢂsions of ꢋꢂtroductory Textbooks

ꢁ

- McEachem (1996)

Table 3.2:

The Physical Characteristics of Economics

45

Tabꢊe 3.3:

Totaꢊ Number of Chapters iꢂ Economics, aꢂd the Coꢂteꢂt

Compositioꢂ Across Editions

52

68

89

Table 4. 1 : Table 4.2: Table 4.3:
The First aꢂd Last Statemeꢂts iꢂ Economics

Compariꢂg the First aꢂd Sixteeꢂth Editioꢂs of Economics

The Number of Pages with Refereꢂce to Karl Marx aꢂd

Marxiaꢂ Ecoꢂomics iꢂ the Sixteeꢂ Editioꢂs of Economics

109

Table 5. 1 :

The Number of Equatioꢂs aꢂd Graphs iꢂ Economics

1 3 1

Vlll

Table 5.2:
The Number of Pages, Equations and Graphs ꢀ the ꢍncome

Determinaꢘion Section in Economics

137

Table 6.1:

The ꢍnequalities in the Distribution of Income in American

Households 1935-1936 and 1995 as Presented in the First

and Sixteenth Editions of Economics

170

Table 6.2:
The Toꢘal Number of Chapters in Economics with 'ꢍndividuaꢊꢙ or 'Personal, ꢙ 'Goveꢗenꢘꢙ or 'Federal, ꢙ

and 'Marketꢙ in their Tiꢘles

176

Tabꢊe 7.1:

Proꢘectionist Tooꢊs in Economics

189

Tabꢊe 7.2:

The Number of ꢍnꢘeꢚtional Chapꢘers and Appendices in

Economics, and ꢍnꢘeꢆaꢘional Chapters as a Percentage of

Toꢘaꢊ Chapters

192

193

194

Tabꢊe 7.3:

Tabꢊe 7.4:

Tabꢊe 7.5 :
The Number of Subheadings Under ꢍnꢘeꢚꢘionaꢊ Trade

in ꢘhe Index of Economics

Counꢘries Lisꢘed in the Index in Nine or More Ediꢘions

of Economics

Indusꢘries Used in Economics to Illusꢘrate the

Cheap Foreign Labour Argument

201

217

220

Tabꢊe A. l:

A Seꢊecꢘion of Words ꢘhat Appear in the Index of Economics

Table A. 2:
Counꢘries Appearing in the Index of Economics

ix

List of Figures

Compariꢂg the Number of Pages aꢂꢜ

Figure 3. 1 :

46

53
Stꢛꢜarꢜised Pages of Economics

Number of Chapters anꢜ Perceꢂtage of Textbook Giveꢂ to Microecoꢂomics aꢂd Macroecoꢂomics over the

Sixteeꢂ Eꢜitioꢂs of Economics

Figure 3.2:

Figure 3.3:

Compariꢂg the Numbꢉr of Appeꢂdices aꢂꢜ Chapters

55

77

iꢂ Economics

Samueꢊsoꢂ's Guꢂs aꢂd Butꢘer Figurꢉ (Sam. 1 1 948, 1 9)

Figure 4. 1 :

Figure 5 . 1 :

Toꢘaꢊ Number of Equatioꢂs aꢂꢜ as a Perceꢂꢘage of the

Sꢘaꢂꢜarꢜisꢉd Pages across ꢘhe Eꢜitions

132 133

138

1 39

Figure 5.2: Figure 5. 3:

Figure 5.4: Figurꢉ 6. 1:

Totaꢊ Number of Graphs aꢂꢜ as a Perceꢂtage of ꢘhe Sꢘaꢂꢜarꢜiseꢜ Pagꢉs across the Eꢜitioꢂs

Thꢉ Number of Equatioꢂs iꢂ thꢉ Sectioꢂ, ꢘhꢉ

Theory of Iꢂcome Deteꢝinatioꢂ iꢂ Economics Thꢉ Number of Graphs ꢀ the Sectioꢂ, the Theory of

Iꢂcome Determiꢂatioꢂ ꢀ Economics

Wage Rates Per Hour of the Americaꢂ aꢂꢜ Eꢂgꢊish Workers iꢂ ꢘhe Cheap Foreigꢂ Labour Argumeꢂt, Economics Eꢜitioꢂs Oꢂe to Eꢊevꢉꢂ (1948-1980)

203

x

"I don't care who writes a nation's laws - or crafts its advanced treaties - ꢆ I can write its economics textbooks" Paul A Samuelson.1

I (Nasar 1995).

xi

Chapter One :

Introduction

"To read Ecꢈnꢈꢆcs is to have a glimpse of the extraordinary mind that created it: undogmatic, generous to predecessors and contemporaries, encyclopedic, of course brilliant, and, most remarkably, skeptical, not inclined to take itself too seriously. Those are not properties that come in that combination very often, least of ꢉꢊ in a

textbook" (Fischer 1999, 363).

"Why has this texꢀbꢁk [Economics] had such a long-term impact on the ﬁeld of economics?

...

ꢋ

[Saꢅuelson's] text was the ꢂꢃrst to introduce ꢀhe study of macrꢄonoꢅics. It was the ꢂꢃrst to bring the then stateꢆfꢇtheꢇart Keynꢈian approach of economic analysis down to the level that college freshmen could understand. It was an era when foreiꢉ trade exerꢀed modꢈt inﬂuence on the overall economic activity of ꢀhe United States. Samuelson had created a comꢅon economic language that from then on would be used throughout the world" ꢊcGraw 1ꢋ9, 355ꢇ35ꢌ.

Introductory econoꢠics textbooks provide a vehicꢊe for sꢞudents to understand an academic

discipline - they ꢠake economics accessibꢊe to students.

In a very real way inꢞrꢟuctory

textbooks convert the 'science' of econoꢠics into teachabꢊe subject. Therein lies their

a

signiﬁcance: intꢢoductoꢢy textbooks acquaint students wiꢘh the accepted and ꢞheoretical framework of a discipꢊine. They log the foundation of what students undersꢘand to be the object and ꢠethods of the discipline, and they pꢢedeteꢢꢡine in a powerꢀl way how students wilꢊ see the world. Since Economics was fiꢢst pꢢinted millions of students around the worꢊd have leaꢆed the pꢢincipꢊes of economics ꢄoꢠ it.

Intꢢoductoꢢy textbooks

-

in ꢘhis case Saꢠueꢊson's Economics

-

ꢢepꢢesent ꢘhe mainstꢢeaꢠ

ꢘhought of a discipꢊine, its paꢢadigꢠs.l

The paꢢadigꢠs of the discipꢊine fo ꢢm ꢘhe ꢠain

sꢘꢢucture of ꢘhe noꢢꢠaꢊ science.

The deveꢊopꢠent of a textbook tradition is that which

distinguishes econoꢠics ꢄoꢡ ꢘhe oꢘheꢢ social sciences. Intꢢoductory econoꢠics textbooks are in Kuhniaꢂ teꢢꢡs canonical textbooks.2

This makes textbook analysis

a

fascinating object of ꢢeseaꢢch.

If it is understood how

textbooks aꢢe written, if aꢂd how they evoꢊve oveꢢ the yeaꢢs, whether they change as ꢘhe woꢢꢊd changes, and as the discipline itself changes, a deepeꢢ insight into the ꢊeaꢆing process is gained. This thesis is a contꢢibution to ꢘhe understaꢂding of how intꢢoductoꢢy economics textbooks aꢢe written - what is in ꢘhe textbook, and how it has changed oveꢢ the ﬁﬅy yeaꢢs of publication. Bibꢊiogꢢaphical and textuaꢊ schoꢊarship is the main ꢄaꢠewoꢢk of ꢘhis ꢢeseaꢢch. It invoꢊves the exaꢠination of ꢘhe physical chaꢢacteꢢistics of ꢘhe textbook (ꢘhe nuꢠber of pages, woꢢds, chapteꢢs, gꢢaphs, equations), and the content and theꢠes of ꢘhe textbook.

I

Kꢀ (1970, 136) contends that introductory textbooks: "address themselves to an already articulated body of problems, data, and theory, most oﬅen to the particular set of paradigms to which the scientiﬁc community is committed at the time they are written...[they] ꢀ to communicate the vocabulary and syntax of a contemporary

scientiﬁc language. "

2

A canonical textbook in the sense that it is said to embꢀy the mainstream economic ꢁg of the time, presenting the central paradigms of the discipline.

2

There is an academic interest in exaꢃining the evolution of ideas in the intrꢀuctory econoꢃics textbook. Through theꢃ it is possible to evaluate changes to iꢃportant paradigꢃs, and see passing fads. Wheꢁer it is the First or Twelﬅh Edition of Economics, what is presented as the 'ꢂndaꢃentalsꢄ of econoꢃics is notable for that tiꢃe. Samuelsonꢄs introductory economics textbook presents world events, changes in the econoꢃic, political, and social environꢃents, and addresses issues that students see and need to understand. This research will track how the changing ideas and issues shape this canonical textbook over tiꢃe or, as Saꢃuelson (Saꢃ. 16 1998, xxvi) hiꢃself says:

"A historian of ꢃainstreaꢃ econoꢃic doctrines, like a paleontologist who studies the bones and fossils in diﬀerent layers of earth, could date the ebb and ﬂow of ideas by analyzing how Edition 1 was revised to Edition 2 and, eventually, to Edition 16."

By the early 1940s, Paul Saꢃuelson already had a reputation as a brilliant theorist, and could see a need to produce an interesting and clear introductory econoꢃics textbook. When in 1945 Ralph Freeꢃan asked Saꢃuelson, on staff at Massachusetts Institute of Technology (MIT), to write an introductory econoꢃics textbook, Freeꢃan said:
"Paul, here's an offer you can't reꢂseꢅ A year of econoꢃics is coꢃpulsory for our MIT students. And they find it dull. Take as ꢃuch tiꢃe off as you needꢅ Write a book that people new to econoꢃics will like. It can be as short as you wishꢅ Cover the topics you think iꢃportant. I'ꢃ sure it will be a best seller. More iꢃportantly, you'll contribute to the education of a generationꢅ Then you'll have two reputations. Paul Saꢃuelson, the econoꢃic theorist who pioneers at the frontiers of high-falutinꢄ ꢃatheꢃatical econoꢃicsꢅ And Paul Saꢃuelson, who has paid his dues to proꢃoting econoꢃic literacy and rational understanding aꢃong the citizenry" (Saꢃ. 14 1992, ix).

The First Edition of Economics was published in 1948, and every three to four years later another edition was published, until in 1998 sixteen editions of Economics had been produced. Economics, when it ﬁrst appeared, had an iꢃꢃediate iꢃpact on the teaching of econoꢃics. Brown and Solow (1983, xiii) assert that: "Aifonso the Wise is supposed to have said that if he had been present at the Creation, he would have done a better job. Paul was, and did. It was only the creation of a little world, though it reached through all of econoꢃics." Saꢃuelson's Economics provided the world with a coꢃmon econoꢃics language, and set a benchmark for ꢃodeꢆ mainstreaꢃ introductory textbooks.

The justiﬁcation for using Paul Saꢃuelson's Economics is straightforward; it is the ꢃost longlived and pre-eminent introductory econoꢃics textbook. Aﬅer reviewing the First Edition of Economics Galbraith predicted "that the next generation would leaꢇ its econoꢃics ꢈoꢃ the

3

Saꢃueꢎson Economics. "(3) Even ꢉoday, ﬁﬅy years ꢎaꢉer, ꢃodem inꢉroducꢉory econoꢃics ꢉexꢉbooks can ꢉrace ꢉheir heriꢉage back ꢉo ꢉhe pedagogy and paradigꢃs of Saꢃueꢎsonꢄs Economics. Saꢃueꢎson's ꢉexꢉbook seꢉ a ꢎasꢉing paꢉꢉeꢇ in ꢉhe presenꢉaꢉion of ꢉhe principꢎes of econoꢃics ꢉhaꢉ has been ꢃiꢃicked ꢃany ꢉiꢃes by rivaꢎ econoꢃics ꢉexꢉbooks. Iꢉ changed ꢉhe way auꢉhors wroꢉe and presenꢉed inꢉroducꢉory econoꢃics in ꢉexꢉbooks. In recenꢉ ꢉiꢃes Economics ꢃay have ꢎosꢉ iꢉs doꢃinanꢉ posiꢉion in ꢉhe ꢉexꢉbook ꢃarkeꢉ as introducꢉory econoꢃics ꢉexꢉbooks jockey for posiꢉion; however, iꢉ sꢉiꢎꢎ coꢃꢃands a pꢎace. Economics has soꢎd over four ꢃiꢎꢎion copies, has been ꢉransꢎaꢉed inꢉo ꢃore ꢉhan sixꢉeen ꢎanguages, and has been used in over sixꢉy counꢉries. Iꢉs saꢎes peak was ꢉhe Sixꢉh Ediꢉion (1964) seꢎꢎing over ꢊ0ꢋꢌ0 uniꢉs. Today ꢉexꢉbooks such as McConneꢎꢎ and Brue; Byꢍ and Sꢉone; Bauꢃoꢎ and Bꢎinder; Schiꢎꢎer; Doꢎan and Lindsey; Lipsey, Sꢉeiner, Purvis and Couranꢉ; and Mansfieꢎd, ꢉogeꢉher represenꢉ a sixꢉy ꢉo sevenꢉy percenꢉ share of ꢉhe inꢉroducꢉory econoꢃics ꢉexꢉbook ꢃarkeꢉ in ꢉhe Uniꢉed Sꢉaꢉes (Carveꢎꢎas, Kesseꢎ and Raꢃazani 1996).

There is an iꢃporꢉanꢉ sociaꢎ reꢎevance ꢉo ꢉhis research. Mosꢉ peopꢎe undersꢉand and inꢉerpreꢉ ꢉhe econoꢃy and econoꢃic poꢎicy based on whaꢉ ꢉhey have ꢎeaꢆed and undersꢉood in ꢉheir inꢉroducꢉory econoꢃics course. The signiﬁcance of ꢉhis was oꢑꢉꢎined in an arꢉicꢎe in e Economist (1997b, 60):
"In ꢉhe nexꢉ few weeks, ꢉhousands of sꢉudenꢉs ꢉhroughoꢑꢉ ꢉhe worꢎd wiꢎꢎ begin an inꢉroducꢉory econoꢃics course. They wiꢎꢎ probabꢎy use onꢎy one ꢉexꢉbook. For ꢃosꢉ, ꢉhaꢉ one course wiꢎꢎ be ꢐheir onꢎy brush wiꢉh ꢉhe disꢃaꢎ science. Thaꢉ is why basic econoꢃics ꢉexꢉbooks are enorꢃousꢎy infꢎꢑenꢉiaꢎ."

For ꢃany sꢉudenꢉs an inꢉroducꢉory course in econoꢃics is coꢃpuꢎsory for ꢉheir degree. They have noꢉ chosen ꢉo do ꢉhe course, buꢉ are reqꢑired ꢉo coꢃpꢎeꢉe iꢉ noneꢉheꢎess. Sꢉudenꢉs' faꢃiꢎiariꢉy wiꢉh econoꢃics ꢃay be weak and ꢐheir desire ꢉo do ꢐhe course even weaker; oﬅen finding iꢉ hard, boring, and irreꢎevanꢉ. Whaꢉ is presenꢉed in an inꢉroducꢉory economics cꢎass, and how iꢉ is presenꢉed, has an iꢃporꢉanꢉ inﬂuence on sꢉꢑdenꢉs' ꢑndersꢉanding of econoꢃics as a discipꢎine and in forꢃuꢎaꢉing whaꢉ econoꢃics ꢃeans ꢉo ꢉheꢃ. This is especiaꢎꢎy reꢎevanꢉ, when one considers ꢉhaꢉ ꢉhe ꢃajoriꢉy of inꢉroducꢉory econoꢃics sꢉudenꢉs wiꢎꢎ noꢉ ꢉake anoꢉher econoꢃics coꢑrse. So iꢉ is ꢉhis coꢑrse, inꢉroducꢉory econoꢃics ꢉhaꢉ pꢎays an iꢃporꢉanꢉ roꢎe in ꢏꢐꢑꢒng sꢉudenꢉs on' ꢉo econoꢃics, and ꢉeaching sꢉudenꢉs soꢃe ꢂndaꢃenꢉaꢎ principꢎes ꢉhaꢉ

3 Samuelson quotes Galbraith in his Fourteenth ꢀition (Sam. 14 1992, x).

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will be useꢁl to them in the ꢁtureꢆ Samuelson (Sam. 7 1967, vii) reflects on the importance Economics plays in educating the citizenry in the Seventh Eꢋition:

"When the election of 1984 rolls arounꢋ, anꢋ the issues of the protective tariﬀ anꢋ public debt are being seriously debated, all the hours that the artists and editors anꢋ I have spent in making the pages as informative and authentic as possible will seem to me well spent if somewhere a voter tuꢇ to the old book from which he ﬁrst leaꢈed economics for a rereasoning of the economic principle involved."