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     2026:7/2

International Journal of Multidisciplinary Research and Growth Evaluation

ISSN: (Print) | 2582-7138 (Online) | Impact Factor: 9.54 | Open Access

A book review: Principles of economics 3E

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Abstract

This review critically examines "Principles of Economics 3E," authored by David Shapiro of Pennsylvania State University, Daniel Macdonald of California State University, San Bernardino, and Steven A. Greenlaw of the University of Mary Washington. The book is an exploration of various economic themes, enhanced by a narrative synthesis approach and a documentary method for data analysis, including a systematic review for content analysis. Comprising 34 chapters, the textbook is a comprehensive blend of theoretical concepts and practical applications, with a focus on mathematical reasoning and calculations. The book extensively covers a broad range of economic topics, balancing academic theories with real-life applications and maintaining a level of complexity suitable for both students and educators. It begins with foundational concepts of economic decision-making in a resource-scarce environment, moving through essential models of supply, demand, and market equilibrium. The text delves into microeconomic theories, discussing consumer behavior, production costs, market structures, and a primer in game theory. Addressing applied microeconomics, it encompasses topics like public goods, externalities, and economic policy responses to societal challenges including poverty, environmental issues, and income disparity. The macroeconomic portion introduces vital topics such as economic growth, unemployment, inflation, and international trade, laying a robust foundation for understanding current economic conditions. This section is enriched with a thorough exploration of the aggregate demand/aggregate supply model, contrasting Keynesian and Neoclassical viewpoints. The discussion extends to monetary and fiscal policies, exploring the roles of money, banking systems, regulatory frameworks, and government fiscal strategies, pertinent to understanding modern economic challenges. The final section on international economics provides insights into global trade and protectionism, crucial for comprehending the intricacies of today's interconnected global economy. The book places a strong emphasis on real-world relevance, updating and contextualizing topics like education, discrimination, environmental and immigration policies, healthcare, and the overarching impacts of the COVID-19 pandemic, thereby directly linking economic theory to students' lives and future careers. Although the book incorporates up-to-date information and case studies, due to the dynamic nature of global economics, certain discussions may become obsolete. However, while "Principles of Economics 3e" covers a wide spectrum of topics, it may still face limitations in addressing emerging areas like the economics of digital transformation and cryptocurrency, which are becoming increasingly relevant. This gap highlights the dynamic nature of economic research and the need for continuous evolution in economic literature to remain relevant and comprehensive.

 

How to Cite This Article

Aishath Rafiyya, Tanpat Kraiwanit (2024). A book review: Principles of economics 3E . International Journal of Multidisciplinary Research and Growth Evaluation (IJMRGE), 5(1), 385-391.

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