Thursday, January 10, 2013


Coefficients of elasticity, equilibrium prices, indifference curves, the multiplier, IS/LM curves, the AD/AS model, marginal propensities to consume and save, consumer surplus, deadweight losses, profit maximizing output, utility maximizing equations.   Welcome to Principles of Economics or as Rodney Dangerfield called it in the movie Back to School................fantasyland.    Watch this video.

I taught concepts like these for 31 years as a professor in Ohio before retiring and then teaching at the University of Arizona for 5 more years.  Many of my students, like Rodney Dangerfield in the movie clip above, found it difficult to understand how most of these concepts were relevant to the real world.  After awhile I began to ask the same questions.  So I wrote this blog as an antidote to Principles of Economics as it is currently being taught at almost all colleges and universities.