Here is the vision that reframes principles of economics as principles of smart choices.
These opening microeconomics paragraphs for students provide a sense of the distinctiveness of my approach, and the significance of all words in the title and subtitle.
The Economics for Life titles come from a quote by the Nobel Prize-winning author George Bernard Shaw – “Economy is the art of making the most of life.” Economics is about getting the most for your money, but it is also about making smart choices generally. If you learn a little economics, it will help you make the most of your life, whatever you are after. That knowledge will help you better understand the world around you and the choices you face as a citizen.
You don’t need to be trained as an economist to lead a productive and satisfying life. But if you can learn to think like an economist, you can get more out of whatever life you choose to lead, and the world will be better for it.
Principles textbooks in most subjects are designed to provide an overview of the discipline. I provide a framework that supports smart choices, appealing to students’ self-interest, beyond intellectual curiosity and meeting degree requirements. The core concepts included in Microeconomics for Life: Smart Choices for You are grounded in the “3 Keys Model.”
Key 1: Choose only when additional benefits are greater than additional opportunity costs.
Key 2: Count only additional benefits and additional opportunity costs.
Key 3: Be sure to count all additional benefits and costs, including implicit costs and externalities.
The intuition behind all topics in Microeconomics can be taught with these 3 Keys, which reappear as icons as new topics are explored. This core model is even simpler than it looks, as it reduces to Key 1, with Keys 2 and 3 as clarifications.
The Microeconomic Table of Contents outlines the topics coverage.
This distinctive focus provides a decision-making guide that directly improves employability and life choices in general. The 3 Keys Model provides students with active guidance in plain language for sound economic decision-making.