University Economics: Elements of Inquiry

I am about to order this book. I have just read its quite favorable reviews, and I am not a bit surprised at their being impressed by Armen Alchian's writings. I was a colleague of Armen's, at the Rand Corporation "think tank," during the 1950s, and hold no economist in higher regard. When I sat down at my keyboard just now it was to find out what happened to Armen's works. One Google response was someone saying that Armen should get a Nobel Prize. I concur. My own Nobel Prize in Economics was awarded in 1990 along with the prize for Wm. Sharpe. I see in Wikipedia that Armen "influenced" Bill, and that Armen is still alive and is 96 years old. I'll see if I can contact him, but first I'll buy this book.

I'm inspired by the previous review to add my strong agreement. I think this is one of the best introductory economics texts of the past 50 years - far better than Samuelson or the other favorites. Free market oriented, it's accessible and intelligible to any serious student. Examples make sense. The introduction highlights one of the most important insights (from Alain Enthoven) students of economics should consider "the economic theory we are using [in practical work] is the theory most of us learned as sophomores. The reason PhD's are required is that many economists do not believe whta they have learned until they have gone through graduate school and acquired a vested interest in the analysis." I highly recommend University Economics to anyone who wants to acquire a basic understanding of economics without political cant.

I am a graduate student in economics and have recently read this book. It is a clear review of the basics of economics, had I taken the time to understand something at this level, I would have had the background needed for any advanced course in Micro theory. The examples are timeless, and the book reveals the unique and lucid mind of its authors. I would recomend it to any fan of economics or of Alchian.