Principles of Economics
Traditionally, international issues are releegated to the back of the book. Given an increasingly interrelated orld, this approach is no longer defensible. Agricultural problems cannot be discussed intelligently without considering exchange rates, world production, and protectionism. Market structure and antitrust policy cannot be studied as if competition came only from domestic procedures. Similarly, analyses of interest rates, inflation, monetary and fiscal policy, economic growth, and numerous other topics require an understanding of the interrelationships amongnational economies. For this reason, gains from trade, trade restrictions, and related concepts are introduced at the beginning of the book, allowing us to integrate global issues with what are customarily considered domestic topics. By the time the student encounters the motre technical concepts of internationak economics near the end of the book, he or she has already gained a famiarity with an appreciation of international economcs.
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