ABSTRACT
Objectives and learning outcomes The point of departure for this chapter is Richard Lipsey’s (1973) once ubiquitous economics textbook that went under the title Positive Economics. This text represents the influential core of orthodox economics. It is likely that this, or similar economic texts were the undergraduate bibles of those representatives of the International Monetary Fund (IMF) who travel the world lecturing the poorest countries on the importance of a balanced State budget, the merits of privatization and tight monetary control.
