ABSTRACT

What we want in an economics textbook, of course, is economics, as we visualize and interpret it ourselves. If this represents the consensus of the profession and that consensus happens to correspond to some sort of truth, so much the better. Developing true images of complex systems, such as the economy, is elusive and is most likely to emerge out of well-conducted controversy. So I have no hesitation in expounding my own image of the economy, to which no existing textbook of the last generation conforms, not even my own.