This book introduces economic theory by concentrating on some of the most important matters with which theory deals. Beginning by developing the general criteria of efficiency in the allocation of resources between alternative uses, the book then illustrates how efficient allocation can be promoted directly, by state planning, or indirectly by private enterprise. An analysis of the working of business competition in both its free and restricted forms follows, and analysis of the determination of the general levels of production employment and prices is also included.

chapter 1|9 pages


chapter 2|29 pages

The logic of choice

chapter 3|32 pages

Capital, technology and time

chapter 4|32 pages

The decentralization of decisions

chapter 5|10 pages

Private ownership: the system in outline

chapter 9|15 pages

The role of money

chapter 10|4 pages