Addison-Wesley Publishing Company
Stigum & Stigum ECONOMICS,
by Bernt P. Stigum and Marcia L. Stigum
This introductory text in economics presents a comprehensive survey of microeconomic and macroeconomic theory that ties together the different strands of economic theory into a single coherent whole. In doing that it covers a number of new theoretical topics that most introductory texts do not: the consumer’s investment decision, the firm’s production function, the firm’s investment decision, and the role of financial intermediaries in funds flows. The book also places greater stress than most texts do on other theoretical topics such as general equilibrium, monetary policy, and balance-of-payments adjustment. As an aid to mastering the theory that the authors develop, the book presents examples and data that point up the relevance of the theory to the economic world in which the student lives.
Although theory is an important concern throughout the book, it is not the only concern. In addition, the book seeks to give the student the background information on economic institutions that he or she will need to apply the theory that the text presents to everyday economic problems. For that purpose the authors have added a discussion of a number of institutional topics not usually dealt with in introductory texts, and given others more stress than they usually receive.. Thus, for example, in addition to the usual chapters on unions, anti trust measures, and public finance, the book contains a description of financial intermediaries and financial markets. This addition makes it possible for the authors to get away from the usual IS-LM-curve approach to monetary policy and to talk about monetary policy in terms of its effect on the cost and availability of credit. Thinking that way about monetary policy makes it easier for a student to relate the pertinent theory to real-life events.
Bernt P. Stigum is associate professor in the department of economics, Northwestern University
Marcia L. Stigum has held academic posts at Cornell University, Wellesley
College, and Northeastern University