Introduction

Abstract

The purpose of this book of readings is to make available in a single volume some of the seminal papers in the areas of microeconomics and macroeconomics which comprise the subject matter of intermediate courses in economic principles. In cases when the original material has been deemed too technically demanding, alternative papers by leading economists have been chosen on the basis of clarity of exposition as much as originality of contribution. A few minor changes of a purely cosmetic nature have been made, such as standardization of diagram numbering and correction of obvious misprints. These do not affect the original tone of the articles. We also include a few important papers which indicate how contemporary researchers have developed or applied the principles outlined in the other readings, as an appetizer to students who are thinking of pursuing their study of economics further and as examples of the direction in which the subject is being extended beyond areas covered in mainstream intermediate textbooks.