J. E. Meade is among the most distinguished of contemporary
economists, noted for his contributions to economic theory and
policy. This volume presents a series of models of economic
systems, each built on greatly simplified assumptions about human
motives, technology, and social institutions, and undertakes in
each case a series of exercises to examine the links of causal
relationship in each case.
This systematic treatment of the whole field of economic
analysis on these lines is a rigorous and elegant non-mathematical
statement of the basic principles and problems of contemporary
economic theory. The volume is based on models of systems in which
there are no capital goods, and in which consumer's tastes,
technical knowledge, and the size and composition of the population
are static.
This sophisticated restatement of the fundamentals of economic
theory also deals with the basic methodological problems of
economic analysis. Given the complexity of variables inherent in
all economic systems, how is the economist to proceed in dealing
with a particular set of interrelated problems? And further, how
can the economist be confident that the verdict is more likely to
be right than wrong? Meade considers these and other questions in a
book important not only to professional economists and their
students, but also to those more generally interested in economic
policy.
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