Book description

This text offers a new way of looking at basic economic issues. It teaches economics from a different standpoint, based on specialization and the division of labour. Resource allocation for a given level of division of labour is shown as not the only determination for demand and supply. Levels of division of labour are shown as a major factor as well. 

The division of labour theme allows the book to differ from previously published introductory works in that it eliminates the need for a dichotomy between microeconomics and macroeconomics. Many macroeconomic phenomena such as unemployment and business cycles are seen as features of the network of division of labour. Non-linear programming, dynamic programming, and other non- classical mathematical programming are employed to resurrect the spirit of classical mainstream economics within a modern formal framework. 

About the Author

Xiaokai Yang is Professor in the Department of Economics at Monash University. His research papers have appeared in The American Economic Review, Journal of Political Economy, and other refereed journals. He is the author of several other books.

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