Includes index.

Part One. Income, Employment, and Prices -- Part Two. Product Pricing and Resources Allocation -- Part Three. Factor Pricing and Income Distribution -- Part Four. The Public Economy -- Part Five. The International Economy -- Part Six. Economic Growth and Development.

Teaching and writing about the principles of economics is an ever-new experience; and so about half of the pages in this edition are new pages. Chapters 7-13, which deal with the theory of total output, employment, and the price level have been reorganized and completely rewritten. Chapters 16-20, which contain the gist of microeconomic theory, have been substantially revised and streamlined. Several new chapters and sections deal with policy issues which will be important in the seventies: urban economic problems, environmental quality, education, health services, poverty and income redistribution, race and sex discrimination, and population growth. The object is not to provide ready answers to such problems, but rather to show how the application of economic reasoning can lead to clearer thinking about them.