Price Theory

More about the book

The book explores the distinction between positive and normative economics, emphasizing how economic issues are approached and resolved. It delves into monetary and price theory, highlighting their roles in understanding price levels, resource allocation, and income distribution. Prices are presented as crucial tools that convey information and motivate resource management. Additionally, the text positions economics as a social science, focusing on the interplay between individuals and the collective solutions to economic challenges within society.