What key questions should students consider in order to gain a firm understanding of the essentials of economics? Touching on both the theoretical and real-world aspects of topics typically discussed in introductory and intermediate level microeconomics courses, this timely collection of debates features contributions by respected economists from Canada and beyond.

Students will be engaged by this thought-provoking approach to issues such as the role of consumers and advertising, the nature of markets, privatization and regulation, poverty, the intersection of economics with the environment, foreign ownership, and much more — all presented in lively and accessible language.

An exciting and refreshing collection. ... It works on several levels, not only laying out standard microeconomic theory, but presenting critiques of its limitations, while showing why so many believe that standard theory can withstand those critics. It successfully explains the key debates, going beyond staid topics and tired positions. I'm struck by the fairness of the coverage, the intelligence of the argument, the numerous examples, and the clarity of the writing. This could easily be used as a stand-alone text. Compulsive reading — well done!

— Tony Myatt, University of New Brunswick, co-author The Economics Anti-Textbook

A companion volume on Macroeconomics is also available. See emp.ca/macro for further details about this text.

PART I: Basic Economic Problems

1. Is Economics a Science? Is It Useful? (Lawrence Boland, Ian Parker)
2. Is There Such a Thing as a Free Market? (William Watson, Robert Prasch)

PART II: Consumers and Firms

3. Is Homo Economicus an Appropriate Representation of Real-World Consumers? (Joseph Persky, Morris Altman)
4. Is the Consumer Sovereign? What Is the Power of Advertising? (Jason L. Saving, Hassan Bougrine & Martti Vihanto)
5. How Do Firms Price Their Products? (Thomas Barbiero, Peter Kriesler)
6. What Do Firms Try to Maximize? (Fanny Demers & Michel Demers, Marc Lavoie)

PART III: Governments and Markets

7. How Can Markets Fail? Should They Be Regulated? (Donald McFetridge, Robert Chernomas & Ian Hudson)
8. Is the Private Sector Better than the Public Sector in Providing Goods and Services to the Public? (Niels Veldhuis, Hugh Mackenzie)
9. Does Foreign Ownership of Corporations Matter? (Walid Hejazi, David Leadbeater)
10. Addressing Environmental Problems: Is There a Market Solution? (Elizabeth Wilman, Ric Holt)

PART IV: Incomes and Inequality

11. How Does the Market Determine the Distribution of Incomes among Economic Agents? What Are the Effects of Minimum Wages and Trade Unions on Income? (Gilles Grenier, Jim Stanford)
12. Is There Labour Market Discrimination? Are Employment Equity Policies Effective? (Morley Gunderson, Fiona MacPhail)
13. Would the Adoption of a Guaranteed Annual Income Eliminate Poverty? (Derek Hum, Mario Seccareccia)
14. Do Equalization Payments Solve the Problem of Regional Inequality? (Fred McMahon, Brian MacLean & Michael Bradfield)

Glossary

Chapter 2