PrefaceWhat's the purpose of a principles text? Should efficiency as a teaching-learn-ing tool be one of the essential criteria? Should the principles text try to min-imize the effort and frustration required to learn economics? I think so. And that's what this book is designed to do. This book will maximize the efficiency of the student's study time andefforts land mLnimize the students fruStra~On) ~ learning economics. Easye~posi~6n ca~ ~ ~ke ~i o~ ~e ~finci~ies o~ economics easy to learn. But itcertaini~can help;STU T-ID~TI~D CHA~TERISTICS OF ANEXCE LENT ~O MICS BWhat do student~ ~hoo~6 as f~ ~e~|~i ~rac~eristics of an excellent textin economics?Student SuPerSI co~i~ ~t~atiiian~i~utstand~geconomics book must be: i.ii~j, ii~iEasilyReadabl!~i~i!:i!Unders~hdable. 2. On these two criteri~ ;~ii 6f fhe editions 6f this book have scored higherthan any other prm~ipl~ text. his book is (b~ hr) ~he most easily reaaable, most easily understandable T1textbook a~a~able for the university-lev~i principles of economics course.Furtherm6re ~f ~chieves this high level o~ readability without any sacrificeof depth, rigor, accuracy, or completeness of coverage.Students say that an excellent economics text must be:3. Current. Relevant~ The opening chapter of this edition focuses on current real-world economic conditions and issues ranging from the budget deficit and the trade deficit to some of the effects of the mid-east war and causes and effects of the recession of 1990-91.~ New real-world examples have been introduced at several places throughout the text.~ Recent developments in macroeconomic theory and in the con- duct of monetary policy are thoroughly explained, and important macrotheory and policy issues are brought up to date.~ Instructors who use this book in their classes will automatically receive my semi-annual Economic Outlook newsletter which ex- plains current issues and emphasizes the power of economic forces in the real world.