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Principles of Economics with Applications to Practical Problems

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By: (1863-1949)

In "Principles of Economics with Applications to Practical Problems," Frank Albert Fetter provides a comprehensive overview of economic principles and their real-world applications. Fetter's writing style is clear and accessible, making complex economic concepts easy to understand for both students and casual readers.

One of the strengths of this book is its focus on practical examples and case studies that illustrate how economic theory can be applied to everyday problems. Fetter does an excellent job of explaining key concepts such as supply and demand, competition, and market structure, and showing how these concepts shape economic outcomes in the real world.

Fetter also delves into more advanced topics such as monopoly power, income distribution, and international trade, providing readers with a solid foundation in both microeconomics and macroeconomics. Throughout the book, Fetter emphasizes the importance of critical thinking and analysis in understanding economic issues, encouraging readers to consider different perspectives and approaches to problem-solving.

Overall, "Principles of Economics with Applications to Practical Problems" is a comprehensive and accessible introduction to economic theory and its practical applications. Whether you're a student studying economics or simply interested in learning more about how economic principles shape the world around us, this book is a valuable resource that is sure to educate and engage readers.

Book Description:

Frank Albert Fetter was an American economist of the Austrian school, but referred to himself as a member of the “American Psychological School” instead. Fetter contested the position that land is theoretically distinct from capital, arguing that such a distinction was impractical. His stand on this issue led him to oppose ideas like the land value tax.

Fetter also asserted that just as the price of each consumer good is determined solely by subjective value, so the rate of interest is determined solely by time preference. He maintained that time valuation was prerequisite to the determination of the market rate of interest, and he emphasized the time valuation element in all consumption and production choices. Fetter taught at Cornell University, Indiana University, and Stanford University. He was the first chairman of Princeton University's Department of Economics and Social Institutions, an interdisciplinary department that incorporated history, politics, and economics.

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