Economic Puzzles and Paradoxes

Author: [USA] Scarron, Taylor, translated by Wu Hanhong, Su Wanquan
Publisher:
Publication Date: 2001-08-01
Features: Although puzzles and paradoxes in Western economics usually attract attention, books specifically dedicated to paradoxes remain rare. This book is uniquely crafted and highly significant. First, it enables us to systematically understand the puzzles and paradoxes in Western economics; second, it helps us recognize certain market phenomena; finally, it aids us in further understanding how Western economics, past and present, has been used to address theoretical and practical issues. Through 44 examples commonly found in Western economics, the book demonstrates three different types of puzzling situations that economists encounter, known as paradoxes in Western economics. One type is everyday phenomena that contradict intuition or common sense, such as: why some products in supermarkets in the U.S. are more expensive per unit when purchased in large packages; the second type are those that once perplexed economists but have now been resolved, such as the paradox of diamonds and water; the third type are unresolved, empirically or conceptually exceptional cases that still challenge economists today, such as the voting paradox.