Principles of Economics by Libby Rittenberg and Timothy Tregarthen

  • Description
  • Table of Contents
  • About the Authors
  • Supplements
Publication Date: May 2009
License: Creative Commons
ISBN 13: 978-1-936126-01-9
ISBN 13 Color: 978-1-936126-16-3

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Flat World Knowledge is thrilled to publish a first edition re-launch of Tim Tregarthen’s acclaimed Principles of Economics book, and proud to bring Tim's remarkable talents as a teacher to future generations of students.

In 1996, Tim published the first edition of his principles of economics textbook to great acclaim, and it became widely used in colleges around the country. That same year, MS made him wheelchair-bound. The disease forced his retirement from teaching at the University of Colorado at Colorado Springs in 1998. He lost the use of his arms in 2001 and has been quadriplegic ever since.

Tim never let his disease get him down. In fact, he turned back to his love of writing and teaching for inspiration. He obtained a voice-activated computer, recruited a co-author, Libby Rittenberg of Colorado College, and turned his attention to revising his principles of economics book.

Today we are excited to introduce Libby Rittenberg and Timothy Tregarthen’s Principles of Economics. The authors teach economics as the study of “choice “ by providing students with an accessible, straightforward overview of economics. This text combines the clarity and writing of Tregarthen's seminal periodical "The Margin" with great teaching insights.

Rittenberg and Tregarthen help students to understand how real individuals actually work with economics. In this new book, the authors illustrate the practicality and relevance of economics with a variety of new illustrations and insights.

The authors take a three-pronged approach to every concept: (1) the concept is covered with a “Heads Up” to ward off confusion, (2) a “You Try It” section makes sure students are staying on top of the concept and (3) a “Case and Point” section that uses a real-world application to harness the concept in reality. For one example of how this plays out in the text see "Chapter 3, Section 2 on Supply." here

This book is intended for a two-semester course in economics taught out the social sciences or business school.

  • Book Options and Supplements
  • About the Authors
  • Acknowledgments
  • Preface
  • Chapter 1: Economics: The Study of Choice
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    • Section 1: Defining Economics
    • Section 2: The Field of Economics
    • Section 3: The Economists’ Tool Kit
    • Section 4: Review and Practice
  • Chapter 2: Confronting Scarcity: Choices in Production
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    • Section 1: Factors of Production
    • Section 2: The Production Possibilities Curve
    • Section 3: Applications of the Production Possibilities Model
    • Section 4: Review and Practice
  • Chapter 3: Demand and Supply
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    • Section 1: Demand
    • Section 2: Supply
    • Section 3: Demand, Supply, and Equilibrium
    • Section 4: Review and Practice
  • Chapter 4: Applications of Demand and Supply
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    • Section 1: Putting Demand and Supply to Work
    • Section 2: Government Intervention in Market Prices: Price Floors and Price Ceilings
    • Section 3: The Market for Health-Care Services
    • Section 4: Review and Practice
  • Chapter 5: Elasticity: A Measure of Response
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    • Section 1: The Price Elasticity of Demand
    • Section 2: Responsiveness of Demand to Other Factors
    • Section 3: Price Elasticity of Supply
    • Section 4: Review and Practice
  • Chapter 6: Markets, Maximizers, and Efficiency
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    • Section 1: The Logic of Maximizing Behavior
    • Section 2: Maximizing in the Marketplace
    • Section 3: Market Failure
    • Section 4: Review And Practice
  • Chapter 7: The Analysis of Consumer Choice
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    • Section 1: The Concept of Utility
    • Section 2: Utility Maximization and Demand
    • Section 3: Indifference Curve Analysis: An Alternative Approach to Understanding Consumer Choice
    • Section 4: Review and Practice
  • Chapter 8: Production and Cost
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    • Section 1: Production Choices and Costs: The Short Run
    • Section 2: Production Choices and Costs: The Long Run
    • Section 3: Review and Practice
  • Chapter 9: Competitive Markets for Goods and Services
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    • Section 1: Perfect Competition: A Model
    • Section 2: Output Determination in the Short Run
    • Section 3: Perfect Competition in the Long Run
    • Section 4: Review and Practice
  • Chapter 10: Monopoly
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    • Section 1: The Nature of Monopoly
    • Section 2: The Monopoly Model
    • Section 3: Assessing Monopoly
    • Section 4: Review and Practice
  • Chapter 11: The World of Imperfect Competition
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    • Section 1: Monopolistic Competition: Competition Among Many
    • Section 2: Oligopoly: Competition Among the Few
    • Section 3: Extensions of Imperfect Competition: Advertising and Price Discrimination
    • Section 4: Review and Practice
  • Chapter 12: Wages and Employment in Perfect Competition
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    • Section 1: The Demand for Labor
    • Section 2: The Supply of Labor
    • Section 3: Labor Markets at Work
    • Section 4: Review and Practice
  • Chapter 13: Interest Rates and the Markets for Capital and Natural Resources
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    • Section 1: Time and Interest Rates
    • Section 2: Interest Rates and Capital
    • Section 3: Natural Resources and Conservation
    • Section 4: Review and Practice
  • Chapter 14: Imperfectly Competitive Markets for Factors of Production
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    • Section 1: Price-Setting Buyers: The Case of Monopsony
    • Section 2: Monopsony and the Minimum Wage
    • Section 3: Price Setters on the Supply Side
    • Section 4: Review and Practice
  • Chapter 15: Public Finance and Public Choice
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    • Section 1: The Role of Government in a Market Economy
    • Section 2: Financing Government
    • Section 3: Choices in the Public Sector
    • Section 4: Review and Practice
  • Chapter 16: Antitrust Policy and Business Regulation
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    • Section 1: Antitrust Laws and Their Interpretation
    • Section 2: Antitrust and Competitiveness in a Global Economy
    • Section 3: Regulation: Protecting People from the Market
    • Section 4: Review and Practice
  • Chapter 17: International Trade
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    • Section 1: The Gains from Trade
    • Section 2: Two-Way Trade
    • Section 3: Restrictions on International Trade
    • Section 4: Review and Practice
  • Chapter 18: The Economics of the Environment
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    • Section 1: Maximizing the Net Benefits of Pollution
    • Section 2: Alternatives in Pollution Control
    • Section 3: Review and Practice
  • Chapter 19: Inequality, Poverty, and Discrimination
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    • Section 1: Income Inequality
    • Section 2: The Economics of Poverty
    • Section 3: The Economics of Discrimination
    • Section 4: Review and Practice
  • Chapter 20: Macroeconomics: The Big Picture
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    • Section 1: Growth of Real GDP and Business Cycles
    • Section 2: Price-Level Changes
    • Section 3: Unemployment
    • Section 4: Review and Practice
  • Chapter 21: Measuring Total Output and Income
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    • Section 1: Measuring Total Output
    • Section 2: Measuring Total Income
    • Section 3: GDP and Economic Well-Being
    • Section 4: Review and Practice
  • Chapter 22: Aggregate Demand and Aggregate Supply
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    • Section 1: Aggregate Demand
    • Section 2: Aggregate Demand and Aggregate Supply: The Long Run and the Short Run
    • Section 3: Recessionary and Inflationary Gaps and Long-Run Macroeconomic Equilibrium
    • Section 4: Review and Practice
  • Chapter 23: Economic Growth
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    • Section 1: The Significance of Economic Growth
    • Section 2: Growth and the Long-Run Aggregate Supply Curve
    • Section 3: Determinants of Economic Growth
    • Section 4: Review and Practice
  • Chapter 24: The Nature and Creation of Money
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    • Section 1: What Is Money?
    • Section 2: The Banking System and Money Creation
    • Section 3: The Federal Reserve System
    • Section 4: Review and Practice
  • Chapter 25: Financial Markets and the Economy
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    • Section 1: The Bond and Foreign Exchange Markets
    • Section 2: Demand, Supply, and Equilibrium in the Money Market
    • Section 3: Review and Practice
  • Chapter 26: Monetary Policy and the Fed
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    • Section 1: Monetary Policy in the United States
    • Section 2: Problems and Controversies of Monetary Policy
    • Section 3: Monetary Policy and the Equation of Exchange
    • Section 4: Review and Practice
  • Chapter 27: Government and Fiscal Policy
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    • Section 1: Government and the Economy
    • Section 2: The Use of Fiscal Policy to Stabilize the Economy
    • Section 3: Issues in Fiscal Policy
    • Section 4: Review and Practice
  • Chapter 28: Consumption and the Aggregate Expenditures Model
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    • Section 1: Determining the Level of Consumption
    • Section 2: The Aggregate Expenditures Model
    • Section 3: Aggregate Expenditures and Aggregate Demand
    • Section 4: Review and Practice
  • Chapter 29: Investment and Economic Activity
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    • Section 1: The Role and Nature of Investment
    • Section 2: Determinants of Investment
    • Section 3: Investment and the Economy
    • Section 4: Review and Practice
  • Chapter 30: Net Exports and International Finance
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    • Section 1: The International Sector: An Introduction
    • Section 2: International Finance
    • Section 3: Exchange Rate Systems
    • Section 4: Review and Practice
  • Chapter 31: Inflation and Unemployment
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    • Section 1: Relating Inflation and Unemployment
    • Section 2: Explaining Inflation–Unemployment Relationships
    • Section 3: Inflation and Unemployment in the Long Run
    • Section 4: Review and Practice
  • Chapter 32: A Brief History of Macroeconomic Thought and Policy
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    • Section 1: The Great Depression and Keynesian Economics
    • Section 2: Keynesian Economics in the 1960s and 1970s
    • Section 3: An Emerging Consensus: Macroeconomics for the 21st Century
    • Section 4: Review and Practice
  • Chapter 33: Economic Development
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    • Section 1: The Nature and Challenge of Economic Development
    • Section 2: Population Growth and Economic Development
    • Section 3: Keys to Economic Development
    • Section 4: Review and Practice
  • Chapter 34: Socialist Economies in Transition
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    • Section 1: The Theory and Practice of Socialism
    • Section 2: Socialist Systems in Action
    • Section 3: Economies in Transition: China and Russia
    • Section 4: Review and Practice
  • Chapter 35: Appendix A: Graphs in Economics
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    • Section 1: How to Construct and Interpret Graphs
    • Section 2: Nonlinear Relationships and Graphs without Numbers
    • Section 3: Using Graphs and Charts to Show Values of Variables
  • Chapter 36: Appendix B: Extensions of the Aggregate Expenditures Model
    • Section 1: The Algebra of Equilibrium
    • Section 2: The Aggregate Expenditures Model and Fiscal Policy
    • Section 3: Review and Practice
Libby Rittenberg
Libby Rittenberg

Dr. Libby Rittenberg is Professor of Economics at Colorado College since 1989. She has been the Dean of the Summer Session since 2003. She frequently teaches the Principles of Economics, Intermediate Macroeconomic Theory, Comparative Economic Systems, and a senior seminar on the International Political Economy. She received her Bachelor’s Degree from Simmons College and her Ph. D. in Economics from Rutgers University in 1980. She was a Fulbright Lecturer from 1982-1984.


Timothy Tregarthen
Timothy Tregarthen

There is one word that captures the essence of Dr. Timothy Tregarthen - inspiring. Tim was first diagnosed with MS in 1975. Yet, he continued a remarkable academic career of teaching and research. In 1996, he published the first edition of his principles of economics textbook to great acclaim, and it became widely used in colleges around the country. That same year, MS made him wheelchair-bound. The disease forced his retirement from teaching at the University of Colorado at Colorado Springs in 1998. He lost the use of his arms in 2001 and has been quadriplegic ever since. In 2002, Tim’s doctor expected him to die.

He was placed in the Pikes Peak Hospice program, and was twice given his last rites by his priest. UCCS Chancellor Shockley-Zalabak says that “I really thought that Tim would die in Hospice. That’s what the doctors told me, and I really believed that. I remember one day they called me and told me to try to come see him. They didn't expect him to live through the night.”

Not only did he live through the night, but eventually recovered to the point that he moved from hospice to a long term care facility. There, he never let his disease get him down. In fact, he turned back to his love of writing and teaching for inspiration. He obtained a voice-activated computer, recruited a co-author, Libby Rittenberg of Colorado College, and turned his attention to revising his principles of economics book. Flat World Knowledge is honored to publish a new, first edition relaunch of this wonderful book, and proud to bring Tim's incredible talents as a teacher back to life for future generations of students to learn from.

In addition to completing the re-write of his textbook, Tim recently completed an autobiography about the 32 years he has had multiple sclerosis, titled Suffering, Faith, and Wildflowers. He is nearing completion of a novel, Cool Luck, based on the life of a friend. It is the story of a young couple facing the husband's diagnosis of ALS — Lou Gehrig's disease. Remarkably, in 2007, he was able to return to the classroom at UCCS, where he taught economics for 27 years.

Perhaps Tim’s approach to life is best summed up by an observation by UCCS English professor Thomas Naperierkowski: “One of the remarkable things is, heck, I can wake up with a headache and be a pretty grouchy character, but given his physical trials, which he faces every minute of his life these days, I've never seen him grouchy, I’ve never seen him cranky.”

Carry on, Tim.

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Schools Using Principles of Economics by Libby Rittenberg and Timothy Tregarthen :

  • Allied American University
  • Boise State University
  • Bridgewater State College
  • Cabrini College
  • California State University
  • Central New Mexico Community College
  • Central Oregon Community College
  • Columbus State
  • Columbus State Community College
  • Custa College
  • Delta College
  • Eastern Michigan University
  • Eastern Washington University
  • Emmanuel College
  • Foothill College
  • Fullerton College
  • Grays Harbor College
  • Hong Kong University
  • Huntington University
  • Johnson State College
  • Lyndon State College
  • Mary Baldwin College
  • Mercy College
  • Northern Essex Community College
  • Northern Illinois University
  • Northern Virginia Community College
  • Rio Hondo College
  • Riverside Community College, Moreno Valley Campus
  • Rockland Community College
  • Rutgers University
  • Saddleback College
  • Saint Cloud State University
  • Salisbury University
  • Sam Houston State University
  • San Bernardino Valley College
  • South Texas College
  • Southern Oregon University
  • St. Gregory's University
  • St. Louis Community College
  • State University of New York at Fredonia
  • Stern College for Women, Yeshiva University
  • University of Akron
  • University of Akron
  • University of Calgary
  • University of Hawaii at Mānoa
  • University of Massachusetts-Boston
  • University of Nebraska at Omaha
  • University of New Mexico
  • Washtenaw Community College
  • Webster University
  • Western Kentucky University
  • Western Connecticut State
  • Western Oregon University
  • Westfield State College
  • Wilfrid Laurier University