When you put all these ideas and others together, you see that economics is both exciting and important. Economics teaches us how to make the world a better place. It’s about the difference between wealth and poverty, work and unemployment, happiness and misery. Economics increases your understanding of the past, present, and future.

As you will see, the basic principles of economics hold everywhere, whether it is in a rice paddy in Vietnam or a stock market in São Paulo, Brazil. No matter what the topic, the principles of economics apply to all countries, not just to your own. Moreover, in today’s globalized world, events in China and India influence the economy in the United States, and vice versa. For this reason, you will find that our book is truly international and full of examples and applications from Algeria to Zimbabwe.

But economics is also linked to everyday life. Economics can help you think about your quest for a job, how to manage your personal finances, and how to deal with debt, inflation, a recession, or a bursting stock market bubble. In short, economics is about understanding your world.

We are excited about economics and we hope that you will be too. Perhaps some of you will even become economics majors. If you are thinking about majoring, you might want to know that a bachelor’s degree in economics is one of the best-paying degrees, with starting salaries just behind chemical and nuclear engineering. That reflects the value of an economics degree and the world’s recognition of that value. But if your passion lies elsewhere, that’s okay too; a course in the principles of economics will take you a long way toward understanding your world. With a good course, a good professor, and a good textbook, you’ll never look at the world the same way again. So just remember: See the Invisible Hand. Understand Your World.

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