The New World of Economics: A Review Article

Abstract

In the March 1975 issue of this journal, Alan Randall used four recently published books as leading indicators to delineate certain trends in the presentation of introductory economics.' As a companion piece to Randall's article, we examine a work that can be viewed as a culmination of the tendencies noted by him. If we are more critical than he in our assessment, it is because the book under consideration-The New World of Economics, by Richard B. McKenzie and Gordon Tullock-is more extreme in its approach to basic economics.2 Several features of the publications reviewed by Randall are present in the McKenzie-Tullock volume: a concentration on microrather than macroeconomics, a selection of substantive topics that are "relevant" rather than "traditional," and a claim to be pursuing positive rather than normative economics. Yet, McKenzie and Tullock differ from the other authors in three respects. First, they abandon any reference at all to traditional economic topics. Second, they write in an extremely forceful and provocative style, advocating economic concepts and principles above those of all other disciplines. Third, they adopt a single focal