Principles of Macroeconomic Literacy emphasizes basic economic concepts such as value and cost in developing macroeconomic ideas. Besides the economics of Adam Smith, Freidrich Hayek, and Milton Friedman, the text applies the work of James Buchanan in discussing how ideal policies will never be ideally applied by self-interested politicians with limited knowledge. The text integrates Frederic Bastiat's (1950) essay, -That Which is Seen and That Which is Not Seen, - in discussing issues such as technology, trade, government guaranteed loans, and Keynesian fiscal policy. Students learn...