Commercial Society

Cathleen Johnson teaches the Philosophy, Politics, Economics and Law program at the University of Arizona, USA.Robert Lusch was Professor of Marketing at the University of Arizona, USA.David Schmidtz is Kendrick Professor of Philosophy in the College of Social and Behavioral Sciences and Eller Chair of Service-Dominant Logic in the Eller College of Management, both at the University of Arizona, USA.

• Ethics, Economy, and EntrepreneurshipWhy Ethics?Why Economy?Why Entrepreneurship?Part 1: Key ConceptTradeResourcesCostInstitutionsValuePart 2: ProgressAdam Smith on ProgressTransaction Cost and ProgressCommerce and ProgressProduction Possibilities FrontierWhat Seems Like ProgressPart 3: Understanding TradeConditions for TradeComparative AdvantageDivision of LaborBuyersSellersA Market: Supply and DemandA Market Responds: Price and QuantityEconomic SurplusPrice Signals and Spontaneous OrderPrice ControlsEconomic Science: Putting Theory to the TestProgress and Wealth CreationPart 4: Trust, Agency, and BystandersPrincipal-Agent FrameworkCost to BystandersCompetitors are not BystandersThe Logic of the CommonsEnvironmental TragediesPropertyParcelsCommunal PropertyTrustBenefits for BystandersMarket PowerMonopoly PowerMonopsony PowerInternational Trade and Trade ProtectionWhat Should Not be for SalePart 5: Management of a Commercial SocietyFinancial InstitutionsFractional Reserve BankingMeasuring EconomiesGross Domestic Product (GDP)Unemployment RateMeasuring the Price LevelFiscal PolicyMonetary PolicyPublic ChoiceCorruptionPart 6: Personal and Business FinanceAccounting BasicsCompound GrowthSaving, Borrowing, and InvestingMarketing FundamentalsInsuranceBreak-Even AnalysisBudgetingFinancial ManagementPart 7: Innovation and EntrepreneurshipKnowledge DiscoveryIt Takes More than IdeasWhat Innovation Looks LikeEntry, Exit, and the Role of ProfitCreative DestructionEntrepreneurs as Resource IntegratorsEntrepreneurship as a ProcessMarkets Don’t ExistCompetitive Advantage - The Dynamics of Remaining ViableThe Big ErrorsThe Entrepreneur and Self-Assessment

Commercial Society is about how to understand a market economy. The book, part of the "Economy, Polity, and Society" series, is a primer on economics and ethical entrepreneurship. The authors (all, Univ. of Arizona) cover concepts in both microeconomics and macroeconomics, and they provide chapters on business and entrepreneurship. The chapters are brief and cover the basics; each chapter concludes with exercises and topics for class discussion. Each chapter also has a QR code, that, when scanned with a cell phone, takes the user to a website for more information. . . This work could serve as a textbook on economics for students who are not economics majors. Summing Up: Recommended. Lower-division undergraduates, including students in technical programs.