Foundations of Real-World Economics

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The book critically examines the limitations of traditional economic models, particularly the oversimplifications of perfect competition. It delves into the complexities of oligopolies and analyzes the actual effects of the minimum wage, highlighting how influential institutions create distortions in mainstream economic theories. This edition offers a more nuanced understanding of real-world economics, challenging readers to reconsider established beliefs and explore the intricacies of economic dynamics.