Firms add value to the production of other firms in the process of producing final goods and services. By using this basic fact, this introductory textbook undermines and replaces much of the neoclassical paradigm.

Author Biography

Lester O. Bumas is Professor Emeritus of Economics at the Polytechnic Institute of NYU. Additionally, he has taught at the Labor College of SUNY and at Cornell's Institute of Labor and Management Relations. But Bumas regards himself as an outsider within the field of economics. His perspectives are broadened by his earlier career in electrical engineering and as a union official for the International Union of Electrical Workers, IUE-AFL-CIO. Difficulties with logic-based, microeconomic "science" inspired his original research. This radical, empirically-based approach was first articulated in his previous "Microeconomics: Neoclassical and Factually Oriented Models" (M. E. Sharpe). The current volume refines that earlier work. He is now completing "Introductory Economics: Approaching the Scientific Method," which will cover both micro- and macroeconomics.