• Describe goods and services markets and labor markets

FIGURE 1.6 John Maynard Keynes One of the most influential economists in modern times was John Maynard

Keynes. (Credit: “John Maynard Keynes” by IMF/Wikimedia Commons, Public Domain)

John Maynard Keynes (1883–1946), one of the greatest economists of the twentieth century, pointed out that

economics is not just a subject area but also a way of thinking. Keynes (Figure 1.6) famously wrote in the

introduction to a fellow economist’s book: “[Economics] is a method rather than a doctrine, an apparatus of the

mind, a technique of thinking, which helps its possessor to draw correct conclusions.” In other words,

economics teaches you how to think, not what to think.

LINK IT UP

Watch this video (http://openstax.org/l/Keynes) about John Maynard Keynes and his influence on economics.

Access for free at openstax.org
1.3 • How Economists Use Theories and Models to Understand Economic Issues 17
{"upload_timestamp": "2026-02-07T15:37:44.339247", "creationdate": "2022-12-07T14:15:44-06:00", "file_name": "Microeconomics3e.pdf", "file_type": ".pdf", "creator": "PDFMiner", "moddate": "2022-12-07T14:23:05-06:00", "uploaded_via": "batch_uploader", "source": "downloads\\business\\economics\\Microeconomics3e.pdf", "batch_upload": true, "file_size_mb": 26.99, "producer": "Prince 14.2 (www.princexml.com)", "title": "Principles of Microeconomics 3e", "source_file": "downloads\\business\\economics\\Microeconomics3e.pdf", "file_hash": "830b81f41611ac67a490444dbb5d6aed292224606965b06965b914443c93331a", "total_pages": 597}