Who wrote the first textbook in economics?

Paul Samuelson
Economics is an introductory textbook by American economists Paul Samuelson and William Nordhaus. It was first published in 1948, and has appeared in nineteen different editions, the most recent in 2009….Economics (textbook)

Author	Paul Samuelson
Published	McGraw-Hill
Publication date	1948

Why is microeconomics important?

Microeconomics has both theoretical and practical importance. It helps in formulating economic policies which enhance productive efficiency and results in greater social welfare. Microeconomics explains the working of a capitalist economy where individual units are free to take their own decision.

What is Paul Samuelson known for?

Paul Samuelson was one of the most influential economists of the 20th century and was awarded the Nobel Prize in 1970. Samuelson was the author of a major body of theoretical economics in many areas and of one of the most popular economics textbooks in the U.S.

Who gave the Principles of Economics?

Alfred Marshall
Alfred Marshall, whose Principles of Economics (first published in 1890) was for long an authority for English-speaking… Marshall’s Principles of Economics (1890) was his most important contribution to economic literature.

How economics affect your life?

Economics affects our daily lives in both obvious and subtle ways. From an individual perspective, economics frames many choices we have to make about work, leisure, consumption and how much to save. Our lives are also influenced by macro-economic trends, such as inflation, interest rates and economic growth.

How does microeconomics affect our everyday life?

Its principles can be usefully applied to decision-making in everyday life—for example, when you rent an apartment. They cannot buy or do everything they want, so they make calculated microeconomic decisions on how to use their limited resources to maximize personal satisfaction.