Preface to Second Edition

The Second Edition of Economics Actually (2023) substantially improves our previous introduction to Lonergan’s discovery of two-flow economics. We believe the following changes to structure, style and content will further enhance reader engagement and understanding.

Structurally, we have added to, as well as modified, the subsections to make the book easier to navigate.

Stylistically, strategic refinements have been made to diction, as well as to the presentation of terms, to provide greater clarity.

With regard to content, the heuristics have been refined for greater precision.1Advanced topics, including turnover, the quantity theory of money and price spread, are treated elsewhere. See Bernard Lonergan, For a New Political Economy, vol. 21 of Collected Works of Bernard Lonergan, Ed. Philip J. McShane (Toronto: University of Toronto Press, 1998). Henceforth, CWL21. See also Philip McShane, Economics for Everyone, 3rd ed. (Vancouver: Axial Publishing, 2017), and Terrance Quinn, Advances in Heuristics of Two-Flow Economics (Toronto: Island House Press, 2023). The notation and equations are displayed in Cambria Math font. All the figures (hyperlinked for the e-book) have been numbered and the diagrams recast and upgraded. We have also added more nuanced description of certain key proportions, as well as new results on money and the functional structure of international trade.

All the references, including cited websites, have been updated. Finally, both the index (hyperlinked for the e-book), and the bibliography, have been refocused to facilitate understanding of the manifold nuances in two-flow economics.