Description
New edition of a text that studies the ways in which individuals and firms make choices, and the ways in which these choices interact with each other. It deals primarily with positive questions as to what is or will be, as opposed to normative speculation about what ought to be. Nineteen chapters discuss the market for goods which are supplied by firms and purchased by individuals; the market for inputs to the production process (such as labor) that are supplied by individuals and purchased by firms; how individuals allocate goods across time; risk; and what economics in general, and price theory in particular, is all about. Annotation c. Book News, Inc., Portland, OR (booknews.com)
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By the successful author of THE ARMCHAIR ECONOMIST (a popular trade book that explains basic economics to the general public), this book makes intermediate microeconomics fun and intellectually challenging. The writing style provides an exceptionally friendly and application-rich presentation, combined with a rigorous and careful development of microeconomics theory. All of the standard topics of intermediate price theory are included, as well as many innovative topics, such as alternative normative criteria, efficient asset markets, contestable markets, antitrust law, human capital, demand for public goods, and more. A unique unifying theme of social welfare is used throughout. The inclusion of higher-level mathematics is minimal.
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