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Full Description
Microeconomic Principles and Problems offers a comprehensive introduction to all major perspectives in modern microeconomics, including mainstream and heterodox approaches. By providing multiple views of markets and how they work, readers will be better able to understand and analyze the complex behaviors of consumers, firms, and government officials, as well as the likely impact of a variety of economic events and policies.
Most principles textbooks cover only mainstream economics and neglect the rich contextual analysis of heterodox economists. Heterodox material is presented as complementary to mainstream economics: understanding both approaches yields the deepest level of understanding. The book covers standard models, and includes substantial coverage of existing economic realities, featuring case studies and descriptive data. The book includes some coverage of all major heterodox schools of thought. This second edition incorporates new and expanded material on international trade (including disintegration and Brexit), climate issues and perspectives including degrowth, inter-temporal exchanges and games, non-market exchanges, trends in job opportunities, the rising cost of education, the gig economy, social media as an industry, and updated examples and cases. The book's suite of digital resources has also been revised to ensure examples and activities are relevant to each part of the book.
Written in an engaging style focused on real-world examples, this groundbreaking book brings economics to life. It offers the most contemporary and complete package for any pluralist microeconomics class.
Contents
Part I: Economics: A Pluralist Definition 1. What is Economics? 2. Scarcity, Choice and Opportunity Cost Part II: The Evolution of Economic Systems and Economic Thought 3. The Evolution of Pre-Capitalist Economic Systems 4. Adam Smith and the Rise of Capitalism 5. Karl Marx and the Dark Ages of Capitalism 6. Thorstein Veblen and Monopoly Capitalism 7. Keynes and Mixed Market Capitalism 8. Modern Economic Systems Part III: Markets, supply, and demand 9. Markets and how they work 10. Applications of Supply and Demand 11. Consumer and Supplier Behavior Part IV: Market Structures and Corporations 12. Different types of market structures 13. Theories of firm behavior 14. Perfect Competition and competitive markets 15. Monopoly and Monopoly Power 16. Monopolistic Competition 17. Oligopoly and Strategic Behavior 18. Corporations and their role in society Part V: Government Intervention in Microeconomic Markets 19. Market Failure and Government Failure 20. The Economics of the Environment and Climate Change 21. Public Goods and Services Part VI: Labor markets and inequality 22. Working for a Living 23. Inequality, a key modern issue Part VII: International Microeconomics 24. International Microeconomics
