My Principles of Microeconomics Textbook

My principles of microeconomics textbook has just come out. The book differs from other micro textbooks in three big ways:

1) It contains many original fictional stories. The stories don't displace traditional analysis but do give students a better intuitive understanding of many concepts.

2) No economist would assume that business people always seek to do what is best for society. Yet most microeconomic texts do implicitly assume that politicians always put the common good ahead of their own self-interests. In contrast, I use public choice theory to present a realistic view of politicians. All microeconomics textbooks, including mine, stress market failures. Few texts, however, also stress government failures. Students are thereby left with the impression that governments are far more effective at improving markets than any objective analysis would indicate. This book does point out how omniscient, altruistic politicians could theoretically correct many market failures; it also explains why self-interested politicians often won’t correct these failures in ways that economists would wish.

3) The book extensively considers innovation. Innovation drives our economy, yet many principles of microeconomics classes spend little time on innovation. And because most textbooks don’t adequately explain how free markets promote innovation, many principles students fail to appreciate the wealth-creating power of markets. My book considers innovation in over one-half of its chapters.

Instructors teaching principles of microeconomics can order a review copy here. Anyone else who is willing to pay $115 can buy a copy here.