Summary: The two years leading up to this fourth edition of Introduction to Microeconomics from BVT Publishing have seen unusually rapid changes. These changes are incorporated in major revisions of several parts of the book.
As in the past, this book has a special focus on the globalization of economic life. Now, more than ever before, changes in the world economy affect what happens in the United States, and vice versa. In part, this is reflected in the earl ...show morey position given to the discussion of global climate change and international trade (Chapters 6 and 7). However, discussions of global issues are not confined to these two chapters. New examples and illustrations from many parts of the world are found throughout the text.
Environmental economics is one of the areas in which change has been most rapid. Accordingly, Chapter 6, which covers climate change and environmental policy, is almost completely rewritten to incorporate both the latest scientific findings and current policy initiatives. A new appendix covers the thorny issue of weighing the costs and benefits of economic decisions, the effects of which stretch over a time horizon of hundreds of years.
The topics of income distribution and poverty are also of increasing importance. The early 2000s saw striking new trends in income distribution. The onset of worldwide recession after 2007 has made the issue of poverty, both at home and abroad, even more important than in the past. Extensive new material on these topics is found in Chapter 16.
Users who teach both micro- and macroeconomics sometimes find that it is harder to cover the wide diversity of microeconomic topics in a single semester than the more tightly integrated material of macroeconomics. In an effort to rebalance the micro and macro courses, there are two places where this fourth edition of Introduction to Microeconomics combines chapters what were previously separate. The result is a streamlined 16-chapter outline and a book that is significantly shorter than before.
One such change occurs in Chapter 12, where issues of institutional economics and entrepreneurship, previously covered in a separate chapter, are now folded into the discussion of antitrust and regulatory policy. Another similar reorganization occurs in Chapter 13, which covers pricing in resource markets. As in earlier editions, this chapter begins with a general discussion of supply and demand in input markets, but now the number of figures and degree of detail are reduced to simplify the basic model. Following the general introduction, separate sections deal with applications to markets for labor, capital, and natural resources. Two chapters from previous editions are thereby combined into one. ...show less
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