Price Theory and Applications

Book Description
Intermediate microeconomics is both fun and intellectually challenging in this new edition, written by the author of The Armchair Economist, the popular trade book that explains basic economics to the general public. The text provides an exceptionally friendly and application-rich presentation, combined with a rigorous and careful development of microeconomic theory. All of the standard topics of intermediate price theory are included, as well as innovative topics such as alternative normative criteria, efficient asset markets, contestable markets, antitrust law, human capital, and the demand for public goods. A unique unifying theme of social welfare is used with little higher-level mathematics.

About the Author
Steven E. Landsburg teaches economics at the University of Rochester. He is the author of six books, including The Armchair Economist (Free Press/Macmillan 1993). His articles have appeared in the Journal of Political Economy, the Journal of Economic Theory, and many other journals in mathematics, economics and philosophy. He writes the monthly "Everyday Economics" column in Slate magazine, and has written for Forbes, the New York Times, the Wall Street Journal and the Washington Post. He appeared as a commentator on the PBS/Turner Broadcasting series "Damn Right", and has made over 200 radio and television appearances. He has served on the board of directors of Hutchinson Technology, the world's largest maker of suspension assemblies for hard disk drives.


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Introducing price theory, this textbook illustrates its applications as much as it explains them. The book uses social welfare as a unifying concept and provides an extended analysis of market failures, property rights, the rule of law, and the relationship between micro- and macro-economics. Chapters cover supply and demand, prices and costs, the behavior of consumers and firms, the marketplace, production and costs, competition, gains from trade, knowledge and information, monopoly, market power, game theory, external costs and benefits, common property and public goods, the demand for factors of production, the labor market, allocating goods over time, risk and uncertainty, and "What is economics?" Landsburg teaches at the University of Rochester. Annotation c. Book News, Inc., Portland, OR (booknews.com)


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