Microeconomics: Markets, Methods and Models

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Doug Curtis, Trent University
Ian Irvine, Concordia University

Pub Date:

ISBN 13:

Publisher: Lyryx

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Reviewed by Melissa Hendrickson, Lecturer, North Carolina State University, on 6/21/2017.

The stated purpose of this text is to cover materials in a first introductory economics course. The text covers the typical content areas for an … read more

 

Table of Contents

  1. Introduction to key ideas 
  2. Theories, models and data
  3. The classical marketplace – demand and supply
  4. Measures of response: elasticities
  5. Welfare economics and externalities 
  6.  Individual choice 
  7. Firms, investors and capital markets
  8. Production and cost 
  9. Perfect competition
  10. Monopoly 
  11. Imperfect competition 
  12. Labour and capital 
  13. Human capital and the income distribution
  14. Government
  15. International trade 

About the Book

Microeconomics: Markets, Methods and Models provides a concise, yet complete, coverage of introductory microeconomic theory, application and policy in a Canadian and global environment. Our beginning is orthodox: we explain and develop the standard tools of analysis in the discipline. Economic policy is about the well-being of the economy’s participants, and economic theory should inform economic policy. So we investigate the meaning of ‘well-being’ in the context of an efficient use of the economy’s resources early in the text.

We next develop an understanding of individual optimizing behaviour. This behaviour in turn is used to link household decisions on savings with firms’ decisions on production, expansion and investment. A natural progression is to explain production and cost structures. From the individual level of household and firm decision making, the text then explores behaviour in a variety of different market structures.

Markets for the inputs in the productive process – capital and labour – are a natural component of firm-level decisions. But education and human capital are omnipresent concepts and concerns in the modern economy, so we devote a complete chapter to them. The book then examines the role of a major and important non-market player in the economy – the government, and progresses to develop the key elements in the modern theory of international trade.

Opportunity cost, a global economy and behavioural responses to incentives are the dominant themes.

About the Contributors

Author(s)

Doug Curtis is a specialist in macroeconomics. He is the author of twenty research papers on fiscal policy, monetary policy, and economic growth and structural change. He has also prepared research reports for Canadian industry and government agencies and authored numerous working papers. He completed his PhD at McGill University, and has held visiting appointments at the University of Cambridge and the University of York in the United Kingdom. His current research interests are monetary and fiscal policy rules, and the relationship between economic growth and structural change. He is Professor Emeritus of Economics at Trent University in Peterborough, Ontario, and Sessional Adjunct Professor at Queen’s University in Kingston, Ontario.

Ian Irvine is a specialist in microeconomics, public economics, economic inequality and health economics. He is the author of some thirty research papers in these fields. He completed his PhD at the University of Western Ontario, has been a visitor at the London School of Economics, the University of Sydney, the University of Colorado, University College Dublin and the Economic and Social Research Institute. His current research interests are in tobacco use and taxation, and Canada’s Employment Insurance and Welfare systems. He has done numerous studies for the Government of Canada, and is currently a Professor of Economics at Concordia University in Montreal.