Microeconomics: Theory Through Applications

Reviewed by Eric Dodge, Professor of Economics, Hanover College on 12/29/19

Comprehensiveness rating: 3 see less

The text does cover the usual areas in a Principles of Microeconomics course, however, I don't see an effective index or glossary in the PDF version. It would be helpful if the table of contents included sub-sections under each chapter title. I do like the concept of the "toolkit" at the end of the text as a useful resource for students. There is a large color-coded table at the top of the toolkit, but in the PDF version is appears to be cut off at the right margin.

Content Accuracy rating: 3

Perhaps this is the result of converting the text to PDF, but many formulas do not display correctly. For example, in many cases, a division sign "/" is absent. In the HTML version, many formulas don't even appear (my browser is Google Chrome) and links to the toolkit, or to a figure in a different part of the book, don't work. Students often struggle with the mathematics of economics and having to correct most of the formulas would be very frustrating. I also found more content errors than I am comfortable with. For example, there is an equation on page 106 that is missing the word "real", which is a critical omission in that context. Table 4.1 appears to have missing values. Figure 6.4, and many other instances in Chapter 6, use "demand" when "quantity demand" would be more accurate. The appendix to Chapter 7 is nice, but the explanation of constants in the supply equation is actually repetition of the demand equation.

Relevance/Longevity rating: 4

This edition of the text is already a few years old, but examples using eBay and craigslist are still relevant. There was an example of demand for Detroit Tigers merchandise that is already irrelevant to anyone but the Tigers fanbase. I like the use of real-world data, but these examples would need to be constantly updated as new data is produced.

Clarity rating: 5

The text is very clearly written, although there were some sections that bogged down so much that I would probably not assign them. Examples of these sections include 4.2 and 4.3 and 5.2.

Consistency rating: 4

The text is internally consistent, but might have areas of unnecessary duplication. For example, section 5.1 does a good job of explaining consumer and producer (although the authors call them buyer and seller) surplus concepts. And section 7.3 seems to cover much of what was covered in 5.3.

Modularity rating: 5

I think the subsections of chapters could be reorganized fairly easily to create smaller reading sections or to structure the course to align with an instructor's preferred outline of topics.

Organization/Structure/Flow rating: 4

This text does not follow the standard pedagogical outline for a typical principles course and might deter faculty from adopting it. For example, utility maximization is the foundation for why consumers behave as they do. Diminishing marginal utility is the reason demand curves are downward sloping, yet this isn't found anywhere in the text. Section 3.1 has a nice presentation about consumer preferences, but without the inclusion of the idea of utility, it seems incomplete and disconnected to demand.

Interface rating: 3

Formulas that don't display correctly, links that don't work, and the toolkit table being cut off are real problems. Also, Chapter 13 refers to Figure 13.5 but I don't think that figure is displayed anywhere in Chapter 13.

Grammatical Errors rating: 5

There were not major grammatical issues, though there are places (a couple of which are noted above) where there were copy and paste errors or missing words.

Cultural Relevance rating: 5

There were many nice examples of markets and events that give the text a more international feel than a typical economics book.

Comments

The material at the end of each chapter is a strength of the text. I really like the traditional exercises, plus the Economics Detective and Spreadsheet exercises really set it apart.

Reviewed by Liz Perry-Sizemore, Professor of Economics, Randolph College on 12/19/19

Comprehensiveness rating: 4 see less

This text covers the expected topics in a microeconomics principles course in a refreshing way—by presenting problems, questions, and observations relatable to students and then introducing them to the ways economists explore them. Relative to other introductory microeconomics texts, this one is a bit lighter on production theory and a bit richer other topics, including risk, uncertainty, the stock market, and income inequality. The text introduces budget constraints before introducing demand curves. This is done with no mention of indifference curves, but it seems the authors’ approach might still succeed in tapping into and growing students’ economic intuition. There is suitable coverage of market structures; this presentation is peppered throughout multiple chapters and reads less sequentially than texts that move systematically from discussions of perfect competition to other structures by adjusting assumptions.

This text does a thoughtful job of introducing students to ways psychology and behavioral finance are influencing the discipline, and incorporates accessible summaries of peer-reviewed research.
The text does not have an index or glossary, but it does use italics to introduce terminology. The last chapter is a useful “toolkit” that readers are regularly referred to throughout the text. This section reiterates and embellishes on tools introduced in one chapter and used in others.

Content Accuracy rating: 4

The text is unbiased and thoughtful in explaining a range of perspectives from the discipline and even how and why economists disagree.

The PDF version of the text has errors I did not see in the online version. I have experienced this with other OERs—there seem to be formatting issues with converting to a PDF that in the case of economics texts do in fact compromise the content. Specifically, equations (especially in this case those that involve division) do not display correctly. Word spacing issues are a lesser concern. One could encourage students to use the online version, but the PDF option allows more flexibility which is helpful to students with limited access to the internet. It would be nice if PDFs were more carefully edited before being posted.

Relevance/Longevity rating: 3

This text is current and uses product examples and names many students will recognize and identify with. With that said, it should be periodically reviewed for possible updating, the level of difficulty of which will vary by chapter.

Clarity rating: 4

The text is accessible and clear. Some students may find it equation-heavy at times, but it is suitable for the level of the course and desired emphasis on the math can be determined by the professor and managed in class.

Consistency rating: 4

The text is consistent in terminology and framework.

Modularity rating: 4

Each chapter has several short sections. A professor could pick and choose chapters and even sections within chapters to cover. The authors’ nontraditional approach to presentation does make the text self-referential in places, but their inclusion of a toolkit lessens the challenges of this for the professor and the student.

Organization/Structure/Flow rating: 3

The flow is logical, yet quite different from other principles texts.

Interface rating: 3

In the online version, some links to the Toolkit don’t work.

Grammatical Errors rating: 5

The text is well-edited for grammar.

Cultural Relevance rating: 4

The text uses examples from various countries and cultures, although most country-focused examples center around the U.S. Many examples are presented with the reader as the individual facing an economic challenge or circumstance (rather than named characters).

Reviewed by Dawn Renninger, Instructor of Economics, Pennsylvania State University on 2/1/18

Comprehensiveness rating: 3 see less

There are several key concepts only briefly discussed in this text, which is sufficient for those who are completing a basic survey course or as a supplement to a concept based text. The examples are relevant to student decision making and effectively lead students to a higher understanding of life application economics. While the author ensures math concepts/vocabulary are included in the explanation, at times, it over shadows the economic concepts taught.

Content Accuracy rating: 5

Economic content is accurate and vocabulary is bold and defined in the reading. Promoting a certain company is avoided by using generic terms such as "chocolate bar" or "CD". When teaching assets the author uses a basic orange tree instead of a brand specific asset.

Relevance/Longevity rating: 4

If used as a supplement, this text would stand the test of time. The examples are generic and products discussed are mainstream. For example, a chocolate bar is not going to become obsolete and McDonalds will stay in business for future years. On the other hand, an instructor would want to double check figures used such as calculations for minimum wage in case minimum wage changes in the future.

Clarity rating: 4

The author intertwines the math jargon with the economic concepts. For a struggling math student, this approach may turn the student against learning economics or lead them to believe they can not learn economics. If the author first spent time explaining the psychology of the decision or the economics of the decision, students could grasp material quicker.

Consistency rating: 5

The text is consistent in terms of terminology and the framework. Students can easily following the pattern from one chapter to the next which allows them to focus on the learning the material instead of finding the materiaI.

Modularity rating: 3

Easy stopping points that encourage understanding rarely exist. For full understanding the reader needs each part of the chapter. Fortunately, most chapters are not overly long.

Organization/Structure/Flow rating: 2

Some chapters should be re-titled and each author should assess the chapters they would like to use. There are gaps in the economic learning process that need to be filled for better student understanding.

Interface rating: 5

Charts, graphs, and images are clear and easily understood. Not one navigation problem was discovered by this reader. This is a strength in this text.

Grammatical Errors rating: 5

No grammar errors were found but instructors may need to clarify some money symbols. This is not an error by the author simply a lack of knowledge for some students.

Cultural Relevance rating: 5

This book is very generic. I was hard pressed to find a race or ethnicity that was mentioned. In the chapters observed and read entirely, backgrounds were rarely, if ever, mentioned. Even minimum wage was discussed without descriptions of background or race.

Comments

This book would be great for those instructors who have time to read, dissect, and add to the material presented. As a whole, it has holes in the economic process learned in a Beginning microeconomics course.

Reviewed by John Brouwer, Principal, Eton College on 10/9/13

Comprehensiveness rating: 4 see less

The text covers all the areas and ideas of Macroeconomics that one would expect to find at the introductory level. The subjects are clear, easy to follow, relevant with applied examples. Global examples are used through the lens of US laws and economics.

No index or glossary was provided with the version that was reviewed.

Content Accuracy rating: 4

Text is accurate, error-free, but does have a bias towards US law and economics. Many of the case studies are global in origin, which are excellent, however, the authors always return to the effects towards the US, or if a US case study is examined there is very little mention of the effect towards the Canadian economy.

Relevance/Longevity rating: 4

The content is up to date and should constantly be up dated to truly connect the student to the learning objectives as they effect the global economies of today. Generally the text will not become obsolete in a short period of time yet the authors will need to either update the data within the text or provide updated links to the already numerous web sites referred to within the text.

Clarity rating: 4

The authors use a story telling format that is easy to read and comprehend.

Consistency rating: 5

The text is consistent in terminology and framework. The early chapters are well setup providing foundational information for the each of the subsequent chapters. Each chapter progressively provides the learner with more challenging concepts, language, an

Modularity rating: 5

The text builds upon each chapter that provides effective information to the reader to continue. There are many reading sections with each followed by "Key Takeaway" statements and "Checking Your Understanding" questions. It may be difficult for those not familiar with economic concepts to not read the chapters sequentially.

Organization/Structure/Flow rating: 5

Story telling format; the reader is provided with fundamental economic realities in the world using examples that are relevant to people in general. The foundational concepts are discussed before the math and graphs are introduced hence the reader has already seen the "what's in it for me" reality.

Interface rating: 4

No problems were found.

Grammatical Errors rating: 4

None were found.

Cultural Relevance rating: 4

The text does not appear to be insensitive or offensive in any way. As the text is focused to US learners, students from other countries, such as Canada, may not feel that this is relevant to their history, or future.

Comments

The text is well laid out as is the content but the text should be entitled: Macroeconomics: Theory in Application from a US Perspective.

Web links worked as did page reference links (there was a request to register to Flatworldknowledge.com which I did not do).

The international examples are excellent for any student to use.

Overall the text would be excellent if there was a considerable amount of Canadian content added. The reason for this is that while economic policies appear to be similar between Canada and the USA, the decision making is different.