The Economics of Food and Agricultural Markets - 2nd Edition
Andrew Barkley, Kansas State University
Copyright Year:
ISBN 13: 9781944548223
Publisher: New Prairie Press
Language: English
Formats Available
Conditions of Use
Attribution-NonCommercial
CC BY-NC
Reviews
The textbook summarizes some key essential economic topics for an intermediate microeconomic theory. In addition to the theory, applications are provided. The author couples theoretical analyses, graphics and real-world examples to simplify the... read more
The textbook summarizes some key essential economic topics for an intermediate microeconomic theory. In addition to the theory, applications are provided. The author couples theoretical analyses, graphics and real-world examples to simplify the understanding of the tools to students and practionners.
The contents of all chapters in the textbook are well-written and presented without any stand on the issues.
The theories the author displays in the textbook are standard in the field. Applications come either from the author or adaptation of real-world cases. Instructor can easily use other examples to discuss the materials presented in the textbook.
All chapters in the textbook are presented in a simple and neutral tone. The contents are lucid, accessible, and provide context for examples and applications.
The author is consistent with the framework throughout the textbook. Most contents are in black and white, and colors are only used for specific highlights. This facilitates the reading and accessibility of all contents in the textbook.
All chapters are well organized and all themes and subthemes are readiliy divisible into sections and subsections throughout the textbook. Without much difficulty, the contents of the textbook can be reorganized without confusing readers.
The contents of all chapters are well organized and presented in a logical and clear style.
The textbook is free of significant interface issues. All graphics are well displayed and easily readable. All texts are contextual and meaningful.
The texts are free of significant mechanical and technical errors. All contents have been proofreaded and are easily accessible to all native and non-native English speakers.
The author does an excellent job of presenting all content inclusively. The tone is neutral without any normative stand.
I provide b elow some comments that may be beneficial for the next edition. In addition to the first two chapters of the textbook, students and instructors would benefit from more cases and examples related to the economics of food and agricultural markets, as the title indicates. In Chapter 6 (Game Theory), it may be appropriate to label payoff matrices as tables instead of figures. In reading real-world examples, the readers would benefit from additional references that the author uses to discuss examples in each chapter in the textbook.
Table of Contents
Chapter 1. Introduction to Economics
Chapter 2. Welfare Analysis of Government Policies
Chapter 3. Monopoly and Market Power
Chapter 4. Pricing with Market Power
Chapter 5. Monopolistic Competition and Oligopoly
Chapter 6. Game Theory
Chapter 6. Game Theory Applications
Ancillary Material
Submit ancillary resourceAbout the Book
The Second Edition of Economics of Food and Agricultural Markets (2019) is written for applied intermediate microeconomics courses. The book showcases the power of economic principles to explain and predict issues and current events in the food, agricultural, agribusiness, international trade, labor markets, and natural resource sectors. The field of agricultural economics is relevant, important and interesting. The study of market structures, also called industrial organization, provides powerful, timely, and useful tools for any individual or group making personal choices, business decisions, or public policies in food and agricultural industries.
Readers will benefit from a large number of real-world examples and applications of the economic concepts under discussion. The book introduces economic principles in a succinct and reader-friendly format, providing students and instructors with a clear, up-to-date, and straightforward approach to learning how a market-based economy functions, and how to use simple economic principles for improved decision making. The principles are applied to timely, interesting, and important real-world issues through words, graphs, and simple algebra and calculus. This book is intended for students who study agricultural economics, microeconomics, rural development and/or environmental policy.
The goal of the book is to encourage students to learn to “think like an economist” through application of benefits and costs to every decision, idea, and strategic decision. This objective is accomplished by including extended examples that cover a broad range of topics including the analysis of consumer decisions, supply and demand, and market efficiency; the design of pricing strategies; advertising and marketing decisions; and public policy analysis.
Contents
The book begins with a review and introduction of economic principles, including markets, scarcity, and the scientific method. Supply and demand are examined carefully and completely, with numerous real-world examples. The power of the market model is employed to explain and predict economic phenomena and current events. Elasticities are defined, explained, and put to use in decision making for all individuals, businesses, and policy makers.
Next, the motivation for and consequences of globalization, immigration, and international trade are explored. Government policies are surveyed, including taxes, subsidies, trade policies, and immigration policies. Monopoly and monopsony are presented, using numerous real-world examples and anecdotes. Pricing strategies are comprehensively discussed, including price discrimination, peak-load pricing, two-part pricing, bundling, and advertising.
Monopolistic competition and oligopoly are defined, explained, and used to understand real-world markets. Game theory, or strategic decision making, is introduced and used to demonstrate how to make better decisions in numerous situations when other individuals and groups are affected by a choice or strategy. Repeated games, sequential games, and first-mover advantage are carefully presented and considered.
About the Contributors
Author
Andrew Barkley is a Professor of Agricultural Economics at Kansas State University and his research interests are in the wheat industry and the research of teaching and learning. He has taught courses in economics at the University of Chicago, Kansas State University, Quaid-I-Azam University in Islamabad, Pakistan, the University of Arizona, and the University of Cambridge in Cambridge, England.