Microeconomic Principles and Problems offers a comprehensive introduction to all major perspectives in modern economics, including mainstream and heterodox approaches. Through providing multiple views of markets and how they work, it will leave readers better able to understand and analyse the complex behaviours of consumers, firms, and government officials, as well as the likely impact of a variety of economic events and policies.
Most principles of microeconomics textbooks cover only mainstream economics, ignoring rich heterodox ideas. They also lack material on the great economists, including the important ideas of Adam Smith, Karl Marx, Thorstein Veblen, John Maynard Keynes and Friedrich Hayek. Mainstream books neglect the kind of historical analysis that is crucial to understanding trends that help us predict the future. Moreover, they focus on abstract models more than existing economic realities. This engaging book addresses these inadequacies. Including explicit coverage of the major heterodox schools of thought, it allows the reader to choose which ideas they find most compelling in explaining modern economic realities.
Written in an engaging style focused on real world examples, this ground-breaking book brings economics to life. It offers the most contemporary and complete package for any pluralistic microeconomics class.
Table of Contents
PART I: Economics: A Pluralistic Definition
1. What is Economics?
2. Scarcity, Opportunity Cost and Choice
PART II: The Evolution of Economic Systems and Economic Thought
3. The Evolution of Pre-Capitalist Economic Systems
4. Adam Smith and the Rise of Capitalism
5. Karl Marx and the Dark Ages of Capitalism
6. Thorstein Veblen and Monopoly Capitalism
7. Keynes and Mixed Market Capitalism
8. Modern Economic Systems
Part III: Markets, Supply and Demand
9. Markets and how they work
10. Applications of Supply and Demand
11. Consumer and Supplier Behavior
PART IV: Market Structures and Corporations
12. Different types of market structures
13. Short Run and Long Run Costs of Production
14. Perfect Competition and competitive markets
15. Monopoly and Monopoly Power
16. Monopolistic Competition
17. Oligopoly and Strategic Behavior
18. Corporations and their role in society
Part V: Government Intervention in Microeconomic Markets
19. Market Failure and Government Failure
20. The Economics of the Environment and Climate Change
21. Public Goods and Services
Part VI: Labor Markets and Inequality
22. Working for a Living: The Labor Market
23. Inequality: Class, Race, Gender and Distribution
Part VII: International Microeconomics
24. International Microeconomics: Trade and Exchange Rates
Glossary of Key Terms and Concepts
Geoffrey Schneider is a Professor of Economics at Bucknell University. He is Executive Director of the International Confederation of Associations for Pluralism in Economics, a leading heterodox economist, and an award-winning teacher.
"Finally, there is a high quality introductory microeconomics textbook in which socially relevant issues and critical perspectives in microeconomics are no longer "petite boutiques" at the end of each chapter; instead they are taken as seriously as their mainstream counterparts. This textbook reflects Professor Schneider’s lifelong intellectual passion and expertise." Xiao Jiang, Associate Professor of Economics, Denison University
"Microeconomics Principles and Problems: A Pluralist Approach enables students to confront economic reality while learning microeconomic concepts and their applications, in a macroeconomic, history of economic thought, environmental, social, and economic history contexts.
This is a clear and well-presented exposition of microeconomic analyses, which allows students the freedom to see and gain understanding of different points of view, and to make connections to global, social, environmental, macroeconomic, theoretical, and historical developments.
Geoffrey Schneider has written a textbook that will empower students and instructors to study and teach the complexity of markets, individuals, and economic relations, and to appreciate and share the richness of microeconomic analysis.", Zdravka Todorova, Professor and Chair, Department of Economics, Wright State University
"Microeconomic Principles and Problems: A Pluralist Introduction is an excellent alternative to standard microeconomics textbooks. It is a much-needed textbook that is truly pluralist in its approach without being eclectic. Its pedagogical approach will grasp students’ attention and keep them engaged as author provides real world stories to discuss the relevance of numerous microeconomic theories.", Erdogan Bakir, Associate Professor of Economics and Department Co-chair, Economics Department, Bucknell University