Customer Reviews

Microeconomic Theory: Basic Principles and Extensions (with Economic Applications, InfoTrac Printed Access Card)

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I have been searching for quite a long time and have purchased (and subsequently returned - sorry Amazon!) almost all the intermediate level text books on Microeconomics - that can be a good bridge for more advanced graduate level microeconomics texts like MWG/Varian/Jehle. With this book my search has now ended. This is THE BEST intermediate level microeconomics text (which uses calculs)and I would very strongly recommend it for anyone who want to learn Microeocnomics (irrespective of the fact that s/he would be taking advanced texts subsequently). It is highly suitable for self study, for undergraduate level and can be used as background text even for first year Masters/graduate level microeconomics.

I am listing all the books I have used/perused/referred (with short comments)to come to the conclusion that this indeed is the best book, to help prospecitve buyers making an informed decison.

1. Varian's Intermediate Microeconomics (No calculus based treatment, so graduating to advanced texts after this could be a real pain, Otherwise an excellent modern text - its wide popularity is not without reason)
2. Binger & Hoffman's Microeconomics with Calculus (Obviously uses calculus based approach, and at a slightly higher level than this book, but the overall approach may appear to be slightly dated. Nevertheless, a good book and I would give it the second place after this book, if you need a calculus based Micor text)
3. Gravelle & Rees's Micoreconomics (The biggest letdown is that answers to problems are not provided at the end of the book, plus, no solution manual is available, therefore not much useful for self study and evaluation. Otherwise an OK, well typesetted book)
4. Perloff's Microeconomics: Theory and Application with Calculus (Again uses Calculus, but the approach is complex, things are not explained clearly and on many occasion, it is difficult to follow the logic and flow of the text)
5. Silberberg's Structure of Economics: A Mathematical Analysis (This text is actually not at intermediate level and should be compared with MWG/Varian, which I am not doing here)

The wide popularity and the fact that the book is now in its 10th edition is ample proof of its inherent quality.

In sum, if you are really looking for an intermediate level Microeocnomics text, which uses Calculus, do not think twice - go and grab it right away! If the price appears to be too high (It,indeed, is), go for ninth or eighth edition.

This was a good book before. Now it is far better. New co-author Chris Snyder has apparently given a new once-over of this entire text, injecting new life to the portrayal of certain chapters. Book is beautiful in appearance, and printed on very nice paper. I agree with other reviewers as to the clarity, prioritization and calm mastery over the material that makes this book a pleasure to use, as a student.


From the Preface, "New to the 10th Edition" (2007):

"Three entirely new chapters written by Chris Snyder:
* an extended and more advanced treatment of basic game theory concepts (Chapter 8);
* a thoroughly reworked and expanded chapter on models used in industrial organization theory (Chapter 15); and
* a completely new chapter on asymmetric information that focuses on the principal-agent problem and modern contract theory (Chapter 18). ...

Several other "major revisions" :

* A significant amount of material was added to the chapter on mathematical background (Chapter 2): integration, basic models of mathematical optimization, brief introduction to mathematical statistics;
* Chapter 7, on uncertainty and risk aversion, thoroughly revised;
* Much of the theory of the firm, especially of the firm's demands for inputs, has been expanded (Chapters 9-11);
* The chapter on general equilibrium modeling (Chapter 13) has been thoroughly reworked with the goal of providing students with more details about how computable general equilibrium models actually work.
* The chapter on capital and time (Chapter 17) has been significantly expanded to include more on optimal saving b ehaior and on resource allocation over time."

I am at grad school so that was mandatory to get this book, I must say that if you are looking for a lot of examples and solved problems, this is not the book you are looking for. Overall this is good book who is familiar with basic principles of microeconomics. There is one numerical example only, after each section and might not be enough for beginners.