Principles of Microeconomics. The first line of every edition of our book has been “The study of economics should begin with a sense of wonder.” We hope that readers come away from our book with a basic understanding of how market economies function, an appreciation for the things they do well, and a sense of the things they do poorly. Principles of Microeconomics 5th edition combines caters for a single semester introductory unit in Microeconomics. The latest edition of this text continues to focus on important concepts and analyses necessary for students in an introductory economics course.
Book Preface
Our goal in the 11th edition, as it was in the first edition, is to instill in students a fascination with both the functioning of the economy and the power and breadth of economics. The first line of every edition of our book has been “The study of economics should begin with a sense of wonder.” We hope that readers come away from our book with a basic understanding of how market economies function, an appreciation for the things they do well, and a sense of the things they do poorly. We also hope that readers begin to learn the art and science of economic thinking and begin to look at some policy and even personal decisions in a different way.
What’s New in This Edition?
• The 11 th edition has continued the changes in the Economics in Practice boxes that we began several editions ago. In these boxes, we try to bring economic thinking to the concerns of the typical student. In many cases, we do this by spotlighting recent research, much of it by young scholars. Chapter 3 looks at the demand response of students to textbook price rises, a topic of real concern to students. Chapter 4 looks at why there may be more “foodies” in New York City than in many other parts of the country using recent research on urban amenities. How has an app on the iPhone affected the truthfulness of snow resort forecasts? We discuss research on this topic in Chapter 17 .
• For each box, we have also added questions to take students back from the box to the analytics of the textbook to reinforce the underlying economic principles of the illustrations.
• As in the previous edition, we have reworked some of the chapters to streamline them and to improve readability. In this edition, Chapters 2 and 3 , as well as Chapters 8 and 9 , have been substantially reworked, while many of the other chapters have been tightened and made more current.
• Many new questions and problems at the end of the chapters have been added.
• Many graphs and tables have been heavily revised and updated to include the most recent data available from 2010 through 2012. The inclusion of up-to-date studies and data is essential to promoting a better understanding of recent microeconomic developments
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How to Read and Open File Type for PC ?Book Preface
Economics is a study of mankind in the ordinary business of life.” So wrote Alfred Marshall, the great 19th-century economist, in his textbook, Principles of Economics. Although we have learned much about the economy since Marshall’s time, this definition of economics is as true today as it was in 1890, when the first edition of his text was published.
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Why should you, as a student at the beginning of the 21st century, embark on the study of economics? There are three reasons.
The first reason to study economics is that it will help you understand the world in which you live. There are many questions about the economy that might spark your curiosity. Why are apartments so hard to find in New York City? Why do airlines charge less for a round-trip ticket if the traveler stays over a Saturday night? Why is Leonardo DiCaprio paid so much to star in movies? Why are living standards so meager in many African countries? Why do some countries have high rates of inflation while others have stable prices? Why are jobs easy to find in some years and hard to find in others? These are just a few of the questions that a course in economics will help you answer.
The second reason to study economics is that it will make you a more astute participant in the economy. As you go about your life, you make many economic decisions. While you are a student, you decide how many years to stay in school. Once you take a job, you decide how much of your income to spend, how much to save, and how to invest your savings. Someday you may find yourself running a small business or a large corporation, and you will decide what prices to charge for your products. The insights developed in the coming chapters will give you a new perspective on how best to make these decisions. Studying economics will not by itself make you rich, but it will give you some tools that may help in that endeavor.
The third reason to study economics is that it will give you a better understanding of both the potential and the limits of economic policy. Economic questions are always on the minds of policymakers in mayors’ offices, governors’ mansions, and the White House. What are the burdens associated with alternative forms of taxation? What are the effects of free trade with other countries? What is the best way to protect the environment? How does a government budget deficit affect the economy? As a voter, you help choose the policies that guide the allocation of society’s resources. An understanding of economics will help you carry out that responsibility. And who knows: Perhaps someday you will end up as one of those policymakers yourself.
Thus, the principles of economics can be applied in many of life’s situations. Whether the future finds you reading the newspaper, running a business, or sitting in the Oval Office, you will be glad that you studied economics.
N. Gregory Mankiw
December 2013
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