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Principles of Microeconomics

An Integrative Approach

Authors:

  • Presents a modern micro- and institution-oriented approach to teaching economics

  • Numerous examples and case studies help readers apply the theories discussed to real-world problems

  • Pursues an integrative approach that links economics with management, law and philosophy

  • A companion workbook featuring a variety of exercises and case studies is also available

Part of the book series: Classroom Companion: Economics (CCE)

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  • ISBN: 978-3-030-78167-5
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  • Tax calculation will be finalised during checkout
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Table of contents (17 chapters)

  1. Front Matter

    Pages i-xv
  2. Introduction

    1. Front Matter

      Pages 1-1
    2. First Principles

      • Martin Kolmar
      Pages 3-24
    3. Gains from Trade

      • Martin Kolmar
      Pages 25-46
  3. A Primer in Markets and Institutions

    1. Front Matter

      Pages 47-47
    2. Introduction

      • Martin Kolmar
      Pages 49-57
    3. Normative Economics

      • Martin Kolmar
      Pages 89-102
    4. Externalities and the Limits of Markets

      • Martin Kolmar
      Pages 103-153
  4. Foundations of Behavior and Interaction

    1. Front Matter

      Pages 155-155
    2. Decisions and Consumer Behavior

      • Martin Kolmar
      Pages 157-196
    3. Decisions Under Uncertainty and Risk

      • Martin Kolmar
      Pages 197-239
    4. Principles of Game Theory

      • Martin Kolmar
      Pages 241-266
    5. Behavioral Economics

      • Martin Kolmar
      Pages 267-315
    6. Foundations of Perception and Decision-Making

      • Martin Kolmar
      Pages 317-355
  5. Firm Behavior and Industrial Organization

    1. Front Matter

      Pages 357-357
    2. Costs

      • Martin Kolmar
      Pages 359-375
    3. Firm Behavior Under Perfect Competition

      • Martin Kolmar
      Pages 377-397
    4. Firm Behavior in Monopolistic Markets

      • Martin Kolmar
      Pages 399-436
    5. Firm Behavior in Oligopolistic Markets

      • Martin Kolmar
      Pages 437-456

About this book

This textbook provides a comprehensive and unique introduction to modern microeconomics. It adopts an integrative approach, positioning the main findings of economics in a broader context. It critically reflects on theories from a philosophical standpoint and compares them to approaches found in the social sciences, while at the same time highlighting the implications for the design of legal systems and business practices.

Intended for undergraduate students, the book presents brief examples and comprehensive case studies to help them grasp the real-world implications of the theories. As such, it is suitable for an applied, yet technically precise approach to teaching microeconomics, as well as for a critical review of the economic mainstream. Starting from the question as to why and how societies organize economic activity, it analyzes the potential and limitations of various types of market with regard to alleviating scarcity and achieving distributive objectives, from an institutional perspective.

This second edition systematically expands on decision theory by including chapters on traditional decision theory under risk and uncertainty, and on behavioral economics, as well as a chapter presenting findings from the neurosciences, evolutionary psychology, and narrative psychology. Furthermore, there are theoretical additions, along with updated case studies and examples – from trade wars to pandemics and the climate crisis.

A new edition of the companion workbook features a wealth of exercises, ranging from basic multiple-choice questions to challenging mathematical problems and case studies, is also available.

Keywords

  • Philosophy of Economics
  • Comparative Advantage
  • Supply and Demand
  • Market Failures
  • Individual and Cooperative Behavior
  • Monopoly and Oligopolistic Competition
  • Modern Microeconomics
  • Institutional Economics
  • Externalities
  • Rational-choice models
  • Behavioral economics

Authors and Affiliations

  • Institute for Business Ethics Department of Economics, Universität St. Gallen, St. Gallen, Switzerland

    Martin Kolmar

About the author

Martin Kolmar is Professor of Economics and Director of the Institute for Business Ethics at the University of St. Gallen. He studied Economics in Bonn and Berkeley and holds a PhD in Economics from the University of Konstanz. His research interests range from Institutional and Behavioral to Normative Economics and Philosophy. He is especially interested in the evolutionary, psychological and neuroscientific foundations of behaviour and well-being.

Bibliographic Information

Buying options

eBook USD 79.99
Price excludes VAT (USA)
  • ISBN: 978-3-030-78167-5
  • Instant PDF download
  • Readable on all devices
  • Own it forever
  • Exclusive offer for individuals only
  • Tax calculation will be finalised during checkout
Hardcover Book USD 99.99
Price excludes VAT (USA)