Principles of Microeconomics 8th edition is a worth reading book on microeconomics. It is among the series of books under the authorship of N Gregory Mankiw. Microeconomics is a major division of economics in which the economy of households, consumers & individual firms is studied. A detailed review of Principles of Microeconomics is as under.
Principles of Microeconomics 8th Edition
Principles of Microeconomics has 22 chapters. Like, the other book (Principles of Macroeconomics), it also contains several parts. There are seven parts in total. First 3 parts of Microeconomics books are same as Macroeconomics. Both sister books also have the common initial chapters. In these chapters, the reader gets an overview of what economics is? Then afterwards, there is a division in both the books.
Meanwhile, Fourth part deals with the public sector economy. It puts special emphasis on public goods. The tax system affecting the economic power of consumers is also discussed in separate chapter. As, microeconomics studies economy at lower level, there are many chapters on firms. How the individual industry progresses? What are the factors affecting economy of firms? One can obtain the answer to these questions by reading this text. Competition between firms is now getting fierce with each passing day. Therefore, Principles of Microeconomics discusses these issues. It also addresses the costs of production in a competitive market.
In addition to it, few other important topics presented in the book are labor markets and poverty. The cost of production in labor markets is a crucial factor for the survival of a larger population. The earnings of labors are also dependent on the economy of these labor markets. Moreover, there is a wide spread poverty and inequality in purchasing power of various classes. So, this textbook on microeconomics discusses these issues in detail.
Finally, the book contains future trends and prospects of microeconomics. Read Principles of Microeconomics 8th Edition from here.