ISBN:
0-471-42184-7
457 pages
Paperback ©2002
DESCRIPTION
Microeconomics
is often the first exposure that students have to economic study. It
is vital, therefore, that microeconomics is presented from the beginning
in an uncluttered and lucid fashion that does not create misunderstandings.
The text is based on the defining economic fundamentals of scarcity,
choice and economic interaction, seamlessly constructing models that
teach students to think like an economist.
Microeconomics is written in the clear, accessible language that
has made Professor Taylor one of the world’s leading teachers
of economics. The text has been designed to allows for different approaches
to syllabus construction and is suitable for introductory economics
courses in undergraduate and postgraduate studies. A companion volume
Macroeconomics is available.
Changes to the second edition
Throughout the revision process, which included rearranging chapters,
streamlining, rewriting and updating passages, and adding new examples,
the focus has been on providing a clear, complete and contemporary perspective
on economics. We have been guided by helpful suggestions from students
and academics around the country.
Presentation
changes The revision process has resulted in a book that is
easier to read and use, as well as being shorter. How was this accomplished?
We think the following were most important:
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Every
passage that could be explained more easily was rewritten.
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Chapters
were repositioned to help one topic flow into another more easily
and to bring greater attention to essential principles.
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Chapter
parts, chapter titles and section heads were revised to give a more
accurate description of the topics covered.
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New
boxes were added in the margins of the text to give readers a more
detailed explanation, a reminder, or some advice about a topic where
experience showed that clarification could help.
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A
large number of end-of-chapter problems were replaced by new problems.
Others were revised.
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More
advanced topics, which previously appeared toward the end of chapters,
were moved to the book’s Web site.
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The
book was redesigned. The new design and wider format provide a more
open feel to the pages. The use of photographs and cartoons brings
economics to life.
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Examples
are used in two ways. ‘Economics at work’ (formerly ‘Using
economics to explain’) demonstrate the relationship between theory
and everyday practice and highlight the day-to-day operation of economic
principles. ‘Media analysis’ (formerly ‘In the news’)
help students critically analyse recent news, as well as interpret
analysis by the media.
Content changes A detailed account of the chapter-by-chapter
changes in the text can be found in the transition guide available in
the instructor’s resource guide. Here are a few highlights.
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Chapter
1 has been rewritten and now provides a brief overview of the foundations
of modern economics and a discussion of what economists endeavour
to explain.
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Almost
all of the ‘Economics at work’ and ‘Media analysis’
have been replaced with current examples.
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The
introduction of improved pedagogy in chapter 4, ‘Elasticity and
its uses’, assists student understanding. The chapter commences
with two scene setters which are explored and analysed after the conceptual
material is covered.
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Chapter
12, ‘Competition policy and regulation’, now follows the
chapters on monopoly and monopolistic competition, making it easier
for students to understand policy implications of monopolistic behaviour
and providing a real-life perspective on the concepts covered.
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A
new section on common resources and the Tragedy of the Commons was
added in chapter 15.
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Updated
material on recent trends in international trade and the debate about
globalisation has been included in chapter 17.
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The
international finance chapter has been moved to the Web.
