Covers the essential topics of microeconomics while exploring the relationship between economics analysis and human behavior. This book helps students develop economic intuition.

In this novel introduction to modern microeconomic theory, Samuel Bowles returns to the classical economists' interest in the wealth and poverty of nations and people, the workings of the institutions of capitalist economies, and the coevolution of individual preferences and the structures of markets, firms, and other institutions. Using recent advances in evolutionary game theory, contract theory, behavioral experiments, and the modeling of dynamic processes, he develops a theory of how economic institutions shape individual behavior, and how institutions evolve due to individual actions, technological change, and chance events. Topics addressed include institutional innovation, social preferences, nonmarket social interactions, social capital, equilibrium unemployment, credit constraints, economic power, generalized increasing returns, disequilibrium outcomes, and path dependency. Each chapter is introduced by empirical puzzles or historical episodes illuminated by the modeling that follows, and the book closes with sets of problems to be solved by readers seeking to improve their mathematical modeling skills. Complementing standard mathematical analysis are agent-based computer simulations of complex evolving systems that are available online so that readers can experiment with the models. Bowles concludes with the time-honored challenge of "getting the rules right," providing an evaluation of markets, states, and communities as contrasting and yet sometimes synergistic structures of governance. Must reading for students and scholars not only in economics but across the behavioral sciences, this engagingly written and compelling exposition of the new microeconomics moves the field beyond the conventional models of prices and markets toward a more accurate and policy-relevant portrayal of human social behavior.

This work acts as a critique of the basis of neoclassical microeconomics, and makes a proposal for the structure of a new evolutionary theory.

For advanced courses in economic analysis, this book presents the economic theory of consumer behavior, focusing on the applications of the theory to welfare economies and econometric analysis.

This text provides a comprehensive and unique introduction to modern microeconomics. It pursues an integrative approach by putting the main findings of economics into a broader perspective; theories are critically reflected on from a philosophical standpoint and by comparing them to approaches found in the social sciences, while implications for the design of the legal system and business practices are highlighted throughout. In addition, the book presents brief examples and comprehensive case studies to facilitate an understanding of the theories’ real-world implications. Starting from the question as to why and how societies organize economic activity, the book adopts an institutional perspective to analyze the potential and limitations of different market types with regard to alleviating scarcity and achieving distributive objectives. It not only covers traditional rational-choice models, but also systematically introduces readers to important findings from behavioral economics and psychology. A companion workbook is available which features a wide variety of exercises, ranging from basic multiple-choice questions to challenging mathematical problems and case study scenarios.

EBOOK: Microeconomics and Behaviour: Second South African edition

Microeconomics - individuals' choices of where to live and work, how much to save, what to buy, and firms' decisions about location, hiring, firing, and investment - involves issues that concern us on a daily basis. But when people think about economics, they tend to place importance on the bigger picture - macroeconomics - including issues such as unemployment, inflation, and the competitiveness of nations. In this Very Short Introduction, Avinash Dixit argues that the microeconomy has a large impact on the economic world, arguably as much as the issues of macroeconomics. Dixit steers a clear path through the huge number of issues related to microeconomics, explaining what happens when things go well, as well as showing how they fail, why that happens, and what can be done about it. Using real-life examples from around the world, using the minimum of mathematics and including simple graphs, he provides insights into economics from psychology and sociology to explain economic behaviour and rational choice. An ideal introduction for anyone interested in business and economics. ABOUT THE SERIES: The Very Short Introductions series from Oxford University Press contains hundreds of titles in almost every subject area. These pocket-sized books are the perfect way to get ahead in a new subject quickly. Our expert authors combine facts, analysis, perspective, new ideas, and enthusiasm to make interesting and challenging topics highly readable.