Applied Microeconomics

Applied Microeconomics

Applied Microeconomics

Applied Microeconomics

Synopsis

Focusing on economic applications and problems effecting both the UK and other European countries. Hope provides a balance between theoretical and applied material and shows how microeconomic theory can be applied in a real world context.

Excerpt

This text has been written for students of economics on a single or a combined honours programme. It is aimed at the intermediate courses in microeconomics that are given in many UK universities, although much of the discussion should be accessible to those who have at least some background in the subject.

The explanation of the core theory is almost entirely in words and diagrams. The theory is viewed, at times rather critically, in the light of empirical evidence. Given the importance of the iteration between theory and evidence in many economic problems, the approach of this book is to take selected applications, study them in some depth and then point to the need for further analysis, or additional data, as appropriate.

The main features of the book are

(I) Analysis

This book is divided into four parts covering (I) household decision-making, (II) the firm and market structures, (III) factor markets and (IV) general equilibrium analysis and social welfare. It could therefore be used on both one and two-semester courses. Each part starts with a straightforward discussion of analytical tools, which could be read by way of review by those with more background. Subsequent chapters in each part go on to consider refinements of the analysis. Risk and uncertainty are introduced in Chapter 5, which discusses the demand for insurance by households. The role of asymmetric information is brought in several places, but particularly in analyses of the labour market and the market for investment finance.

(II) Discussion of Equity Issues

The mainstream neo-classical approach emphasises the importance of economic efficiency and it is arguable that equity issues tend to be neglected. This book addresses matters of equity . . .

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