Taylor's Microeconomics 3/e

Microeconomics, 3/e

John B. Taylor, Stanford University

Maintaining his early emphasis on microeconomic markets, Taylor has revised the micro chapters to provide more focused discussion on the essential elements of the market, adding more student-oriented examples, marginal conversation boxes, case studies, and many new Economics in Action boxes.

The book now begins with a chapter on the central idea of scarcity, choice, and economic interaction—material formerly covered in Chapter 2. From this central idea, the key principles of economics follow. By referring back to this central idea frequently, the book gives students a secure foundation as they progress to new material.
The presentation in Chapter 1 and follow-up in Chapter 2 on what economists actually do—is a reorganization of material from earlier editions, designed to dovetail better with lectures.
The antitrust chapter now directly follows the chapters on monopoly and monopolistic competition, making it easier for students to understand the policy implications of monopolistic behavior.
A substantially revised chapter on physical capital and financial markets includes the important concept of marginal revenue product, also used in the labor market chapter.
An updated presentation of consumer behavior streamlines Taylor's approach to utility maximization, applying the choice under scarcity idea. A greater focus is given to "willingness to pay," which serves as an intuitive foundation of demand.