B. Taylor, Stanford University
Hardcover 528 pages 0-618-10149-7
a Sample Copy, Available November 2000]
Go to the Student Textbook Site.
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
- The book
now begins with a chapter on the central idea of scarcity, choice, and
economic interactionmaterial 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
dois 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
- 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
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