Microeconomics (7th Edition)
by Daniel Rubinfeld, Robert Pindyck
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Book Summary Information
Author: Daniel Rubinfeld, Robert PindyckEdition: Hardcover
Audio: English (Unknown); English (Original Language); English (Published)
Published: 2008-06-21
ISBN: 0132080230
Number of pages: 768
Publisher: Prentice Hall
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Book Reviews of Microeconomics (7th Edition)
Book Review: Gaps in conceptual explanations: not for the intelligent reader
Summary: 2 Stars
I currently use this book to teach at the University of Michigan. (I chose it because it's what has been used here before.) The book is written in an accessible, reader-friendly style. It has many examples and pictures, which make it attractive -- a feature, I suppose, that is necessary to hold an undergrad's attention in these times we live in.
But what annoys me is the absence of conceptual rigor/detail and the sudden jumps in explanation. I want my students to be able to see what is going on and appreciate the simple elegant logic of microeconomic theory. Instead the book reads like it's delivering information to you, but isn't really explaining why it makes sense.
Here's an example. In Section 4.2 on Income and Substitution Effects, the effect of a price change is decomposed into income and substitution effects using constant utility. But as many of us know, there's an alternative way to do this too, which is holding purchasing power constant. For some reason that approach isn't mentioned. Instead, the text reads as though we were interested in the constant purchasing power approach, but then suddenly switches to a constant utility approach by saying "This substitution is marked by a movement along an indifference curve." But why? Wouldn't any intelligent student at this point start wondering how we went from purchasing power to utility? Flip back to Section 4.1 and find that the word utility has been quietly introduced there in a sentence that's in parentheses: "(Because the price of food has risen, the consumer's purchasing power -- and thus attainable utility -- has fallen.)"
Pooh. I don't like books that sneak important ideas into parentheses in order to avoid answering the all important question -- i.e. "Why?"
Summary of Microeconomics (7th Edition)
KEY BENEFIT: This book is well known for its coverage of modern topics (Game theory, Economics of Information, and Behavioral Economics), clarity of its writing style and graphs, and integrated use of real world examples.
KEY TOPICS: The emphasis on relevance and application to both managerial and public-policy decision-making are focused goals of the book. This emphasis is accomplished by including MANY extended examples that cover such topics as the analysis of demand, cost, and market efficiency; the design of pricing strategies; investment and production decisions; and public policy analysis.
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