Microeconomic Theory [antikvár]

PREFACE This is a textbook; its content is taken from the public domain of eco- nomics. Conventional topics are treated in conventional ways; and there is no real innovation. Furthermore, this text has an objectionable fea- ture common to all texts in intermediate theory: economic theory com- prises the subject matter and no specific applications are given. This is a task left to the instructor, even though at times it is tempting to suggest various applications of economic analysis in the area of govern- ment policy. Yet such applications would doubtless be determined by the author's political views. Pondering the results of the last presidential election, I decided not to weaken the competitive position of the text. Hopefully, the first paragraph is a sufficient disclaimer because I now wish to make some positive claims for the book. First, while there is no real innovation, the text contains detailed treatments of topics that are usually omitted or covered briefly. Foremost among the items in this category are Chapters 15 and 16. The former contains both an algebraic and a graphical discussion of general equilibrium theory. While the one naturally supplements the other, either may be used alone. Chapter 16 contains a relatively complete graphical coverage of welfare economics. Next, Chapter 7 goes considerably beyond the usual treatment of the theory of production with two or more variable inputs. In particular, emphasis is placed upon neutral and biased tech- nological progress, homogeneous production functions, and the elas- ticity of substitution. These concepts are then used in Chapter 13 to explain the neoclassical theory of distributive shares. Second, while the topics are treated in a conventional way, there is a departure from customary practice. In the body of the text, except for the algebraic treatment of general economic equilibrium in Chap- ter 15, graphical analysis is used exclusively. A student with only a smattering of high school algebra is adequately equipped from a math- vii