Bowles and Halliday capture the intellectual excitement, analytical
precision, and policy relevance of the new microeconomics that has
emerged over the past decades. Drawing on themes of the classical
economists from Smith through Marx and 20th century writers -
including Hayek, Coase, and Arrow - the authors use twenty-first
century analytical methods to address enduring challenges in
economics. The subtitle of the work - Competition, conflict, and
coordination - signals their focus on how the institutions of a
modern capitalist economy work, introducing students to recent
developments in the microeconomics of credit and labor markets with
asymmetric information, a dynamic analysis of how firms compete
going beyond price taking, as well as bargaining over the gains
from exchange, social norms, and the exercise of power. The new
benchmark model proposed by Bowles and Halliday is based on an
empirical approach to economic actors and problems. They start from
the premise that contracts are incomplete, and that as a result
market failures, rather than being a special case illustrated by
environmental spillovers, are to be expected in markets for labor,
credit, knowledge and throughout the economy. They explain how
experiments show that human motivations include ethical as well as
other-regarding preferences (rather than entirely self-interested)
and explain why the technologies of knowledge-based economies are a
source of winner-take-all rather than stable competition. The
authors also consider the intrinsic limits of mechanism design and
governmental interventions in the economy. Teaching recent
developments in microeconomic theory allows the authors to provide
students with the tools to analyze and engage in informed debate on
the issues that concern them most: climate change, inequality,
innovation, and epidemic spread. Tradeoffs are highlighted by
providing models in which capitalism can be seen as an "innovation
machine" that raises material living standards on average, while at
the same time sustaining levels of inequality that many find to be
unfair. Digital formats and resources This title is available for
students and institutions to purchase in a variety of formats and
is supported by online resources. The e-book offers a mobile
experience and convenient access along with self-assessment
activities, video content, and links that offer extra learning
support. For more information visit:
www.oxfordtextbooks.co.uk/ebooks/ Drawing on the authors' decades
of teaching the new microeconomics, this title is supported by a
range of online resource for students and lecturers including
multiple-choice-questions with instant feedback, interactive
graphing features, walkthrough videos illuminating core concepts,
further mathematical and discussion-based questions, a fully
customizable test bank for lecturer use, PowerPoint slides to
accompany each chapter, worksheets that can be assigned to the
class, and answers to the problems set in the book.
General
Imprint: |
Oxford UniversityPress
|
Country of origin: |
United Kingdom |
Release date: |
July 2022 |
Authors: |
Samuel Bowles
(Research Professor and Director of the Behavioral Sciences Program)
• Simon D. Halliday
(Associate Professor)
|
Dimensions: |
246 x 190 x 35mm (L x W x T) |
Format: |
Paperback
|
Pages: |
1072 |
ISBN-13: |
978-0-19-884320-7 |
Categories: |
Books >
Business & Economics >
Economics >
Microeconomics >
General
|
LSN: |
0-19-884320-8 |
Barcode: |
9780198843207 |
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