Introduction to economic Analysis - Book Review

Introduction to economic Analysis - Book Review

Introduction

Introduction to Economic Analysis is a book written by R. Preston McAfee which explains various concepts and theories of economics in detail. The book provides valuable information and data on several economic aspects and perspectives covering a vast area of subject material. This book presents introductory economics ("standards and principles") material utilizing standard numerical tools, incorporating analytics. It is intended for a generally advanced undergrad who has not taken a fundamental school course in matters in profit making. It additionally holds the standard middle microeconomics material also some material that should be standard yet is definitely not. The book can effectively serve as halfway microeconomics content. The center of this book is on the calculated apparatuses. Most microeconomics writings are based on less relevant concept for the most part, and such market is exceedingly over-served by $100+ writings. Conversely, this book reflects the methodology really embraced by the larger part of economists for comprehension budgetary action. There are groups of models and mathematical statements and no pictures of economists.

This paper discusses the review on the book Introduction to Economic Analysis. The issues pertaining to the subject matter are also illustrated in this paper. The book presents the material to the point without entailing irrelevant factors and theories. This might turn the discussion off the topic. Therefore, this book is regarded as the paramount and effective book according to the economic standards. It covers the most topics from the economics point of views along with their details and specifications. It also elaborates the practical implementation of the theories and concepts for further understanding. The impressive comprehension of the subject material is often appraised by critics who are involved in the field of economics. The contribution of the book is significant in portraying the theories efficiently to the readers and students respectively.

Discussion

Introduction to Economic Analysis outlines and highlights a broad range of topic dealing in economics. It starts with the definition and explanation of economics along with core elements involved in it. The book “Introduction to Economic Analysis” is a constraining examination of economics. The complexity of the work furnishes an empowering investigation of analysis and calculation indulged in the economic angles. The book comprises of 7 broad topics which are narrowed down by sub-sections. The topics include:

1. Economics (Basic definitions and concepts)

2. Supply and demand (Markets, changes in the supply and demand, elasticity, comparative statics, trade)

3. The US Economy (Basic Demographics, education, households and Consumption, production, government, trade, fluctuations)

4. Producer Theory (competitive firm, perfect competition dynamics, Investment)

5. Consumer Theory (utility maximization, additional considerations)

6. Market Imperfections (taxes, price floors & ceilings, externalities, public goods, monopoly, information)

7. Strategic Behavior (Cournot oligopoly, price dispersion, hotelling model, agency theory, auction, antitrust)

The book discusses the comparison between economic models such as employment and inflation with respect to US government. The context is indicated towards US government and economy. It also provides establishment and development of better standards as suggested in theories in light ...