The Principles of Microeconomics (Third Edition) by N. Gregory Mankiw is a stupendous introduction to college-level economic theory. The softcover textbook has an ISBN of 0-324-17188-9 and it is from South-Western / Thomson publishing.
What’s the difference between Micro vs: Macro – Economics? In the book you find out that Microeconomics primarily focuses on households and businesses and how they interact in order to distribute, create and exchange wealth.
Unlike books on International Political Economy, this Microeconomics textbook gives real world examples and practical knowledge that anyone can use.
The basics of supply and demand are explored along with an introduction to Adam Smith’s invisible hand theories. The book goes way beyond standard economic winner-takes-all propaganda. It shows that there are consequences and grey-areas in any economy. And there is always room for optimization in any economic system.
Some of the awesome terms a reader of this book will become familiar with include but are by no means limited to are, “elasticity” and “equilibrium” these terms are used constantly on news television programs and radio shows but are rarely explained. After reading the book, you’ll find television quite simplistic even when discussing complex systems like the stock market on TV. By reading this book, you’ll have a firm grasp on everything from how taxes affect prices, to why some farmers choose not to produce any crops in order to acquire subsidies. And how that makes sense!
I can’t stress more strongly how important vocabulary is becoming in today’s marketplace. As citizens, a new bar is being set for “literacy.” In the past, the concept of, “A jack of all trades is a master of none” used to be the determining factor when adults engaged in common discourse. Now there is greater access to knowledge, and people have an expectation that average citizens are, “A Jack of a multitude of trades and a master of a handful of specialties.”
Don’t believe me? Have a conversation with someone that you don’t know, and see how they react when you are able to discuss things in a multifaceted and coherent way. It’s not about respect or pride anymore, it’s about communication. The average American is increasing his or her bandwidth for knowledge and demand stimulation through discussions. If you can’t satisfy that stimulation, you won’t be shunned or disrespected, but you may have a lower level of interaction and may not be able to efficiently realize when opportunities are coming your way.
We’re changing.
Books are becoming entertaining and educational. I can’t tell you how many times I laughed out loud when reading The Principles of Microeconomics (Third Edition), the author wants us to not just cram…but know the theories and comprehend the information.
As a man in his early thirties, I can tell you that reading is becoming more and more fun. It’s as if all the information out here is a gigantic gold mine. And instead of having a limit on the amount of gold one can extract from the mine…we are only told to take as much as we can carry.
Don’t settle for your hands or opening your pockets. Expand your mind by reading tons of books and build a wheel-barrel.
-Tyler