There are multiple books that have produced over the topic of microeconomics. It can be hard to pick out a single one that would cover all your needs and requirements. However, there are certain factors and aspects that you can look for in different books to find one that perfectly fits your requirements.
Popular Microeconomics Textbooks
Basic Economics by Thomas Sowell
Basic economics is an excellent introduction to understanding economics and should be essential reading for absolutely everyone including those who are already familiar with economics. Thomas Sowell is an economist, syndicated columnist, and best-selling author. He has published over 40 books. Also, he is a fellow at the Hoover institution over his long and storied career.
This 704 pages book is extremely clear and contains lots of real-world examples from the present world and history to illustrate the principles that Sowell describes. No charts, no graphs, and no equations! This book uses simple English for general readers to learn and understand the basic principles of economics. Thomas Sowell discusses the universal principles that govern various economic systems such as feudal, capitalist, democratic, socialist, and more. In simple, readable, and easy language, the book reveals how to evaluate economic plans in detail. While concerning the incentives instead of proclaimed goals.
Thomas Sowell has presented complex ideas clearly and simply to provide you a better understanding of economic phenomenon even if you have no prior knowledge. A good read for someone who wants to know how the economy works as the books cover all fields starting from rent control, growth and downfall of enterprises to trade balance worldwide.
Principles of Economics by N. Gregory Mankiw
The ‘Principles of economics’ is a highly popular textbook among teachers and economic students worldwide as it tackles the freshest concepts offering real-world applications in such a way that it doesn’t overwhelm students. The author Gregory Mankiw is an economics professor at Harvard and author of the best-selling economics textbooks for more than 25 years.
This textbook delves into such fundamental topics as supply and demand, and origins of the financial crisis allowing those who have no interest in the subject to carry on understanding basic economics. The simple and concise book uses lively examples to explain how the field shapes our lives. You get to understand the potential and constraints of economics. The book has an interesting writing style along with simple learning aids that motivate as well as engage students hence making the read feel quick.
Plus, it comes with MindTap which is a useful online program that helps many students to master economics. They can enjoy a fresh clean design along with features such as interactive eBooks, videos that provide help when students need extra reinforcement, graph builders, and adaptive test prep.
Microeconomics (Mcgraw-hill Series: Economics)
A must-read for business and economics students, and soon-to-be finance professionals but is also comprehensive enough for general study. The book breaks down a complex field into essential categories like labor, managerial, and international. Written by 3 authors; Campbell R. McConnell, Stanley L. Brue, and Sean Flynn are well-known for providing quality content to teachers and students. The Mcgraw-hill Series: Economics is a popular economics textbook for its comprehensiveness, versatility, and lasting innovation. If you are looking for help in your principles of economics or microeconomics class, this book is a reliable and trustable choice.
21st edition discusses the game theory, strategic behavior, normalization of interest rates, and economic policies and issues. Besides, it tells how economists view things from a unique perspective on every economic-related issue with realistic examples. The book has a good length of 552 pages, written in simple English for easy understanding. Additionally, chapters breakdown key terms well too. With the Smartbook feature that includes an adaptive eBook. The students get access to graphs and innovative clips with several visuals. These help to understand all core topics thoroughly for a better reading experience. To help you prepare for your exams, the book features assessments that include graphs and algorithms.
Economics by Paul Krugman
The book Economics is written by Paul Krugman, a world-renowned economist. He is a noble prize winner in 2008 for his theories on trade. Also, he is a professional columnist for The New York Times. It provides a very current and insightful presentation of elementary micro and macro-economics. Economics is an introductory textbook that is written by Paul Krugman in a story-telling style for readers to understand the basic concepts of economics.
The book is written in a way that economic instructors with all sorts of teaching styles find it easy to communicate with their students. Moreover, this book discusses the global comparisons of concepts, deductive explanation of how things are, and apply theory to reality.
The economics 5th edition offers a wide coverage on current topics that include policies, the relation between economy and technology, and sustainability. Students need to understand the global economy so this book helps to broaden their knowledge. Focusing more on China, Europe, the US, and economies all over the world. Moreover, the book is available in eBook and SaplingPlus that is an online learning program. It includes resources like homework, graph questions, analysis situations, and data activities to help students learn fast.
Principles of Economics (Carl Menger)
A book from which new theories of economic formulated; a must-read for all students and instructors who want a clear understanding of economics is all about. The writer Carl Menger was an economist and when he published this book in 1871, it caused an absolute eruption of the knowledge of economics at that time. Not only did he give us a whole new theory of value in this 328 pages book which turned the marginal revolution, but it also describes a new method for economic theorizing. The book also explains the origins of money as the most marketable commodity in any economy.
The principle of economics by Menger is not only one of the seminal Austrian texts; it’s one of the most important economic books available. Carl Menger was the founder of the Austrian school of economics and brought to the world an integrated theory of economics based on subjective value with the principle of marginal utility. There are several editions of Menger’s book in English translation for easy readability to students around the globe. Economic instructors and students claim that it is still the best economic introduction book ever.
Additional Textbooks to Consider
How to pick out the most suitable microeconomics books/textbooks for you
Microeconomics is a wide topic that covers many sub-topics that hold great importance in the field of economics. While selecting a book, you need to keep the level you are at with your knowledge of economics. You can look for certain aspects in the book according to your level and requirements:
Be sure to pick out a book that is comprehensive and precise. If you try to read a book that includes too many extra details, which might not be relevant to your level, you could easily get tangled between concepts. To perfectly grab your concepts on different topics, make sure to check that the text doesn’t beat around the bush. Especially if you’re reading to increase your knowledge from an investment point of view, you need to grasp finer concepts like interest rates, stock market movements, and consumer pricing. These concepts are not easily understood by many and can be very tricky. If you want a clear picture of all the concepts, make sure you start from the basics of microeconomics. It’s always important to go back to the basics even if you were formally taught level 1 microeconomics at school.
There are many books that are specially intended for beginners. These are usually easier and mainly focus on basic definitions of the base concepts of microeconomics. These beginner books will help familiarize themselves with key points and how to start grabbing more complex ideas. Choose your beginner microeconomics guide carefully as this will prove to build a proper foundation for further, more complex concepts. Also, always make sure that the text you are choosing will cover the most recent research work. This is why looking for upgraded or revised editions is highly important.
Look for a text that takes help from everyday life instances, this way you can have a better idea of how to apply your ideas to your everyday economic decisions. This will also ensure that all your concepts are being developed in relevance to recent studies and your knowledge is, therefore, more pertinent to your time.
If you have been taught formally or informally the basics of microeconomics and are confident about your understanding, it would be the right time to boost your knowledge and take a step further. Either way, you should look for a work that is easy to digest for you. However, if you find basic explanations a little bit boring and are open to challenges, you can look for less conventional books that take an interesting twist on microeconomics. There are books on the market that have been reviewed to be very thought-provoking and discover the same ideas with a new perspective.
Moreover, you will find many books on the historical aspects of microeconomics. These will prove useful both at earlier and advanced levels as these not only give you the idea about economics but also help you make connections between prior ideas. These history books could prove as a bridge between your existing knowledge and the historical application of economics. The main concept that microeconomics focuses on is the cause and effect aspect of economic theories and applications. It mainly studies the ripple effect that a single economic decision could have on the world economy. This is why the study of historical microeconomics is highly significant on a basic level as well advanced.
Features to look for
It is important to keep in mind that a text you select provides a comprehensive understanding of the concepts concerning microeconomics. There are some certain features that will help you determine how well a particular book will suit your needs:
Illustrations and Graphic Explanation
Some books don’t feature many tables and graphs while others provide excellent illustrations that help you develop a clearer understanding. To study concepts like supply and demand and stock market momentum, you should also focus on the illustrative understandings. This way you will be able to better judge and read the momentums or possible downturns. This gives you a clear picture of how to operate such decisions in real life.
In a search for an easy book, don’t miss out on necessary jargon and terminology. Especially if you are reading for professional or academic purposes, it is important that you become familiar with specific terms that are used by economists.
It is also necessary to find a book that relates all the microeconomics concepts to real-life situations. If you read are going to read about idealistically, their implementation may prove difficult. This is why historic and everyday life relations and instances are extremely important to make your reading and studying fruitful. Also, at more advanced levels, try to read and understand books that suggest new ideas and alternative ways to cope with downturns.
Authenticity is a big issue concerning authors. You have to make sure that the book you have selected has a certified and credible author. The book should be free of all authenticity issues like plagiarism and piracy. Such books can be an incredible and unauthentic source of information that end up doing more harm than good.
In conclusion, your level, requirements, and reason for reading a book on microeconomics are key determiners in your search for the text. However, comprehension along with practical implementations of concepts are some of the important factors that every reader should look for. You should also keep in mind the risks of buying a pirated or unauthentic book. Always make sure to check the credibility of the author and publishers along with how the book is reviewed for its validity.