For coverage, clarity, and cleverness, this is the best microeconomic book available today. Its engaging examples illustrate the importance and beauty of microeconomics. The book highlights relevancy without compromising rigor.
- Todd Sandler, University of Southern California
Price Theory and Applications is a classic, but one that refreshes itself with every edition. Now, as ever, it has two particular strengths. One is in teaching the reader how to think like an economist, at a level both elementary and deep. The other is in its many examples drawn from the best and latest economic research.
- Eric Rasmusen, Indiana University
The seventh edition of this classic text continues the tradition that Jack Hirshleifer started with early editions of the book. It doesn't just teach the basics of microeconomics like many of its rivals. It provides deep insights into the subject so that students walk away with a clear and rich understanding of what microeconomics is really about.
- Michael Waldman, Cornell University
This seventh edition of a now classic text in intermediate microeconomics develops the subject in a lively manner that should be attractive to both students and teachers alike. It presents the main principles of modern microeconomics in an interesting and user friendly manner, by, in particular, showing how such principles can be used to shed light on many real-world economic issues and phenomena. The number and diversity of examples and applications provided is impressive, and these will prove invaluable in learning and in stimulating interest in the subject. This is arguably one of the few best intermediate level microeconomics textbooks around.
- Abhinay Muthoo, University of Essex
I was a student of Jack Hirshleifer. I wrote my dissertation on sharecropping under him. Then I wrote on externalities, fisheries, concubines and blind marriages, apples and bees, price and rent controls, patents and trade secrets, theater-ticket pricing, contracts and the firm, and then numerous articles accurately predicting and effectively explaining the economic reforms of China. All these were germinated from auditing Jack’s evening price-theory lectures in a small room at UCLA, 42 years ago. The lecture notes he prepared then laid the foundation of Price Theory and Applications. The magic in those notes has remained evident up through this seventh edition of the book.
- Steven N.S. Cheung, University of Hong Kong
This thorough revision of one of the best microeconomics texts provides fresh insights for a host of interesting issues, including how money first emerged as part of exchange, how corruption reduces standards of living, and offers an entire section putting politics under the economic lens. This text is fun to read, with an offbeat and lively style. Its transparent analyses make the arguments accessible and understandable to students.
- Paul J. Zak, Claremont Graduate University
Typical of Hirshleifer material, the book is complete, lucid and carefully written. The text covers material not normally found in intermediate micro books such as saving and investment. The text is particularly good in that it is replete with examples and exercises which amplify the theory.
- Alan Hochstein, Concordia University, Montreal
When I needed a text for intermediate microeconomics, I had three criteria in mind: (1) a rigorous exposition that included calculus and yet did not require the reader to be a mathematician, (2) a discussion of cardinal versus ordinal utility with a 3-D graph showing indifference curves as contour lines on a utility surface, and (3) a book containing lots of real-world examples and applications. When I opened Price Theory and Applications, I knew my search had ended. Its wonderful treatment of capital theoryin particular the often neglected distinction between rent and interestwas just icing on the cake.
- Robert Murphy, Hillsdale College, Michigan