Abstract:
Principles of Microeconomics by Martin Kolmer is an
economic book focusing on microeconomics that contributes
to understanding the modern economy with an insight into
economic theories linked with emerging social science and
cultural issues. The current economy is driven by the digital
era that has affected market forces and new research op portunities. In this regard, world economic issues such as
comparative advantages, economic growth, price discrimi nation, and labour issues need to be explored (Donepudi
et al., 2020; Murdock, 2020). Therefore, the book is a guiding
resource for scholars engaged in economic issues. The book
has fourteen (14) chapters, chapter 1 deals with introduction
to economics, its scope and definitions. Describing the
concept of opportunity cost in this chapter, author argues that
individuals’ opportunity cost may also be irrational. The
argument considers a behaviour like volunteering may
substitute employment for the same job with effective use of
money allocated to that job. Therefore, effective altruism is
required. Chapter 2 (p. 25) discusses the theory of com parative advantage as a robust to the laws governing pro duction. Chapter 3 covers market, market structure and
contract law that support market institutions (Elsner et al.,
2015: 49–53).
