Principles of microeconomics: An integrative approach

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).