Must read for serious microeconomists
351047
Kreps is different from the usual graduate-level Economics textbooks. There is no orderly march of 'lemmas', 'propositions' and 'theorems' supported by stern proofs. Instead you have examples that are taken apart to help build your intuition of how Microeconomics works, arguments that make you aware of the limitations of the standard models. But the story-telling is not at the cost of precision. Enough details and references are provided for the mathematically-inclined reader to build or find proofs.

While all the standard micro topics are covered, the five chapters on game theory are truly exceptional in conveying the logic of the many equilibrium concepts of classical game theory and their relevance to economics. The treatment of choice theory is also much more careful than in many other books. These chapters set the stage for the detailed treatments in&nbsp;<a data-hook="product-link-linked" class="a-link-normal" href="/Notes-On-The-Theory-Of-Choice-Underground-Classics-in-Economics/dp/0813375533/ref=cm_cr_arp_d_rvw_txt?ie=UTF8">Notes On The Theory Of Choice (Underground Classics in Economics)</a>&nbsp;and&nbsp;<a data-hook="product-link-linked" class="a-link-normal" href="/Game-Theory-and-Economic-Modelling-Clarendon-Lectures-in-Economics/dp/0198283814/ref=cm_cr_arp_d_rvw_txt?ie=UTF8">Game Theory and Economic Modelling (Clarendon Lectures in Economics)</a>.

Comparison to&nbsp;<a data-hook="product-link-linked" class="a-link-normal" href="/MWG/dp/0195073401/ref=cm_cr_arp_d_rvw_txt?ie=UTF8">MWG</a>? MWG's style is the no-nonsense official style. If you want to efficiently learn the 'official version' of things for that exam you have coming up then MWG is the book to go to. MWG also has more exercises and it covers much more material than Kreps. Its treatment of general equilibrium theory is much superior.

So if you can read only one book in graduate micro, I would recommend MWG. But if your purpose is to learn how to think about microeconomics, you cannot do without also reading Kreps.
2179347
This book brings so much together to explain how economics and politicized economics have been organized for good and ill today.  But it goes so much further to explain in straightforward language how complex dynamic systems really operate and why and how relatively free markets raise the wealth of the world and everyone in it over time.

This is a very techno-optimistic book positing an historical point in our future via technology and relatively free markets where all the needs and many of the desires of everyone on earth can be met with a trivial fraction of productive capacity regardless of whether one has what today we think of as a 'job'.  It is a book about a wide open future, what it takes to get there in economic policy and technology, and some of the mistaken economic ideas that stand in its way.

I think the book does a tremendous service and clarifies much of the old ideological wars between right and left, libertarians and socialists.  It is a book of great hope.

What I think would make it even better or should be in a follow up book is more about how to get there from here - how to keep the wheels on the bus of technological and economic progress while removing the roadblocks and while ensuring believable tangible benefit to all.  In particular I think a large section on IP and its misuse to slow progress and protect existing power centers is sorely needed.  A section on how and when we get beyond the chimera of full employment being required for a healthy society is also needed - something much beyond current welfare state models.
4833576
Haiti: The Sleeping Economic Power by Ernst Etienne was truly an enlightening read.  I typically do not seek out books on economics, however, the title drew me in, and the book was short and to the point, which I appreciated.  Etienne is a master at describing economics in lay terms, using every day examples that even a novice in economics could understand. As the authors story goes, a Haitian made a wheelbarrow without any formal education in mathematics, physics, etc., but he was able to do so because he was experienced and wise in other ways and Haitians have a determined and hard working labor force. I applied this to myself when reading this book; although I have limited education in economics, I was able to follow easily, and I attribute that to Etiennes clear writing.
Etienne proposes that in order for Haiti to become an economic power, it must do the following. First, it must product a lot. It must also export a lot, and import a little.  He believes this is possible with the Haitian labor force. I found his diagrams, examples and formulas very interesting, specifically the formula for development.  Simply put, Haiti will be able to increase their wealth by the sum of their products produced yielding positive within the country itself, rather than taking loans or importing from other countries.
I thought this was a real eye opening book, however, the actual implementation of it seems out of reach. I think it may be beneficial for Etienne to come up with a timeline of how he proposed to implement this for the entire county.
4149767
Microlending isn't just a feel-good concept, writes Elisabeth Rhyne in this thorough study of the microfinance industry. It's also an untapped source of both profits and social progress. A veteran of the microfinance field, Rhyne persuasively argues that making loans of a few hundred dollars can be a viable business model. While she's a proponent of microlending, Rhyne doesn't ignore the business's risks and pitfalls. Instead, she serves up detailed advice for analyzing the market and avoiding failures. Rhyne deftly sprinkles real-world examples of borrowers and lenders into her study. getAbstract recommends her book to entrepreneurs seeking opportunities to make money from - and extend a hand to - the globe's billions of poor people.
2215182
Hilarious! Such an easy read even if you are not familiar with economic concepts. I had to read this for a micro economics class and I loved it, it made understand the class lectures so much easier!
2490908
This is by far the best book Ive ever read on American economic history. The clarity of her written thought and explanation of our evolved complex financial structure is perfectly explained by Professor Murphy. I've never seen her on CNBC nor any writings in the WSJ. Slicing through all this modern era "Fed Speak" and data driven side shows helps a small investor understand how we got here; and where we are going. This author / Professor helps one create a so called world view - financial view of our current financial debt situation and formulate one's own investment strategy.
I sleep better at night having read this book now at least twice.
3541296
Andersen's book stands out among the many recent books on Schumpeter. There are a number of well done biographies and a large number of books on evolutionary economics that invoke Schumpeter's name. This book has the best overview of Schumpeter's writings on business cycles and economic development (evolutionary economics) by a scholar who has been publishing careful, insightful, and technically advanced studies on evolutionary economics for the past two decades. As well, he completed a comprehensive study of Schumpeter and his work in 2009. This new book in the Palgrave series does a superb job of bringing the subject to a general audience. I have purchased additional copies to share with students and colleagues and I recommend it highly.
1021944
This quick read explains key drivers behind economic growth in the developing world, from the perspective of energy, ecology and resource consumption.  The New Spending Class is not "middle class" as experienced by Baby Boomers, but nonetheless is an economic engine of unprecedented proportions. Utilizing a parable-style narrative, the author explains why investors should be making an extra effort to look beyond the news stories we see on page one to discover ways we can capitalize on these developments.

The story is engaging, and the book provided me with insights I hadn't considered deeply before.  Awareness of opportunity is essential, but I found myself wishing Mr. Kovacevic had expanded the story a bit more.  Including ideas for additional learning without "eating the entire steer" would have enhanced the value of the book.  Especially in light of his warnings that significant time and personal capital is required to achieve the outsize returns achieved by the story's Porsche-owner-electrician.
2804633
This book is terrific.  Like many investors, I am very wary of economic commentary because many commentators seem to be living in a parallel universe that has assumed away many of the practical realities that we see every day.  Dr. Davidson's book not only discusses current economic issues in a pragmatic way, he also addresses the flaws and strained assumptions upon which policy makers have conducted economic policy.  It takes someone who understands the flawed models of mainstream economics to illuminate these flaws for those of us who are merely observers.

Much more so than the Keynes solution itself, this book's greatest value comes from its insights into trade deficits, unemployment, the monetary system, and the realities of correcting trade imbalances.  Many of the benefits of imports come at the cost of higher unemployment, and it is important to understand the real choices involved in addressing this situation.

Macroeconomic analysis can be frustratingly useless to investors.  According to the famous investor Peter Lynch: "I've always said if you spend 13 minutes a year on economics, you've wasted 10 minutes."  However, I sat down and read this book in one sitting, and I'd love to send it to Mr. Lynch, as it might just be the exception that proves his rule.

As a companion piece, I'd suggest Warren Buffett's 2003 article in Fortune magazine that originates Buffett's proposal of Import Certificates as a way to correct trade imbalances.  Taken together, there is plenty of food for thought.
4908989
Varian has done a great job. He got the balance between the math necessary for serious microeconomics, and the examples and jokes necessary to keep the students reading. Using the dual approach (household and producer behaviour), he introduces the reader into microeconomics at a level which makes it possible to move on to more esoteric books like his own 'Microeconomic Analysis', or 'Microeconomic Theory' by Mas-Colell, Whinston, Green. He manages to cover much more than Mankiw can, which is good and necessary to build a solid basis. Yet the book is accessible to anyone familiar with high school math (differentiation and optimization), and requires no economic prerequisites. He also covers several more advanced topics on a stand-alone basis (like economics of information, or game theory) which on the one hand is very useful, as it gives the reader an idea as to where one can head to, but on the other hand is not satisfying as these chapters are necessarily rather superficial. Apart from that, the book is great to built a rigorous basis for household and producer behaviour, and makes it rather easy to go on to much more advanced literature. The math is hidden in the appendices, so it is necessary for a serious understanding to cover these as well, but I don't see any problem with that. This book is as excellent as an introductory micro book can ever be.
1811413
A captivating presentation of the recent history of economic ideas (Neoclassicals vs Keynesians vs Marxism) and economies.  It describes the evolution of our understanding of an economy.  It presents the case for globalisation, reminds the risks of financial crises and social instability for those countries that get it wrong, and acknowledges that all of the answers are not yet clear.  Those who claim that globalisation has only widened the gap between the have's and have-not's can see that it is not a zero sum game.  While the forces of supply and demand may cause hardship in the short run, over time, these same forces create stronger, more properous economies.  Not since Heilbroner's "The Worldly Philosophers" has it been shown how the ideas of a few, so-called dismal scientists profoundly affect the lives of millions of people.
866367
I am half way through the book and I have to admit I have found excellent succinct answers to a lot of general questions I've had throughout my life - how can you forecast an economy? Why did exactly the Soviet Union collapse? What are the presidents like in person? How is that supposedly big-government democrats end up with budget surpluses, but small-goverment republicans with huge budget deficits?
Alan Greenspan is one the most important people to have lived the past 30-40 years, and has had a hand in every important political/economic decision either directly or through side participation. I find his penmanship outstanding and his personal views very insightful and refreshing. His writing is definitely not Fed speak and on the contrary very engaging. Now you do need to be at least an amateur economist to understand some of the concepts in there. But it is truly amazing that a guy who wanted to be a musician and learned to play sax with Stan Getz, actually ended up running the biggest economy in the world. I think this book would prove to be a fascinating read for everyone who reads the Wall Street Journal on a daily basis.
2799920
Piketty succinctly summarizes the interplay: If the rate of return on capital remains significantly above growth rate (r > g) for an extended period (which is more likely when growth is low) then the risk of sharp divergence in the distribution of wealth upwards is very high. When r greatly exceeds g the concentration of capital "will attain extremely high levels -- levels potentially incompatible with the meritocratic values and principles of social justice fundamental to modern democratic societies."

At the end of the book, Piketty offers solutions "to avoid an endless inegalitarian spiral while preserving competition and incentives for new instances of private accumulation." As any good book deserves, I won't spoil the reader's enjoyment by revealing the ending. Rather, I highly recommend a full reading of this very insightful and highly topical work.
1238440
As of late, microeconomic and macroeconomic theory has been incorporating social, psychological and social-psychological theory and concepts into the fold.  This makes sense, for the quantification sans-psychology (social psychology) of analysis has been poor.
This author is well-versed in this area and articulates well the concepts which are important.  However, as my colleagues have stated, the book does leave much to be desired in the mathematical-sense.
I would highly recommend this book to anyone interested in Judgment, Choice and Rationality (defined).
This book should be included in undergraduate curriculum.
Five stars because it accomplishes what it was designed for (non-mathematical approach to microeconomics).
Regards,
Tyler Markowsky
3902121
Excellent book by a very good author.  It passes in Review all the technological Networks in Connection with the ones in the language at the base of inventions and innovations.  This book should be a mandatory reading in economic history at both undergraduate and graduate Levels.
3558163
Few people seem to understand that economics is the study of the use of limited resources which have virtually unlimited alternative uses. While this book is not intended for those with an education in economics, I suggest they read it anyhow. This is one great book.

The focus of the book is not how individuals make money, but on how whole societies create prosperity or poverty for their people by the method they choose (or have imposed upon them) to organize their economies. Prosperous countries with few natural resources (such as Japan and Switzerland) are as common as poor countries with rich resources (such as Russia or Mexico).

What determines whether a culture or country is rich or poor, is a political and philosophical issue--not luck.
2158874
The book provides a broad macroeconomic overview of the emerging markets. It contains an tremendous number of interesting facts and thoughtful conclusions on the future economic perspectives of different regions of the world. I read the book twice to fully absorb the information. A must read for anybody investing in foreign countries or conducting business there. I've been to the majority of the countries the author described on business trips but I feel like I learned from the book more than I've learned during my trips. As an investment group head the author had the luxury of superbly qualified resources to collect and classify the information he presented. The book is outstanding.