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Community Reviews. Showing Average rating 4. Rating details. More filters. Sort order. Start your review of The Theory of Price. Who reads an economics textbook for pleasure? I did. The publication date of the Third Edition was earlier editions in , , and So the empirical content is a bit dated, and the prose does have a slightly quaint tone.
But for the most part the economics is as rock-solid as ever there have been many advances in many sub-specialties which might have changed the presentation a little. If you have an interest in such things, read it to develop an appreciation for what it might hav Who reads an economics textbook for pleasure? If you have an interest in such things, read it to develop an appreciation for what it might have been like to take an introductory price theory class at Chicago in the early 's.
My copy is signed by the author in the year that he won the Nobel Prize in Economics! View 1 comment. This book is succinct- no wasted words or loose explanation. The book comes with problems at the end of each chapter which, to be honest, I haven't solved.
Also, the book culminate each chapter by some reading suggestions, which is, at leat to me, the best feature of this book. I was about to rated 5. One star is reduced for being old this means a lot of new interesting stuff are missing And another one because I'm Keynesian. If you are really serious about economics, consider reading Milt This book is succinct- no wasted words or loose explanation.
If you are really serious about economics, consider reading Milton Friedman's Price Theory. There you'll find a lot of interesting reading suggestions.
Hope this helps Aug 12, Ging Cee rated it it was amazing. This is a deceivingly slim book packed with economics, wit, and simple applications.
Stigler has a conversational style of writing, and he introduces concepts as if he were explaining them to a precocious student on the brink of asking the "but what if? After reading graduate texts that simply assume things like diminishing marginal returns without explanation, it was refreshing to have someone engage in a dialogue that included explaining what, exactly, this meant in terms of number This is a deceivingly slim book packed with economics, wit, and simple applications.
After reading graduate texts that simply assume things like diminishing marginal returns without explanation, it was refreshing to have someone engage in a dialogue that included explaining what, exactly, this meant in terms of numbers we might see in the real world, and carefully ruling out the other cases with a combination of theory and anecdotal evidence or example.
After reading reviews on Amazon. I was surprised to find that if I worked through all the mathematical footnotes conveniently stashed away in a mathematical appendix , the text covered a large amount of the requisite mathematics for many concepts that repetitively surface in price theory and macroeconomics.
Finally, the book is divided into short chapters which are easy to pick up and digest. This is a great supplementary text to any Price Theory course, especially for first-time graduate price theory students. Donald Deirdre M. McCloskey available in PDF form for free on her website and Milton Friedman's price theory books are also classic texts.
Jun 07, bobby mccormick rated it it was amazing. Stigler is father to almost all of us, and here, he tells us why. Levan Ramishvili rated it liked it Apr 10, Visarg Mishra rated it it was amazing Oct 24, Mark Koyama rated it really liked it Sep 13, Rob rated it it was amazing Sep 01, Charlie rated it it was amazing Aug 13, StevenZhai rated it really liked it Feb 18, G eorge Stigler was the quintessential empirical economist.
Paging through his classic microeconomics text The Theory of Price, one is struck by how many principles of economics are illustrated with real data rather than hypothetical examples. Stigler deserves a great deal of the credit for getting economists to look at data and evidence. From the early s to the late s, most of his research was in the field of industrial organization.
A typical Stigler article laid out a new proposition with clear reasoning and then presented simple but persuasive data to back up his argument. The Supreme Court banned the practice on the grounds that the movie companies were compounding a monopoly by using the popularity of the winning movies to compel exhibitors to purchase the losers.
Stigler disagreed and presented a simple alternative argument. But why did block booking exist? The Case of Electricity. In the late s, their finding was challenged by Gregg Jarrell, himself a Stigler student. But more important than this finding was their demonstration that one could examine the actual effects of regulation, and not just theorize about them. Stigler devoted his entire presidential address to the American Economic Association to making this point.
He argued that economists should study the effects of regulation and not just assume them. He twitted the great economists of the past who had given lengthy cases for and critiques of government regulation without ever trying to study its effects. Many economists got the point. Since the mids, economists have used their sometimes awesome empirical tools to study the effects of regulation.
Whole journals have been devoted to the topic. As a general rule economists have found that government regulation of industries harms consumers and often gives monopoly power to producers. Stigler was the single most important academic contributor to this movement. Stigler was not content to examine the effects of regulation. He wanted to understand its causes.
Did governments regulate industries, as many had believed, to reduce the harmful effects of monopoly? Stigler did not think so.
Probably more important than the evidence itself was the fact that Stigler made this viewpoint respectable in the economics profession. It has now become the mainstream view. For his earlier work on industrial organization and his work on the effects and causes of regulation, Stigler was awarded the Nobel Prize for economics.
Stigler was an uncommonly clear and humorous writer. According to Stigler, job seekers needed short periods of unemployment in order to search for a higher wage. Therefore, the unemployed are as much information seekers as job seekers.
His theory is now called the theory of search unemployment.
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