{"product_id":"chicago-price-theory-second-edition-9780691280646","title":"Chicago Price Theory, Second Edition","description":"\u003cp\u003e\u003cb\u003eAn authoritative textbook based on the legendary economics course taught at the University of Chicago--now fully updated and expanded\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e\u003c\/p\u003ePrice theory is a powerful analytical tool kit for measuring, explaining, and predicting market outcomes. This expanded second edition of \u003ci\u003eChicago Price Theory\u003c\/i\u003e offers a unique approach to the subject, emphasizing hands-on, practical applications that can help students adeptly integrate economic theory with real-world forces. A key distinction is its focus on market equilibrium and gains from trade. Unlike many microeconomics texts, this book emphasizes how, through markets, households and businesses adapt to conditions like price controls and externalities. It modernizes the Marshallian idea of forward-falling supply, especially for analyzing human capital, and makes use of the cost function and Hicks-Marshall laws to analyze a variety of economic phenomena. Rooted in Chicago's price theory tradition, this textbook enables students to understand human behavior through the lens of price theory, showing how a small set of well-mastered tools makes it possible to analyze a remarkably wide range of economic questions.\u003cbr\u003e\u003cul\u003e\n\u003cli\u003eNow includes a full chapter closely integrating economic reasoning with the treatment-control paradigm\u003c\/li\u003e\n\u003cli\u003eCovers topics such as occupational choice, the evolution of inequality, the value of a statistical life, prohibition, and competition\u003c\/li\u003e\n\u003cli\u003eUses the economics of \"nudges\" to understand business contracts and the organization of civil society\u003c\/li\u003e\n\u003cli\u003eFeatures analysis of business-to-business transactions\u003c\/li\u003e\n\u003cli\u003eDiscusses the future implications of artificial intelligence\u003c\/li\u003e\n\u003cli\u003eComes with lesson plans for minicourses in industrial organization, health economics, macroeconomics, labor, public finance, and urban economics\u003c\/li\u003e\n\u003cli\u003eAccompanied by video lectures taught by Kevin M. Murphy, Gary Becker, Casey B. Mulligan, and Robert Minton\u003c\/li\u003e\n\u003c\/ul\u003e\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e\u003cb\u003eAbout the Author\u003c\/b\u003e\u003cbr\u003e\u003cb\u003eSonia Jaffe\u003c\/b\u003e is a research economist at Microsoft. \u003cb\u003eRobert Minton\u003c\/b\u003e is an economist in the Prices and Wages section at the Federal Reserve Board. \u003cb\u003eCasey B. Mulligan\u003c\/b\u003e is professor of economics at the University of Chicago. \u003cb\u003eKevin M. Murphy\u003c\/b\u003e is the George J. Stigler Distinguished Service Professor of Economics Emeritus at the University of Chicago.\u003cbr\u003e","brand":"Princeton University Press","offers":[{"title":"Default Title","offer_id":52196953948434,"sku":"9780691280646","price":80.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0831\/4771\/8930\/files\/img_8455e04e-7fec-4d1f-93d9-4015d4fa1db3.jpg?v=1776158865","url":"https:\/\/surprise-castle.myshopify.com\/products\/chicago-price-theory-second-edition-9780691280646","provider":"Surprise Castle","version":"1.0","type":"link"}