Nov

30

Modern Principles: Microeconomics by Tyler Cowen and Alex Tabarrok is very modern, very much based on incentives, and the wisdom of markets, and has numerous interesting economic examples and anecdotes. It is well worth reading. I understand it is part of a two part series, the second being macroeconomics. The book is well worthwhile, especially for a non-economist or one who is trying to brush up, or who wants something a bit more technical than Heyne but without any mathematics. The chapter on the stock market is a bit weak however, mainly relying on efficient markets, because for every buyer there is a seller, and it is wrong to think that either group is on average wrong.

A typical example from the book is the British captains who once they were paid for arrivals in Australia from Liverpool, landed 98% of the convicts safely whereas before they were paid by number of passengers embarking from Liverpool, and the survival rate was only 60%.


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