Principles of Microeconomics

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Principles of Microeconomics has grown out of over 30 years of the author’ lectures. This text emphasizes three core economic principles. First, it defines the concept of rational economic behavior in terms of marginal costs and benefits of decisions. This gives students a simple yet powerful framework to analyze every microeconomic issue subsequently encountered. Second, the goal of allocative efficiency is defined, allowing students to identify economic outcomes that deviate from that goal and the reasons for such deviations in terms of the conflicts between private incentives of individuals and public interests. Third, the book applies the principle of rational economic behavior to analyze the conditions under which the government’s economic policy is justified should the outcomes of economic decisions in the economy result in allocative inefficiency.    

The author has more than thirty years of experience teaching economics at both undergraduate and graduate levels at University of California, Davis and other universities. His research interests include international macroeconomics and financial markets. His work has been published widely in the peer review literature including in The Journal of Econometrics, Journal of International Economics, Journal of Futures Markets, Energy Economics, European Economic Review, and Canadian Journal of Economics. He has also acted as a referee for the Canadian Journal of Economics, European Economic Review, and Energy Economics. The author has a master’s degree in quantitative economics from the University of East Anglia, U.K., and a Ph.D. in economics from the University of California, Davis. He is the recipient of Regents Fellowship Based on Distinguished Scholarship, University of California, Davis, 1981-1982.