Microeconomic Theory

by Andreu Mas-Colell, Michael D. Whinston, Jerry R. Green

Book Overview

Many instructors of microeconomic theory have been waiting for a text that provides balanced and in-depth analysis of the essentials of microeconomics. Masterfully combining the results of years of teaching microeconomics at Harvard University, Andreu Mas-Colell, Michael Whinston, and Jerry Green have filled that conspicuous vacancy with their groundbreaking text, Microeconomic Theory.
The authors set out to create a solid organizational foundation...

• Format: Hardcover
• Language: English
• ISBN: 0195073401
• ISBN13: 9780195073409
• Release Date: June 1995
• Publisher: Oxford University Press, USA
• Length: 1008 Pages
• Weight: 4.80 lbs.
• Dimensions: 2.1" x 8.0" x 10.3"

Customer Reviews

potentially irrelevant information

I like the book, it's certainly rigorous and explains the concepts reasonably well, at an advanced level. I have little to add to the other reviewers' comments on that. I'd like to add that this textbook is definitely the most carefully produced I own. Even though it's in its first ed. there are very few typos. More importantly, the layout is very convincing. Even complex graphs are are clearly and beautifully drawn, the typesetting is 100% consistent throughout the book. OK, you might say what the heck? But I regrettably have to admit that I currently spend as much time with "MWG" as with my girlfriend. So, I learnt to appreciate that it looks as good as she does (in relative terms: for a book compared to other books as her compared to other women, that is). All of you who still remember Greene's 4th ed (the blue letters...) will agree with me that a well-produced book is something to which some attention should be paid!

Justly used everywhere

This textbook is justly being adopted by almost all gruaduate programs in economics. It contains a very modern and quite exhaustive treatment of modern microeconomic theory, including of course demand and production, game theory, general equilibrium theory, contract theory. It also have an excellent mathematical appendix. It's a tought book to study, very advanced, but while in graduate school I found it well written, and very useful. And, believe me, I am not a fan of micro theory! Overall, the only problem I have with this book is... not really the book, but rather the fact that nowadays most graduate programs ONLY deal with the theory contained in this book, disregarding instead the many many usuful results and insights that you can find, say, in another masterful classic, Deaton and Muellbauer's "Economics and consumer behavior", which unlikely Mas-Colell et al. has a stong emphasis on tools that researchers working in applied labor/public/development economics will find invaluable. Indeed, I am waiting for someone to write a more updated and modern version of a book like Deaton & Muellbauer, but apparently it has not appeared yet. Anyway, Mas-Colell is an amazingly good textbook for micro theory, and it has justly become a classic.

Better than Varian

Even though this is a very large text, it's written in an easily comprehended manner. I find that reading it once is usually sufficient whereas Varian is so terse that I have to read it five times before understanding it.

Best there is

I have read three graduate level Microeconomic Thoery texts: Mas-Colell, et al. Microeconomic Theory, Varian's Microeconomic Analysis, and Krep's A Course in Microeconomic Theory. Mas-Colell is generally the most detailed, inclusive book that must be on the shelf of any serious economist. It has its weak points; however, it is the best that there is for learning the basics of microeconomic theory. Note that this book is generally the text of choice for the first year of graduate study at most all of the top econ programs. The math requirements for getting the most out of this book are fairly heavy. With out a good math for economists course, this book is very difficult to use. Kreps book takes on more of the game theory approach. This is very interesting for the game/decision theorist, and is a highly recommended in addition to Mas-Colell for those with these interests. Varian is often used in masters degree level graduate programs, and lower-level phd programs. At Cornell, Varian covered most of the information from the first semester of microeconomics, but provided virtually no help after that. It is not as intense as Mas-Colell. However, it is often very helpful in its own right. For students who are using Mas-Colell in their courses, but are struggling to grasp all of the concepts, Varian presents the information in a more "user-friendly" way. He spends more time explaining the concepts using english rather than math, which can be very helpful to someone just starting out. Additionally, I found the practice problems and examples in Varian very helpful when studying for exams. In summary, all serious economists usually have Mas-Colell. Other than that, choose your additional books based on your needs and interests.

Helps you to gain the confidence needed for academic success

Going through a Ph.D. education in economics can be a risky investment. Unless you build on strong foundations the whole thing will fall apart as soon as you get out of graduate school, no matter how fancy your dissertation was. This book provides you with the fundamental tools you need to do research and teach when you become a full-time researcher and professor, in any branch of economics, either applied or theoretical. Even if you dont apply them at this rigorous level, you will always know if you are doing something wrong just by checking the basics in this book. It also provides you with the common language economists speak all over the world, regardless ideological points of view. It is the stuff we all agree with, and the starting point of any future development in our discipline. However, if you are not planning to become a professor but a professional (a practitioner economist) better turn to Milton Friedman's Price Theory for sound intuition on how to tackle the even more difficult real-world problems.