|« Democratizing Innovation by Eric Von Hippel|
This book deals with basic economics and applies standard mathematics and other application to make the reader understand the concept completely. The author has explained the traditional economic analysis theories based on examples from the modern day world and its modern day applications. This book contains everything that a modern day economist must know. This will be very helpful for people who want to start their study in economics as it touches all the fundamental tools and its application with respect to the modern economics. The reader can test the level of understanding by taking up the exercises given at the end of each topic. Each topic is dealt in such a way that the student not only gets along but be equipped to apply it properly. This book will be more helpful to people with some basic knowledge of mathematics, calculus and Statistics.
The author has began with discussion on various economic analysis theories and moved on to an elaborate discussion on supply and demand. The third chapter gives various valuable statistics of US economy. Then the discussion moves on to production and its various aspects and factors. The following chapter the author has explained the consumer theories with the help of differential equation and graphical representation. The chapter on inefficiency of market addresses various questions which a common man has relating to tax and price regulations. The author has beautifully applied the supply demand theories in this chapter. The concluding chapter on strategic behavior is bit complex but overall this is a good book to begin the study of economics.