Chicago Price Theory by Sonia Jaffe (PDF)

Description

An authoritative textbook based on the legendary economics course taught at the University of ChicagoPrice theory is a powerful analytical toolkit for measuring, explaining, and predicting human behavior in the marketplace. This incisive textbook provides an essential introduction to the subject, offering a diverse array of practical methods that empower students to learn by doing. Based on Economics 301, the legendary PhD course taught at the University of Chicago, the book emphasizes the importance of applying price theory in order to master its concepts.Chicago Price Theory features immersive chapter-length examples such as addictive goods, urban-property pricing, the consequences of prohibition, the value of a statistical life, and occupational choice. It looks at human behavior in the aggregate of an industry, region, or demographic group, but also provides models of individuals when they offer insights about the aggregate. The book explains the surprising answers that price theory can provide to practical questions about taxation, education, the housing market, government subsidies, and much more.Emphasizes the application of price theory, enabling students to learn by doingFeatures chapter-length examples such as addictive goods, urban-property pricing, the consequences of prohibition, and the value of a statistical lifeSupported by video lectures taught by Kevin M. Murphy and Gary BeckerThe video course enables students to learn the theory at home and practice the applications in the classroom

User’s Reviews

Reviews from Amazon users which were colected at the time this book was published on the website:

⭐George Stigler once said that “A superior mind and its products must be the most fascinating of scholarly objects.” Gary Becker, Kevin M. Murphy, and Sherwin Rosen are fascinating economists. Their courses in Price Theory at the University of Chicago were based on the premise that in order to understand an economic problem, it is fundamental to combine theory with data in a rigorous way.Chicago Economics is a way of doing economics, a different approach to the discipline. It is based on the idea that the economic approach is a powerful tool that is applicable to all human behavior. As Sherwin Rosen used to say: “one size fits all.”This book is Chicago Economics at its best and it joins the sequence of Price Theory’s textbooks by Milton Friedman, George Stigler, and Gary Becker. It could be useful to combine them to do the readings before class. For example, Chapter 9 on Learning by Doing and On-the-Job Investment can be combined with Chapter 9 on Human Capital of Gary Becker, Chapter 17 on Wage Theory by George Stigler and Chapter 13 on Wages in Different Occupations by Milton Friedman. The videos look like extraordinary resources that may allow the instructors to concentrate on applications and problems.

⭐Chapters 1-4 are good. The rest is pretty bad. The book is poorly written, full of unattended pronouns. Many of the economic arguments read as off-the-cuff remarks and are not really worked out. That makes for very challenging reading. Topics that would deserve a simple model covering a few pages are mentioned en passant in a single paragraph. A large majority of the references (if not all) are to work by Chicago economists, as if there’s no Economics beyond what is practiced by the Chicago old school. Very weak.

⭐This book contains most of the material from the famous Econ 301 class in Chicago. Great material, clearly written. Emphasis on Economics tools, not math.

⭐Good Book! Also You can find video lecture on Youtube!

⭐It is incomprehensible and sometimes appears contradictory.

⭐Good textbook for price theory. Clearly written.

⭐I teach econ. The book seemed appealing at first, combining policy analysis and microeconomic tools, but it’s a largely unfinished book with many loose ends. Students need a more comprehensive and better polished book. The exercises do not have solutions, the chapters sometimes use undefined solutions. This is going to be an interesting side read but certainly not the core textbook of a course.

⭐Es una excelente introducción a la teoría de precios. Es un complemento muy recomendable si estás leyendo autores como Gary Becker o Milton Friedman.This is an excellent introduction to prices’ theory. It is a very good attachment if you are reading economist like Gary Becker and Milton Friedman.

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