[Joseph_E._Stiglitz,_Carl_E._Walsh]_Economics(Bookos.org) (1)

Mission Statement for the Fourth
Edition
Our text has always strived for two goals: One, to be transparently accessible and interesting,
dare we say a “good read,” for the student reader; and two, to not shy away
from teaching students the latest exciting insights of the discipline, to teach them the
substance of economics as a field of study. Many books seem to take the stance that
students cannot “handle” the new topics—we believe that it is just a matter of explaining
the ideas simply and clearly.
To achieve these goals, the four main objectives of previous editions continued
to guide us. These objectives are to provide students with a clear presentation of
the basic competitive model, to present macroeconomics in its modern form consistent
with the way active researchers and economists in policy-making institutions
analyze the economy, to structure the textbook in ways that are conducive to
good teaching and to student learning, and to ensure that the textbook reflects the
contemporary scene, stressing the core insights economics provides for understanding
the ever-changing economy.
Changes to the Fourth
Edition—Microeconomics
The hallmark of this textbook, its emphasis on information, imperfect markets, innovation,
and technology, remain in the new edition. New material on behavioral economics
has been incorporated into the chapters on consumer choice and capital markets.
KEY CHANGES FOR THE FOURTH EDITION:
For the Fourth Edition, we worked hard to streamline the text. Chapters in earlier
editions that many students found too long or too dense have been significantly
restructured. In some cases, material has been divided into separate chapters,
making chapters shorter on average and more focused.
Important changes made to the microeconomic sections include:
∂ Shortening the introductory section, Part 1, to provide a greater focus on
the core concepts of economics.
∂ Splitting the material on the labor and capital markets under perfect
competition into two separate chapters. This helps make the presentation
more student-friendly as well as giving instructors increased flexibility in
deciding what material to include in their courses.
∂ Reorganizing Part 3 to provide a more cohesive discussion of imperfect
markets and public policy issues. Because strategic behavior is at the heart
xxxvi ∂ PREFACE