Microeconomic Theory

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.

If there is a textbook that every student of economics needs to read is this one: The difference between understanding this book and not is the difference between a layman and an economist. I am an undergraduate student and I have used this book for self study since I noticed that my university didn't show me the real deal (in the undergraduate courses) in the matter of economic theory.The book gives a complete overview of the modern mathematical economic theory in a clear and accessible way, in contrast to the inaccessible style of specialized books and articles, but not dumbed down like other textbooks. The books has a quite walrasian flavor, since the main author is a distinguished scholar that works in the neowalrasian tradition.The book is divided into 5 sections, individual decision making, game theory, partial equilibrium analysis, general equilibrium analysis and social choice theory and mechanism design. Each section carefully explains the basic theorems of each field and it's main results in a very accessible way and gives the reader basic understanding of their meaning and consequences in understanding economic phenomena. The best section is the one about general equilibrium, following the walrasian tone of the books as whole.Some have criticized the book, since it didn't contain any passages about public choice theory and new institutional economics. Well, I agree that these fields are very important but if the book had to include everything, it would have 3,000 pages. So the author selected some of the most important areas of research, with covers modern equilibrium economics at its best.

The book arrived in excellent condition, just like new. The cover is pristine, the pages are clean and unmarked, and there are no signs of wear. Very happy with the purchase!

It’s the contents that are nonsense. Economics took a turn to the mathematical in the mid 20th century and the mathematics works best if everything about human behavior that has been learned in the cognitive sciences, psychology, and sociology is ignored. Rather than accept scientific facts and working to understand economic behavior using models consistent with those facts, economists have discarded science and chosen to stick to the theory that allows people with particular mathematical skills to prosper in academic communities of like-minded people. The theory is beautiful and I’ve learned it inside out. However, I read books in other areas of science and recognize that microeconomic theory as practiced by academic theorists is a lot like studying the game of chess. Just as a life spent studying chess will make a person a competent chess player without providing any knowledge of the world, so too will studying microeconomic theory make you a competent microeconomic theorist without providing you a whit of knowledge about the economic behavior of human beings. You’ll know a lot about the behavior of imaginary beings that do not exist and nothing about the economic behavior of human beings.

The Holy Bible of the first year Econ PhD student. Sure, some sections are more poorly done than others, but you can’t not have MWG.

It is the main reference for a Micro-theorist. The pervasive use of mathematics makes it effective and direct to the point. It can be sometimes harder to understand, especially for beginners to the subsject, but penetrating the method for analysis that authors follows comes naturally as you deepen into the subject.