Gwartney/Stroup/Sobel/Macpherson’s “Microeconomics: Private and Public Choice” 18th Edition, emphasizes the role of entrepreneurship, institutions and the importance of public choice analysis. Entrepreneurship is presented as key to the competitive market, using innovations and creative destruction to improve living standards. Institutions with long-run growth are examined. Public choice analysis clarifies voter, politician and bureaucrat incentives, impacting political outcomes and prosperity. Basic economic thinking shows how wealth is created through the invisible hand of the market. Microeconomics models integrate entrepreneurship, competition and contestable markets. AI, platform business models and markets with network externalities are highlighted, including issues such as the environment, resource economics, health care and the stock market. Online resources reinforce content.
