About the Course
Principles of Microeconomics is an introductory undergraduate course that teaches the fundamentals of microeconomics. At MIT, this is the first course that undergraduates take in economics. For some, it may be the only course they take in the subject, and it provides a solid foundation for economic analysis and thinking that can last throughout their education and subsequent professional careers. For other students, it may provide a foundation for many years of study in economics, business, or related fields.
This course begins with an introduction to supply and demand and the basic forces that determine an equilibrium in a market economy. Next, it introduces a framework for learning about consumer behavior and analyzing consumer decisions. We then turn our attention to firms and their decisions about optimal production, and the impact of different market structures on firms’ behavior. The final section of the course provides an introduction to some of the more advanced topics that can be analyzed using microeconomics theory. These include international trade, the impact of uncertainty on consumer behavior, the operation of capital markets, equity vs. efficiency trade-offs in economic policy and social insurance.
By the end of the course, you will be able to understand introductory microeconomics theory, solve basic microeconomics problems, and use these techniques to think about a number of policy questions relevant to the operation of the real economy.
About the Professor
Dr. Jonathan Gruber is the Ford Professor of Economics at the Massachusetts Institute of Technology, where he has taught since 1992. He is also the Director of the Health Care Program at the National Bureau of Economic Research, where he is a Research Associate, and President Elect of the American Society of Health Economists. He is a member of the Institute of Medicine, the American Academy of Arts and Sciences, and the National Academy of Social Insurance. He has published more than 150 research articles, has edited six research volumes, and is the author of Public Finance and Public Policy, a leading undergraduate text, and Health Care Reform, a graphic novel. In 2006 he received the American Society of Health Economists Inaugural Medal for the best health economist in the nation aged 40 and under.
Jonathan Gruber. 14.01SC Principles of Microeconomics, Fall 2011. (Massachusetts Institute of Technology: MIT OpenCourseWare), http://ocw.mit.edu (Accessed 17 Mar, 2015). License: Creative Commons BY-NC-SA
The Massachusetts Institute of Technology (MIT), founded in 1861, is located in Cambridge, Massachusetts, and is one of the foremost U.S. institutions in science and technology. It is comprised of five schools and one college, including the renowned School of Engineering and Sloan School of Management, offering Bachelor’s, Master’s, and [...]View Full Profile