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Microeconomics: Behavior, Institutions, and Evolution (The Roundtable Series in Behavioral Economics) |  | Author: Samuel Bowles
Publisher: Princeton University Press
Category: Book
List Price: $45.00
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Rating:  6 reviews
Sales Rank: 207217
Media: Paperback
Pages: 608
Number Of Items: 1
Shipping Weight (lbs): 1.9
Dimensions (in): 9.1 x 6 x 1.4
ISBN: 0691126380
Dewey Decimal Number: 338.5
EAN: 9780691126388
ASIN: 0691126380
Publication Date: January 16, 2006
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Product Description
In this novel introduction to modern microeconomic theory, Samuel Bowles returns to the classical economists' interest in the wealth and poverty of nations and people, the workings of the institutions of capitalist economies, and the coevolution of individual preferences and the structures of markets, firms, and other institutions. Using recent advances in evolutionary game theory, contract theory, behavioral experiments, and the modeling of dynamic processes, he develops a theory of how economic institutions shape individual behavior, and how institutions evolve due to individual actions, technological change, and chance events. Topics addressed include institutional innovation, social preferences, nonmarket social interactions, social capital, equilibrium unemployment, credit constraints, economic power, generalized increasing returns, disequilibrium outcomes, and path dependency. Each chapter is introduced by empirical puzzles or historical episodes illuminated by the modeling that follows, and the book closes with sets of problems to be solved by readers seeking to improve their mathematical modeling skills. Complementing standard mathematical analysis are agent-based computer simulations of complex evolving systems that are available online so that readers can experiment with the models. Bowles concludes with the time-honored challenge of "getting the rules right," providing an evaluation of markets, states, and communities as contrasting and yet sometimes synergistic structures of governance. Must reading for students and scholars not only in economics but across the behavioral sciences, this engagingly written and compelling exposition of the new microeconomics moves the field beyond the conventional models of prices and markets toward a more accurate and policy-relevant portrayal of human social behavior.
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Showing reviews 1-5 of 6
 This is microeconomics for the future, not a text book November 9, 2009
Jose M. F. Silveira (Campinas. Brazil)
Samuel Bowles is a remarkable economist and this book is not properly a text book. Is a creative study on the importante to combine associativism and cooperation in the analysis of choice and individual behavior. It is not a book for people aiming to have the first lessons on microeconomics. Is a book to think on the new framework relation individual behavior, game theory, cooperative behaviour and evolutionary paths. All of this with brillant insights on the importanc of power in economics. Power is not embedded in rational decisions. Power make decisions seems to be rational.
For graduate studants with capacity of reflect on economics and society.
Excellent book on consilience January 16, 2009
jukka aakula
1 out of 2 found this review helpful
This really is my first book in Economics. I started my "career" as a darwinist the normal way by reading the Selfish Gene of Richard Dawkins 1985 - also I got enthusiastic about the memes. I read the book of Cavalli-Sforza and Feldmann on cultural evolution (Cultural Transmission and Evolution) but I did not understand the relevance.
But then I got to know Boyd and Richerson and got very much enthusiastic about the dual inheritance theory. Due to the co-operation of Boyd and Richerson with Bowles and Gintis I got interested in Behavioral Economics.
I very much believe the consilience E.O.Wilson is talking about is just now happening between economy, antropology, study of religions, sociology, psychology and biology. Samuel Bowles is a main contributor in that consilience.
This is an excellent book for one like who does not know anything about economy but knows about evolution, game theory and the dual inheritance theory. After this it is easier to continue more mainstream economy I assume.
 Not good for economic textbook October 24, 2008
Chin Tiou Hwang (NYC)
1 out of 5 found this review helpful
I'm an economic major and this book is use in our "Price Theory" class. Most of the student in this class, including me, agrees it is not a good textbook. The author just keep on blathering about the topic and hardly showing any examples or applications. How are we suppose to learn about the topic? Today, I just made two books purchase, "Price Theory and Applications" by Landsburg and "Price Theory and Applications: Decisions, Markets, and Information" by Hirshleifer. Hope these two new books can shed some light on this course.
Brilliant synthesis of behavioral microeconomics June 18, 2007
M. A. Krul (Utrecht, Kingdom of the Netherlands)
8 out of 8 found this review helpful
Samuel Bowles, a heterodox economist known for his long time cooperation with Herb Gintis on various cutting edge works in the field of behavioral economics and related subjects, has made a fantastic synthesis of all the material and conclusions in this area of research in "Microeconomics: Behavior, Institutions and Evolution".
As the title promises, Bowles makes extensive use of concepts from socio-evolutionary theory, institutional economics and anthropology, as well as applications from (evolutionary) game theory, to discuss the basics of economic choices, interaction, cooperation, and exchange. It may take a bit of adjusting at first, especially if one is not used to heterodox economics, since his well-written overview starts from very different points than most generic orthodox textbooks do. But it is very rewarding: all the relevant issues are presented in their complexity, nothing is swept under the carpet, and what makes this book in particular commendable is the way in which information from anthropology, psychology and the social sciences is weaven into the 'story'. The contrast with the ridiculous assumptions and the unrealistic or simply false simplistic models of standard neoclassical textbooks (like for example that of Mankiw) is striking.
It must be said that a proper understanding of all the arguments requires familiarity with intermediate level mathematics for economists, and the general level of abstraction and discussion is quite high, so this is not an easy book. Fortunately, this is mitigated somewhat by Bowles' clear writing, and sometimes he also takes the trouble (which unfortunately few economists do) of specifically explaining what the mathematical formulas mean, for people who have difficulty with somewhat advanced equations and the like. In any case, he relies quite correctly more on empirical arguments regarding problems of the common, of evolution of institutions, the workings of altruism, prisoner's dilemmas, and so on than on any kind of math (although these things can be expressed in math, often).
At the end, Bowles provides some problem sets organized by subject as in the book, to allow readers and students to grapple with the issues presented.
Overall, this is probably the best overview specifically about microeconomics currently in existence, and it's a shame that it is not the standard textbook in all economics classes on the subject. Much better than anything Mankiw, Barro etc. have ever produced.
Very strong, but flawed March 30, 2006
Walt Byars (Tampa, Fl)
15 out of 19 found this review helpful
In Microeconomics, Bowles applies game theory, the insights of experimental economics, a contested exchange theory of the firm based upon conflict and power, and endogenous formation of traits, to microeconomic theory.
This is probably the most developed statement of what Bowles has called "Post-Walrasian Economics." Essentially, a form of neoclassical economics in which the unrealistic assumptions of Walrasian/ perfectly competitve type economics are rejected and not merely replaced "imperfect" competition and information (e.g. some degree of divergence from the walrasian assumptions, using those assumptions as their reference point). Rather, Bowles gives complex, somewhat realistic descriptions of the non-Walrasian characteristics of the economy, many of which have a totally different qualitative side than the Walrasian model.
Bowles is largely successful, yet there are some problems. There is alot of calculus in this book, not at an incredibly high level, but this certainly limits the appeal of this book to many readers without an understanding of calculus. Also, many of the examples used in the models are very abstract. An agent is faced with a choice to "adopt a characteristic" when they "have an interaction" with some other agent. Nothing wrong with abstraction per se, but it would be nice to have a better idea of what real world issues these models have relevance for.
Also, Bowles rose to prominence as one of the top radical economists and one of the founders of the Union for Radical Political Economics. He apparently still has similar political views and much of this book supports the existence of pervasive market failures supports a left perspective. Yet, not much time is spent on the particular topics usually explored by radical models. Those aspects of the "conflict theory" of the firm which are most profound, such as the choice of technique being influenced by the need of the capitalist to maximize their bargaining power rather than efficiency, are mentioned but not explored in great detail. However, given the incredibly detailed exploration of various aspects of conflict in the labor process, the models developed in this book have great value for those looking to develop new radical models.
Also, this book is thoroughly neoclassical (albeit informed by the best advances in NC economics, even those which contradict age old staples of NC theory) in terms of price and distribution theory, etc... As someone who is heterodox in their beliefs about economics, this is bit of a disappointment for me. However, most of these insights could be integrated into heterodox theory.
There are also a few problematic claims in this book. Bowles apparently supports Duncan Foley's argument that if we focus on aggregate outcomes, the consequences of the SMD theorem are somewhat mitigated. Foley's claims are actually quite questionable. See Frank Ackerman's "Still Dead After all these Years: Interpreting the failure of General Equilibrium Theory."
Showing reviews 1-5 of 6
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