Open Principles of Microeconomics

Author

Justin Johnson

Published

October 10, 2023

Preface

AI-Generated Image from prompt “Economy and Earth in Harmony”

Welcome to Open Principles of Microeconomics!

This is a new open textbook, based on the third edition of OpenStax.org’s excellent work. I have made many changes to the text, adding new material that draws on my previous years of teaching Applied Economics 1101: Principles of Microeconomics at the University of Minnesota. This is a work in progress and will be finished by May 2024. If you would prefer to use the more stable, input version of the book, please see https://openstax.org/books/principles-microeconomics-3e/pages/1-introduction.

This book will evolve over the course of the semester as I add content. Officially, our textbook is the OpenStax version without modification, but students may find it useful to see this version as it develops.

Planned differences include:

  1. All content is generated with Quarto, an open-source publishing tool that integrates well with modern data-science workflows, including with R, Julia, and Python. All content is provided in markdown format (technically Quarto markdown, QMD files), to allow for easy remixing, replication and adaptation.
  2. Many (eventually all) figures will be generated by Python. Advanced readers/users could go in and see the code, tweak the functions, or play with the input data.
  3. New developments in the economy, such as Artificial Intelligence (AI), will feature prominently. For example, the image above is DALL-E’s representation of the prompt “Economy and Earth in Harmony” with a little fine-tuning.
  4. Thorough inclusion of modern developments in economics, including behavioral economics, development economics, Earth-economy modeling, considerations of inequality, and computational economics.

This textbook is licensed under an open-source Creative Commons Share-Alike (CC-SA) license (see the Github repository for details).