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Title: 3.5 Stars-A useful supplementary text for lower division microeconomic principles courses only
Review: This book is useful for teaching lower division undergraduate students the principles of microeconomics.It can be used as a supplementary book.Hazlitt emphasizes the important concept of opportunity cost,but neglects to incorporate any discussion of spillover effects and externalities(positive and negative,depletable and undepletable),market failure,public goods,the theory of second best,adverse selection,moral hazard, the principal-agent problem,etc.It is interesting that all these missing topics were originally covered by Adam Smith in The Wealth of Nations(1776),especially in Part V.
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