Microeconomic Theory Old and New: A Student's Guide

Microeconomic Theory Old and New: A Student's Guide

by John Gowdy
     
 

ISBN-10: 0804758840

ISBN-13: 9780804758840

Pub. Date: 10/29/2009

Publisher: Stanford University Press

Microeconomic Theory Old and New: A Student's Guide has two main goals. The first is to give advanced undergraduate and graduate students an understanding of the core model of economics: Walrasian general equilibrium theory. The text presents in detail the three building blocks of Walrasian theory—establishing Pareto efficiency in a barter

Overview

Microeconomic Theory Old and New: A Student's Guide has two main goals. The first is to give advanced undergraduate and graduate students an understanding of the core model of economics: Walrasian general equilibrium theory. The text presents in detail the three building blocks of Walrasian theory—establishing Pareto efficiency in a barter economy, establishing the efficiency of competitive markets, and accounting for market failure. Each is discussed verbally, graphically, and using mathematics. After reading this book, students will have an understanding of how the seemingly disparate pieces of conventional economics fit together as a system. Although the text focuses on the intellectual framework of standard economic theory, relevant mathematical techniques are discussed.

The second goal is to present contemporary extensions and emerging alternatives to the Walrasian model. Some of the theoretical inconsistencies in the model are presented, drawing on the work of Samuelson, Boadway, Chipman and Moore, Ng, and Suzamura, among others. The text then presents challenges to the basic assumptions of the Walrasian system, posed by findings in behavioral economics and evolutionary game theory.

Understanding both the Walrasian system and the theoretical and experimental critiques of classical economics is essential to those who ultimately work within the traditional framework and to those looking for an alternative, making this a must read for all students of economics.

Product Details

ISBN-13:
9780804758840
Publisher:
Stanford University Press
Publication date:
10/29/2009
Pages:
208
Product dimensions:
6.00(w) x 8.90(h) x 0.60(d)

Table of Contents

Contents

List of Figures....................ix
List of Sketches....................xi
Acknowledgments....................xiii
Chapter 1 The Neoclassical Theory of the Consumer....................5
Chapter 2 The Neoclassical Theory of Production....................24
Chapter 3 General Equilibrium in a Barter Economy....................42
Chapter 4 Introducing Prices: Perfect Competition and Pareto Efficiency....................57
Chapter 5 Market Failure and the Second Fundamental Theorem of Welfare Economics....................79
Chapter 6 The Theoretical Critique of Walrasian Welfare Economics....................101
Chapter 7 The Behavioral Critique of Walrasian Welfare Economics....................120
Chapter 8 Cost-Benefit Analysis Old and New....................143
Chapter 9 The Future of Economic Theory and Policy....................163
Index....................183

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