Microeconomic Theory Old and New

A Student's Guide

Business & Finance, Economics, Microeconomics
Cover of the book Microeconomic Theory Old and New by John M. Gowdy, Stanford University Press
View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart
Author: John M. Gowdy ISBN: 9780804772853
Publisher: Stanford University Press Publication: October 29, 2009
Imprint: Stanford Economics and Finance Language: English
Author: John M. Gowdy
ISBN: 9780804772853
Publisher: Stanford University Press
Publication: October 29, 2009
Imprint: Stanford Economics and Finance
Language: English

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.

View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart

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.

More books from Stanford University Press

Cover of the book Behind the Laughs by John M. Gowdy
Cover of the book A Jewish Life on Three Continents by John M. Gowdy
Cover of the book Confessions of the Shtetl by John M. Gowdy
Cover of the book Counterfeit Capital by John M. Gowdy
Cover of the book Warped Mourning by John M. Gowdy
Cover of the book The Beauty of the Real by John M. Gowdy
Cover of the book Slam School by John M. Gowdy
Cover of the book Literary Passports by John M. Gowdy
Cover of the book Crook County by John M. Gowdy
Cover of the book Competitive Strategies for the 21st Century by John M. Gowdy
Cover of the book Gendered Commodity Chains by John M. Gowdy
Cover of the book Class Work by John M. Gowdy
Cover of the book The Future and Its Enemies by John M. Gowdy
Cover of the book Race Defaced by John M. Gowdy
Cover of the book Schools and Societies by John M. Gowdy
We use our own "cookies" and third party cookies to improve services and to see statistical information. By using this website, you agree to our Privacy Policy