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An Introduction to the Economic Theory of Market Behavior - Microeconomics from a Walrasian Perspective (Paperback, Revised ed.)
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An Introduction to the Economic Theory of Market Behavior - Microeconomics from a Walrasian Perspective (Paperback, Revised ed.)
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In this carefully articulated investigation of the Walrasian
general equilibrium model, the author sets forth one perception or
explanation of how the microeconomy might operate. The focus is
primarily on the behavior of individual consumers, firms and
markets under perfectly competitive conditions and on the
simultaneous interactions that occur among them. Central to his
argument is that all of these elements fit together to form a
unified whole for a complete, consistent, and cohesive picture of
the perfectly competitive microeconomy. The book provides
substantial discussion of the model's methodological background;
returns to scale; the transformation surface and the
fixed-factor-supply economy; existence, uniqueness, and stability
of equilibria; the dynamics of market adjustments; methodological
individualism and the theory of price determination; imperfectly
competitive markets; welfare economics; and the role of money
capital in the operation of the firm. The author suggests that the
abandonment of general equilibrium theory by microeconomists is a
mistake, and that it is too soon to give up on the possibility of
constructing an adequate analysis of uniqueness, global stability,
and price determination. Students and scholars of economics will
find much of interest in this thorough exploration of the operation
of the microeconomy.
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