On the Reappraisal of Microeconomics: Economic Growth And Change in a Material World
Автор: [автор не указан] Год: 2006 Издание: [не указанo] Страниц: 200 ISBN: 1845422724 The conventional utility-based approach to microeconomics is now nearly a century old and although frequently criticized, it has yet to be replaced. On the Reappraisal of Microeconomics offers an alternative approach that overcomes most of the objections to orthodox theory, while offering some unique additional advantages. The authors present a new approach to non-equilibrium microeconomics that applies equally to production, trade and consumption, and that is also consistent with the laws of thermodynamics. This new theory is not limited to equilibrium or near-equilibrium conditions. The core of the theory is proof that, for each agent (firm or individual), there exists an unique function of goods and money (denoted Z) that can be interpreted as subjective wealth for an individual or the owners of a firm. Exchanges may occur only when both parties enjoy an increase in subjective wealth as a consequence. On average, this Z-function will increase over time if, and only if, the...
