Micro Economics

The last decade has been a productive one for the economics profession. Economists have gained a better understanding both of the world at large and of their own discipline. In macroeconomics, more is known about the dynamics of inflation and unemployment, the role of monetary policy, the determinants of unemployment, the role of expectations in shaping economic behavior, and the interaction between the domestic economy and the world economy. In microeconomics, such fields of study as regulation, antitrust policy, human resources, and income distribution have taken on new life.

But at the same time that progress has been made, events have posed new questions. Economists continue to disagree on such matters as the effects of the federal budget deficit, the proper path for monetary policy, the consequences of corporate takeovers, and the reasons for differences between the average pay of men and women, to name just a few areas of controversy.