000			01625nam a2200217Ia 4500
999			_c232670 _d232670
005			20220602172752.0
008			200208s9999 xx 000 0 und d
020			_a9788125042785
082			_a338.5 GOW
100			_a"Gowdy, John M"
245		0	_aMicroeconomic theory old and new
260			_aNew Delhi
260			_bOrient blackswan
260			_c2011
300			_a189p.
365			_b9000
365			_dRS
520			_aMicroeconomic Theory Old and New 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. The second goal is to present contemporary extensions and emerging alternatives to the Walrasian model. Some of the theoretical inconsistencies in the are presented, drawing on the work of Samuelson, Boadway, Chipman and model are Moore, Ng, and Suzumura, among others. The text then presents challenges to the basic assumptions s of f 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.
650			_aMicroeconomics
942			_cB _2ddc