Is there anything worth to keep in microeconomics

Emmanuelle Benicourt () and Bernard Guerrien ()
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Emmanuelle Benicourt: CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, UMR 8168 - Mondes Américains - UP1 - Université Paris 1 Panthéon-Sorbonne - EHESS - École des hautes études en sciences sociales - UPN - Université Paris Nanterre - CNRS - Centre National de la Recherche Scientifique
Bernard Guerrien: CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, SAMOS - Statistique Appliquée et MOdélisation Stochastique - UP1 - Université Paris 1 Panthéon-Sorbonne

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Abstract: Microeconomics' notions of "market supply" and "market demand" do not exist in real-world markets. Its models give a central place to equilibria, implying that they are predictions. It distracts from more essential aspects of economic behavior and exchange and encourages inventing absurd tales, especially concerning production. We should consider society as it is organized, with different social groups, norms, and customs, and then concentrate on decision making and choice.

Keywords: equilibrium; •; marginal; productivity; •; market; •; prediction; •; substitutability (search for similar items in EconPapers)
Date: 2008
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Published in Review of Radical Political Economics, 2008, 40 (3), pp.317-323. ⟨10.1177/0486613408320315⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-00311368

DOI: 10.1177/0486613408320315

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