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Alberto Alesina (1957–2020), Italian political economist. Sadie Alexander (1898–1989), American lawyer and first African American to receive a PhD in economics. Sidney S. Alexander (1916–2005), American economist. Maurice Allais (1911–2010), French economist and 1988 winner of the Nobel Memorial Prize in Economic Sciences.
The microfoundations project originated in the post-Second World War neoclassical synthesis where it is generally believed that neoclassical microeconomics fused with Keynesian macroeconomics. [5] The 'neoclassical microeconomics' in mention is the Marshallian partial-equilibrium approach , which emerged from the Walrasian general equilibrium ...
Shown is a marketplace in Delhi. Microeconomics is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms. [1][2][3] Microeconomics focuses on the study of individual markets, sectors, or industries as ...
v. t. e. A Robinson Crusoe economy is a simple framework used to study some fundamental issues in economics. [1] It assumes an economy with one consumer, one producer and two goods. The title "Robinson Crusoe" is a reference to the 1719 novel of the same name authored by Daniel Defoe. As a thought experiment in economics, many international ...
In microeconomic theory, the marginal rate of technical substitution (MRTS)—or technical rate of substitution (TRS)—is the amount by which the quantity of one input has to be reduced ( ) when one extra unit of another input is used ( ), so that output remains constant ( ). where and are the marginal products of input 1 and input 2 ...
e. In economics, general equilibrium theory attempts to explain the behavior of supply, demand, and prices in a whole economy with several or many interacting markets, by seeking to prove that the interaction of demand and supply will result in an overall general equilibrium. General equilibrium theory contrasts with the theory of partial ...
Bottom row: Michael Spence, George Akerlof, Joseph Stiglitz. Microeconomics is the study of the behaviour of individuals and small impacting organisations in making decisions on the allocation of limited resources. The modern field of microeconomics arose as an effort of neoclassical economics school of thought to put economic ideas into ...
v. t. e. Information economics or the economics of information is the branch of microeconomics that studies how information and information systems affect an economy and economic decisions. [1] One application considers information embodied in certain types of commodities that are "expensive to produce but cheap to reproduce." [2]