2) From what appears to be a class handout at Princeton University, prepared for a course in microeconmics, captioned How Microeconomists
Bastardized Benthamite Utilitarianism, available at http: //www.
All the microeconomists
recognize the importance of entrepreneurship.
Hill and Myatt cite the old joke that microeconomists
are wrong about specific economic issues, whereas macroeconomists are wrong about the economy in general.
My guess is that all the freedom necessary to obtain the economic growth that microeconomists
rave about could easily be obtained with only a sizeable portion of a population having economic freedom, the rest remaining in some form of servitude.
Economic Deregulation: Days of Reckoning for Microeconomists
, Journal of Economic Literature, 31, 3, 1993, pp.
These macroeconomic concepts, the importance of which is easy to understand, have no clear connection with WTP, WTA, or the maximization of net benefits--in other words, no relation to the goals of regulation as they are construed by CBA or by microeconomists
The work on financial crises is very much the terrain of microeconomists
and financial economists at the moment.
To buttress his point, Kay observes how few neoclassical microeconomists
are hired by businesses.
1993) "Economic Deregulation: Days of Reckoning for Microeconomists
s R&D team includes microeconomists
who develop business cases for disruptive technical inventions, devising new pricing models and alliances.
The following article also provides a good review of the literature in this area: Clifford Winston, "Economic Deregulation: Days of Reckoning for Microeconomists
," Journal of Economic Literature, September 1993, Vol.
The former adopts the assumption that, in general, resources and capabilities (what neo-classical microeconomists
call factors of production) are elastic in supply.