 |
|
|
Item Details
| Title:
|
ON THE REAPPRAISAL OF MICROECONOMICS
ECONOMIC GROWTH AND CHANGE IN A MATERIAL WORLD |
| By: |
Robert U. Ayres, Katalin Martinas |
| Format: |
Hardback |
| List price:
|
£98.00 |
|
We currently do not stock this item, please contact the publisher directly for
further information.
|
|
|
|
|
|
| ISBN 10: |
1845422724 |
| ISBN 13: |
9781845422721 |
| Publisher: |
EDWARD ELGAR PUBLISHING LTD |
| Pub. date: |
20 December, 2005 |
| Pages: |
224 |
| Description: |
The conventional utility-based approach to microeconomics is now nearly a century old and although frequently criticised, it has yet to be replaced. On the Reappraisal of Microeconomics offers an alternative approach that overcomes most of the objections to orthodox theory, whilst offering some unique additional advantages. |
| Synopsis: |
The conventional utility-based approach to microeconomics is now nearly a century old and although frequently criticised, it has yet to be replaced. On the Reappraisal of Microeconomics offers an alternative approach that overcomes most of the objections to orthodox theory, whilst offering some unique additional advantages.The authors present a new approach to non-equilibrium microeconomics that applies equally to production, trade and consumption, and that is also consistent with the laws of thermodynamics. This new theory is not limited to equilibrium or near-equilibrium conditions. The core of the theory is proof that, for each agent (firm or individual), there exists an unique function of goods and money (denoted Z) that can be interpreted as subjective wealth for an individual or the owners of a firm. Exchanges may occur only when both parties enjoy an increase in subjective wealth as a consequence. On average, this Z-function will increase over time if, and only if, the agent obeys a simple decision rule in all economic transactions: namely to `avoid avoidable losses', or AAL, it being understood that some losses are unavoidable. Dynamic equations describing growth (or decline) can be derived simply by calculating time derivatives of a wealth function, without the need for constrained maximization of an integral of utility (or some surrogate) BM_1_over time. The Z-function also has a number of other interesting properties that can be used for multi-agent and multi-sectoral simulation models to explore a variety of economic situations that cannot be addressed so easily using conventional methods.This is a stimulating, provocative and highly original book that will appeal to informed academics, researchers and other professionals with an interest in the fundamentals of neoclassical economics and its applications to business, finance, growth and the environment. |
| Publication: |
UK |
| Imprint: |
Edward Elgar Publishing Ltd |
| Returns: |
Returnable |
|
|
|
 |
|
|
|
|
|
Little Worried Caterpillar (PB)
Little Green knows she''s about to make a big change - transformingfrom a caterpillar into a beautiful butterfly. Everyone is VERYexcited! But Little Green is VERY worried. What if being a butterflyisn''t as brilliant as everyone says?Join Little Green as she finds her own path ... with just a littlehelp from her friends.
|
|
All the Things We Carry PB
What can you carry?A pebble? A teddy? A bright red balloon? A painting you''ve made?A hope or a dream?This gorgeous, reassuring picture book celebrates all the preciousthings we can carry, from toys and treasures to love and hope. With comforting rhymes and fabulous illustrations, this is a warmhug of a picture book.
|
|
|
|