Newtonian Microeconomics: A Dynamic Extension to Neoclassical Micro Theory

Newtonian Microeconomics: A Dynamic Extension to Neoclassical Micro Theory Front Cover
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2017-01-24
464 pages

Book Description

Presenting the laws of quantities, this book tackles one of the core difficulties of current theory: that of transforming abstract equations of equilibrium into precise rules. The theoretical of neoclassical micro theory has historically prohibited its development into a quantitative science. Estola identifies the main weaknesses of this as follows: 1) Static optimization does not allow for the modelling of time-dependent production and consumption flows; 2) The assumption of optimal behaviours forecloses any understanding of changes in economic quantities, as none will change its optimal behaviour. The author of this title assumes that economic units tend to better their situation where possible. The book demonstrates how this approach leads to an analogous in economics to the Newtonian in physics. The ‘forces’ acting upon economic quantities, which either cause adjustment toward an equilibrium state or keep the system in motion with time, are defined such that the neoclassical corresponds to a ‘zero-force’ situation. Introducing a system of measurement units for economic phenomena, Estola applies this throughout, and thereby illuminates a way for microeconomics to meet the minimum requirements of quantitative analysis.

Table of Contents

Chapter 1 Economics As A Science
Chapter 2 Measuring In Economics
Chapter 3 Consumer
Chapter 4 The Behavior Of Firms
Chapter 5 Goods
Chapter 6 Labor As A Production Factor
Chapter 7 Capital Goods As Firms' Inputs
Chapter 8 Money And Markets
Chapter 9 Saving, Borrowing, And Interest Rates
Chapter 10 Mathematical Appendix

Book Details

  • Title: Newtonian Microeconomics: A Dynamic Extension to Neoclassical Micro Theory
  • Author:
  • Length: 464 pages
  • Edition: 1st ed. 2017
  • Language: English
  • Publisher:
  • Publication Date: 2017-01-24
  • ISBN-10: 3319468782
  • ISBN-13: 9783319468785
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