This course addresses the neoclassical approach to Microeconomic Theory and the several criticisms to it. During the term, we will rigorously present the main mechanism of the neoclassical theory concerning the supply and demand laws, the theory of rational choice, the theory of production and distribution, the different models of competition and the markets for the different factors of production. An introduction to game theory and its applications in microeconomics will be given in the end. The course concludes with a general summary of the General Equilibrium model and its position in the development of economic theory and policy. We will also present the theoretical critiques and the empirical irrelevance of these theories.

This course addresses the neoclassical approach to Microeconomic Theory and the several criticisms to it. During the term, we will rigorously present the main mechanism of the neoclassical theory concerning the supply and demand laws, the theory of rational choice, the theory of production and distribution, the different models of competition and the markets for the different factors of production. An introduction to game theory and its applications in microeconomics will be given in the end. The course concludes with a general summary of the General Equilibrium model and its position in the development of economic theory and policy. We will also present the theoretical critiques and the empirical irrelevance of these theories.