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.

Numerous methodological approaches in economics aim to understand the process of production and distribution of goods and services in a society. This course will familiarize students with the assumptions, mechanisms, and implications of the neoclassical microeconomic theory and the critiques of it. Students are expected to be comfortably discuss the methodological limits, empirical irrelevance and political implications of the neoclassical microeconomic theory by the end of the class.