History of microeconomics
Part of book or chapter of book
- Publisher: Elsevier Science Ltd.
This article provides a brief overview of the history of microeconomics, starting from the late eighteenth century when its key foundations were laid. Without intending to be comprehensive, the article outlines landmarks and milestones in the building of the basic principles of today’s knowledge, highlighting challenges faced and open questions. Focus is on the contribution of each historical phase to the understanding of two foundational issues in microeconomics – the theory of individual economic decision making and the market mechanism as a coordinating device. At the end, the article discusses the current state of microeconomics and recent tendencies.
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