Microeconomics: A Modern Treatment focuses on modern approaches to microeconomics. Alternative systems are discussed including input-output analysis as against neoclassical production theory. The theory of choice and the preference and utility approaches to consumer theory are also considered, along with linear and nonlinear theories of production, the theory of market demand and supply, and welfare economics. Comprised of 11 chapters, this book begins with an introduction to economic science and its propositions, as well as the importance of establishing a clearly defined set of postulates on which the whole edifice of economic knowledge rests. The discussion then turns to the theory of choice and the preference and utility approaches to consumer theory; neoclassical as opposed to modern consumer choice; production theory and the production set of the economy; and the theory of market demand and supply. Subsequent chapters deal with the theory of exchange and general equilibrium; welfare economics; and stability and introductory dynamics. This monograph will be of value to economists and those interested in microeconomics.
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