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Warning: You are editing an old version: By Anonymous at 2014-02-19 09:30:03

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Body:	Micro is not something I have <a href="http://bnrdmcrdrr.com">stuiedd</a> since college, so I can't speak to the present stare of the field, but texts in use seem to take pretty much the same tack. The basic notion is elasticity of supply and demand in near perfect markets with equally rational agents seek to maximize utility (consumers) or profit (producers) in terms of available options and opportunity costs. The outcome is the identity of value and price as a discovery resulting from the free operation of the near perfect market. then issue are brought in that complicate a simple analysis, such as nominal v. real, monopoly etc.This is a good simple model that is easy to understand for beginners. But are beginners told that this is only the beginning and that this narrative is simplified to the point of being simplistic because the real world is much more complex than the model suggests?For what I can tell neo-classical economists admit that developed economic understanding is not achieved before grad school. However, again, as far as I can see, they work in terms of the simple model, articulating the nuance.Heterodox economics, and there are a number of heterodox schools in economics and related disciplines now, don't follow the same methodological path. For example, institutional economics studies institutional arrangements that affect behavior.BTW I would recommend that economists drop the term "choice" when they mean behavior, since "choice" is a subjective term. If they persist on using "choice," then they have to incorporate cognitive-behavioral science in accounting for it to be logically consistent with the meaning of the terms they are using in order to avoid confusion. This is always a problem in using ordinary language terminology in technical discourse that depends for rigor on operational definitions. Consumer and firm behavior is perfectly obvious in transactions, which are recorded as entries in ledger and summarized in accounting reports. Why say, "X chose y," or X preferred y," when X bought y is the case.
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