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Whether one attributes this state of flux to the common law method, the vagaries of politics, or the variety in microeconomic theory, the fact remains: judges, enforcement officials, and scholars have engaged in a longstanding debate about the law and economics of antitrust policy.
Microeconomic Theory: Basic Principles and Extensions (4th ed.), New York: Dryden Press.
Both theories suggest that the structure of preferences is not independent of behavior, as is usually assumed in microeconomic theory. Two examples that have aspiration theory contained within them have already been given: the discouraged worker effect and welfare dependency.
Drucker argues that "profit" is inadequately understood in current microeconomic theory, and that a new microeconomic theory "will, almost certainly, discard altogether the concept of `profit'."(98) He reasons that "we have known for at least 50 years that `profit maximization,'" which is at the core of the theory of the firm, "is a meaningless term if applied to anything other than a unique, non-recurrent trading transaction on the part of an individual and in a single commodity -- that is, to an exceptional, rare, and quite unrepresentative incident" and that "no business is known to apply `profit maximization' to its planning or to its decisions on capital investment or pricing."(99)
Nicholson, Microeconomic Theory, fourth edition, Chicago: The Dryden Press, 1989.
We work with manufacturing companies because they have a production function that most closely resembles that described in microeconomic theory. The steel industry provides an ideal arena in which to test this empirical measure.
By the time you realized the answer was a straightforward application of microeconomic theory, however, Professor Tullock was off quizzing a fellow student.
But both contributions fail to do justice to recent microeconomic theory and empirical evidence that seems to demonstrate a dose connection between changing corporate forms and participative processes.
Dean's concern with each of these subjects stemmed from his overriding interest in applying microeconomic theory to the solution of practical business problems.
In brief, I do not believe that microeconomic theory is adequate to provide a useful understanding of internal labor markets and their effects on internal and external movements of labor, on internal wage structures for job classifications in enterprises of size, and for on-the-job training.
It combines presentation of microeconomic theory and macroeconomic theory illustrated by real-world examples from newspapers, magazines, government reports, and economic journals or daily life issues such as the decision to obtain of fixed or variable interest rate on one's mortgage.