Wednesday, January 7, 2015

Historical review of microeconomics.

(i) Origin of Microeconomics can be traced back to era of classical economists. It is relatively a traditional approach.

(ii) “The Father of Economics” Mr. Adam Smith, in his well-known book “Wealth of Nations” used microeconomics approach. Microeconomics approach is also found in the writings of David Ricardo and J.S. Mill.

(iii) Dr. Alfred Marshall, the neoclassical economist, is in fact considered as a real architect of microeconomics. In his famous book “Principle of Economics” utilized marginalize principle in most of the economics analysis.

(iv) Thereafter, many economist like Mrs. Joan Robinson, J.R. Hicks, Prof. Samuelson, are also participated in the development of microeconomics.