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Concluding Remarks

In: Modern Microeconomics

Author

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  • A. Koutsoyiannis

    (University of Waterloo)

Abstract

The business world is extremely complex and neo-classical microeconomic theory has proved inadequate to cope with this complexity. The nostalgia of many economists for theoretical models yielding precise equilibria is understandable; but economic analysis cannot be limited to models which describe the behaviour of monolithic firms run by owner-managers acting with omniscience and reaching decisions (aimed at the single goal of profit maximisation) with rationality possible in a world of perfect knowledge and certainty. The neo-classical model is too unrealistic for it to claim general acceptance. Contemporary theorists have not yet managed to develop a single model of the firm having the scope and precise results of the neo-classical model. Instead we have a constellation of models, all in a state of flux: models such as those of the ‘full-cost’ school, ‘entry-forestalling’ school, ‘managerial’ school, ‘behavioural’ school, and ‘games-theory’ school are being constantly revised, refined, tested and re-evaluated in an attempt to reach acceptable degrees of realism and predictive accuracy.

Suggested Citation

  • A. Koutsoyiannis, 1975. "Concluding Remarks," Palgrave Macmillan Books, in: Modern Microeconomics, chapter 21, pages 435-436, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-15603-0_21
    DOI: 10.1007/978-1-349-15603-0_21
    as

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