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A Rational Theory of Producer’s Equilibrium in Fifteen Principles

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  • Jael, Paul

Abstract

The marginalist theory of producer’s equilibrium has been a cornerstone of mainstream economics for a long time. This theory has been challenged more than once in the twentieth century, without losing its predominance. A lot of critics and many ideas have been ventured. My conclusion is that there is room and there is a need for alternative microeconomics. Approaching heterodox microeconomics may seem entering a labyrinth. For this reason, I propose a presentation of my conception about producer’s equilibrium in a structured and concise way: fifteen principles in a logical and instructive order. The principles are founded on a hypothesis shared by neoclassical economics: rationality of agents. Each behaviour must be compatible with the pursuit of self-interest.

Suggested Citation

  • Jael, Paul, 2020. "A Rational Theory of Producer’s Equilibrium in Fifteen Principles," MPRA Paper 99456, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:99456
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    References listed on IDEAS

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    More about this item

    Keywords

    market structure; competition; pricing;
    All these keywords.

    JEL classification:

    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • D40 - Microeconomics - - Market Structure, Pricing, and Design - - - General

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