Microeconomic theory has failed to reflect changes in the real world and the ferment in economics caused by the financial crisis of 2007/08 though there have been developments that reflect new thinking about consumer choice, the Association for Heterodox Economics…
Tag: microeconomics
Price versus value debate persists despite failure of the market in services
A post yesterday on the admirable Mises Institute website showed that economists, and many others, continue to be baffled by the difference between value and price. Peter St Onge, an assistant professor at Taiwan’s Fengjia University College of Business, wrote…