{"product_id":"newtonian-microeconomics-a-dynamic-extension-to-neoclassical-micro-theory-von-matti-estola","title":"Newtonian Microeconomics","description":"\n                                \n                \u003cp\u003e\n                                        Presenting the dynamic laws of economic quantities, this book  tackles one of the core difficulties of current economic theory: that of  transforming abstract equations of equilibrium into precise dynamic rules. The  theoretical framework of neoclassical micro theory has historically prohibited  its development into a quantitative science. Estola identifies the main  weaknesses of this framework as follows: 1) Static optimization does not allow  for the modelling of time-dependent production and consumption flows; 2) The  assumption of optimal behaviours forecloses any understanding of changes in  economic quantities, as none will change its optimal behaviour. The author of  this title assumes that economic units tend to better their situation where  possible. The book demonstrates how this approach leads to an analogous  framework in economics to the Newtonian framework in physics. The ‘forces’ acting  upon economic quantities, which either cause adjustment toward an equilibrium  state or keep the system in motion with time, are defined such that the  neoclassical framework corresponds to a ‘zero-force’ situation. Introducing a  system of measurement units for economic phenomena, Estola applies this  throughout, and thereby illuminates a way for microeconomics to meet the  minimum requirements of quantitative analysis.\n                    \n                    \u003cb\u003e\u003c\/b\u003e\n                                    \n                \u003c\/p\u003e\n                            \n            \u003cdiv class=\"aw-variant-hidden-subtitle-div\" id=\"aw-variant-subtitle-9783319836102\"\u003e\u003ch3\u003eA Dynamic Extension to Neoclassical Micro Theory\u003c\/h3\u003e\u003c\/div\u003e\u003cdiv class=\"aw-variant-hidden-subtitle-div\" id=\"aw-variant-subtitle-9783319468785\"\u003e\u003ch3\u003eA Dynamic Extension to Neoclassical Micro Theory\u003c\/h3\u003e\u003c\/div\u003e","brand":"Libri","offers":[{"title":"Softcover - 9783319836102","offer_id":39426750152797,"sku":"9783319836102","price":149.79,"currency_code":"EUR","in_stock":true},{"title":"Hardcover - 9783319468785","offer_id":46800189718853,"sku":"9783319468785","price":149.79,"currency_code":"EUR","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0940\/0622\/files\/5b5ecc55-12e5-4dae-8223-f59111af26d5.jpg?v=1747024190","url":"https:\/\/shop.autorenwelt.de\/en\/products\/newtonian-microeconomics-a-dynamic-extension-to-neoclassical-micro-theory-von-matti-estola","provider":"Autorenwelt Shop","version":"1.0","type":"link"}