Professor Edward Morey

What is microeconomics and why should you care?

Put simply, microeconomics, is a science whose goal is to explain the behavior of indivdual agents (individuals, firms, families, the church, the government, etc., and the interactions between these individual agents.

You should care because microeconomics presents models of why you behave the way you do, and how you, and others economic agents, interact with alll the other economic agents.

You should also care if you care about the sciences, because economics, being a social sciences, behaves like all sciencies. Theories are built to explain what is going on, and then those theories are tested to see how well they predict what is happening in the world. If the theory is not accurately explaining what is happening the theory need to be modified (its assumptions need to be changed).

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Last Update August 31, 2017: