Microeconomic Theory Old and New ─ A Student's Guide

This volume begins by explaining the basics of Walrasian general equilibrium theory, a model the author says that all contemporary economists must understand, even if they end up disagreeing with it. And Gowdy (economics, Rensselaer Polytechnic Institute) does disagree with aspects of it, as becomes apparent with even a casual reading. In the first part of the book he does a thorough, mostly objective job in explaining the underlying theories of modern economics, but does add regular comments about the assumptions and simplifications that were made in its formulation. In the second part one senses that he comes into his own, exploring theoretical and behavioral critiques of Walrasian theory and suggesting new approaches such as behavioral economics and evolutionary game theory and the necessity of incorporating the natural resource base into equations. Annotation c2010 Book News, Inc., Portland, OR (booknews.com)