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Review of Radical Political Economics
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Is Anything Worth Keeping in Microeconomics?

Emmanuelle Benicourt

Université de Valenciennes et du Hainaut-Cambrésis, Paris, France, ebenicourt{at}free.fr

Bernard Guerrien

Université Paris 1 (Panthéon-Sorbonne), Paris, France, bernard.guerrien{at}tele2.fr

Microeconomics' notions of "market supply" and "market demand" do not exist in real-world markets. Its models give a central place to equilibria, implying that they are predictions. It distracts from more essential aspects of economic behavior and exchange and encourages inventing absurd tales, especially concerning production. We should consider society as it is organized, with different social groups, norms, and customs, and then concentrate on decision making and choice.

Key Words: equilibrium • marginal productivity • market • prediction • substitutability

This version was published on September 1, 2008

Review of Radical Political Economics, Vol. 40, No. 3, 317-323 (2008)
DOI: 10.1177/0486613408320315
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