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A Rational Theory of Producer’s Equilibrium in Fifteen Principles

Jael, Paul (2020): A Rational Theory of Producer’s Equilibrium in Fifteen Principles.

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Abstract

The marginalist theory of producer’s equilibrium has been a cornerstone of mainstream economics for a long time. This theory has been challenged more than once in the twentieth century, without losing its predominance. A lot of critics and many ideas have been ventured. My conclusion is that there is room and there is a need for alternative microeconomics. Approaching heterodox microeconomics may seem entering a labyrinth. For this reason, I propose a presentation of my conception about producer’s equilibrium in a structured and concise way: fifteen principles in a logical and instructive order. The principles are founded on a hypothesis shared by neoclassical economics: rationality of agents. Each behaviour must be compatible with the pursuit of self-interest.

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