MICRO ECONOMICS
Major Theories And Related economists As Per The Chronological Order-PART-I [MICRO ECONOMICS]
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Micro Economics |
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| Theories of Consumer Behavior | |||
| 1 | Marginal Utility Analysis | Marshall | 1890 |
| 2 | Indifference Curve Theory |
Hicks and Allen[The indifference curve analysis was developed by the British economist Francis Ysidro Edgeworth, Italian economist Vilfredo Pareto and others in the first part of the 20th century.J.R.Hicks & R.G.D. Allen in their research paper,’ A Reconsideration of the Theory of Value’ criticized Marshallian cardinal approach] |
1881/1934 |
| 3 | Revealed Preference Theory | Samuelson | 1938 |
| 4 | Neumann – Morgenstern Approach | Neumann & Morgenstern | 1944 |
| 5 | Friedman – Savage Hypothesis | Friedman and Savage | 1948 |
| Market | |||
| 6 | Cournot Duopoly Model | Cournot | 1838 |
| 7 | Edgeworth Oligopoly Model | Edgeworth | 1881 |
| 8 | Bertrand’s Duopoly Model | Bertrand | 1883 |
| 9 | Imperfect Competition | Joan Robinson | 1933 |
| 10 | Monopolistic Competition | Chamberlin | 1933 |
| 11 | Stackelberg’s Duopoly Model | Heinrich Von Stackelberg | 1934 |
| 12 | Kinked Demand Curve | Paul M Sweezy,R L Hall & C J Hitch | 1939 |
| 13 | Game Theory | Neumann and Morgenstern | 1944 |
| 14 | Average Cost or Full Cost Pricing | · Hall & Hitch
· P W S Andrews · R Barback |
1939
1954 1954 |
| 15 | Sales Revenue Maximization | Baumol | 1959 |
| 16 | Managerial Theory | ||
| 17 | Limit Pricing
|
· Bain’s
· Sylos – Labini · Modigliani |
1956 1962 1958 |
| Welfare Criterion | |||
| 18 | Vilfredo Pareto | Pareto | |
| 19 | Social Welfare Function | Bergson, Samuelson | 1938 |
| 20 | Impossibility Theorem | Arrow | 1951 |
| 21 | Theory of Second Best | Richard Lipsey and Kelvin Lancaster | 1956 |
| 22 | Coase Theorem | Ronald Coase | 1959 |
| 23 | Asymmetric Information | George Akerlof, Michael Spence, and Joseph E. Stiglitz | 2001 |
| Rent | |||
| 24 | Ricardian Theory of Rent | Ricardo | 1810 |
| 25 | Modern Theory of Rent | Joan Robinson | 1933 |
| 26 | Quasi- Rent | Marshall | |
| Profit | |||
| 27 | Dynamic Theory of Profit | J.B.Clark | 1900 |
| 28 | Rent Theory of Profit | F.A. Walker | |
| 29 | Risk Theory of Profit | H.B. Hawley | 1893 |
| 30 | Uncertainty Bearing Theory | Frank H. Knight | 1921 |
| 31 | Wage Theory of Profit | Taussig | |
| 32 | Innovation Theory of Profit | Joseph A Schumpeter | 1934 |
| Wages | |||
| 33 | The Marginal Productivity Theory of Wage (oldest) | J. B. Clark, Marshall, Walras, Wicksteed, Von Thunen, Jevons & Hicks. | |
| 34 | The Subsistence Theory of Wage
(Iron Law of Wage) |
David Ricardo | 18th & early 19th century |
| 35 | The Standard of Living Theory | Dr. Marshall | |
| 36 | The Wage Fund Theory | J.S. Mill | 1869 |
| 37 | The Residual Claimant Theory | Walker | 1875 |
| 38 | The Market Theory of Wages | ||
| 39 | The Bargaining Theory of Wage | John Davidson | 1898 |
| Interest | |||
| 40 | The Abstinence or Waiting Theory of Interest | N.W. Senior | 1836 |
| 41 | The Agio Theory or The Austrian or Time Preference Theory(Irving Fisher) | Bohm-Bawerk
(first advanced by John Rao in 1834) |
1884 |
| 42 | The Marginal Productivity Theory | ||
| 43 | The Saving and Investment Theory (Classical Theory of Interest) | J.S. Mill, Walras, Marshall & Pigou | |
| 44 | Loanable Funds Theory (Neo- Classical Theory of Interest) | Knut Wicksell, (elaborated by Ohlin, Robertson and Pigou, Myrdal) | 19th century |
| 45 | The Liquidity Preference Theory
(Keynesian Theory of Interest) |
Keynes | 1936 |
| 46 | Neo-Keynesian Theory of Interest (Modern Theory of Interest/ Hicks-Hansen Theory/IS-LM Model) | Hicks & Hansen | 1937 |
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