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MICRO ECONOMICS

Posted on February 6, 2018 by user
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Major Theories And Related economists As Per The Chronological Order-PART-I [MICRO ECONOMICS]

Micro Economics

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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