Microeconomics investigates economic behaviour at the micro level, i.e. the processes of decision making by individual households and firms. The emphasis of the course is on mainstream neoclassical economics (including the Chicago School of Economics), but attention is also paid to some limitations of this approach, to behavioural economics and to alternative or heterodox approaches (including Austrian economics, institutionalism and normative approaches). The course investigates rational consumer choice and demand, choice under uncertainty, altruism, cognitive limitations, production, costs, perfect competition, monopoly, labour, capital, externalities and property rights, government, and general and partial equilibrium theory. The course will also pay attention to academic research and paper writing in economics. Students explore a research question and write an academic paper. A scientific conference will be emulated, during which students will present their papers and act as discussants for their fellow students. Finally, the class will read a short book on marginalism in order to gain a general understanding of the history of economic thought.
- Teacher: Bert Mosselmans