The Confutation of Conventional Microeconomic Theory
Dimitrios Nomidis
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The Confutation of Conventional Microeconomic Theory

Perfect Competition, Value Theory, Market Equilibrium, Income Distribution, Social Welfare

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During the second half of twentieth century economic theory moved increasingly away from price theory, which was gradually displaced by more modern and complicated trends such as game theory, decision theory, behavioral-empirical-experimental economics etc. This was due to serious weaknesses and mistakes of the classic theory of perfect competition and value, the most important being the famous principle of price determination at the intersection of total demand and total supply, which does not maximize the profits of firms, although it should according to the classic theory itself. The revisi...