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ADVANCED MICROECONOMIC ANALYSIS Professor F. S. Lee
(ECON 5502) Office: Manheim 202D
Spring 2013 Office Hours: By appt.
Office tel. 816-235-2543
E-mail: leefs@umkc.edu
Lecture: Tuesday, 7.00-9.45, Cockefair Hall 104
Required Texts: W. Nicholson and C. Snyder, Microeconomic Theory: Basic
th
Principles and Extension, 10 edition
A. Marshall, Principles of Economics, online version is found at
http://www.econlib.org/library/Marshall/marP.html
Optional Text: H. R. Varian, Microeconomic Analysis
nd
G. A. Jehle and P. J. Reny, Advanced Microeconomic Theory, 2
edition
T. Lawson, Reorienting Economics
Support Material: F. S. Lee, Microeconomic Analysis Lecture Notes (on Blackboard)
F. Lee, Neoclassical Microeconomics: A Mathematical Approach
Made Simple
http://cas.umkc.edu/econ/economics/faculty/Lee/courses/502/Math.pdf
Web sites to help students build their mathematical skills:
The Khan Academy: http://www.khanacademy.org/math/algebra
Geogrebra: http://www.geogebra.org/cms/
Math from basic algebra to differential equations -
http://patrickjmt.com/
Math from pre-cal to differential equations -
http://www.integralcalc.com/
Assessment: Take-Home Problem 1 due on February 12, 2013—worth 5 % of your
grade.
In-class technical exam on consumer and demand theory on February 26,
2013—worth 15% of your final grade
In-class Exam I covers parts II - IV, neoclassical microeconomics on
March 12, 2013—worth 25% of your final grade
Take-Home Problem 2 due on April 2, 2013—worth 5 % of your grade.
In-class technical exam on production, costs, and the perfect competition
on April 16, 2013—worth 15% of your final grade
Take-Home Problem 3 due on April 30, 2013—worth 5 % of your grade.
Final Exam covers parts V - VI , heterodox microeconomics (May 14,
2013 from 8.00p.m. – 10.00p.m.)—worth 30% of your final grade
Problem Sets: Problem sets will be handed out in class.
Sample Questions and Answers
2
Course Description: The course provides a critical survey of neoclassical
microeconomic theory, including methodology, demand theory,
production and costs theory, theory of competitive and non-
competitive markets, distribution, welfare, and general
equilibrium.
COURSE OUTLINE AND READING LIST
“Well, in our country, “ said Alice, still panting a little, “you’d generally
get somewhere else—if you ran very fast for a long time….” “A slow sort
of country!” said the Queen. “Now here, you see, it takes all the running
you can do to keep in the same place. If you want to get somewhere else,
you must run at least twice as fast as that!”
Through the Looking-Glass
I. Introduction
1. Lee, Neoclassical Microeconomics Lecture Notes, ch. 1.
II. Defining Economics, Methodology, and Models
“In our country,” she remarked, “there’s only one day at a time.” The Red
Queen said “That’s a poor thin way of doing things. Now here, we mostly
have days and nights two or three at a time….”
Through the Looking-Glass
A. Marshall on Defining Economics and Methodology
1. Lee, Neoclassical Microeconomics Lecture Notes, Part I, ch. 2.
th
2. Marshall, A. 1972. Principles of Economics. 8 Edition. London: The
Macmillan Press Ltd., Books I and II.
3. Raffaelli, T. 2003. Marshall’s Evolutionary Economics. London:
Routledge.
B. Defining Modern Economics, Methodology, and Models
1. Lee, Neoclassical Microeconomics Lecture Notes, Part I, ch. 3.
2. Nicholson and Snyder, Microeconomic Theory, ch. 1.
3. Silberberg and Suen, The Structure of Economics, chs. 1 – 6.
4. Gibbard, A. and Varian, H. R. 1978. “Economic Models.” The Journal
of Philosophy 75.11 (November): 664 – 677.
5. Robbins, L. 1932. An Essay on the Nature and Significance of Economic
Science. London: Macmillan and Co. Lionel Robbins's essay can be
downloaded from http://www.mises.org/books/robbinsessay2.pdf.
6. Friedman, M. 1953. “The Methodology of Positive Economics.” In
3
Essays in Positive Economics, pp. 3 – 43. Chicago: The University of
Chicago Press.
7. Backhouse, R. E. and Medema, S. G. 2009. “On the Definition of
Economics,” Journal of Economic Perspectives 23.1: 221-33.
C. Criticisms
1. Lee, Neoclassical Microeconomics Lecture Notes, Part II, ch. 6.
2. Lawson, T. 2003. Reorienting Economics. London: Routledge, ch.1.
3. Mirowski, P. 2011. “The Unreasonable Efficacy of Mathematics in
Modern Economics.” In Philosophy of Economics, edited by U. Maki, pp.
159-197. Amsterdam: Elsevier.
4. Lawson, T. 1997. Economics and Reality. London: Routledge, part II.
5. Bigo, V. 2008. “Explaining Modern Economics (as a microcosm of
society),” Cambridge Journal of Economics 32.4: 527-554.
6. Matthaei, J. 1984. “Rethinking Scarcity: Neoclassicism,
NeoMalthusianism, and NeoMarxism.” Review of Radical Political
Economics 16.2/3 (Fall): 81 – 94.
7. Polanyi, K. 1968. “The Economy as Instituted Process.” In Primitive,
Archaic and Modern Economies: Essays of Karl Polanyi, pp. 139 – 174.
Edited by G. Dalton. Garden City: Doubleday and Co.
III. Theory of Consumer Behavior and Demand
“Living backwards!” Alice repeated in great astonishment. “I never heard
of such a thing!” “__but there’s one great advantage in it, that one’s
memory works both ways.” “I’m sure mine only works one way,” Alice
remarked. “I can’t remember things before they happen.” “It’s a poor sort
of memory that only works backwards,” the Queen remarked. “What sort
of things do you remember best?” Alice ventured to ask. “Oh, things that
happened the week after next,” the Queen replied in a careless tone.
Through the Looking-Glass
A. Marshallian Analysis of Demand
1. Lee, Neoclassical Microeconomics Lecture Notes, Part II, ch. 5.
2. Marshall, Principles of Economics, Book III.
3. Parsons, T. 1931. “Wants and Activities in Marshall.” Quarterly Journal
of Economics 46 (November): 101 – 140.
4. Shove, G. F. 1942. “The Place of Marshall’s Principles in the
Development of Economic Theory.” The Economic Journal 52
(December): 294 – 329.
5. Martinoia, R. 2003. “That Which is Desired, Which Pleases, and Which
Satisfies: Utility According to Alfred Marshall.” Journal of the History
of Economic Thought 25.3 (September): 349 – 364.
4
B. Modern Utility and Preference Theory
1. Lee, Neoclassical Microeconomics Lecture Notes, Part II, ch. 6.
2. Nicholson and Snyder, Microeconomic Theory, ch. 3.
3. Silberberg and Suen, The Structure of Economics, pp. 252 - 272.
4. Varian, Microeconomic Analysis, pp. 94 – 115.
5. Deaton, A. Muellbauer, J. 1980. Economics and Consumer Behaviour.
Cambridge: Cambridge University Press, pp. 1 – 47.
6. Hicks, J. R. 1946. Value and Capital. Oxford: Clarendon Press, pp. 11 –
25.
7. Phlips, L. 1974. Applied Consumption Analysis. New York: American
Elsevier Publishing Co., Inc., ch. 1.
8. Wong, S. 1978. The Foundations of Paul Samuelson’s Revealed
Preference Theory: A Study by the Method of Rational Reconstruction.
London: Routledge & Kegan Paul, Ltd., ch. 3.
9. Jehle and Reny, Advanced Microeconomic Theory, ch. 1.1-1.2
C. Consumer Demand Theory
1. Lee, Neoclassical Microeconomics Lecture Notes, Part II, ch. 7.
2. Nicholson and Snyder, Microeconomic Theory, chs. 4-6.
3. Silberberg and Suen, The Structure of Economics, pp. 272 – 297.
4. Varian, Microeconomic Analysis, pp. 116 – 143.
5. Hicks, J. R. 1946. Value and Capital. Oxford: Clarendon Press, pp. 26 –
41.
6. Phlips, L. 1974. Applied Consumption Analysis. New York: American
Elsevier Publishing Co., Inc., ch. 2.
7. Stigler, G. J. and Becker, G. S. 1977. “De Gustibus Non Est
Disputandum.” American Economic Review 67.2 (March): 76 – 90.
8. Jehle and Reny, Advanced Microeconomic Theory, ch. 1.3-1.5
D. Special Topics in Consumer Demand Theory
1. Lee, Neoclassical Microeconomics Lecture Notes, Part II, ch. 8.
2. Silberberg and Suen, The Structure of Economics, pp. 297 - 299, 304 –
306, 314 – 332.
3. Varian, Microeconomic Analysis, pp. 144 – 159.
4. Deaton and Muellbauer, Economics and Consumer Behaviour, pp. 37 –
42, 47 – 53, and 119 - 147.
5. Phlips, L. 1974. Applied Consumption Analysis. New York: American
Elsevier Publishing Co., Inc., ch. 3.
6. Hicks, J. R. 1946. Value and Capital. Oxford: Clarendon Press, pp. 42 –
52.
7. Samuelson, P. A. 1948. “Consumption Theory in Terms of Revealed
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