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The Future of Microeconomic Theory


  • Beth Allen


The question of what constitutes good economic theory is analyzed. Current good and bad aspects of its methodologies are discussed. Interdisciplinary work that goes beyond the social sciences is advocated. The future predictions are presented concerning research in game theory and the economics of information. Finally, the importance of technology and the need for microeconomists to understand it better are argued.

Suggested Citation

  • Beth Allen, 2000. "The Future of Microeconomic Theory," Journal of Economic Perspectives, American Economic Association, vol. 14(1), pages 143-150, Winter.
  • Handle: RePEc:aea:jecper:v:14:y:2000:i:1:p:143-150 Note: DOI: 10.1257/jep.14.1.143

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    References listed on IDEAS

    1. Barro, Robert J, 1980. "A Capital Market in an Equilibrium Business Cycle Model," Econometrica, Econometric Society, vol. 48(6), pages 1393-1417, September.
    2. Holmes, Thomas J & Schmitz, James A, Jr, 1995. "On the Turnover of Business Firms and Business Managers," Journal of Political Economy, University of Chicago Press, vol. 103(5), pages 1005-1038, October.
    3. Lucas, Robert Jr., 1972. "Expectations and the neutrality of money," Journal of Economic Theory, Elsevier, vol. 4(2), pages 103-124, April.
    4. Romer, Paul M, 1990. "Endogenous Technological Change," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages 71-102, October.
    5. Allen, Beth, 1991. "Choosing R&D Projects: An Informational Approach," American Economic Review, American Economic Association, vol. 81(2), pages 257-261, May.
    6. Robert E. Lucas Jr., 1978. "On the Size Distribution of Business Firms," Bell Journal of Economics, The RAND Corporation, vol. 9(2), pages 508-523, Autumn.
    7. Zhao, Jingang, 1992. "The hybrid solutions of an N-person game," Games and Economic Behavior, Elsevier, vol. 4(1), pages 145-160, January.
    8. Prescott, Edward C, 1998. "Needed: A Theory of Total Factor Productivity," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 39(3), pages 525-551, August.
    9. Prescott, Edward C. & Rios-Rull, Jose-Victor, 1992. "Classical competitive analysis of economies with Islands," Journal of Economic Theory, Elsevier, vol. 57(1), pages 73-98.
    10. Forges, Francoise M, 1986. "An Approach to Communication Equilibria," Econometrica, Econometric Society, vol. 54(6), pages 1375-1385, November.
    11. Allen, Beth, 1990. "Information as an Economic Commodity," American Economic Review, American Economic Association, vol. 80(2), pages 268-273, May.
    12. Myerson, Roger B, 1986. "Multistage Games with Communication," Econometrica, Econometric Society, vol. 54(2), pages 323-358, March.
    13. Kohlberg, Elon & Mertens, Jean-Francois, 1986. "On the Strategic Stability of Equilibria," Econometrica, Econometric Society, vol. 54(5), pages 1003-1037, September.
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    Cited by:

    1. Yoo, Seung Han, 2013. "An alternative proof for the existence of Radner equilibria," Mathematical Social Sciences, Elsevier, vol. 66(1), pages 87-90.
    2. Godwin Chukwudum Nwaobi, 2002. "The Economics Profession in the 21st. Century: Theory Practice and Prospects," Brazilian Electronic Journal of Economics, Department of Economics, Universidade Federal de Pernambuco, vol. 5(1), May.
    3. Kjell Hausken, 2013. "Exchange of goods while investing into production and safety," Operations Research and Decisions, Wroclaw University of Technology, Institute of Organization and Management, vol. 1, pages 29-35.
    4. Urs W. Birchler, 2000. "Are banks excessively monitored?," Working Papers 00.14, Swiss National Bank, Study Center Gerzensee.
    5. Eric Howe & Jingang Zhao, 2004. "Merger Incentives and Inverse Matrices from Bertrand Competition," Econometric Society 2004 North American Summer Meetings 586, Econometric Society.
    6. Jingang Zhao, 2009. "Estimating Merging Costs by Merger Preconditions," Theory and Decision, Springer, vol. 66(4), pages 373-399, April.
    7. Anderson, Duncan J. & Jack, Claire G. & Connolly, Niamh, 2012. "Identifying Financially Versatile Milk Production Systems," 123rd Seminar, February 23-24, 2012, Dublin, Ireland 122460, European Association of Agricultural Economists.
    8. Mohring, Anke & Zimmermann, Albert, 2005. "Construction and Application of an LP Farm Model with an Integrated Life Cycle Assessment for the Determination of Sustainable Milk Production Systems," 2005 International Congress, August 23-27, 2005, Copenhagen, Denmark 24714, European Association of Agricultural Economists.

    More about this item

    JEL classification:

    • D00 - Microeconomics - - General - - - General
    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists


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