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The emergence of microeconomics

Published on July 31, 2018   24 min
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Welcome to the series of talks, "Introduction to Microeconomics". My name is Dr. Sangaralingam Ramesh. In this first talk, we'll be discussing the emergence of microeconomics and the contributions to the development of microeconomics, from ancient Greek philosophy and philosophers in the 18th and the 19th century.
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When we consider microeconomics, we need to understand what microeconomics is actually about. In this context, economics is split into microeconomics and macroeconomics. Macroeconomics is about the study of the wider economy, total demand and total supply in economy of a country, whereas microeconomics is about the study of individual markets. For example, the demand and supply of footballs. Microeconomics emerged from the scholarly works of ancient Greek philosopher, such as Aristotle, who had first started began to ask questions as to what value is and how goods and services are valued, and these ideas were then taken up by economists, philosophers, such as Adam Smith in the late 18th century, and then Stanley Jevons in the early part of the 19th century.