IECO210 — Microeconomics
The course is primarily focused on consumers, households and welfare. We review the Neo-classica (orthodox) and non neo-classical (loosely defined as Institutional) theories of consumer behaviour and their implications for the government's policies, where the latter are assumed to have as their objective the welfare of its citizens. The orthodox approach generally assumes that the guiding principle to understanding any agent's behaviour is the assumption taht most are egoistic materialistic and rational in ther pursuit of their ends. Institutional theories assume that human motivation may be less narrowly egoistic (and materialistic), that preferences evolve that social norms influence behaviour and that rationality can mean many types of conduct.