Definitions of micro economics

1] Prof Kenneth E Boulding, “Micro economics is the study of particular firms, particular households, individual prices, wages, incomes, individual industries, particular commodities”.

[A Reconstruction of Economics. Pg 3].

2] Prof McConnell, “Micro economics is concerned with specific units and a detailed consideration of the behavior of these individual units.  When operating at this level of analysis. The economists figuratively put an economic unit or very small segments of the economy under the microscope to observe the details of its operation. In micro economics, we examine the tree, not the forest. Micro economics is useful in achieving a worm’s eye view of some very special components of our economic system”.

3] Maurice Dobb, “Micro economics gives a microscopic picture of the economy. The activities of numerous economic units and their interrelationships are studied and analysed minutely through this method”. Further in micro economics we study a part of the system not the whole.

4] Prof A P Lerner, “Micro economics consists of looking at the economy through a microscope, as it were, to see how the millions of cells in the body economic – the individuals or households as consumers and individuals or firms as producers – play their part in the working of the whole economic organisms”.

5] J L Hanson,” Micro economics is that branch of economics which is concerned with individual firms, their output and costs, the production and pricing of single commodities, wages of individuals etc as distinct from Macro economics which is concerned with aggregates of production, consumption, income of the community as a whole”. [Dictionary of Economics and Commerce 1969 pg 4].

6] Prof Gardner Ackley, ” Micro economics deals with the division of total output among industries, products and firms and the allocation of resources among competing uses. It considers problems of income distribution. Its interest is in relative prices of particular goods and services”.

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