Question : Traditional Economic Theory?

Discussion in 'Economics' started by loomb8, Nov 24, 2008.

  1. loomb8


    Hey does anyone here have a college degree in economics, can you please briefly answer these questions:

    a) What model is the backbone of modern microeconomics?
    b) What is the traditional theory of price?
    c) What is game theory?
    d) Why did economists take up game theory?
    e) What is information theory?

    im trying to learn this for a class but i dont understand the a and b especially. i know game theory but what is information theory? thank you so much fo your help, i hope to learn econ as well as you!
  2. TGregg



    A: John Maynard Keynes
    B: Government price controls and supports make for an efficient economy
    C: The more games you sell, the better the economy is
    D: People don't buy games if they think a recession is on the horizon, turns out that is a great leading indicator of trouble
    E: The best information comes from anonymous internet msg boards

    Hope that helps. :)
  3. the last post is taking the piss obviously.

    i am not sure what the main economics theory for micro economics is but macro economics has become monetarism from keynesian.

    also game theory is when you work out future likely hoods of events without specific estimates and try to put it into figures.

    the questions that you ask are not that clear you state what is the pricing mechanism surely it would be supply and demand or do you mean company pricing mechanism capital asset pricing mechanism or arbitrage pricing mech.

    hope that is more what you are looking for if not clarify further.
  4. I think a better question is:

    If the economics taught in school are correct, why is it that all but very few economists are completely wrong so often?

    I had econ in school and have a degree in bus/econ, but to be honest what I've seen in the real world bears little relation to anything that was taught.
  5. loomb8


    is the traditional standard theory of price in micro-eco the supply/demand curve and equilibrium? is that basically what it is? is the s/d curve the backbone of capitalist micoreconomics because that curve is the basis of everything in laissez-faire? when it says backbone is the s/d curve the most essential topic in micro-econ? thanks
  6. clacy


    God there are some useless moderators on here.
  7. jem


    I found that post to be one of the most humorous and thoughtful of the year.

    I just loved the theory of the efficient economy.
  8. bellman


    Are there any Econ PhD's roaming around ET? It sure doesn't seem so, just judging from the lexicon and proofs of logic offered here. I'd sure like to know. Any PhD's who trade? Have finance related jobs?
  9. hawk24


    All the PHD's had their funds blown up or were creating CDS's that got us here. They are no more.